Archive for the ‘Investors’ Category

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Buyers Have the Edge!

December 22, 2010

According to Lawrence Yun, chief economist from the National Association of REALTORS, “Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. Affordability has reached a generational high in the second of this yer because of rock bottom mortgage interest rates, helped partly by the Fed’s very ccommodative monetary policy.”For more reasons why now is a prime time to buy a home, contact me and I’ll send you a free ebook.

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Search MLS listings like an Agent.It’s FREE

September 23, 2010

Go to my updated website and search the MLS like an agent or go to find a neighborhood and search by area for a property. Let me also help you by adding you to the LISTINGBOOK (free of Charge) so that you can get daily reports on properties that interest you. You will be notified if they have been reduced or if new listings are available for the neighborhoods that interest you. Go to http://www.karennumme.com or email me at knumme@karennumme.com Mortgage Rates are so low-it’s embarrassing.

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1736 Wollam Street, Los Angeles, CA | Powered by Postlets

July 17, 2010

1736 Wollam Street, Los Angeles, CA | Powered by Postlets.

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May 12, 2010

According to a report in Inman News

Top 10 Areas for Single-Family Median Price Increases


Rank
Metropolitan Area % change, Q1 ’09-Q1 ’10
1 Saginaw-Saginaw Township North, Mich. 100.7%
2 Akron, Ohio 90.2%
3 Cleveland-Elyria-Mentor, Ohio 53.8%
4 San Francisco-Oakland-Fremont, Calif. 28.9%
5 Grand Rapids, Mich. 26.0%
6 San Jose-Sunnyvale-Santa Clara, Calif. 24.4%
7 Dayton, Ohio 22.8%
8 Memphis, Tenn.-Miss.-Ark. 18.5%
9 Gary-Hammond, Ind. 18.3%
10 Elmira, N.Y. 17.8%

Top 10 Areas for Single-Family Median Price Decreases

Rank Metropolitan Area % change, Q1 ’09-Q1 ’10
1 Orlando, Fla. -15.0%
2 Ocala, Fla. -14.5%
3 Cumberland, Md.-W.V. -14.4%
4 Boise City-Nampa, Idaho -13.9%
5 Reno-Sparks, Nev. -13.5%
6 Hagerstown-Martinsburg, Md.-W.V. -13.0%
7 Las Vegas-Paradise, Nev. -11.8%
8 Glens Falls, N.Y. -11.5%
9 Salt Lake City, Utah -11.4%
10 Palm Bay-Melbourne-Titusville, Fla. -11.0%
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REALTOR� Magazine-Daily News-Tax Credits Have Been Pricey and Effective

April 29, 2010

Daily Real Estate News | April 28, 2010 |
As the home buyer tax credits near their end, analysts are concluding that the program was both expensive and successful.

The Treasury Department estimates that the credits helped 1.8 million people buy homes, but critics reply that two-thirds of the $12.6 billion in credits spent through the end of February went to people who would have purchased a home anyway.

Sen. Johnny Isakson, a Republican from Georgia, who worked as a real estate practitioner for 30 years and pushed through the 2010 extension and expansion of the program, says: “It’s true that a lot of people who got the credit might have bought without it, but they might have bought in 2012 or 2013. This got them to buy in 2009 and 2010, when we needed to shore things up.”

Economist Mark Zandi at Moody’s Economy.com agrees. “The tax credit helped to stanch the price declines, which had substantial benefit for the entire economy,” he says. “The home is still the largest asset on most people’s balance sheet, so when prices are falling, nothing works for most families. But now people can take a deep breath and think clearly again.”

Source: The New York Times, David Kocieniewski (04/26/2010).

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AMERICANS STILL WANT A HOUSE

April 7, 2010

Americans still want a house By Ben Rooney, staff reporterApril 6, 2010: 2:10 PM ET NEW YORK (CNNMoney.com) —

Nearly two-thirds of Americans would still prefer to own a home, although the recent housing market turmoil and uncertain economy have made them a little more cautious about how and when, according to a survey released Tuesday. A nationwide survey conducted by mortgage lender Fannie Mae found 65% of the homeowners and renters believe there is still value in owning a home.

But the survey also suggests that potential home buyers have become more cautious in the years since the housing bubble burst, giving rise to a wave of foreclosures and a severe recession. “Consumers are still committed to owning a home, but are showing increased cautiousness,” said Doug Duncan, chief economist at Fannie Mae. He said the downturn in the housing market has led to a “rebalancing” of consumer attitudes towards homeownership. Americans are adopting a more realistic approach and are now less willing to take risks, he said. The survey showed that home buyers are growing more concerned with longer- term priorities, as opposed to the house “flipping” mentality that characterized the market during the boom years. Over 40% said personal safety was their main consideration when buying a home, while a third indicated that the quality of local schools was the dominant factor. America’s most overvalued cities One of the purposes of the survey is to try to more closely monitor the market, according to Duncan. That way, industry players and policy makers can take steps to stimulate the housing market when it slows too much and put the brakes on when it threatens to overheat. “This survey was done to get a level set about what the public is thinking about housing after the huge disruption,” said Duncan. “We wanted to understand the current and expected behavior of borrowers, and how to help people who have had difficulties.” 0:00 /3:41Trump: Don’t fear a real estate collapse The survey showed that 60% believe buying a home today is harder than it was for their parents, and nearly seven in ten believe it will be even more difficult for their children. Still, about two-thirds of respondents believe now is a good time to buy a house, and nearly one in three said now is a very good time to buy a house. This is nearly as many who said it was a good time to buy in 2003, well before home prices peaked, Fannie Mae said. A full 70% said they believe buying a home continues to be one of the safest investments available. That’s down from 83% in 2003. “The investment motive took a hit,” said Duncan. Nearly three-quarters anticipate housing prices will go up or stay the same over the next year, according to the survey. That includes 37% who see prices will increase and 36% who feel prices will remain about the same. A majority of respondents said it is unacceptable for a homeowner to stop making payments on their mortgage when the value of the property falls below the balance of the loan, a condition known as being “underwater.” However, the survey showed that 15% believe it is acceptable to stop making payments on an underwater mortgage if the homeowner is financially distressed. The survey was conducted by telephone this winter with 3,451 Americans age 18 and older. — CNNMoney.com senior writer Les Christie contributed to this report.

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California expands $10K buyer tax credit

March 26, 2010

State doubles credit to $200M, opens it up to resales
Thursday, March 25, 2010. Inman News

The state of California has re-established and extended a $10,000 homebuyer tax credit. The new law, AB 183, signed today by Gov. Arnold Schwarzenegger, allocates $200 million to the credit for homes purchased between May 1 and Dec. 31, and between Dec. 31 and August 1, 2011. That’s twice the amount allocated to a similar credit passed for purchasers of new homes last year. Those funds were quickly depleted and builders have been asking for the credit’s return ever since. The state has extended the new credit to first-time buyers of existing homes as well as buyers of new homes. The funds will be split evenly between the two groups, and buyers will have to occupy the home for at least two years. The legislation had the backing of the California Building Industry Association and the California Association of Realtors. “The tax credit will help push prospective buyers off the fence, clear out inventory, and jump-start the homebuilding industry, which will help create jobs and reinvigorate the state’s economy,” said Liz Snow, the building association’s CEO and president, in a statement. “AB 183 also will significantly contribute to efforts to stimulate jobs creation within California’s housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon, and returned to the lender; or have been sitting on the market for extended periods of time,” said Steve Goddard, the real estate association president, in a statement. “It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities,” Goddard added. Snow said the credit would be paid out over several years and therefore lessen the blow to the cash-strapped state’s budget. “Additionally, recent studies show that building a new home generates roughly $16,000 in state tax revenues alone, which supports the notion that the credit will more than pay for itself,” Snow said. The Franchise Tax Board concluded that losses to the state’s General Fund will equal $200 million: $6 million in 2009-10; $69 million in 2010-11; $67 million in 2011-12; $54 million in 2012-13; and, $4 million in 2013-14. “The bill appears to represent a blending of policy goals, including: increasing demand for housing by lowering the effective purchase price; decreasing the existing market inventory of homes; and, encouraging construction of new homes. Supporters claim this bill will result in the generation of additional jobs in California. No formal jobs analysis has been conducted,” according to a legisaltive report.