No Economic Slowdown in Spartanburg

Little fallout from slumping economy

July 12, 2008

By Trevor Anderson – Spartanburg Herald Journal

Turmoil in the national housing market caused by the ongoing fallout from the subprime mortgage crisis and downturn of the national economy hasn’t slowed the sale of existing homes in Spartanburg.

The city was one of three places in the country, including Colorado Springs, Colo., and Sacramento, Calif., to see double-digit gains in the percentage of existing homes under contract during May, according to a report released this week by the National Association of Realtors (NAR), a real estate trade group.

The NAR’s Pending Home Sales Index, which tracks the sales of existing homes where a contract has been signed but the transaction hasn’t closed, said the national rate fell 14 percent compared to the same month last year. The rate was 4.7 percent lower than it was in April, which was surprisingly good given the recent housing slump.

“Some markets have seen doubling in homes sales from a year ago while others are seeing contract signings cut in half,” Lawrence Yun, the NAR’s chief economist, said in a statement. “Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans. The overall decline in contract signings suggests we are not out of the woods by any means.”

NAR spokesman Walt Maloney said the specific number of existing home sales in Spartanburg could not be disclosed, but his organization receives its raw data from a multiple listing service.



Be Sociable, Share!
    Categories : Spartanburg

    Comments are closed.