As of this morning, there are 652 Residential Listings, 395 Lakehomes listed and 458 Lake Lots listed in the Greater Alexandria Area Association of Realtors MLS system.  In doing a Year Over Year Comparison report this morning.  It showed that Residential W/Acreage Sales were down 27% over last year, Residential Sales were down 19% over last year with 223 reported sales vs. 276 at this time last year, Lots and Acreage sales are down 51% over last year with 40 sales reported vs. 83 at this time last year, Commercial Lot Sales are down 46% with 7 sales reported vs. 13 last year, Lakeshore lot sales are down 63% with 17 sales reported vs. 47 last year,  Residential Lot sales are down 66% with 5 sales reported vs. 15 at this time last year,  Condo/Townhomes on the Lake are even with 10 sales reported this year and 10 sales reported last year,  Condo/Townhomes off the lake are up 5% with 20 sales reported at this time with 19 reported last year,  Lakeshore Homes/Cottages are down 37% over last year with 67 sales reported at this time vs. 108 at this time last year.

We are all waiting for the market to hit the bottom, it can only go up from there.  In the Wachovia Economic Report of July 25, 2008, their headline was “Defining a Bottom”.  I’ll quote: “most of the damage from the housing bust has already occurred.  Housing has not bottomed out, but the worst is almost certainly behind us. … We expect the bottom in sales to occur withing the next six to nine months and look for home prices to bottom out between a year and 18 months from now.   The rate of deterioration in sales and prices , however, has already moderated significantly.”  (these comments are based on national sales and inventory data) 

In the next headline, “Signs of Progress are Evident, If You Look In The Right Places”, they have encouraging news:  “The National Association of Realtors noted that sales had picked up notably in many of the parts of the country where speculative excesses had been the greatest, including parts of California, Florida, Arizona and Nevada.  Much of the improvement is due to a dramatic  increase in foreclosure sales and short sales.  As a result, prices have fallen sharply, particularly in the West.  As speculative buying had driven prices well above traditional measures of affordability, this is precisely what needs to happen.  …  Inventories of unsold new homes peaked in July 2006 at 572,000 homes and since declined by about 25.5  percent to 426,000.  If the recent rate of decline continues, inventories of new homes will fall back to their historic normal range of around 300,000 units about one year from now.”

Statistical information from Greater Alexandria Area Association of Realtors Multiple Listing Service AND Wachovia Economocs Group report dated July 25, 2008.

One last note, I quit watching and buying the news media’s propaganda.  Last year, I was waiting for the sales report on the results of Black Friday.  I picked up a newspaper to catch the info, the headlines read “Black Friday Sales are Up 8%, however Economists Are Worried that Sales Will Plummet Due to Overbuying”.  I thought, take a good piece of news and spin it to the negative.  Why?   I believe that the answer is that news corportations exist only for profit.  To try and gather information that may be relative to anything that we do on a daily basis won’t be found on the evening news.  But you will catch up on human misery.   Unfortantely, the human psyche would rather pay for negative news about other people than for positive news.  These billion dollar corporations produce Negative Entertainment.  I find little else in their program and for that reason, I have given up on their program since the day after Black Friday, 2007.  If you need statistical information to make decisions, look elsewhere.  I wonder if a Positive News station could make it?  I’d watch it.