June 18, 2010 - HSM Realty launches preferred lender program
HSM Realty is offering its Buyer's Rebate to all Washington DC buyers who use our preferred lender and signs an exclusive buyer broker agreement with HSM Realty. There are a wide variety of loan programs offered by our preferred lender. To find out more  go to our lender page or contact Virginia Fall.

May 12, 2010 - Year-Over-Year Price Gains in 91 Markets
A growing number of metropolitan areas are seeing price gains over a year ago, according to the latest survey by the NATIONAL ASSOCIATION OF REALTORS®.

In the first quarter, 91 out of 152 metropolitan statistical areas showed higher median existing single-family home prices compared with prices in the first quarter of last year. Of those with higher prices, 29 had double-digit increases. Three of the 152 metro areas had no change in prices, and 58 metros had price declines.

In the fourth quarter of 2009, only 67 areas reported year-over-year gains, and in the third quarter only 30 metro areas had price increases.

Sales Pace Up from Year-Ago
Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.14 million in the first quarter, down 14 percent from a surge of 5.97 million in the fourth quarter, which was driven by the initial tax credit.

However, when compared with the first quarter of 2009, sales were up 11.4 percent from 4.61 million. “Year-ago comparisons are more meaningful in this report due to sales swings from the tax credit,” Yun says.

Sales volume increased from a year ago in 44 states and the District of Columbia; 31 states and D.C. saw double-digit gains while two were unchanged and four were down.

NAR President Vicki Cox Golder says there’s been a change in market psychology. “Buyer confidence is back, and home buyers have long-term views. The typical buyer plans to stay in their home for 10 years, so we’ve put the flipping mentality behind us and most people see housing for what it is—shelter that provides social benefits and is also a good long-term investment."

Here's a look at a price breakdown by region:

Northeast. The median existing single-family home price in the Northeast rose 9.0 percent to $256,300 in the first quarter from the same quarter in 2009. Existing-home sales in the Northeast fell 17.7 percent in the first quarter to a level of 850,000 but are 19.7 percent higher than a year ago.
Midwest. The median existing single-family home price slipped 0.8 percent to $130,600 in the first quarter from a year ago. Existing-home sales in the Midwest dropped 17.3 percent in the first quarter to a pace of 1.13 million but are 10.8 percent above the first quarter of 2009.
South. In the South, the median existing single-family home price was $148,200 in the first quarter, up 1.1 percent from the first quarter of 2009. Existing-home sales in the South fell 14.6 percent in the first quarter to an annual rate of 1.89 million but are 10.7 percent higher than a year ago.
West. The median existing single-family home price in the West was $210,200 in the fourth quarter, which is 8.3 percent below a year ago. Existing-home sales in the West declined 6.8 percent in the first quarter to an annual rate of 1.27 million but are 8.3 percent higher than the first quarter of 2009.

—NAR
 

May 11, 2010 - Credit Companies Report Positive Mortgage News
Two reports released Monday suggest that the mortgage market is finally stabilizing.

Keeper of credit scores TransUnion announced that the number of borrowers who are at least 60 days behind on their mortgages fell in the first quarter to 6.77 percent of all home loans, down from 6.89 percent in the fourth quarter of last year.

Ratings agency Fitch Inc. said delinquencies on subprime loans aggregated in mortgaged-backed securities declined in April for the second month in a row to 45.2 percent of all subprime loans from 46.3 percent in March.

Mark Zandi, chief economist for Moody’s Analytics, said it appears that with rising employment and lower home prices, the worst loans may have been eliminated and the market is recovering.

Source: Los Angeles Times, E. Scott Reckard (05/11/2010)

May 7, 2010 - Buyers Often Overlook Insurance Costs
Insurance is usually the last thing people worry about when they are buying a new home. According to the Insurance Information Institute, that's a mistake, because it will be an expense a buyer will have as long as they own the property.

Here are some key issues that the institute urges every buyer to consider:

	How far is the home from the fire department? A location close to the station usually means lower insurance costs.
	What is the condition of the plumbing and electrical systems? Older and poorly maintained systems cost more to insure.
	Does the property meet current building codes? Up-to-date properties are safer and also cheaper to insure.
	What about wind damage? If insurance against windstorms is required, is private insurance available or will the buyer have to rely on a state-run program? If there a windstorm deductible, how high is it?
	Is the home vulnerable to flooding? Floods aren’t covered under a standard homeowner policy, although most major insurers will provide it through the National Flood Insurance program. How much the insurance costs depends on where the property is. More information is available at www.FloodSmart.gov.
	Is there earthquake risk? Earthquake insurance requires an endorsement or a separate policy.

Source: Insurance Information Institute (05/06/2010)

May 6, 2010 - Fed Official Says Rates Need to Stay Low
Low interest rates are still needed in the U.S. to help the economy overcome difficulties in the real estate market, Eric Rosengren, president of the Federal Reserve Bank of Boston, said Wednesday.

The Federal Reserve has been holding rates at or near zero since December 2008 and promised last month to continue to do so for an “extended period.”

"Serious fiscal problems loom for state and local governments, the U.S. government, and governments around the world, particularly those that have expended large sums of money to recover from this financial crisis and recession," Rosengren said.

Source: Associated Press, Jeannine Aversa (05/05/2010)

April 30, 2010 - Most Mortgage Rates Drift Lower
Freddie Mac reports a slight drop in the 30-year fixed mortgage rate to 5.06 percent during the week ended April 29 from 5.07 percent the prior week. A year ago, rates were just under 5 percent.

The 15-year fixed mortgage rate held steady at 4.39 percent, while the five-year adjustable mortgage rate dipped to 4 percent from 4.03 percent. The one-year ARM rate rose slightly to 4.25 percent from 4.22 percent.

Source: Wall Street Journal, Nathan Becker (04/30/10)

April 29, 2010 - Households Unfazed by Expiring Tax Credits
The expiration of the home buyer tax credits won’t deter optimistic households who believe the market is improving, according to a survey released Wednesday by Prudential Real Estate and Relocation Services.

More than 90 percent of those surveyed believe the home buyer tax credits have helped both first-time buyers and the overall housing market, but 65 percent say that end of tax credits won’t reduce their personal interest in buying a home.

Over the next five years, 79 percent expect real estate prices to increase, and 20 percent expect prices to rise substantially. Only 12 percent believe prices will decrease.

Among renters, 75 percent believe owning a home is a better long-term choice for them than renting.

The majority of consumers also believe that homeownership is a good investment, with 75 percent saying it is better than stocks or bonds, 72 percent preferring it to mutual funds, and 74 percent saying it surpasses savings accounts.

Source: Prudential Real Estate and Relocation Services, Inc. (04/28/2010)

April 27, 2010 - Housing Analyst says 'Worst Is Over'
Housing has slowed to the point where demand is again outstripping supply, says Metrostudy founder Mike Castleman.

Metrostudy, which researches the housing industry, says demand is forcing up prices in some markets, including Washington, D.C. and Indianapolis, but it remains stagnant in Houston, Naples, Fla., Charlotte, and Denver.

Overall, Metrostudy and Castleman believe the worst is over. "The good news is that builders will need to build a lot more houses than last year to keep up with demand. That will help the economy by creating jobs," Castleman says.

Source: Fortune, Shawn Tully (04/26/2010)

April 22, 2010 - First-Time Home Buyers, Sellers Optimistic
More than 48 percent of first-time buyers expect home prices to increase by this time next year, according to a survey by Century 21 Real Estate.

The survey posed questions to people who had bought or sold a home in the last year.

Sixty percent of first-time home buyers say they didn’t understand the process of buying a home, and more than 85 percent of both first-time buyers and sellers said that using a real estate professional was important.

The top three skills valued in a real estate professional by both buyers and sellers were knowledge of the area, trustworthiness, and responsiveness.

More than 80 percent of buyers believe now is a good time to buy a home. First-time home buyers rated these three factors as the most influential in their decision:

	Current housing prices: 66 percent
	Home Buyer tax credit: 63 percent
	Low loan rates: 60 percent

In choosing a home, 95 percent of first-time home buyers thought price was the most important consideration, but 90 percent were also very concerned about neighborhood safety.

About 54 percent of first-time sellers think home prices are more affordable now than they were this time last year, and 50 percent were selling because they were purchasing a property they saw as more attractive and better suited to their needs.

Source: Century 21 Real Estate LLC (04/21/2010)

April 21, 2010 - 5 Costly Mistakes First-Time Buyers Make
Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:

1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.


2. Muddying the waters by shopping for other things before closing. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.


3. Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating.


4. Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.


5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.

April 20, 2010 - Number of Delinquent Mortgages Declines
The number of delinquent mortgages declined 8.6 percent in March, says LPS Applied Analytics, which tracks the performance of loans for investors. Totals also declined in February.

The biggest decline was in loans more than 30 days past due, which are now at about the same level as they were in spring 2008.

"We're not out of the woods, but this appears to be a turning point," says LPS Applied Analytics President Ted Jadlos. "This is the first time we've seen improvement across all stages of mortgage delinquency."

Source: The Wall Street Journal, Ruth Simon (04/19/2010)

	The 15-year fixed rate averaged 4.40 percent, down from 4.52 percent.
	The one-year adjustable-rate mortgages averaged 4.13 percent, down from 4.14 percent.
	Interest on the five-year ARM came in at an average of 4.08 percent compared to 4.25 percent last week.

April 16, 2010 - Real Estate Investors Optimistic
Real estate investors worldwide are convinced the market is at or near bottom and about to shoot up, according the Colliers International’s first survey of global investor sentiment.

Investors from Asia, Canada, Latin America, and Western European say financing is increasingly available, while investors in the Middle East and Eastern Europe make the opposite observation.

While there was considerable disagreement about what “normal” is, the majority of respondents say their respective markets will return to “normal” within 18 months.

Globally, rents are anticipated to hit bottom this year – the first quarter of 2010 for the office sector was the most frequently offered response, followed by the second quarter of 2010 for industrial, and the third or fourth quarter of 2010 for retail.

Source: Colliers International (04/14/2010)

April 15, 2010 - How to Get a Home Ready for an Open House
Sellers facing their first open house might find this checklist helpful. Laura Tiffany, an associate with Coldwell Banker Burnet in Minneapolis, recommends the following preparation tips for opens:
 

	Box up knick-knacks, family mementos, and books to create a neutral environment.
	Remove excess furniture to make the rooms seem more spacious.
	Thoroughly clean carpets, windows, closets, and ovens.
	Assess needed household repairs and make them.
	Clear debris from sidewalks, decks, and driveways.
	Get a qualified heating specialist to certify that the furnace is in good condition.
	Replace dated kitchen and bathroom hardware and fixtures.
	Remove heavy curtains that block light.
	Repaint rooms that look dull using a neutral color such as cream or tan.
	Refinish worn hardwood floors. Paint the front door and buy a new welcome mat.

April 14, 2010 - Interest in Owning a Home Remains Strong
Interest in purchasing a home as an investment has more than tripled in the last year, according to a survey released today by Move Inc., which operates Move.com and REALTOR.com.

More than 17 percent of potential home buyers say they plan to purchase a home in the near future as an investment, compared to just 5.6 percent in March 2009, the survey found.

Owning a residence in remains a goal for many more potential buyers:

	21 percent of consumers report they plan to purchase a home in the next 12 months to five years.
	7.9 percent plan to purchase in the next two years.
	49 percent of all home owners would buy another home today if they could sell the one they currently own for what they paid for it.

	12.3 percent of Americans planning to purchase investment property in the near future say they will pay for the property using 100 percent cash.
	12.8 percent will use cash for more than 50 percent of the purchase price and finance the rest.
	49.2 percent say they will buy the property with less than 50 percent cash down and finance the remainder.

13 April, 2010 - 5 Signs a Home Has Potential
The best deals on homes these days are often on properties that aren’t perfect.

Home shoppers looking for a great deal should keep these factors in mind when they are looking for a place with potential:

	Location, location, location. It’s still true that you get a better deal when you buy the worst house in a great neighborhood than you do when you buy a fancy house in a not-so terrific neighborhood.
	Less than 50 years old. Properties older than a half decade are likely to have more fundamental problems — like aging wiring, inadequate plumbing and sagging foundations.
	Livable floor plan. Buyers should select a home with a basic design they can live with. Once they start moving walls, they’re into big money.
	Light. Houses with the most potential have plenty of natural light.
	Good storage. Adding storage isn’t cheap, so it’s smart to choose a property that already has it.

Source: MSN.com, Marilyn Lewis (04/12/2010)

April 8, 2010 - Taxes Are Tricky for Second-Home Buyers
Purchasers of second homes should be aware that, according to the IRS, taxpayers who are married and filing jointly can’t deduct interest on more than a combined total of $1 million of “home acquisition debt” for a primary and a secondary residence.

Taxpayers also may deduct up to a combined total of $100,000 of home-equity debt on their first and second homes.

After refinancing, a home owner can only deduct interest on the original amount of the loan at the time they refinanced, plus $100,000.

Buyers and refinancers also can deduct loan fees – "points” – if the money was used to buy or improve their home. They can’t deduct them if they refinanced to lower the interest rate.

Source: Inman News, Tom Kelly (04/07/2010)
 

April 6, 2010 - Rental Search Site Logs Heavy Traffic
Online apartment searches increased 11 percent and phone and e-mail queries rose 17 percent in the first quarter, Apartments.com reported.

Apartments.com recorded 5.1 million visits in March 2010, making it the second most visited month in the Web site's 12-year history. Typically, the peak season for the rental industry extends from April to August, but activity levels from the first three months of 2010 mirror that of the peak rental season, the online housing search engine found.

“This tells us that renters are doing more than just browsing. They are ready to rent and engaging the apartment communities listed on Apartments.com,” said Kevin Doyle, senior vice president and general manager.

Source: Apartments.com (04/05/2010)

April 5, 2010 - Access Eases for Property Rehab Funds
Rules for the $4 billion federal program allowing municipalities to buy properties in mortgage and tax default were relaxed Friday by the Department of Housing and Urban Development.

The new rules will allow communities to spend their allotment on houses that are at least 60 days delinquent on their mortgages or tax payments and/or on properties that have had a code violation for more than 90 days where the property is uninhabitable and the owner isn’t cooperating.

Previously, communities complained that the rules were so restrictive that fewer than one-third of the 300 participating local governments were able to use the money.

Source: The Associated Press, Tamara Lush (04/02/2010)

April 4, 2010 - Pending Home Sales Show Healthy Gain
Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”

Pending home sales by region:
 

	Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.
	Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.
	South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.
	West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.

April 2, 2010 - 30-Year Rate Back Above 5 Percent
Mortgage rates rose to 5.08 percent from 4.99 percent a week ago, pushing the average interest rate offered on 30-year fixed-rate mortgages to its highest level since the first week of 2010, according to Freddie Mac.

The increase in mortgage rates occurred as long-term interest rates rose higher due to concerns about inflation as the economy improves, and as the Federal Reserve ended its program to buy $1.25 trillion in mortgage-backed bonds issued by Fannie Mae, Freddie Mac and other government-sponsored agencies.

Also, the 15-year fixed mortgage rose to 4.39 percent from 4.34 percent, while 5-year hybrid mortgages fell to 4.10 percent from 4.14 percent.

Source: Los Angeles Times, E. Scott Reckard (04/02/10)
 

April 1, 2010 - IRS Gives East Coast Residents a Break
The Internal Revenue Service announced last week that it is giving taxpayers who were hit by storms last month an extra month to file their taxes.

Residents of Massachusetts, Rhode Island and West Virginia who live in areas declared federal disaster areas as a result of storms and flooding since March 12 are eligible for the extension.

Those receiving the extension have the option of claiming losses due to flooding on either their 2009 or their 2010 taxes. The extension applies to returns, taxes due and contributions to 2009 Individual Retirement Account contributions.

Source: Bloomberg, Margaret Collins (04/01/2010)

March 31, 2010 - Mortgage Applications Hit 6-Month High
The volume of mortgage applications to purchase homes rose 6.8 percent last week compared to the previous week on an adjusted basis, according the weekly survey by the Mortgage Bankers Association.

On an unadjusted basis, purchase applications were also up 6.8 percent compared to the previous week and rose 9.3 percent compared to the same week a year ago. This is the largest number of applications since the week ending October 2009.

The number of applications to refinance declined 1.3 percent on an adjusted basis compared to the previous week, and the overall mortgage index increased an adjusted 1.3 percent. On an unadjusted basis, it was up 1.5 percent.

Mortgage rates were on the upswing:

· 30-year fixed-rate mortgages increased to 5.04 percent from 5.01 percent.
· 15-year fixed-rate mortgages increased to 4.34 percent from 4.33 percent.
· 1-year ARMs increased to 6.88 percent from 6.75 percent.

Source: Mortgage Bankers Association (03/31/2010)
 

March 30, 2010 - Is a Short Sales Boom Coming?
Banks are ramping up short sales thanks to government incentives and the realization that short sales result in lower losses than foreclosures. On average, banks lose 50 percent on a foreclosure, but only 30 percent on a short sale.

Bank of America, the nation’s largest mortgage servicer, has dramatically reduced the time it takes to process short sales. Elizabeth Weintraub, a Sacramento, Calif.-based real estate practitioner who handles many short sales, said, "Bank of America approved [a short sale] in 24 days. That flipped me out."

The hang-up for many short sellers has been second liens, but the new government program gives first lien holders incentives to share and offers second lien holders and investors a $6,000 cash incentive.

Under the new program lenders must tell the seller the minimum they’ll accept. When the seller comes back with a good offer, it must be accepted within 10 days.

Chris Saitta, CEO of Equator, which produces short-sale software, predicts a boom in short sales. “The challenge will be handling all the volume,” he said.

Source: CNNMoney, Les Christie (03/29/2010)

March 29, 2010 - Key Features of the New Housing Rescue Plan
The government’s newest housing rescue effort, which was announced Friday, includes these key tenets:

   As much as $14 billion of the Troubled Asset Relief Program (TARP) will be made available to pay for writing down second liens for loans whose borrowers refinance through the Federal Housing Administration.

   Lenders that facilitate refinances through the FHA will be required to write down the principal of the first mortgage by at least 10 percent so the home owner has a loan-to-value ratio no higher than 97.75 percent.

   Lenders of second liens will be offered incentives of 10 cents to 21 cents per dollar of principal they write down in connection with an FHA refinance.

   Borrowers who lose their jobs can apply to have their mortgage payments reduced for three to six months while they search for a new job.

   Borrowers with a payment still greater than 31 percent of income after they find a job will be considered for a permanent loan modification.

   To encourage more short sales and “deed in lieu” of foreclosure transactions in which the lender settles the loan for less than is owed, the government will double assistance to borrowers to $3,000 and increase incentives to subordinate lien holders and investors to $6,000.

Source: Reuters News (03/26/2010)

March 26, 2010 - Greenspan: Housing Will Come Back
Former Federal Reserve Chair Alan Greenspan told officials in Mexico on Wednesday that he believes U.S. home prices have hit bottom. However, home owners are still unnerved by the decline in value, and until prices stabilize, the economy will remain weak.

"We will not be out of this crisis until home prices truly stabilize in the United States. They appear to have stabilized, but they are very fragile," Greenspan said in a televised interview.

"Eventually housing will come back; it can't get any lower," he added.

Source: Reuters News (03/25/2010)

March 25, 2010 - Fed Says Keeping Rates Low Is Key
The economy remains in a slump, motivating a Federal Reserve official, who is said to be President Obama’s favored candidate for vice chair of the Fed, to say that keeping interest rates at record-low levels is important.

Janet Yellen, head of the Federal Reserve Bank of San Francisco, said in a recent speech that the Fed remains committed to doing what’s necessary to hold down interest rates.

"Any significant run-up in mortgage rates would create risks for a housing recovery," she said.

Source: Associated Press, Jeannine Aversa (03/23/2010)

March 24, 2010 - Spring for a Bathroom Makeover
Potential buyers may walk away if bathrooms are outdated and unappealing. Here are some low-cost ways to give the facilities a facelift:

    Scrub-a-dub-dub. Give everything, including drawers and cabinets, a deep cleaning.
    Paint the walls. Remove aging wallpaper and paint the space with a bright semi-gloss shade made for use in the bathroom.
    Replace aging fixtures. Put a tub liner over the old tub and update sinks, toilets, and faucets.
    Accessorize. Buy fresh, new linens, rugs, and shower curtains.

Source: News Mark Inc., Jenna Shields (03/22/2010)

March 22, 2010 - Real Estate Investors Get Back in the Game
Real estate investors are back, say the National Association of REALTORS® and other market observers.

Investors made more than 17 percent of home purchases in January, with 26 percent of all sales transacted in cash.

"We bottomed out in 2008, and in late 2009, prices stabilized and investors have returned," says Mark Fleming, chief economist at research firm First American CoreLogic. "It's a different type of investor going after foreclosed properties and expecting to hold on for longer time frames."

These buyers believe that the only direction housing values can go is up, because it costs more to build than it does to buy. Leonard Baron, a real estate professor at San Diego State University, says. "It's because prices have dropped so much and rents really haven't. The deals were unbelievable."

Source: USA Today, Stephanie Armour (03/22/2010)

March 15, 2010 - Analysts Say Rates Should Remain Low
Projections about where credit rates will go in the next year vary widely, but most mortgage analysts think the effect of the Federal Reserve’s move away from the market won’t be dramatic. 

Analysts at Credit Suisse and FTN Financial Capital Markets predict that mortgage rates will stay between 5 percent and 5.25 percent for the rest of the year. Moody's Economy.com projects about 5.7 percent, and Barclays Capital says 6 percent.

“There is a lot of private money on the sidelines waiting to buy mortgage securities once the Fed stops gobbling most of them up,” says Laurie Goodman, senior managing director at mortgage-bond trader Amherst Securities Group.

Source: The Wall Street Journal, James R. Hagerty (03/13/2010)

March 15, 2010 - Housing Experts Say Real Estate is Recovering
Some of the nation’s top economists believe the housing market has turned and better days are on the way for the housing industry.

Increases in jobs, credit, and affordable homes will overcome impediments such as rising interest rates, and the expiration of the Federal stimulus program to push the housing market toward recovery, says Dean Maki, chief U.S. economist for Barclays Capital.

“I would bet even odds that we’re at a bottom and that we’re going to see improvement in the coming months,” says Karl Case, co-creator of the S&P/Case-Shiller Home Price Index and a professor of economics at Wellesley College.

“The underlying trend is turning positive,” says Bruce Kasman, chief economist at JPMorgan Chase & Co.

Source: Bloomberg, Kathleen M. Howley and Rich Miller (03/15/2010)

January 14, 2010 - HSM Realty now offering Home Warranty
HSM Realty has formed a strategic alliance with a leading home warranty company so that we can now bring this benefit to buyers, sellers and existing homeowners. More...

December 1, 2009 - HSM Realty Announces Extension to Buyer's Rebate
In the spirit of serving the local community, HSM Realty is pleased to announce a further extension to its Buyer's Rebate Package to supplement the Government's extension to the stimulus package. The Buyer's rebate is now extended until 30 April 2010. For full details go to our rebate page.

November 18, 2009 - Stimulus Measures Extended
The Obama administration recently announced an extension to its stimulus package to help out home buyers and persons with a mortgage. More...

August 10, 2009 - MRIS Mid Year Trends In Housing Report Issued
MRIS in association with Delta and Associates has released its Mid year 2009 report on the trends in housing in the Washington Metro area. Some of the highlights of the report include:

  Prices are showing renewed signs of strength: 2nd quarter prices in most jurisdictions were up from the 1st quarter, though still lower than one year ago. Prices may experience slight declines through the end of the year, but increased demand and a lower supply of listings are helping facilitate price traction.
  Days on market are down sharply compared to both last quarter and a year ago. Properties continue to sell quickest in the Core jurisdictions, but across the region, time on market is moving toward the region’s long- term average.
  The ratio of inventory to sales (months of sales) continues to decline in all jurisdictions from one year ago. The metro-wide ratio of 5.1 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.

View or download a full copy here.

June 27, 2009 - American Clean Energy and Security Act
On June 26, the House of Representatives approved H.R. 2454, the American Clean Energy and Security Act. Since
then, there have been many reports about the bill and NAR's position that are based on incomplete information. Some of the legislative facts follow. The Act:

  Does NOT create a Federal Energy Audit requirement for real property
  Exempts existing homes and buildings from any federal guidelines for new construction energy efficiency information labels
  Prohibits the implementation of any labeling during a sales transaction.
  Leaves the decision to states as to whether to require energy audits, disclosures, etc.
  Provides property owners with significant financial incentives, matching grants and tools to make property improvements and reduce their energy bills
  Prohibits the Environmental Protection Agency from regulating residential and commercial buildings under the Clean Air Act
  Eliminated an early proposal to allow citizens to sue over minor climate risks under the Clean Air Act
  Establishes green building incentives for HUD housing, including a loan program for renewable energy, block grants and credit for upgrades in   mortgage underwriting

June 25, 2009 - DC Receives Stimulus Funds for Affordable Housing
The District's Department of Housing and Community Development announced this week that their application for American Recovery and Reinvestment Act funds has been granted - to the tune of some $33.7 million in stimulus funds that will, in the words of DHCD, "spur the continued development of affordable housing units." DHCD Director Leila Edmonds didn't specify which in-development housing projects would benefit, only stating that "funds like these are especially necessary in this difficult financing market." Probable recipients, however, could include the soon-to-be redeveloped Park Morton project in Petworth and the long awaited Northwest One development.

June 20, 2009 - Government Announces Stimulus Package
The Obama administration recently announced its stimulus package including a number of measures to help out home buyers and persons with a mortgage. More...

June 19, 2009 - HSM Realty Announces Extension to Buyer's Rebate
In the spirit of stimulating the economy and serving the local community, HSM Realty is please to announce an extension to its Buyer's Rebate Package. For full details go to our rebate page.