Last Weeks Stats….Sales Still Up!!

LISTINGS	Residential (Single Family & Condo)
August 10 – 16, 2009	568
Last Year	675
SOLDS
August 2 – 8, 2009	254
Last Year	200

Sales and Listings Continue to Rise In “The Ville”

LISTINGS	Residential (Single Family & Condo)
August 3-9, 2009	538
Last Year	670
SOLDS
July 26 – August 1, 2009	302
Last Year	272

LISTINGS	Residential (Single Family & Condo)
July 27 – August 2, 2009	483
Last Year	659
SOLDS
July 19 – 25, 2009	289
Last Year	247

LISTINGS	Residential (Single Family & Condo)
July 20 – 26, 2009	569
Last Year	628
SOLDS
July 12 – 18, 2009	274
Last Year	197

Louisville Among The Ceapest Areas To Live

The Cheapest Metro Areas to Live Forbes magazine looked at the 100 least expensive places to live. It ranked all 380 metropolitan areas based on cost-of-living data from Moody’s Economy.com and home affordability from the National Association of Home Builders and Wells Fargo. The magazine also factored in four quality-of-life considerations, including the rate of violent crime, unemployment, average salary for college grads, and cultural opportunities.

Here are the cheapest places by region:

Pacific  1. Spokane, Wash. 2. Modesto, Calif. 3. (None)

Mountain 1. Ogden-Clearfield, Utah 2. Fort Collins-Loveland, Colo. 3. Greeley, Colo.

West North Central 1. Minneapolis-St. Paul-Bloomington, Minn.-Wis. 2. Omaha-Council Bluffs, Neb.-Iowa 3. St. Louis, Mo.-Ill.

West South Central 1. Fort Worth-Arlington, Texas 2. Oklahoma City, Okla. 3. Tulsa, Okla.

East North Central 1. Ann Arbor, Mich. 2. Warren-Troy-Farmington Hills, Mich. 3. Cleveland-Elyria-Mentor, Ohio

East South Central 1. Knoxville, Tenn. 2. Chattanooga, Tenn.-Ga. 3. Louisville-Jefferson, Ky.-

Ind. Middle Atlantic 1. Albany-Schenectady-Troy, N.Y. 2. Pittsburgh, Pa. 3. Harrisburg-Carlisle, Pa.

South Atlantic 1. Durham-Chapel Hill, N.C. 2. Charlotte-Gastonia-Concord, N.C.-S.C. 3. Atlanta-Sandy Springs-Marietta, Ga.

New England 1. Manchester-Nashua, N.H. 2. Worcester, Mass. 3. Springfield, Mass.

Source: Forbes (07/14/2009)

Sales Are Up…..Again!!

Statistics

LISTINGS	Residential (Single Family & Condo)
July 13 – 19, 2009	654
Last Year	637
SOLDS
July 5 -11, 2009	254
Last Year	199

Stats From Last Week

LISTINGS	Residential (Single Family & Condo)
June 8 -14, 2009	623
Last Year	672
SOLDS
May 31 – June 6, 2009	269
Last Year	286

Tax credit guidance for FHA loans announced by HUD

In his speech at the National Association of REALTORS® Housing Summit, US Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced a program that allows borrowers to use the first-time homebuyer tax credit for a down payment or closing costs on a FHA-insured mortgage. The Secretary said “We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit.”

The details of the program were announced in Mortgagee Letter 2009-15. Government entities and instrumentalities of government may provide a second mortgage. Currently, 10 state housing finance agencies offer a product buyers can use that will effectively monetize the tax credit for down payment purposes. These states are Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, and Tennessee.

Get information on the Kentucky program here

The original guidance permitted lenders and HUD-approved nonprofits and lenders to offer bridge loans via second lien financing or short term loans. Guidance released today allows lenders to offer the monetized tax credit for down payments in excess of 3.5 percent, closing costs and interest rate buy downs. Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers. Lenders will need some time to develop documentation for what will effectively be personal loans to the home buyer.

Last Weeks Stats

LISTINGS Residential (Single Family & Condo)
June 1 – 7, 2009 612
Last Year 715
SOLDS
May 24 – , 2009 229
Last Year 277

Improvement Coming to Buyer Tax Credit?

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is working on a plan that will permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered May 12 at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders would be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table. The plan isn’t final; more details are expected in coming weeks.

Other Solutions for Today’s Market

During his address, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

He and other speakers examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

Source: NAR

Finally,,,,Sales are UP :-)

LISTINGS Residential (Single Family & Condo)
May 11-17, 2009 596
Last Year 641
SOLDS
May 3-9, 2009 225
Last Year 207

Stats

LISTINGS Residential (Single Family & Condo)
May 4-10, 2009 639
Last Year 673
SOLDS
April 26-May 2, 2009 230
Last Year 288