Jenelle Ferrer
Your Realtor
Thursday, July 28, 2011
Good news for June sales
Pending home sales rise in June
WASHINGTON – July 28, 2011 – Pending home sales increased in June following a wide swing down in April and then up in May, according to the National Association of Realtors® (NAR). Month-to-month activity increased in the West and South but declined in the Midwest and Northeast. However, all regions show strong double-digit gains from a year earlier.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 90.9 in June from 88.8 in May, and is 19.8 percent above the 75.9 reading in June 2010, which was the low point immediately following expiration of the homebuyer tax credit. The data reflects contracts but not closings.
Lawrence Yun, NAR chief economist, said there may be some increase in closed existing-home sales.
“For the majority of transactions, the lag time between pending contacts to actual closings is one to two months. Therefore, the two consecutive months of rising activity should lead to overall improvement in closed sales in upcoming months,” he said. “Though a higher than normal cancellation rate can hold back final closing figures, it could well be that some past cancellations are nothing more than delayed buying decisions rather than outright cancellations.”
Yun said tight credit and economic uncertainty have been constricting the market. “The best way to ensure a more solid recovery in housing is to simply return to normal, sound credit standards so more creditworthy homebuyers can get a mortgage,” he said.
“Washington also should not rock the boat with policy changes that would negatively impact affordable credit or otherwise increase the cost of buying or owning a home,” Yun added.
The PHSI in the Northeast slipped 0.4 percent to 68.9 in June but is 19.4 percent higher than June 2010. In the Midwest the index fell 3.7 percent to 79.7 in June but is 26.4 percent above a year ago. Pending home sales in the South increased 4.4 percent to an index of 99.2 and are 19.1 percent higher than June 2010. In the West the index rose 6.4 percent to 107.0 in June and is 16.4 percent above a year ago.
Existing-home sales this year are expected to total 5.0 million, slightly higher than 2010. Similarly, little change is forecast for aggregate home prices with several indicators, including NAR’s median prices, showing recent signs of stabilization.
© 2011 Florida Realtors®
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 90.9 in June from 88.8 in May, and is 19.8 percent above the 75.9 reading in June 2010, which was the low point immediately following expiration of the homebuyer tax credit. The data reflects contracts but not closings.
Lawrence Yun, NAR chief economist, said there may be some increase in closed existing-home sales.
“For the majority of transactions, the lag time between pending contacts to actual closings is one to two months. Therefore, the two consecutive months of rising activity should lead to overall improvement in closed sales in upcoming months,” he said. “Though a higher than normal cancellation rate can hold back final closing figures, it could well be that some past cancellations are nothing more than delayed buying decisions rather than outright cancellations.”
Yun said tight credit and economic uncertainty have been constricting the market. “The best way to ensure a more solid recovery in housing is to simply return to normal, sound credit standards so more creditworthy homebuyers can get a mortgage,” he said.
“Washington also should not rock the boat with policy changes that would negatively impact affordable credit or otherwise increase the cost of buying or owning a home,” Yun added.
The PHSI in the Northeast slipped 0.4 percent to 68.9 in June but is 19.4 percent higher than June 2010. In the Midwest the index fell 3.7 percent to 79.7 in June but is 26.4 percent above a year ago. Pending home sales in the South increased 4.4 percent to an index of 99.2 and are 19.1 percent higher than June 2010. In the West the index rose 6.4 percent to 107.0 in June and is 16.4 percent above a year ago.
Existing-home sales this year are expected to total 5.0 million, slightly higher than 2010. Similarly, little change is forecast for aggregate home prices with several indicators, including NAR’s median prices, showing recent signs of stabilization.
© 2011 Florida Realtors®
Wednesday, July 27, 2011
Military first-time home buyers eligible for up to $5,000
New grant for military first-time home buyers
WASHINGTON – July 27, 2011 – A new program offers financial assistance to first-time homebuyers who are veterans or active-duty military members. The Pentagon Federal Credit Union Foundation, a nonprofit national organization, offers the program through its Dream Makers program.
Active duty personnel, veterans, retired members of the military and employees of the U.S. Department of Defense and the Department of Homeland Security may be eligible for a grant up to $5,000 to use toward downpayments and closing costs if buying their first home. The grants can be applied to a mortgage issued by any financial institution.
“Members of the military often put off buying a home early in their careers because they’re moving around the country a lot,” says Kate Kohler, chief operating officer for the PenFed Foundation. “We want to make sure they have resources to add immediate equity into their home when they decide to buy.”
Requirements:
Source: “Veterans and Active Duty Can Get Financial Help When Buying Their First Home,” Pentagon Federal Credit Union Foundation (July 25, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
WASHINGTON – July 27, 2011 – A new program offers financial assistance to first-time homebuyers who are veterans or active-duty military members. The Pentagon Federal Credit Union Foundation, a nonprofit national organization, offers the program through its Dream Makers program.
Active duty personnel, veterans, retired members of the military and employees of the U.S. Department of Defense and the Department of Homeland Security may be eligible for a grant up to $5,000 to use toward downpayments and closing costs if buying their first home. The grants can be applied to a mortgage issued by any financial institution.
“Members of the military often put off buying a home early in their careers because they’re moving around the country a lot,” says Kate Kohler, chief operating officer for the PenFed Foundation. “We want to make sure they have resources to add immediate equity into their home when they decide to buy.”
Requirements:
- Military affiliation – (active duty, reserve, National Guard or veteran) – a Department of Defense employee or a Department of Homeland Security employee.
- First-time homebuyer or not owned a home for the last three years; or a home has been lost through divorce or disaster.
- Gross household income, including allowances, used to qualify for a mortgage loan is a maximum of $55,000 per year, or 80% of a community’s median income based on family size.
Source: “Veterans and Active Duty Can Get Financial Help When Buying Their First Home,” Pentagon Federal Credit Union Foundation (July 25, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
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Monday, July 25, 2011
Short Sales, Long Waits
While a great deal is to be had with Short Sale pricing, it's sometimes not even worth the frustration and hassle of the process.
Many buyers are willing to wait out the process for a bargain, but it doesn't guarantee a closing. Why? Because the bank ultimately decides. If they can't clear a title or decide they're losing to much, they can back out according to the contract at any time.
I've seen closings anywhere from 4 months to 11 months.
Read the article here!
Wednesday, July 20, 2011
Housing expected to improve!
I know many people have concerns when it comes to the real estate market, but here’s an article that came out just yesterday. I know it’s been said many times this year, but interest rates are at historical lows and it has never been a better time to buy. When it comes down to it, purchasing a home is about stability, security, and/or investment.
Housing expected to improve over last year
WASHINGTON – July 19, 2011 – The U.S. housing market, aided by a recovering rental sector, is unlikely to experience a “double-dip” setback, Freddie Mac said Monday.
In its U.S. Economic and Housing Market Outlook for July, the Federal Home Loan Mortgage Corp. said housing likely will follow the performance of the overall economy for the rest of 2011. Additionally, home sales are projected to be above last year’s numbers by 3- to 5 percent.
The report also indicated that despite record levels of homebuyer affordability and historically low mortgage rates, households were concerned about their financial futures and were holding off making major purchases, notably homes.
The rental housing market showed the clearest signs of a turnaround with the apartment property price index showing a 15.2 percent gain over the year through the first quarter of 2011.
“Following June’s labor market report, households are naturally concerned about their financial futures, which is being reflected in the housing market,” said Frank Nothaft, Freddie Mac’s vice president and chief economist. “Yet, the single-family market will likely improve over the balance of 2011, in keeping with positive [gross domestic product] forecasts for the United States.”
Copyright © 2011 United Press International Inc.
Wednesday, July 13, 2011
Monthly Market Pulse Report- July 2011
Here are a few key points of what's going on with the market in Orlando:
· Of the 2,418 sales in June, 963 “normal” sales accounted for 39.83 percent of all sales, while 797 bank-owned and 658 short sales made up 60.17 percent. The percentage of “normal” sales has increased for five consecutive months.
· The 10,087 homes pending closing in June of this year is up 8.87 percent compared to the 9,265 pendings in June of last year.
· The median price for “normal” existing homes sold in June is $158,000, an increase of 40 percent from the median price of “normal” existing homes in June 2010. The median price for bank-owned sales is $80,310 and the median price for short sales is $99,000.
· The Orlando affordability index increased to 249.51 percent in June. First-time homebuyer affordability in June increased to 177.43 percent.
· Homes of all types spent an average of 103 days on the market before coming under contract in June 2011, and the average home sold for 95.15 percent of its listing price.
· There are currently 10,559 homes available for purchase through the MLS. The June 2011 inventory level is 35.24 percent lower than it was in June 2010 (16,304).
· The current pace of sales translates into 4.37 months of supply, the lowest since December 2005.
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