Posts Tagged ‘Sales’
Monday, November 16th, 2009
As any good Realtor will tell you, price moves a home. But sometimes Realtors (as well as sellers) are afraid to take their own advice. As housing evaluations have dropped around the country, listing prices have been slow to follow. To get the job done, and your home sold, a price reduction might be in order. However, nothing beats pricing a home correctly from the start. Even with price reductions, you may never fully catch up the the market. No groundhog has popped its head up to officially declare the housing decline over.
Here is a slide show of cities leading the country in price reductions.
DHW asks: Do you see your city on this list?
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Tags: cities, home, home seller, home values, Housing, housing evaluations, housing news, housing prices, listing, price, price reductions, pricing a home, Real Estate, real estate news, realtor, realtors, Sales, seller, sold
Posted in Housing Article, cities, cities leading country in price reductions, home, home prices, home sales, home sellers, house, listing prices, price reductions, realtor, realtors, sellers | 1 Comment »
Monday, November 16th, 2009
A survey released last week by Move.com, a real estate website, shows 1 in 5 Americans plan on purchasing a home within the next year. The survey also revealed these buyers are most likely to be 34 years of age or younger and live in the South or West.
It should be noted this survey was taken before the housing tax credit extensions were announced.
DHW asks: Do you intend to buy a home within the next year?
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Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, americans, buyers, extension, home buyers, home sales, homebuyers, Housing, housing credit extension, housing news, housing report, Real Estate, real estate news, Sales, south, tax credit, tax credit extension, west, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing Article, americans, home sales, homebuyers, south, west | 1 Comment »
Sunday, November 15th, 2009
The Capital published an intriguing article addressing the potential side-effects of expanding the housing tax credits beyond first time homebuyers. The article raises some fair questions with regard to existing homes needing to be liquidated so that current homeowners can take advantage of the housing tax credits now afforded to them. The Capital article focuses on housing inventory in D.C. and its surrounding area. However, this potential side-effect could present itself in other parts of the country.
DHW asks: Do you think expanding the housing tax credits beyond first time homebuyers will increase housing inventories?
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Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, buyers, congress, extension, first time buyers, first time homebuyers, home buyers, home sales, home seller, homebuyers, Housing, housing credit extension, housing inventories, housing inventory, housing news, inventory, Obama, president barack obama, President Obama, Real Estate, real estate news, Sales, seller, tax credit, tax credit extension, The Capital, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing Article, The Capital, first time home buyer, first time home buyers, first time homebuyers, housing inventories, housing inventory, housing tax credit, housing tax credits, inventory | 1 Comment »
Saturday, November 14th, 2009
Lawrence Yun, chief economist for the National Association of Realtors, predicted on Friday that home prices will rise in 2010. If his prediction holds true, home prices will see their first increase in four years.
Yun pointed to the current price-income ratio of 2.4 as evidence of pent-up demand in the market. The price-income ratio accelerated from a norm of 2.6 in 1984-2001 to 3.3 in 2005. This means the price-income ratio has dipped below its pre-bubble rate.
The housing tax credit extension is also seen as a contributing factor to rising homes prices next year.
DHW asks: Do you think home prices will rise in 2010?
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Tags: $6500, $8000, $8000 tax credit, 2010, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, buyers, extension, first time buyers, first time homebuyers, home buyers, home prices, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, national association of realtors, price income ratio, Real Estate, real estate news, realtors, Sales, seller, tax credit, tax credit extension, us home prices, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, Housing Article, home prices, home sales, home value, housing tax credit | No Comments »
Thursday, November 12th, 2009
Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, Builders, buyers, congress, employment, extension, fannie mae, FHA, fha 203 k, fha 203 k streamlined mortgages, fha 203k, fha 203k rehab, fha 203k streamlined mortgage, fha approval, fha approved condo, fha approved condos, fha cash reserves, fha limits for my area, fha limits in my area, fha loan limits, fha reserves, fha's reserve funds, first time buyers, first time homebuyers, foreclosure, freddie mac, guidelines, home buyers, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, lender, loan, mortgage, Obama, President, president barack obama, President Obama, Real Estate, real estate news, reserve funds, Sales, seller, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in FHA, Housing Article, foreclosure, rehab loan | 1 Comment »
Thursday, November 12th, 2009
U.S. foreclosures sank for a third consecutive month in October, down 3% from the previous month. However, many feel this trend will not continue. Foreclosure notices were curtailed in many states due to temporary, legislative intervention. CNBC reported Nevada foreclosures “dropped 26 percent from the previous month because of new legislation requiring mediation before initiating foreclosure proceedings.” Illinois had similar legislation, but foreclosure notices skyrocketed there 56% in October from the previous month.
States leading in foreclosure:
- Nevada
- California
- Florida
- Arizona
- Idaho
DHW asks: Are foreclosures down in your area?
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Posted in Housing Article, foreclosure | No Comments »
Wednesday, November 11th, 2009
The Miami Herald reported the Federal Housing Administration (FHA) is temporarily relaxing underwriting guidelines for some condominium communities. The changes are intended to increase condo sales and put occupants in otherwise vacant units.
DHW asks: Do you agree with the FHA’s decision to relax condo underwriting guidelines?
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Tags: 203k, 203k rehab loan, Builders, buyers, condo, condominiums, condos, fannie mae, federal housing administration, FHA, fha 203k, fha 203k rehab, fha approval, fha approved condo, fha approved condos, first time buyers, first time homebuyers, freddie mac, guidelines, home buyers, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, lender, loan, mortgage, Real Estate, real estate news, Sales, seller, short sale
Posted in FHA, Housing Article, condo, condo sales, condominium | 1 Comment »
Tuesday, November 10th, 2009
Critics of the Housing Tax Credit were quieted, if only briefly, when the National Association of Realtors (NAR) released data for third quarter home sales. According to the trade group, home sales increased by nearly 6% over this same time last year. Despite the spike in sales, prices have fallen more than 11% during the same period. The U.S. median existing single-family price for the third quarter was $177,900.
Opponents of the housing tax credit feared an inflationary reaction in home prices. Although housing inventories are down, existing units still outweigh the demand.
NAR chief economist, Lawrence Yun, predicts home prices will stabalize next spring. His prediction may be overly optimistic. Foreclosures and short sales made up 30% of thrid quarter sales. There is no real evidence to suggest foreclosures will take a breather in 2010.
DHW asks: Do you see a bottom to the housing market?
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Tags: $6500, $8000, $8000 tax credit, 177900, 2009, 2010, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, bottom, Builders, buyers, congress, down, extension, first time buyers, first time homebuyers, foreclosure, foreclosures, home, home buyers, home prices down, home prices down sales up, home sales, home sales data, home sales up, home sales up prices down, home seller, home values, homebuyers, Housing, housing bottom, housing credit extension, housing inventories, housing inventory, housing news, housing prices, housing report, housing sales data, housing tax credit, inventories, inventory, lender, loan, mortgage, nar, national association of realtors, Obama, president barack obama, President Obama, price, Real Estate, real estate news, realtor, realtors, Sales, sales data, short sale, short sales, tax credit, tax credit extension, third quarter, up, VA compromise sale, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in Housing Article, home sales, housing tax credit, realtors | 1 Comment »
Monday, November 9th, 2009
Last week, CitiMortgage suggested in a USA Today article that 1 in 5 homeowners currently in default of their mortgage are doing so strategically or voluntarily. They cite Sharon Sakson as one of these ’strategic defaults.’ Ms Sakson was laid off as a television writer and producer. After losing her job, she ‘burned through her savings to pay her mortgage.’ Burned through her savings. Ms Sakson is possibly the worst strategist I know. She strategically lost her job then voluntarily burned through her savings to make her mortgage payments. She eventually ‘walked away’ from her New Jersey home.
Clearly, we’re made to think Sakson and others who ‘walk away’ from their homes are bad people. How CitiMortgage and other lenders can get away with this type of character assassination is beyond belief. Even more unbelievable, USA Today refuses to call lenders out on this practice.
Readers should also note the USA Today article is not entirely accurate with regard to the seven-year wait period. If the foreclosed property is a primary residence, a borrower may be eligible for a new mortgage in five years.
DHW asks: USA Today’s decision to ‘blame the victim’ struck a nerve with a lot of folks at DesperateHouseWise. Have you had to walk away from your home?
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Posted in Editorial, Housing Article, citi, citimortgage, home prices, home value, strategic default, strategic defaults | 1 Comment »
Friday, November 6th, 2009
President Obama signed bill H.R. 3548, extending unemployment benefits for all states and extending the $8,000 Tax Credit for first home buyers. The bill also creates a $6,500 tax credit for those home buyers who have owned their current primary residence for at least 5 years. See ‘Housing Tax Credits’ for more details. You can also see how congress voted.
Remember: The $6,500 tax credit took effect when the President signed the bill.
DHW asks: Will this encourage you to buy a home?
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Posted in $6500, $8000, Housing Article, President Obama, housing tax credit, housing tax credits | No Comments »