Indiana Real Estate Stats

Last week MIBOR(www.mibor.com) released 2008 Sales Data in their service area.  The stats confirmed what we all had been expecting.  Sales volume is down 20% from 2007 and 2004 and 28% from 2006.

While not surprising, we need to keep this in perspective.  The early 2000's have seen record numbers of sales volume.  So when comparing a "bad" or "down" year to the highest numbers ever, of course it will look bleak.

Is this a fair comparison?  Are we experiencing a market correction? Or are we headed to a "new" normal?

I think we are experiencing a market correction which may be either prolonged or compounded by the proposed intervention of the federal government.  I am hesistant to think the bailout will be a mid-term to long-term solution.