| A few weeks ago the National Association of | | | | mean going forward? Basically there is a lot of |
| Realtors released March statistics showing the largest | | | | uncertainty and the traditional strong and robust Spring |
| drop in 18 years for home sales. The Maine | | | | markets will most likely not occur. Maine Investors |
| Association of Realtors released statewide statistics | | | | continue to stay on the sideline waiting to see how the |
| showing a statewide drop of 12.4% compared to 8.4% | | | | residential markets will pan out. |
| for the nation. Despite these drops the average sold | | | | The residential markets will continue to slow down as |
| price for the month of March continues to move | | | | the ripple effect of first time home buyers who are not |
| higher, 0.5% nationwide and 2.5% for Maine. The | | | | able to enter the market will thus effect the sellers of |
| housing statistics for the 4 counties followed mirror the | | | | these homes buying their upgraded home and so on |
| national and statewide stats; lower volume, higher | | | | up the ladder, with estimates that for every entry level |
| average prices. | | | | home that does not sell results in 3 more higher priced |
| Largely attributed to stricter lending practices rolled out | | | | homes that will not sell. Thus for now it seems despite |
| in March and significant harsh weather thanks to | | | | the continued growth in average prices in Maine, the |
| mother nature, the activity in the local markets | | | | overall market is going to continue to slow down until |
| continues to remain strong and not as dire as the | | | | lenders figure out how best to deal with the many |
| statistics may lead one to believe. What does this | | | | default loans that will continue to surface. |