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The Weekly Real Estate Mix – Feb 13-19

Posted on February 19, 2012 by Ken Horst

As with every day and week in real estate news, last week had its fair share of good news and bad news. This weeks posts range from saying goodbye to home theaters to reasons to rent instead of buy your home. Here are a few of the more interesting real estate stories from around the country for the week of 2-13-2012.

Kiss These 10 Once-Popular Home Features Goodbye

I think to say kiss them goodbye is a little strong as I don’t ever see my desire for things like home theater and big whirlpool tubs in the master bath. That said, there are definitely a few things in this article that I could careless about. How about you?

Original story from: MarketWatch
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Suburbs May be Losing Their Luster to Home Buyers

While I think urban living would be awesome, especially in a city like Minneapolis, at this stage in my life with two kids and a dog, the suburbs suite me just fine. I’ve also never been one to worry about how far I have to drive for a job.

However, this post makes some good points for looking moving closer to the city center. For more info on what factors play into home buyers location decision, read; 8 Location Factors That Influence Home Buyers.

Original story from:US News
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‘Mixed Signals’ in Obama’s January Housing Scorecard

You can say that again! On the down side, weak home prices and an uptick in foreclosure completions weighed down the housing market in January. On the upside, there were better sales and construction numbers last month.

As always, if you drill down into the data, you see the housing news shows regional differences such as Florida real estate market versus San Francisco.

Original story from: US News

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New American Dream is renting to get rich

An interesting discussion about the merits of home ownership as it relates to personal financial wealth. Once considered a no-brainer, some are now seriously question the long help notion that home ownership is a sound financial investment.

There are some interesting facts here that I think every homeowner or home buyer should be aware of.

Original story from: Reuters
National MLS listings search

Bernanke: Tight Credit Impeding Housing, Economic Recovery

Bernanke, speaking at a recent meeting of the National Association of Home Builders, did not offer much hope for any real estate recovery in the near future. According to Bernanke, recovery in housing has been so slow because the harsh realities of too-tight credit conditions have squeezed both prospective home buyers and builders.

The jury is still out, way out, on what effect the programs like HAMP, HARP and the recent foreclosure settlement will have on housing. Stay tuned.

Original story from: US News
Also Read 5 Free Home Value Tools Compared

Home buying: Most affordable in decades

This post from last week shines a spotlight on some very good news, especially for first time home buyers. According to the Housing Opportunity Index, 75% of homes sold in the 4^th quarter of 2011 could have been comfortably afforded by families earning the national median income of $64,200.

That was the highest percentage recorded in the 20-year history of the index. This post goes on to highlight some of the metro areas where home affordability is the highest like; Youngstown, Ohio, Lakeland, Fla., Modesto, Calif., Harrisburg, Pa., and Toledo, Ohio.

Original story from: CNN Money

Also read Future of Real Estate in Hands of First Time Home buyers

Posted in Real Estate | Tagged Bernanke, Florida real estate, Foreclosure settlement, HAMP, HARP, home affordability, home builders, housing data, real estate news | Leave a comment

Homeowners and Real Estate Industry Get Screwed by Foreclosure Settlement

Posted on February 13, 2012 by Ken Horst

So this wasn’t the only real estate news from last week but it sure took center stage. With much pomp and circumstance, the Obama administration touted the deal they made with the 5 biggest mortgage lenders to help bail out homeowners who owe more than their home is worth.

On the surface, and to people who didn’t bother to take 5 minutes to read the details of the deal, it looks like a coup for the Obama administration as they manhandled the big banks into coughing up $5 billion each to create a fund to help underwater homeowners right side their mortgages.

According to President Barack Obama:

“We have reached a landmark settlement with the nation’s largest banks that will speed relief to hardest hit homeowners and some of the most abusive practices of the mortgage industry. And begin to turn the page on an era of recklessness that has left so much damage in its wake.”

But upon further review it seems as though homeowners and the real estate industry are simply getting screwed by government and big banks, yet again. I’ve shared some quotes from a few articles below and provided links to the original article for those of you who want more details.

The Deal Is Done, but Hold the Applause

There’s no doubt that the banks are happy with this deal. You would be, too, if your bill for lying to courts and end-running the law came to less than $2,000 per loan file.

For most homeowners, it will barely move the needle. Forgiving $17 billion in principal “is a drop in the ocean,” Mr. Diggle said, “given that close to 11 million borrowers are underwater on their loans to the tune of $700 billion in total.” Doing the math, $17 billion in write-downs would be about 2.4 percent of the total negative equity weighing down borrowers across the nation now.

Original story from: NY Times

The Top 12 Reasons Why You Should Hate the Mortgage Settlement

#2 “That $26 billion is actually $5 billion of bank money and the rest is your money.”

#4 “That $20 billion actually makes bank second liens sounder, so this deal is a stealth bailout that strengthens bank balance sheets at the expense of the broader public.”

Original story from:Naked Capitalism

Mortgage deal means more foreclosures

“Even as the $26 billion mortgage settlement helps hundreds of thousands of troubled homeowners, it will bring a wave of new foreclosures.”

“Many lenders held off on reposessing homes during the complex negotiations between 49 state attorneys general and federal officials.”

Original story from: CNN Money

Mortgage settlement is great — for politicians and banks

”What about homeowners? They don’t get much, especially in relation to the scale of the housing crisis. More than 2 million owners have lost their homes to foreclosure during the last four years; this deal will provide 750,000 with a payment of $2,000 each.”

Original story from: LATimes

Mortgage Settlement as Attorney General Sellout: Deal is Not Done, and Final Version Guaranteed to be Worse than Advertised

“Maybe the Administration believes its own PR and thinks this measley program will help the housing market, or more important, secure the fealty of banks. But my guess is that the fact that 15 AGs concerned about the negotiations had met is what pushed the Administration into high gear. They did not want a meaningful, cohesive opposition forming. In addition, I am certain some evil genius in the Administration understood full well the value of destroying the AGs’ bargaining leverage before the final phase of negotiations.”

Original story from: EconoMonitor

What do you think? After reviewing the information above does it seem like homeowners and the real estate industry got screwed again by government and big banks? Leave a comment if you feel so compelled.

For more information on mortgages, check out 5 Cool Mortgage Infographics

Posted in Mortgage, Real Estate | Tagged foreclosures, homeowners, housing crisis, housing market, mortgage settlement | Leave a comment

Weekly Real Estate Mix – Jan 30 – Feb 3

Posted on February 4, 2012 by Ken Horst

I’ve started including both real estate news items and popular blog items in the weekly real estate mix for your reading pleasure. Here are a few of the more interesting real estate stories from around the country for the week of 1-30-2012.

It May be a Good Time to Buy a Home, But Not to Sell

Recent Fannie Mae survey finds 71% of people think it is a good time to buy a home but only 11% think it’s a good time to sell a home. Can you say First Time Home Buyer to the rescue!

Original story from: MarketWatch
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After Two Decades, Real Estate Returns To the Super Bowl

It been 21 years since a residential real estate company has run an ad during the Super Bowl but this weekend will change that. Century 21 is throwing down the big dollars and sharing their real estate brand with upwards of 100 milion people.

The ad includes a few celebrity appearances and a strong close. I like the ad and I hope it does well for Century 21. You can see the ad here.

Original story from:Forbes
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Where Baltimore-area residents would rather be

Real estate search site Trulia says the Baltimore region is seventh on the list of metro areas with the weakest demand among the online search crowd. According to Trulia, for every one person looking for a home in the Baltimore area, there 2.2 people in the Baltimore area looking for a home somewhere else.

Read this article to find out which cities Baltimore residents are looking to move to.

Original story from: The Baltimore Sun

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No Bottoming Out for Real Estate Market as Home Values Keep Falling

With housing prices currently 32.9% below their peak, one would think we have to be close to the bottom of the real estate market. Not according to the November Case-Shiller housing numbers which show housing prices down another 3.7% year over year.

The Federal Reserve promised to keep interest rates low through 2014 in an effort to give the real estate market a fighting chance at recovery, someday.

Original story from: Time
National MLS listings search

Mortgage Relief Plan Aims at Refinancing

President Obama’s latest attempt at jump starting the economy and housing has to do with getting more Americans to refinance their mortgage at historically low rates. By the President’s estimates many homeowners could save as much as $3,000/year by refinancing.

I’ve been saying this since the day he became president and the challenge is that many of these homeowners are underwater on their mortgage or their credit score has suffered and they can’t qualify for the lower rates. According to the plan, roughly 11 million homeowners would be eligible and must be current on their mortgage payment and have at least a 580 credit score.

Original story from: The New York Time
Read 5 Free Home Value Tools Compared

Washington’s hottest neighborhoods

As home prices have continued to drop in the Washington metro areas like the rest of the country, online real estate search traffic has picked for these D.C. neighborhoods.

Original story from: Washington Post

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Posted in Real Estate | Tagged Century 21, real estate news | Leave a comment

15 Cool Real Estate Infographics

Posted on January 30, 2012 by Ken Horst

One of the first posts I published when I launched this blog back in February of last year was “5 Cool Real Estate Infographics“. Almost a year later, this post continues to be one of the most popular posts on the blog and it occurred to me that there have probably been many more cool real estate infographics created since then.

After a few hours of digging around, I was able to find the following 15 real estate infographics that I think do a great job of informing Realtors and home buyers and sellers about the real estate market. I hope you enjoy these and find them useful!

1. Qualities of Top Realtors

This infographic highlights some of the traits and results of top performing real estate agents. Important to know when trying to find a Realtor to help you buy or sell your next home.

2. Real estate and mobile technology

Very interesting stats about how many home buyers and sellers are using the Realtor.com mobile app to find real estate listings and other information.

3. How far does your real estate dollar go?

This real estate infographic shows how the price of a four bedroom, two bath home changes depending on what part of the US you are looking.

4. Five Types of Mortgages for Buying your next Home

This is a helpful infographic comparing 5 different types of 30 year mortgages based on down payment requirement and total monthly payment.

5. 7 Reasons for buying a condo

If your like me and you hate yard work, you may be interested in buying a condo. This infographic looks at 7 reasons why a home buyer might consider buying a condo instead of a single family home.

6. Investing in Real Estate Infographic

Investing in real estate isn’t for everyone, let alone the faint of heart. However, if you think you have what it takes, here is some good information to help you down the path of real estate investing.

7. American Dream Survey from Trulia

Home ownership will always be part of the American Dream for me but according to the survey below, that isn’t true for everyone in the US.

8. How To Sell Your Home

This is good information whether you are a For Sale Buy Owner, FSBO, or working with a real estate agent to sell your home. Either way, the more you know about the process of selling a home and what to expect, the easier it will go on all parties involved.

9. Where & Why Are Foreigners Buying U.S. Real Estate

Certain areas of the country are hot for foreign buyers of real estate and according to the info on this real estate infographic, 62% of them are buying real estate with cash. Find out if you are soon to be a minority in your neighborhood.

10. Things To Consider When Buying A Home

An informative graphic regarding many aspects of buying a home including current mortgage rates, median prices of homes, the home buying process and more.

11. Most Expensive Homes in the US

This infographic offers a fun and interesting way to look at real estate in the US by focusing on the most expensive homes. Discover the ten most expensive zip codes for real estate (Mine isn’t on the list), some of the highest prices paid for homes in the US and what some of the most expensive homes in the US are currently listed for.

12. Price of Rent versus Home Prices

With increasing rents and decreasing home prices, in some areas of the country a mortgage payment can be less than rent. The real estate infographic below shows the changes in average rent from 2008 to 2011 and average listings prices of homes by state.

13. What’s in a monthly mortgage payment?

Good information for first time home buyers, this graphic breaks down a mortgage payment into the different components and also shows the effects of different down payment amounts, 5,10, 15%, on the monthly payment.

14. Best Season to List Home For Sale

This cool infographic from the people at Redfin compares all four seasons to determine if one season is best to list a home for sale. Based on the four metrics used for comparison, Winter appears to be the best season to list a home for sale.

15. Should You Buy A Fixer-upper?

Many of us have seen the movie “The Money Pit” which was an over exaggeration of what can go wrong when buying a fixer-upper. Like real estate investing, buying a fixer-upper is also not for the faint of heart. The real estate infographic below is a flow chart for the decision process and following this path could save you time, money and your marriage.

I hope you found these 15 real estate infographics both useful and entertaining. Feel free to let us know about any good infographics we may have missed and we will include them in our next collection.

Posted in Home Search, Mortgage, Real Estate | Tagged buying a home, condo, condominium, mortgage infographic, mortgage information, real estate, real estate apps, real estate infographic, real estate investing, real estate investment, Realtor, rent versus buy a home, selling a home, Trulia infographic, types of mortgages | 1 Comment

8 Location Factors That Influence Home Buyers

Posted on December 23, 2011 by Ken Horst

We’ve all heard the old real estate saying, “The three most important things in real estate are location, location and location.” I couldn’t agree with this more as this was one of the determining factors in every home my wife and I have purchased. This would also explain the huge growth in map based mls listings web sites.

I can never figure out what would cause anyone to buy a home on a busy road or on the edge of apartment city, yet some people do. The fact is, not all home buyers look at a “location” the same way. Fortunately, because of survey research, we are able to put the proximity of different features to a neighborhood into a rank order from most preferred to least preferred.

This is good to know for both Realtors and home buyers. It’s good for home buyers because if you are planning to sell your home someday, the closer your home is to the top items on this list, the more likely you are to sell your home for a decent price in a reasonable amount of time.

This is also good for real estate agents to know when marketing for listings as the closer their new listing is to the top locations on this list, the more likely they will see a quick sale with potentially less price negotiation.

The following is a list of things home buyers are most interested in living close to. The percentages are for first time home buyers. There is also a cool infographic at the end of the list:

Shops and services (78%)
I’m a little surprised that this is #1as in most metro areas, most suburbs are within 15-30 minutes of decent shopping. Not sure I need to be any closer than this.
Their job (75%)
This is one I’ve never cared much about because in the 20+ years I’ve lived in the Twin Cities, I’ve worked for a number of different companies located all over the metro. If I have to commute an hour each way for the best job, I’ll do it. In this job market who wouldn’t do it.
In a very good school district (66%)
This was one of the top factors for my wife and I when we bought our second home. Ironically, 15 years later, we are open enrolling are kids in a neighboring school district.
Parks and other open spaces (61%)
This can be very important especially if you live in the city. For my family, our home sits on a ridge which makes our beautiful yard useless for kids sports. Thankfully we are within walking distance to parks and schools with tons of wide open spaces.
Family and/or relatives (61%)
Really! You want to live how close to your evil mother in-law?
Restaurants, nightlife and other activities (51%)
Having a cool neighborhood watering hole within walking distance is a great benefit. It can be a great way to socialize with the neighbors and if you’ve had one too many beverages and your brain hasn’t shut down yet, you can walk home to be safe.
Easy access to public transportation (45%)
I think the only reason this one doesn’t rank higher is because many Americans have a love affair with their vehicle and the freedom it gives them to come and go as they please. If gas gets back to $4.00+ per gallon, we will definitely see this factor moving up.
Recreational activities like golf (36%)
My brother moved from Minnesota to Hood River, Oregon so he could have the ability to wind surf and downhill ski in the same day if he wanted to. Kind of an extreme example but it makes the point.

The infographic below highlights this information and other factors that first time home buyers consider when purchasing a home. Click on infographic to enlarge.

Sources: Coldwell Banker, National Association of Realtors

Posted in Real Estate | Tagged first time home buyers, home buyers, map based mls listings, mls listings, real estate, real estate agents, Realtors | 1 Comment

Top 10 Ways People Start the Home Buying Process

Posted on December 9, 2011 by Ken Horst

This list comes out every year as part of a larger survey, the National Association of Realtors Survey of Home Buyers and Sellers. Year over year the methods used for finding a home don’t change much but the percentages of people using each method has seen some changes.

As you could guess, as the internet became more widely used over the years and web sites appeared making it easy to shop for a home online, this method of finding a home grew like a weed. One interesting fact about this years list is that while the internet is still the #1 place home buyers start their search, the percentage dropped from 91% last year to 88% this year.

Here is the 2011 list of first steps taken during the home buying process, in rank order from most used as a first step to least used.

Look online for properties for sale
Not hard to figure this one out with all the web sites dedicated to showing local MLS listings. As a matter of fact, Multiple Listing Service web sites were used more than any other type of real estate web site including Realtor.com. This is because home buyers can find free access to local mls listings through multiple agent web sites in their area.
Call a real estate agent
The good news here is that the percentage of home buyers using a Realtor is at a 10 year high. Home buyers don’t need an agent to find a home anymore but I would highly recommend using a real estate agent when you’ve narrowed your search and want to get serious and start making offers. The other great thing about working with a local agent is that they know a lot of things about the area that may be important for you to know before you buy a house.
Searched online for information about home buying process
This category obviously refers more to first time home buyers and lucky for them, the internet is the perfect place to research the process and find a good Realtor in the process. (My heart goes out to all the agents who still haven’t figured out how to show up in the search engines or other online channels)
Drove around looking at homes
This is something my wife and I have done every time we got the bug to move. For us, it’s about the area and neighborhood first and the home second. Only the agents who have their branded listing signs in front of homes for sale have a shot at landing a home buyer using this method.
Contacted a mortgage professional
This is most likely not the first time home buyer group as anybody that has been through the home buying process at least once knows it’s a good idea to see what you can qualify for before you go out and fall in love with a house you can’t afford.
Talked to friends and family about home buying process
This does sound more like something a first time home buyer would do as a first step in the home buying process. I’d be interested to know what the #1 next step is after home buyers consult with their family and friends.
Checked out open houses
Who doesn’t love to do this, even when you’re not in the market for a new home? This is also a natural extension of #4.
Checked out builders model homes
This buyer is very focused on the idea of “new”. Often times the new developments are on the edge of a city and the lots have no trees. For a lot of home buyers, the thought of no trees is a deal breaker but if you are dead set on buying a “new” home, this may be one of the trade offs you’ll have to accept. Most builders are either Realtors or they have an agent on their team to meet and greet potential home buyers.
Searched through a real estate print product like newspaper, homes magazine, etc
Not surprising is that the 65+ group used this the most. What is surprising is that the age group that used this most after the 65+ people was the 18-24 year olds. I don’t get this, did someone steal their computer?
Attended a home buying class or seminar
Finally, there was a very small number of those surveyed who attended a home buying class of which the lions share were first time home buyers.

For me, the first place I will start my search is on a local map based mls listings site because not only can I see a majority of the inventory with a ton of pictures, but I can also zero in on neighborhoods that I’m interested in.

How did you start your last search for the home you live in now?

Posted in Home Search, Real Estate | Tagged home buyers, mls listings, National Association of Realtors, real estate, real estate agent, Realtor, Survey of Home Buyers and Sellers | Leave a comment

Edina Realty Listings May Be Harder to Find Online

Posted on November 18, 2011 by Ken Horst

We’ve all heard the 3 most important things in real estate are 1. Location; 2. Location; and 3. Location and to a certain extent, that’s accurate. With the recent decision by Edina Realty to stop syndicating their listings to third party real estate websites, it’s apparent that they forgot the 3 most important factors in real estate marketing and advertising; 1. Exposure; 2. Exposure and 3. Exposure.

As mentioned in recent posts by Drew Meyers and Jay Thompson, Edina Realty has stated that they will stop sharing listing data with Truilia on November 30th and with Realtor.com by the end of the year. These happen to be 2 of the 3 most visited real estate web sites on the planet which means that by not sharing their listings with them, their listing clients will be missing out on a ton of exposure for their home.

One of the reasons Edina Realty listed for their decision was; “Our agents don’t have to pay – directly or indirectly – for leads on their own listings”. This sounds absurd to me for a number of reasons;

What agent wouldn’t be happy to pay for a lead for their own listing if they wouldn’t have gotten it otherwise. As every sales person/real estate agent knows, a sale is a sale. As a listing agent, I’m going to need a marketing budget in order to properly promote my clients home for sale. Do I really care which marketing company I pay for the lead? Of course not!
How is the cost of buying a lead for your own listing any different than any other marketing expense you might incur? At the end of the day, all a listing agent cares about is selling their clients home before their marketing expenses to find a buyer exceed what they plan to earn in commission. The only indicator of whether or not my marketing mix was effective is a sold home and frankly I wouldn’t care which component of my plan drove in the lead that closed.
If every agent and their broker were so great at marketing homes for sale, there never would have been an opportunity for third party aggregators to build a business in the first place. I’m sorry to say this because I may offend a few Realtors out their but the fact is very few agents have any inkling of online marketing. Sadly, most are dependent on their brokers, most of whom aren’t any better.

If I were choosing a listing agent today one of the first things I would do is Google “homes for sale in ______”. If I saw any local agent sites on the first page of the search results I would put them on my list of strong possibilities. (This assumes their website is professional looking)

If on the other hand, the only sites I see on the first page of Google search results are the big third party aggregators, the first question I’ll ask any agent I talk to is, “Can you get my home on these sites?”

In the case of an Edina Realty agent, after the first of the year, their answer will have to be “no”. At this point I will have clearly identified them as not being in tune with the market place, add them to my “fail” pile and call the next real estate agent on my short list.

Edina Realty is going to make their agents look like incompetent marketers at a time when according to the NAR, 99% of home buyers are using the internet to find a home. I can only hope they are prepared to spend a ton of money on other marketing vehicles in order to head off the decrease in new listings their agents and company will soon be experiencing. Good luck with that!

Thanks to Drew Meyers and Jay Thompson for surfacing this story.

Edina Realty press release

Posted in Real Estate Marketing | Tagged Edina Realty, real estate agent, real estate marketing, real estate web sites, Realtor, realtor.com, trulia | 2 Comments

Real Estate News Round Up – November 7-12

Posted on November 13, 2011 by Ken Horst

Here are a few of the more interesting real estate stories from around the country for the week of November 7 – 12, 2011. There was good news in some markets and bad news in others.

One of the big stories last week was about Fannie Mae’s mounting losses and request for another $7.8 billion bail out. Personally, I’m not a big fan of this idea.

Risk Rises for Housing Agency

Could the Federal Housing Administration (FHA) run out of money? Stay tuned for the release of its annual financial report next week. Some experts are estimating that the FHA could see losses of roughly $50 billion in the next few years.

The minimum required down payment for FHA backed mortgages is still at 3.5% which is a very risky proposition for any lender.

Original story from: Wall Street Journal
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Nevada Foreclosure Filings Dry Up After ‘Robo-Signing’ Law

Default notices dropped from 5,360 in September to only 600 in October as a result of a crack down on Robo-signing and other new laws. Las Vegas and Nevada have been at the top of the foreclosure list over the past few years so this is a welcome change.

Original story from:Wall Street Journal
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NAR Economist Gives U.S. Housing Predictions for 2012; Miami Lone Standout for Double-Digit Appreciation

Great article referring to a keynote presentation by NAR’s chief economist, Lawrence Yun. Yun states that while the rest of the country will see low home price appreciation through 2012, Miami could see 10% – 12% appreciation due to foreign buyers.

Foreign buyers accounted for 68% of all residential sales in Miami-Dade County last month. A whopping 86% of those sales were paid in cash!

Original story from:World Property Channel
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HUD leader touts home stabilization efforts

While in Phoenix, AZ, U.S. Housing and Urban Development Secretary Shuan Donovan pointed out how the government’s program to stabilize home prices in areas hard hit by foreclosures is starting to work. The Neighborhood Stabilization Program has received close to $7 billion over the past 8 years.

The federal government is also working on program to help homeowners who are underwater on their mortgage. They plan to do this by removing the 125% loan to value cap on Freddie Mac and Fannie Mae loans. I like the idea of trying to help homeowners but offering greater than 125% ltv scares me.

Original story from: Bloomberg/Businessweek
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After steadying, home prices begin falling again

While record low mortgage interest rates helped to stabilize home values this past summer, they weren’t enough to support that floor through the fall. According to CoreLogic, home prices fell 1.1% in both August and September and year over year, home prices are down 4.1%

Clearly the questionable economy and unemployment rates are big factors as home prices are more affordable today than they have been since the housing bubble burst in 2006. Continue reading for more analysis and opinion.

Original story from: msnbc.com
National MLS search

Fannie Mae loss widens, asks taxpayers for $7.8 billion

Is it just me or does the thought of giving Fannie Mae another $7.8 billion bail out make you sick to you stomach as well?

According to the article, “Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates that figure could reach up $220 billion to support the companies through 2014 after subtracting dividend payments.”

Original story from: LA Times
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Posted in Real Estate | Tagged Fannie Mae, Federal Housing Administration, FHA, foreclosures, HUD, Miami-Dade, NAR, Neighborhood Stabilization Program, Robo-signing | Leave a comment

Minnesota Real Estate Market Takes a Hit

Posted on November 8, 2011 by Ken Horst

At a time when the economy and real estate have suffered more than enough, the geniuses in Minnesota government pulled a fast one and delivered another blow to housing. While trying to close a deal on a $5 billion dollar budget deficit, lawmakers slipped in a major change in the property tax system.

The governor and legislators put the kibosh on a well-known Market Value Homestead Credit, formerly provided by the state to subsidize property taxes of those who own and occupy Minnesota homes. As a result of this brilliant decision, the monthly cost of home ownership in the 7 county metro area is about to go up, which means even fewer people will be able to qualify to buy a home in Minnesota.

This is also going to be stifling for the local economy. Minnesota home owners, who have been watching their homes lose value over the past 4 years, will now see what little discretionary income they have left disappear. The notices of the tax increase are set to hit the door steps between November 10th and 24th, just in time to squash any big holiday shopping plans anyone may have had.

I’m all for the government pulling their head out of their ass and balancing the budget. However, you would have thought that at least a few members of this mindless group of politicians would have had ties to real estate and been aware of the effects of this decision on housing and the local economy.

Maybe they should have remembered this January headline in the Star Tribune; “Record Number of Minnesota Homeowners Face Foreclosure” Oh well, time to stop bitching and figure out how to earn my way out of this one. Anybody in the market for a used bike

Posted in Real Estate | Tagged forclosure, Market Value Homestead Credit, Minnesota forclosures, minnesota homeowners, Minnesota homes, property taxes, Star Tribune | Leave a comment

Real Estate News Week in Review – October 17th, 2011

Posted on October 23, 2011 by Ken Horst

Here are a few of the more interesting real estate stories from around the country for the week ending 10-23-2011. There was good news in some markets and bad news in others.

One of the big stories last week was about the effect that reduced loan limits are having on homes sales, especially in the more expensive areas of the country.

Chicago housing inventory declines

Year over year, inventory of Chicago homes for sale dropped almost 50%. At the current rate of home sales in Chicago, that equals roughly 9 months of inventory, well above the 5 1/2 to 6 months that indicate a healthy housing market inventory.

Original story from: Chicago Tribune
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North Carolina Triangle Real Estate Sales Continue to Increase

The 16 county area of the greater Triangle Region in North Carolina saw an 11% increase in closed sales from September 2010 to 2011. This growth was lead by 3 counties; Wake County +20%, Orange County +27% and Chatham county +41% over September 2010.

The median sales price was down slightly for the same year over year period, coming in at $185,000.

Original story from:PRNewswire
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Reduced Loan Limits Already Affecting Home Buyers

If you haven’t heard, Fannie Mae and Freddie Mac lowered the limits on mortgages qualifying for conforming loans earlier this month. Previously, any home that sold for less than $729,750 was guaranteed by Fannie Mae, Freddie Mac and the Federal Housing Administration. The new loan limit is $625,000 in expensive areas which means anyone looking at a home between $625,000 and $729,750 must now face stiffer qualifying standards including a higher interest rate.

Original story from:WSJ
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Sales of previously owned homes fall in September

The National Association of Realtors reported sales of previously owned homes fell 3% in September due in part to the reduction in conforming loan limits. (See story above) The biggest challenge is people buying homes over the new lower limit must come up with much larger down payment than the 3-5% required for the guaranteed loans under $625,000.

The NAR also noted in this article that the median price of homes dropped 3.5% from the same period last year to $165,000.

Original story from:LA Times
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Atlanta Home sales surge, prices drop compared with last year

Year over year single family home sales in metro Atlanta rose 25% in September according to the National “Association of Realtors. I didn’t hurt that median prices for Atlanta were the lowest of 19 cities surveyed.

The median price of a home in Atlanta dropped 15% year over year, considerably more than the national average of 4%. The median price of a home in the Atlanta metro was just $94,000 in September.

Original story from: The Atlanta Journal-Constitution
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Posted in Real Estate | Tagged Fannie Mae, Freddie Mac, homes for sale, Housing inventory, loan limits, mls listings, real estate | Comments Off

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