Michigan drops out of the top 10 in foreclosures.
According to a recent article from the Associated Press, Michigan’s foreclosure rate dropped to number 11 on RealtyTrac’s list of states with the highest foreclosure rate. The 10,830 properties listed in foreclosure in April was a 12.78 percent drop over March.
Housing Market Bottom?
Are you a buyer waiting for the “right time to buy” ? Well, that would be NOW!
Do not become obsessed with trying to time the bottom of the market so you can get the best deal. In my 38 years as a broker, I have observed that we never really can identify the bottom of a market cycle until we are already on the upswing.
I offer these observances:
There is huge, pent-up demand for housing, we are entering a spring market, interest rates are still very low and sellers “get it” that their asking prices must be very competitive.
Our showing appointments have increased dramatically in the last few weeks and some properties are receiving multiple offers and selling for more than list price. The overall activity in the market has increased with an upbeat attitude.
Once the mortgage/credit/qualifying standards relax a bit (and they will) and more approved buyers enter the marketplace, home prices will rise.
I strongly believe we are on the road to a real estate recovery, and if you have any thoughts a buying a home this year, NOW IS THE TIME!
Don’t miss it! Featuring Northville, Novi and South Lyon areas.
On Sunday, March 22, between 1:00-4:00 PM, CENTURY 21 Town & Country is hosting an event to promote the sale of our listings in Northville, Novi and South Lyon. Prospective buyers are welcome to visit and inspect houses and condos that are available to purchase.
Click here to see our scheduled Open Houses in Northville, Novi and South Lyon
FIRST TIME BUYERS–Additional $8,000.00 tax credit! Contact a CENTURY 21 Town & Country agent for details!
Information on these cities will be available to guests of the event. Information will also be available on mortgages and financing.
ESPN video about an amazing young man. Enjoy and be inspired!
From Realtor.org, February 17
H.R. 1, the “American Recovery and Reinvestment Act of 2009,” passed the House on February 13, 2009, by a vote of 246 – 184. Later that day, the Senate also passed the bill by a vote of 60 – 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.
The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote. In the end, the elements of NAR’s housing agenda were included. Congress and the President have announced that a finance and housing package (including tax provisions) will be the next “big” initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.
The bill includes the following provisions:
Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year’s 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e.an area smaller than a county. The Secretary’s discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. NAR’s Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers. read more…