Definitely check out this article
http://www.marinij.com/business/ci_18073444
That describes the current market in Marin County. Seems that the supply and demand are settling down, and although sales are only just starting to pick up, it seems to be giving indications that we're in the bottom and looking to start strengthening... yes, we all have a long way to go, but one step at a time!
Showing posts with label real estate ukiah mendocino county mendogroup karena jolley. Show all posts
Showing posts with label real estate ukiah mendocino county mendogroup karena jolley. Show all posts
Tuesday, May 24, 2011
Wednesday, April 13, 2011
Help with closing costs for buyers///
Hey, this could be good for some people! Glad they're still thinking of ways to help homebuyers...
"Daily Real Estate News | April 13, 2011 | Share
Fannie Offers Closing Cost Help for REOs
Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties.
Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.
During the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales."
Source: “To Move REO, Fannie Offers Deals to Consumers,” National Mortgage News (April 12, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011041301?OpenDocument
"Daily Real Estate News | April 13, 2011 | Share
Fannie Offers Closing Cost Help for REOs
Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties.
Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.
During the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales."
Source: “To Move REO, Fannie Offers Deals to Consumers,” National Mortgage News (April 12, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011041301?OpenDocument
Short sale help? We'll see...
Good luck guys! Trying to fix short sales again, are we?? More power to you!
"Daily Real Estate News | April 13, 2011 | Share
NAR Applauds Short Sales Bill
A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, would impose a deadline of 45 days on lenders to respond to short sale requests.
The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). “The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps.
“REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.
NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.
“As the leading advocate for home ownership and housing issues,
REALTORS® want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers, and the entire community.”"
http://www.realtor.org/RMODaily.nsf/pages/News2011041302?OpenDocument
"Daily Real Estate News | April 13, 2011 | Share
NAR Applauds Short Sales Bill
A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, would impose a deadline of 45 days on lenders to respond to short sale requests.
The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). “The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps.
“REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.
NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.
“As the leading advocate for home ownership and housing issues,
REALTORS® want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers, and the entire community.”"
http://www.realtor.org/RMODaily.nsf/pages/News2011041302?OpenDocument
How to get Mortgage Free-- tips to pay it off
Here are some tips to get your mortgage paid off early!
"Daily Real Estate News | April 13, 2011 |
Mortgage Free? Help Home Owners Learn How
Do your clients aspire to live mortgage free? Here are a few ways they can pay off their mortgage early, according to a recent article at Bankrate.com.
Add a little payment to principal. Use mortgage calculators to see how adding a little extra payment to your principal--even $100--can shorten the length of your loan and reduce the amount of interest you'll pay on it. Tracy Piercy, CEO of MoneyMinding.com, says home owners can just round their monthly payments up (e.g. $644 to $650) to find savings too--just an extra $6 per month on a $200,000, 30-year loan can save you four payments at the end of your mortgage loan.
Refinance. Interest rates are low and you can often can get an even better rate if you refinance into a shorter loan term. For example, 15-year loans are a popular refinancing choice. You’ll have higher payments, but you’ll be paying less overall interest. Or if you don’t want to commit to the higher payments, take out a 30-year loan but make payments as if you had a 10- or 15-year loan, experts recommend.
Make biweekly payments. Pay half your regular mortgage payment every other week instead of once a month. By doing so, you’ll have made 13 full monthly payments by the end of the year and on a 30-year mortgage, that extra payment can chop about six years off your mortgage."
Source: “4 ways to pay off your mortgage earlier,” Bankrate.com (April 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011041306?OpenDocument
"Daily Real Estate News | April 13, 2011 |
Mortgage Free? Help Home Owners Learn How
Do your clients aspire to live mortgage free? Here are a few ways they can pay off their mortgage early, according to a recent article at Bankrate.com.
Add a little payment to principal. Use mortgage calculators to see how adding a little extra payment to your principal--even $100--can shorten the length of your loan and reduce the amount of interest you'll pay on it. Tracy Piercy, CEO of MoneyMinding.com, says home owners can just round their monthly payments up (e.g. $644 to $650) to find savings too--just an extra $6 per month on a $200,000, 30-year loan can save you four payments at the end of your mortgage loan.
Refinance. Interest rates are low and you can often can get an even better rate if you refinance into a shorter loan term. For example, 15-year loans are a popular refinancing choice. You’ll have higher payments, but you’ll be paying less overall interest. Or if you don’t want to commit to the higher payments, take out a 30-year loan but make payments as if you had a 10- or 15-year loan, experts recommend.
Make biweekly payments. Pay half your regular mortgage payment every other week instead of once a month. By doing so, you’ll have made 13 full monthly payments by the end of the year and on a 30-year mortgage, that extra payment can chop about six years off your mortgage."
Source: “4 ways to pay off your mortgage earlier,” Bankrate.com (April 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011041306?OpenDocument
Friday, January 21, 2011
Be careful of your mail!!!
Honestly, worries about the mailbox and other people's access to it is one reason why I have a post office box now...
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Daily Real Estate News | January 21, 2011 | Share
Thieves Target Tax Documents, Watch Your Mail
Tax season is here, which means you need to take some extra caution when receiving your important tax documents in the mail and ensure they don’t fall into the wrong hands, identity theft experts warn.
Year-end credit card summaries, W-2s, 1099 income tax forms, and brokerage statements contain critical information about you, such as your full name, Social Security number, and account numbers. In the wrong hands, that type of personal information can put you at risk for identity theft.
"People don't understand that 'walkers' follow mail carriers and look through your mail for any bonanza they can find," says Linda Foley, chairman of the Identity Theft Resource Center. "Mail thieves know the prime time is between 9 a.m. and 3 p.m. Others take advantage of the dark of night and/or consumers' tendencies of not checking mailboxes each day."
Some experts warn that some thieves are even opening envelopes and making copies of documents and then resealing your mail and placing it back in the mailbox -- so you never suspect a thing.
Here are some suggestions from experts on how to better protect your mail:
Purchase a secure, locked mailbox for your home or get a post office box to prevent others from accessing your mail.
Get your mail soon after it arrives and avoid having mail left in your mailbox for long periods of time. Put a vacation stop on your mail if you are going to be out of town.
If you think your mail has been stolen, contact your creditors or bank about your bills and the U.S. Postal Inspection Service to investigate any missing mail or mail theft. You can file a mail theft complaint online at https://postalinspectors.uspis.gov/contactUs/filecomplaint.aspx or call 1-877-876-2455.
Source: “Mail Thieves Are Waiting for Your Tax Documents,” The Dallas Morning News (Jan. 17, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011012104?OpenDocument
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Daily Real Estate News | January 21, 2011 | Share
Thieves Target Tax Documents, Watch Your Mail
Tax season is here, which means you need to take some extra caution when receiving your important tax documents in the mail and ensure they don’t fall into the wrong hands, identity theft experts warn.
Year-end credit card summaries, W-2s, 1099 income tax forms, and brokerage statements contain critical information about you, such as your full name, Social Security number, and account numbers. In the wrong hands, that type of personal information can put you at risk for identity theft.
"People don't understand that 'walkers' follow mail carriers and look through your mail for any bonanza they can find," says Linda Foley, chairman of the Identity Theft Resource Center. "Mail thieves know the prime time is between 9 a.m. and 3 p.m. Others take advantage of the dark of night and/or consumers' tendencies of not checking mailboxes each day."
Some experts warn that some thieves are even opening envelopes and making copies of documents and then resealing your mail and placing it back in the mailbox -- so you never suspect a thing.
Here are some suggestions from experts on how to better protect your mail:
Purchase a secure, locked mailbox for your home or get a post office box to prevent others from accessing your mail.
Get your mail soon after it arrives and avoid having mail left in your mailbox for long periods of time. Put a vacation stop on your mail if you are going to be out of town.
If you think your mail has been stolen, contact your creditors or bank about your bills and the U.S. Postal Inspection Service to investigate any missing mail or mail theft. You can file a mail theft complaint online at https://postalinspectors.uspis.gov/contactUs/filecomplaint.aspx or call 1-877-876-2455.
Source: “Mail Thieves Are Waiting for Your Tax Documents,” The Dallas Morning News (Jan. 17, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011012104?OpenDocument
Interest rates...
I know the rates are still really good, but be aware of changes~
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Daily Real Estate News | January 21, 2011 | Share
30-Year Mortgage Rates Inch Up
The rates on 30-year fixed mortgages increased slightly this week, with average rates rising 4.74 percent from 4.71 percent the previous week, Freddie Mac reports.
In November, 30-year rates had reached a 40-year low at 4.17 percent but have been inching upward ever since.
Here’s how other rates fared for the week:
15-year loan rates dropped to 4.05 percent from 4.08 percent.
5-year adjustable-rate mortgages averaged 3.69 percent, down slightly from 3.72 percent the previous week.
1-year ARMs were up slightly to 3.25 percent from 3.23 percent last week.
“Mortgage rates were little changed during the holiday week amid reports that inflation remains tame,” says Frank Nothaft, Freddie Mac vice president and chief economist. The housing construction market as well as home builder confidence still remain low, Nothaft notes.
Source: “Tame Inflation Figures Leave Mortgage Rates Mixed,” Freddie Mac (Jan. 20, 2011) http://www.realtor.org/RMODaily.nsf/pages/News2011012105?OpenDocument
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Daily Real Estate News | January 21, 2011 | Share
30-Year Mortgage Rates Inch Up
The rates on 30-year fixed mortgages increased slightly this week, with average rates rising 4.74 percent from 4.71 percent the previous week, Freddie Mac reports.
In November, 30-year rates had reached a 40-year low at 4.17 percent but have been inching upward ever since.
Here’s how other rates fared for the week:
15-year loan rates dropped to 4.05 percent from 4.08 percent.
5-year adjustable-rate mortgages averaged 3.69 percent, down slightly from 3.72 percent the previous week.
1-year ARMs were up slightly to 3.25 percent from 3.23 percent last week.
“Mortgage rates were little changed during the holiday week amid reports that inflation remains tame,” says Frank Nothaft, Freddie Mac vice president and chief economist. The housing construction market as well as home builder confidence still remain low, Nothaft notes.
Source: “Tame Inflation Figures Leave Mortgage Rates Mixed,” Freddie Mac (Jan. 20, 2011) http://www.realtor.org/RMODaily.nsf/pages/News2011012105?OpenDocument
We need more jobs!!!
Surprise, surprise. We need more jobs!!!
"Daily Real Estate News | January 21, 2011 | Share
Job Recovery is Vital for a Strong Economy
With the exception of financial companies, corporate profits in 2010 were the highest ever, which should bode well for U.S. job recovery, says NAI Global Chief Economist Peter M. Linneman. “This could be a real stimulus for the economy,” unlike government efforts which just shifted existing funds around, he says.
The problem so far is that this $1.3 trillion of excess cash isn’t translating into new jobs. Linneman, who made his remarks during a Jan. 18 webcast, attributes the inactivity to uncertainty over political policies and regulation. But he adds that once corporations achieve a level of certainty, spending “could pick up much quicker than people realize.” “I’m very optimistic about this happening,” he says.
Yet, even if job growth returns to normal rates of approximately 1.7 million new jobs per year, it will take about five years to replace the 9 million lost jobs and absorb current vacant office space. “About 85 percent of vacancies today are due to job loss, not overbuilding,” Linneman says.
Jobs are also the catalyst for multifamily demand growth, says Linneman. With more than 2 million “pent-up households," there will be more households than units waiting for them if the economy begins to add jobs at a more normal pace."
Source: "Global Economic Outlook Web Conference," Peter Linneman, NAI Global (Jan 18, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011012101?OpenDocument
"Daily Real Estate News | January 21, 2011 | Share
Job Recovery is Vital for a Strong Economy
With the exception of financial companies, corporate profits in 2010 were the highest ever, which should bode well for U.S. job recovery, says NAI Global Chief Economist Peter M. Linneman. “This could be a real stimulus for the economy,” unlike government efforts which just shifted existing funds around, he says.
The problem so far is that this $1.3 trillion of excess cash isn’t translating into new jobs. Linneman, who made his remarks during a Jan. 18 webcast, attributes the inactivity to uncertainty over political policies and regulation. But he adds that once corporations achieve a level of certainty, spending “could pick up much quicker than people realize.” “I’m very optimistic about this happening,” he says.
Yet, even if job growth returns to normal rates of approximately 1.7 million new jobs per year, it will take about five years to replace the 9 million lost jobs and absorb current vacant office space. “About 85 percent of vacancies today are due to job loss, not overbuilding,” Linneman says.
Jobs are also the catalyst for multifamily demand growth, says Linneman. With more than 2 million “pent-up households," there will be more households than units waiting for them if the economy begins to add jobs at a more normal pace."
Source: "Global Economic Outlook Web Conference," Peter Linneman, NAI Global (Jan 18, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011012101?OpenDocument
Friday, December 3, 2010
Appraisal Standard changes...
These changes will bring more regulation and difficulties, since appraisers will not be easily held accountable... just hope you get a really good appraiser!!!!!!!!!
Daily Real Estate News | December 3, 2010 | Share
Fed Releases Updated Appraisal Guidelines
The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the National Credit Union Administration jointly on Thursday released the latest and what is expected to be final version of property appraisal guidelines.
The new guidelines set a standard for appraisal independence. Lenders can exchange information with appraisers, but they cannot "directly or indirectly coerce, influence, or otherwise encourage an appraiser or a person who performs an evaluation to misstate or misrepresent the value of the property."
Among other rules:
· Banks cannot tell the appraiser of any expected or qualifying estimate of value.
· Banks cannot specify a minimum value requirement for the property that is needed to approve the loan or as a condition of ordering the valuation.
· Banks cannot tie an appraiser's compensation to loan approval.
· Banks can’t blacklist an appraiser if his valuations fail to meet expected thresholds.
The agencies also clarified that broker price opinions (BPOs) don’t comply with the minimum appraisal standards.
Source: Housing Wire, Jon Prior (12/02/2010 http://www.realtor.org/RMODaily.nsf/pages/News2010120303?OpenDocument
Daily Real Estate News | December 3, 2010 | Share
Fed Releases Updated Appraisal Guidelines
The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the National Credit Union Administration jointly on Thursday released the latest and what is expected to be final version of property appraisal guidelines.
The new guidelines set a standard for appraisal independence. Lenders can exchange information with appraisers, but they cannot "directly or indirectly coerce, influence, or otherwise encourage an appraiser or a person who performs an evaluation to misstate or misrepresent the value of the property."
Among other rules:
· Banks cannot tell the appraiser of any expected or qualifying estimate of value.
· Banks cannot specify a minimum value requirement for the property that is needed to approve the loan or as a condition of ordering the valuation.
· Banks cannot tie an appraiser's compensation to loan approval.
· Banks can’t blacklist an appraiser if his valuations fail to meet expected thresholds.
The agencies also clarified that broker price opinions (BPOs) don’t comply with the minimum appraisal standards.
Source: Housing Wire, Jon Prior (12/02/2010 http://www.realtor.org/RMODaily.nsf/pages/News2010120303?OpenDocument
Thursday, December 2, 2010
Pending Home Sale Statistics...
Daily Real Estate News | December 2, 2010 | Share
Strong Rebound in Pending Home Sales
Pending home sales jumped in October, showing a positive uptrend since bottoming in June, NAR says.
The Pending Home Sales Index, a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.
Last October, first-time buyers were motivated to make offers before the initial contract deadline for the tax credit last November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said excellent housing affordability conditions are drawing home buyers. “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011,” he said.
“More importantly, a return to more normal loan underwriting standards and removal of unnecessary underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery,” Yun said. Recent loan performance data from Fannie Mae and Freddie Mac clearly demonstrates very low default rates on recently originated mortgages, much lower that the vintages of 2002 and 2003 before the housing boom.
The PHSI in the Northeast jumped 19.6 percent to 71.3 in October but is 27.3 percent below the tax credit peak in October 2009. In the Midwest the index surged 27.3 percent in October to 81.7 but is 24.8 percent below a year ago. Pending home sales in the South rose 7.1 percent to an index of 93.8 but are 18.4 percent below October 2009. In the West the index slipped 0.4 percent to 104.3 and is 15.6 percent below a year ago.
Near term, Yun expects home sales will continue to climb from their cyclical low this past summer. “Even so, we now have some consumer concerns regarding the mortgage interest deduction, an important component in housing affordability,” he said. “Preliminary results of a new survey show nearly three out of four home owners and two out of three renters consider the mortgage interest deduction to be extremely or very important to them. Home owners already pay between 80 and 90 percent of all federal income taxes and additional tax burden would hurt them and the economic recovery, so we have a reasonable hope that it will not be changed.”
Source: NAR
Browse all of today's news
http://www.realtor.org/RMODaily.nsf/pages/News2010120201?OpenDocument
Strong Rebound in Pending Home Sales
Pending home sales jumped in October, showing a positive uptrend since bottoming in June, NAR says.
The Pending Home Sales Index, a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.
Last October, first-time buyers were motivated to make offers before the initial contract deadline for the tax credit last November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said excellent housing affordability conditions are drawing home buyers. “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011,” he said.
“More importantly, a return to more normal loan underwriting standards and removal of unnecessary underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery,” Yun said. Recent loan performance data from Fannie Mae and Freddie Mac clearly demonstrates very low default rates on recently originated mortgages, much lower that the vintages of 2002 and 2003 before the housing boom.
The PHSI in the Northeast jumped 19.6 percent to 71.3 in October but is 27.3 percent below the tax credit peak in October 2009. In the Midwest the index surged 27.3 percent in October to 81.7 but is 24.8 percent below a year ago. Pending home sales in the South rose 7.1 percent to an index of 93.8 but are 18.4 percent below October 2009. In the West the index slipped 0.4 percent to 104.3 and is 15.6 percent below a year ago.
Near term, Yun expects home sales will continue to climb from their cyclical low this past summer. “Even so, we now have some consumer concerns regarding the mortgage interest deduction, an important component in housing affordability,” he said. “Preliminary results of a new survey show nearly three out of four home owners and two out of three renters consider the mortgage interest deduction to be extremely or very important to them. Home owners already pay between 80 and 90 percent of all federal income taxes and additional tax burden would hurt them and the economic recovery, so we have a reasonable hope that it will not be changed.”
Source: NAR
Browse all of today's news
http://www.realtor.org/RMODaily.nsf/pages/News2010120201?OpenDocument
Real Estate thoughts for Mendocino County
In looking behind and ahead, I see that we are slowly working through the worst of the downturn... but there is still so much to go!
I have been approached by some who wonder if the housing prices will drop again by a large percent, but in looking to the counties South of us, we see that is not likely to be the case. Sonoma County's lowest price ranges have been stabilizing and increasing a bit (only because they reached a "false" bottom due to the foreclosures), which is a good indicator for us in Mendocino County. Also, our own lowest price ranges have been stablizing in Ukiah and Redwood Valley, and Willits shall not be far behind...
But, there are others who hope that when the foreclosures trickle towards a stop, we shall see prices go up again-- to that I say, IF prices go up at all, it shall be by a VERY tiny amount (unless the value is rebounding from being affected by a "false" bottom in the lowest price ranges), but that we shall have years before any significant increase in prices occurs.
So, does one buy now or wait? Depends on what someone is looking for, really. If the property they want is available and suits their needs... they can afford the payments and are not paying too "over the current market" for it, then I would say that purchasing is a good idea. If someone is only waiting for the "real" bottom to buy, then they run a high risk of waiting until the prices do start back up... but by that point in time, perhaps they will not find what they want before they are priced out? All depends on the supply of homes and what is available at what time. However, if there is nothing out there that a buyer wishes to jump at, then do not feel forced! That is truly not the way to buy a home... there will be other properties on the market in future, and perhaps one of those will be the "one" for you.
Yes, the bank-owned properties offer good buys on the market, but I have also seen multiple offers and frenzies to buy that have driven the price above what I would have considered a "great buy"... so be careful of not falling into the emotional trap of a bidding war.
Lastly, never lose sight of what you qualify for, but more importantly what you are comfortable with! If you qualify for $300,000 but feel more comfortable with payments at a price of $250,000... then try to stay as close to the $250,000 as possible. Ask your agent for sales comparisons to the property you have interest in-- but understand that the condition of these comparisons may be drastically different (they can look a lot different on paper and on the internet as compared to real life), and there may be a reason for a price difference...
The goal should be for a positive transaction that makes all happy or at least satisfied... and go ahead and ask questions along the way. You are not unintelligent for needing to ask questions! Maybe we do not always tell you, but we have to ask a lot of questions ourselves in this constantly changing market. :)
I have been approached by some who wonder if the housing prices will drop again by a large percent, but in looking to the counties South of us, we see that is not likely to be the case. Sonoma County's lowest price ranges have been stabilizing and increasing a bit (only because they reached a "false" bottom due to the foreclosures), which is a good indicator for us in Mendocino County. Also, our own lowest price ranges have been stablizing in Ukiah and Redwood Valley, and Willits shall not be far behind...
But, there are others who hope that when the foreclosures trickle towards a stop, we shall see prices go up again-- to that I say, IF prices go up at all, it shall be by a VERY tiny amount (unless the value is rebounding from being affected by a "false" bottom in the lowest price ranges), but that we shall have years before any significant increase in prices occurs.
So, does one buy now or wait? Depends on what someone is looking for, really. If the property they want is available and suits their needs... they can afford the payments and are not paying too "over the current market" for it, then I would say that purchasing is a good idea. If someone is only waiting for the "real" bottom to buy, then they run a high risk of waiting until the prices do start back up... but by that point in time, perhaps they will not find what they want before they are priced out? All depends on the supply of homes and what is available at what time. However, if there is nothing out there that a buyer wishes to jump at, then do not feel forced! That is truly not the way to buy a home... there will be other properties on the market in future, and perhaps one of those will be the "one" for you.
Yes, the bank-owned properties offer good buys on the market, but I have also seen multiple offers and frenzies to buy that have driven the price above what I would have considered a "great buy"... so be careful of not falling into the emotional trap of a bidding war.
Lastly, never lose sight of what you qualify for, but more importantly what you are comfortable with! If you qualify for $300,000 but feel more comfortable with payments at a price of $250,000... then try to stay as close to the $250,000 as possible. Ask your agent for sales comparisons to the property you have interest in-- but understand that the condition of these comparisons may be drastically different (they can look a lot different on paper and on the internet as compared to real life), and there may be a reason for a price difference...
The goal should be for a positive transaction that makes all happy or at least satisfied... and go ahead and ask questions along the way. You are not unintelligent for needing to ask questions! Maybe we do not always tell you, but we have to ask a lot of questions ourselves in this constantly changing market. :)
Monday, November 29, 2010
Lending Money to Family...
Lending Money to family may be the only way to have a purchase close... but there are positives and negatives to doing this-- I think it can truly be a win-win, but do not blindly go into this!! Make sure you know the facts and the law, so that all can be informed and protected...
_______________________
Daily Real Estate News | November 29, 2010 | Share
How to Lend to a Family Member
Carrying a mortgage for a family member can be a good investment, but it can also be tricky. Here are a few things to consider.
The lender must be comfortable with the deal. While a 30-year term is a popular bank loan, private lenders are sometimes more comfortable with shorter loan periods like 15 or 20 years. A 30-year term could be made more attractive to the lender by introducing a higher rate of interest at 10-year or 15-year intervals.
Questions to answer before agreeing to make the loan include:
▪ How will the loan be paid off if the borrower dies or is otherwise unable to complete payment or sell the property for enough to pay off the loan?
▪ What happens if the borrower goes into bankruptcy?
▪ What if the borrower fails to make timely payments?
▪ Will the lender require the borrower to escrow the property taxes and insurance?
Also, put the details of the transaction in writing and record it at the local recorder of deeds office so the borrower can’t get another loan on the property or sell the home without paying off the borrower.
Source: Real Estate Matters, Illyce R. Glink and Samuel J. Tankin (11/27/2010)
http://www.realtor.org/RMODaily.nsf/pages/News2010112906?OpenDocument
_______________________
Daily Real Estate News | November 29, 2010 | Share
How to Lend to a Family Member
Carrying a mortgage for a family member can be a good investment, but it can also be tricky. Here are a few things to consider.
The lender must be comfortable with the deal. While a 30-year term is a popular bank loan, private lenders are sometimes more comfortable with shorter loan periods like 15 or 20 years. A 30-year term could be made more attractive to the lender by introducing a higher rate of interest at 10-year or 15-year intervals.
Questions to answer before agreeing to make the loan include:
▪ How will the loan be paid off if the borrower dies or is otherwise unable to complete payment or sell the property for enough to pay off the loan?
▪ What happens if the borrower goes into bankruptcy?
▪ What if the borrower fails to make timely payments?
▪ Will the lender require the borrower to escrow the property taxes and insurance?
Also, put the details of the transaction in writing and record it at the local recorder of deeds office so the borrower can’t get another loan on the property or sell the home without paying off the borrower.
Source: Real Estate Matters, Illyce R. Glink and Samuel J. Tankin (11/27/2010)
http://www.realtor.org/RMODaily.nsf/pages/News2010112906?OpenDocument
Tuesday, January 26, 2010
Quick Ways to Impress Buyers Coming into Your Home
Always good to know of a few quick and easy tricks to make your home more desirable!
"Daily Real Estate News | January 26, 2010
Ten Inexpensive Ways to Wow Buyers
Now is the time for home owners contemplating a spring sale to spruce up their properties in anticipation of what Mike Larson of Weiss Research calls a potentially vibrant home-selling season. "If you have been beating your head against a wall, this is going to feel a lot better,” he jokes.
Here are 10 cheap ways to make a property more attractive to shoppers.
Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.
Clean up the landscaping. Trim the hedges and trees and plant some annuals in the flowerbeds.
Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.
Refurbish the floors. Buff the hardwoods. Install new carpets – or at least get them professionally cleaned.
Take care of the big problems. If the house needs a roof or the front stoop is crumbling, get them fixed.
Buy warranties. Putting appliances under warranty gives homebuyers a secure feeling.
Improve energy efficiency. New windows or improved insulation tell a potential buyer the seller is on top of things plus they come with tax benefits.
Replace light fixtures. Updated fixtures, especially at the entrance way and in the foyer, create a good first impression.
Buy a stove. Home owners whose kitchen isn’t top of the line can jazz it up for a few hundred dollars by buying a new stove, which gives the room a fresh feel.
Tidy up the bathrooms. Get rid of mildew, replace caulking and replace stained sinks.
Source: U.S. News & World Report, Luke Mullins (01/21/2010)"
http://www.realtor.org/RMODaily.nsf/pages/News2010012601?OpenDocument
"Daily Real Estate News | January 26, 2010
Ten Inexpensive Ways to Wow Buyers
Now is the time for home owners contemplating a spring sale to spruce up their properties in anticipation of what Mike Larson of Weiss Research calls a potentially vibrant home-selling season. "If you have been beating your head against a wall, this is going to feel a lot better,” he jokes.
Here are 10 cheap ways to make a property more attractive to shoppers.
Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.
Clean up the landscaping. Trim the hedges and trees and plant some annuals in the flowerbeds.
Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.
Refurbish the floors. Buff the hardwoods. Install new carpets – or at least get them professionally cleaned.
Take care of the big problems. If the house needs a roof or the front stoop is crumbling, get them fixed.
Buy warranties. Putting appliances under warranty gives homebuyers a secure feeling.
Improve energy efficiency. New windows or improved insulation tell a potential buyer the seller is on top of things plus they come with tax benefits.
Replace light fixtures. Updated fixtures, especially at the entrance way and in the foyer, create a good first impression.
Buy a stove. Home owners whose kitchen isn’t top of the line can jazz it up for a few hundred dollars by buying a new stove, which gives the room a fresh feel.
Tidy up the bathrooms. Get rid of mildew, replace caulking and replace stained sinks.
Source: U.S. News & World Report, Luke Mullins (01/21/2010)"
http://www.realtor.org/RMODaily.nsf/pages/News2010012601?OpenDocument
Friday, January 8, 2010
Mortgage Companies may be getting ready to work with you~
"Principal Cuts May Prevent Foreclosures
At least 7 million borrowers will lose their homes this year and next unless there is a broad increase in property values or lenders become much more willing to cut the principal on mortgage loans, an analyst with Amherst Securities Group told the U.S. House Financial Services Committee last month.
That testimony has motivated Federal Deposit Insurance Corp. Chair Sheila Blair to consider incentives for lenders to cut principal on $45 billion in mortgages her agency has acquired from seized banks.
“We’re looking now at whether we should provide some further loss-sharing for principal write downs,” says Bair. “Now you’re in a situation where even the good mortgages are going bad because people are losing their jobs.”
While principal reductions are rare, some banks are doing them. In the third quarter of 2009, about 21,000 home loans were modified by reducing the principal, according to Mortgage Metrics, a government publication.
Mark Zandi, the chief economist for Moody’s Economy.com, suggests that banks receive a federal match of $1 for every $2 in principal reductions they offer to home owners.
“You’re not going to wipe out all the borrowers’ negative equity,” he says. “This just gives them enough hope to get them committed again.”
Source: Bloomberg, John Gittelsohn and Prashant Gopal (01/07/2010)"
Daily Real Estate News
January 8, 2010
http://www.realtor.org/RMODaily.nsf/pages/News2010010801?OpenDocument
At least 7 million borrowers will lose their homes this year and next unless there is a broad increase in property values or lenders become much more willing to cut the principal on mortgage loans, an analyst with Amherst Securities Group told the U.S. House Financial Services Committee last month.
That testimony has motivated Federal Deposit Insurance Corp. Chair Sheila Blair to consider incentives for lenders to cut principal on $45 billion in mortgages her agency has acquired from seized banks.
“We’re looking now at whether we should provide some further loss-sharing for principal write downs,” says Bair. “Now you’re in a situation where even the good mortgages are going bad because people are losing their jobs.”
While principal reductions are rare, some banks are doing them. In the third quarter of 2009, about 21,000 home loans were modified by reducing the principal, according to Mortgage Metrics, a government publication.
Mark Zandi, the chief economist for Moody’s Economy.com, suggests that banks receive a federal match of $1 for every $2 in principal reductions they offer to home owners.
“You’re not going to wipe out all the borrowers’ negative equity,” he says. “This just gives them enough hope to get them committed again.”
Source: Bloomberg, John Gittelsohn and Prashant Gopal (01/07/2010)"
Daily Real Estate News
January 8, 2010
http://www.realtor.org/RMODaily.nsf/pages/News2010010801?OpenDocument
Building/Construction company assistance via tax law breaks...
"Tax Law Change Gives Builders a Boost
Some home builder companies are posting gains, thanks in large part to a change in tax laws that allowed companies to apply losses incurred in 2008 and 2009 to income earned in any five years through 2007. Home builder Lennar Corp. posted its first quarterly profit since 2007.
Previously, losses could be counted against profits over just two previous years.
Lennar also had a 3 percent increase in new orders in 2009, its first since 2006.
Toll Brothers said last month that it expects a $162 million income tax refund when it files its 2009 taxes, thanks to the change in the law. And last month, Wall Street analysts upgraded KB Home’s shares because of an expected refund.
In a paper by John R. Graham and Hyunseob Kim for the National Bureau of Economic Research, Graham and Kim estimated that the tax-loss carrybacks would cost the government $53 billion, with the beneficiaries "concentrated in the home-building, automobile, and financial industries."
Source: Fortune, Colin Barr (01/07/2010)Daily Real Estate News"
January 8, 2010
http://www.realtor.org/RMODaily.nsf/pages/News2010010806?OpenDocument
Some home builder companies are posting gains, thanks in large part to a change in tax laws that allowed companies to apply losses incurred in 2008 and 2009 to income earned in any five years through 2007. Home builder Lennar Corp. posted its first quarterly profit since 2007.
Previously, losses could be counted against profits over just two previous years.
Lennar also had a 3 percent increase in new orders in 2009, its first since 2006.
Toll Brothers said last month that it expects a $162 million income tax refund when it files its 2009 taxes, thanks to the change in the law. And last month, Wall Street analysts upgraded KB Home’s shares because of an expected refund.
In a paper by John R. Graham and Hyunseob Kim for the National Bureau of Economic Research, Graham and Kim estimated that the tax-loss carrybacks would cost the government $53 billion, with the beneficiaries "concentrated in the home-building, automobile, and financial industries."
Source: Fortune, Colin Barr (01/07/2010)Daily Real Estate News"
January 8, 2010
http://www.realtor.org/RMODaily.nsf/pages/News2010010806?OpenDocument
Monday, December 28, 2009
Misuse of Home Buyer Tax Credit Reported
I know some of these people did not realize, but surely there are some taking advantage of the current situation!!
"A report earlier this month from the Treasury Inspector General for Tax Administration estimates that 73,799 taxpayers have incorrectly claimed the first-time home buyer tax credit. The report concludes: “The IRS is unable to verify eligibility for the majority of Recovery Act benefits at the time a tax return is processed.”
The IRS didn’t dispute the claim, but said it was studying the matter further. Some have suggested that this report and others will encourage Congress to put some safeguards in place before more claims result from the extension and expansion of the tax credit.
Source: The New York Times, Lynnley Browning (12/22/2009)
Daily Real Estate News | December 28, 2009"
http://www.realtor.org/RMODaily.nsf/pages/News2009122801?OpenDocument
"A report earlier this month from the Treasury Inspector General for Tax Administration estimates that 73,799 taxpayers have incorrectly claimed the first-time home buyer tax credit. The report concludes: “The IRS is unable to verify eligibility for the majority of Recovery Act benefits at the time a tax return is processed.”
The IRS didn’t dispute the claim, but said it was studying the matter further. Some have suggested that this report and others will encourage Congress to put some safeguards in place before more claims result from the extension and expansion of the tax credit.
Source: The New York Times, Lynnley Browning (12/22/2009)
Daily Real Estate News | December 28, 2009"
http://www.realtor.org/RMODaily.nsf/pages/News2009122801?OpenDocument
Interest Rates Predicted to Reach 6%
Something to keep in mind...
"Interest rates are likely to rise to 6 percent by the end of 2010, predicted Amy Crews Cutts, deputy chief economist at Freddie Mac.
The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because private buyers will demand more return than the Fed.
"Extraordinary resources have been put into keeping the rates down and supporting the mortgage markets and it's hard to imagine that the rates can go much lower than they are," Crews Cutts said. "Anything we get at or below 5 percent is a gift at this point."
Source: Washington Post, Dina ElBoghdady (12/26/2009)
Daily Real Estate News | December 28, 2009"
http://www.realtor.org/RMODaily.nsf/pages/News2009122803?OpenDocument
"Interest rates are likely to rise to 6 percent by the end of 2010, predicted Amy Crews Cutts, deputy chief economist at Freddie Mac.
The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because private buyers will demand more return than the Fed.
"Extraordinary resources have been put into keeping the rates down and supporting the mortgage markets and it's hard to imagine that the rates can go much lower than they are," Crews Cutts said. "Anything we get at or below 5 percent is a gift at this point."
Source: Washington Post, Dina ElBoghdady (12/26/2009)
Daily Real Estate News | December 28, 2009"
http://www.realtor.org/RMODaily.nsf/pages/News2009122803?OpenDocument
Sunday, November 29, 2009
TAX CREDITS !!!
They are here for awhile more, but not forever...
"Frequently Asked Questions
About the First-Time Home Buyer Tax Credit
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation."
http://www.federalhousingtaxcredit.com/faq1.php
Wednesday, October 28, 2009
Tax Credit likely to continue in a form
"Tax Credit Extension Seems Likely It seems likely that the U.S. Senate will approve a deal to extend the First-Time Homebuyer Tax Credit, but the devil is in the details.
Florida Democrat Sen. Bill Nelson told reporters traveling to Florida with President Obama on Monday that he thought that the extension would be approved, but both senators and representatives are among those who think that there should be some fiscal offset for the cost of the extension. Spending any more money on the stimulus effort also could stir up a hornets' nest in some circles. The proposal in the Senate that appears to have the most likelihood of passage would extend the $8,000 credit through March 31, then its value would drop by $2,000 for each of the subsequent three quarters of 2010. This plan was offered by Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus, a Montana Democrat."
Source: Associated Press, Andrew Taylor (10/26/2009) and The Wall Street Journal, John D. McKinnon (10/27/2009)
http://www.realtor.org/RMODaily.nsf/pages/News2009102701?OpenDocument10/27/09
Florida Democrat Sen. Bill Nelson told reporters traveling to Florida with President Obama on Monday that he thought that the extension would be approved, but both senators and representatives are among those who think that there should be some fiscal offset for the cost of the extension. Spending any more money on the stimulus effort also could stir up a hornets' nest in some circles. The proposal in the Senate that appears to have the most likelihood of passage would extend the $8,000 credit through March 31, then its value would drop by $2,000 for each of the subsequent three quarters of 2010. This plan was offered by Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus, a Montana Democrat."
Source: Associated Press, Andrew Taylor (10/26/2009) and The Wall Street Journal, John D. McKinnon (10/27/2009)
http://www.realtor.org/RMODaily.nsf/pages/News2009102701?OpenDocument10/27/09
Wednesday, October 21, 2009
Jumbo Loan changes??
"Jumbo Freeze Might be Thawing
October 15, 2009 by Robert Freedman · 4 Comments
Filed under: Economics, Mortgage Financing
By Robert Freedman, senior editor, REALTOR® Magazine
It’s still early but there are signs the availability of jumbo financing might be improving—although underwriting standards probably won’t ease any time soon. That means the days of creditworthy borrowers having a tough time getting financing for an amount over the conforming loan limit might be ending but they’ll still have to come up with a significant down payment and be prepared to show lots of documentation, like three years worth of tax returns instead of the customary two.
NAR Chief Economist Lawrence Yun says lenders are slowly getting back into the game because the climate of dread is lifting: Wall Street analysts and business executives have recalibrated their performance scenarios to reflect the greatly improved conditions among lower-priced homes (thanks to the home buyer tax credit and steeply discounted pricing). That in turn is creating a virtuous cycle as the improved scenarios help relax concerns over the economy, pushing up equities, which in turn creates the wealth that further increases confidence.
In other words, the improving lower-end housing market and the rising stock market are helping to push big financial services companies back into the business of loaning money rather than hoarding cash. As a result, it’s not just safe agency loans that lenders are willing to make (Fannie, Freddie and FHA) but also non-conforming jumbo loans. That helps further the narrowing of the interest rate spread between comforming and non-conforming loans.
I spoke with Las Vegas luxury home sales specialist Kenneth Lowman yesterday and he says the jumbo market has a long way to go before it’s back to where it needs to be, but, importantly, big loans are being made again. Earlier this year, that wasn’t so clear-cut.
“We recenty did a jumbo loan in record time,” he says. It was for a home listed at a couple of million dollars—obviously not an everyday deal for most salespeople—but it closed in just 22 days. Six months ago, he says, that never would have happened.
Yun predicts that financing for jumbo loans, second homes, and commercial real estate will show marked improvement by the middle of 2010. By late 2011 or early 2012, we might even see more non-agency, private-label loans securitized by Wall Street.
Yet the mortgage market by then will surely be different than it was during the housing boom, and in a good way. Buyers will be far more careful about staying within budget and lenders will be far more cautious about making loans to buyers who aren’t staying within budget.
Yet there remains a big concern: inflation. Although prices remain stable because of continuing slack in the economy (high unemployment, excess business capacity), once the enconomy starts growing again federal budget deficits will create inflationary pressure. The main way to head that off, says Yun, is for the government to produce a credible plan for getting the deficit under control."
http://speakingofrealestate.blogs.realtor.org/2009/10/15/jumbo-freeze-might-be-thawing/
October 15, 2009 by Robert Freedman · 4 Comments
Filed under: Economics, Mortgage Financing
By Robert Freedman, senior editor, REALTOR® Magazine
It’s still early but there are signs the availability of jumbo financing might be improving—although underwriting standards probably won’t ease any time soon. That means the days of creditworthy borrowers having a tough time getting financing for an amount over the conforming loan limit might be ending but they’ll still have to come up with a significant down payment and be prepared to show lots of documentation, like three years worth of tax returns instead of the customary two.
NAR Chief Economist Lawrence Yun says lenders are slowly getting back into the game because the climate of dread is lifting: Wall Street analysts and business executives have recalibrated their performance scenarios to reflect the greatly improved conditions among lower-priced homes (thanks to the home buyer tax credit and steeply discounted pricing). That in turn is creating a virtuous cycle as the improved scenarios help relax concerns over the economy, pushing up equities, which in turn creates the wealth that further increases confidence.
In other words, the improving lower-end housing market and the rising stock market are helping to push big financial services companies back into the business of loaning money rather than hoarding cash. As a result, it’s not just safe agency loans that lenders are willing to make (Fannie, Freddie and FHA) but also non-conforming jumbo loans. That helps further the narrowing of the interest rate spread between comforming and non-conforming loans.
I spoke with Las Vegas luxury home sales specialist Kenneth Lowman yesterday and he says the jumbo market has a long way to go before it’s back to where it needs to be, but, importantly, big loans are being made again. Earlier this year, that wasn’t so clear-cut.
“We recenty did a jumbo loan in record time,” he says. It was for a home listed at a couple of million dollars—obviously not an everyday deal for most salespeople—but it closed in just 22 days. Six months ago, he says, that never would have happened.
Yun predicts that financing for jumbo loans, second homes, and commercial real estate will show marked improvement by the middle of 2010. By late 2011 or early 2012, we might even see more non-agency, private-label loans securitized by Wall Street.
Yet the mortgage market by then will surely be different than it was during the housing boom, and in a good way. Buyers will be far more careful about staying within budget and lenders will be far more cautious about making loans to buyers who aren’t staying within budget.
Yet there remains a big concern: inflation. Although prices remain stable because of continuing slack in the economy (high unemployment, excess business capacity), once the enconomy starts growing again federal budget deficits will create inflationary pressure. The main way to head that off, says Yun, is for the government to produce a credible plan for getting the deficit under control."
http://speakingofrealestate.blogs.realtor.org/2009/10/15/jumbo-freeze-might-be-thawing/
Housing Starts are rising
Well, not everything is bad in the real estate news, at least!!
"Housing Starts Rise
Single-family home construction, which accounts for 85 percent of the market, increased 3.9 percent to a 501,000 annual rate. Multi-family housing fell 15 percent to an 89,000 rate.
Building permits, an indicator of future construction, declined 1.2 percent from the August rate to a 573,000 annual rate in September.
Most of the gain in single-family starts was attributable to a 7.1 percent increase in the South. The other regions fell with the West declining 8.8 percent.
Source: Bloomberg News, Courtney Schlisserman (10/20/2009)"
http://www.realtor.org/RMODaily.nsf/pages/News2009102001?OpenDocument#
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