Existing-home sales rose again in November as first-time buyers rushed to close sales before the original Nov. 30 deadline for the recently extended and expanded tax credit, according to the NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.
Source: NAR
Monday, December 28, 2009
Mortgages Becoming Easier to Obtain
In some parts of the country, borrowers with good credit are more likely to be able to borrow 95 percent of the purchase price than they were just a few months ago.
In Florida and other troubled markets credit remains tight and mortgage companies continue to scrutinize property appraisals, which makes it difficult for some borrowers to get financing. But in most areas of the country where prices are stabilizing or falling only slightly, standards are relaxing.
“We are starting to see...moderation," said Neil Librock, head of credit risk for Wells Fargo & Co.
Source: The Wall Street Journal, Ruth Simon (12/19/2009)
In Florida and other troubled markets credit remains tight and mortgage companies continue to scrutinize property appraisals, which makes it difficult for some borrowers to get financing. But in most areas of the country where prices are stabilizing or falling only slightly, standards are relaxing.
“We are starting to see...moderation," said Neil Librock, head of credit risk for Wells Fargo & Co.
Source: The Wall Street Journal, Ruth Simon (12/19/2009)
Tax Credit Gets Buyers Off the Fence
The new $6,500 move-up Homebuyer Tax Credit is apparently motivating buyers, according to a Campbell Communications survey of 1,500 real estate practitioners.
Existing home owners accounted for 41 percent of home purchases in November, up from 38 percent in October, the survey found.
Source: Housing Wire, Austin Kilgore (12/22/2009)
Existing home owners accounted for 41 percent of home purchases in November, up from 38 percent in October, the survey found.
Source: Housing Wire, Austin Kilgore (12/22/2009)
Monday, December 21, 2009
Lighthouse at Clover Island
Wow...a lighthouse at Clover Island! It will be the first of its kind constructed in the United States since 1962 and expected to be completed in February 2010. The island has already come a long way with new buildings for the Port of Kennewick and the Clover Island Yacht Club in recent years. This lighthouse will serve as a functioning lighthouse helping boats navigate the waters. The concrete structure will be 62 feet tall when complete, with a viewing platform near the top. The lighthouse project will also include a public plaza, gateway and sidewalks, for a price tag of $1.2 million.
The Port of Kennewick has big plans for Clover Island and its environs. The port has purchased a significant amount of the property from Washington Street to the cable bridge with an eye on future development. Although it's hard to envision from the current mix of trailer parks, older homes and businesses, this area could someday become a development to rival Columbia Point as condos, retail businesses and walking paths are all part of the long-term vision.
Tri-City Herald 12/14/09
The Port of Kennewick has big plans for Clover Island and its environs. The port has purchased a significant amount of the property from Washington Street to the cable bridge with an eye on future development. Although it's hard to envision from the current mix of trailer parks, older homes and businesses, this area could someday become a development to rival Columbia Point as condos, retail businesses and walking paths are all part of the long-term vision.
Tri-City Herald 12/14/09
Exterior Remodeling: Best Bang for Your Buck
Exterior remodeling.... what is the best bang for your buck? Despite a slower market in some areas and a slight decrease in the resale value of most remodeling projects, REALTORS® report that the smartest home improvement investments may also be some of the least expensive.
On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.
Once again, this information proves the importance of a home’s first impression. With exterior projects returning a high percent of project costs upon resale, a Realtor® can help give your home curb appeal while adding value to the real estate transaction.
Regionally, cities in the Pacific states of Alaska, California, Hawaii, Oregon and Washington once again outperformed the rest of the nation in terms of remodeling costs recouped upon resale.
NAR
On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.
Once again, this information proves the importance of a home’s first impression. With exterior projects returning a high percent of project costs upon resale, a Realtor® can help give your home curb appeal while adding value to the real estate transaction.
Regionally, cities in the Pacific states of Alaska, California, Hawaii, Oregon and Washington once again outperformed the rest of the nation in terms of remodeling costs recouped upon resale.
NAR
4 out of 10 Recent Buyers Used FHA Loans
4 out of 10 recent buyers used FHA loans. According to the most recent REALTORS® Confidence Index, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. REALTORS® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.
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