Home Sales Still Dropping

Sales of existing homes in northeast Wisconsin are lagging behind the rest of the state and way behind the rest of country.
A new realtors association report today also indicates the median sales price dropped another thousand dollars -- comparing January, February and March with the same time period a year ago.
A closer look shows just how wide the gap has become.
Let's start nationally and work our way back to northeast Wisconsin. On average, sales are still down almost 7 percent -- a much smaller drop than a year ago, but still a drop.
Running counter to the trend -- the West -- with sales up 24 percent thanks to the low-priced sales of many foreclosed homes.
In Wisconsin, sales are down 22 percent from a year ago. Every single area of the state showed a drop of at least 15 percent.
Our part of the state was down 27 percent with every single county showing a decline from a year ago.
Among the half-dozen area counties that had at least 100 sales during the three months, the drops were all 20 percent plus with Outagamie's drop the largest 33 percent...339 last year, only 225 this year. However, the realtors say with still 5 percent mortgage rates, loosened lending to credit-worthy customers, and a 2009 tax credit for first-time buyers, they are cautiously optimistic about the rest of the year.