Monday, November 3, 2008
Existing Home Sales See Largest Gain in Years
September number possible glimmer of hope housing bottoming out
msnbc.com staff and news service reports updated 6:06 p.m. ET, Fri., Oct. 24, 2008
WASHINGTON - Sales of existing homes rose by the largest amount in more than five years in September. But analysts cautioned against reading too much into the gain, noting that it reflected conditions before the latest upheaval in financial markets increased the likelihood of a recession in the overall economy.
The National Association of Realtors reported that sales of existing homes rose by 5.5 percent from August to September to a seasonally adjusted annual rate of 5.18 million units — far better than the flat results analysts had expected. On an unadjusted basis, sales were up 7.8 percent from September last year.
But even with the gain in sales, prices kept falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.
In Richmond, Va., Jack Jebo sold his three-bedroom house last month for $267,000, after lowering his price $18,000. He carried two mortgages for two months before the house was sold in the Richmond area.
“In retrospect, (the experience) probably wasn’t too bad,” said Jebo, 32, an attorney. “At the time, it probably felt pretty difficult because we didn’t get an offer before we lowered the price.”
But analysts said that the current financial crisis, which has contributed to the biggest upheavals on Wall Street since the 1930s, was sending consumer confidence down, unemployment up and had greatly increased the prospects that the country was either in or about to enter a full-blown recession. All these factors were expected to add to the headwinds buffeting housing in the months ahead.
“In October, mortgage applications sank to six-year lows,” said Sal Guatieri, an economist at BMO Capital Markets. “This suggests house sales, like the rest of the economy, fell off a cliff because of the worsening credit crunch.”
Many analysts are predicting that home prices — already down 18 percent nationally from their peak in mid-2006 — could decline another 10 percent, as a continued glut of foreclosed homes being dumped on the market depresses prices further.
The National Association of Realtors estimated that 35 percent to 40 percent of sales currently are distressed sales — either foreclosed homes or short sales in which the owner is selling the house for less than the value of the mortgage.
Distressed sales are having a big impact in lowering prices in some formerly red-hot sales markets in such regions as the West, where sales prices fell in September by 18.5 percent from a year ago.
Lawrence Yun, chief economist for the Realtors, said there were some glimmers of hope that the bottom of the housing slump may be near. He said that a sales turnaround first seen in California was beginning to broaden to other regions of the country including Colorado, Kansas, Minnesota, Missouri and Rhode Island.
And the number of unsold existing homes on the market dropped by 1.6 percent in September to 4.27 million units. That marked the second month in a row inventories have dipped, but the level still represented a 9.9-month supply — about double what’s normal.
Yun cautioned that this rebound could be aborted by what he said was the high likelihood that the country has fallen into a recession. For that reason, he said, it was important for Congress to pass a second stimulus package including measures that would bolster the housing market.
Other economists, including former Federal Reserve Chairman Alan Greenspan, are expressing concerns that the financial market turmoil will further weaken housing activity and prolong the current slump.
Greenspan told Congress on Thursday that the country had been hit by a “once-in-a-century credit tsunami.” He said he did not expect the overall economy to make a sustained rebound until housing, where the economic troubles began, stabilized. He said that was still many months away.
Congress on Oct. 3 passed a $700 billion rescue package for the financial system. Shelia Bair, the head of the Federal Deposit Insurance Corp., is pushing Treasury to include in that package a new program to prevent more mortgage foreclosures as a way to provide further support for housing.
Under Bair’s proposal, the government would provide guarantees for mortgages that have been reworked by banks to lower the payment schedules to more affordable levels.
By region of the country, sales in the West soared by 43 percent, on an unadjusted basis, from September last year, and rose a more moderate 5 percent in the Midwest. In the South, sales dipped 1.2 percent and in the Northeast they slipped 1.4 percent.
Housing has been suffering through its worst downturn in decades following a five-year boom that ended in 2006. Since that time sales and prices have plummeted.
Builders have responded to the huge glut of unsold homes by sharply cutting back on construction as their confidence levels have fallen to record lows. The National Association of Home Builders is projecting that construction of new homes and apartments will total just 936,000 units for this year, which would be the weakest performance since 1945.
msnbc.com staff and news service reports updated 6:06 p.m. ET, Fri., Oct. 24, 2008
WASHINGTON - Sales of existing homes rose by the largest amount in more than five years in September. But analysts cautioned against reading too much into the gain, noting that it reflected conditions before the latest upheaval in financial markets increased the likelihood of a recession in the overall economy.
The National Association of Realtors reported that sales of existing homes rose by 5.5 percent from August to September to a seasonally adjusted annual rate of 5.18 million units — far better than the flat results analysts had expected. On an unadjusted basis, sales were up 7.8 percent from September last year.
But even with the gain in sales, prices kept falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.
In Richmond, Va., Jack Jebo sold his three-bedroom house last month for $267,000, after lowering his price $18,000. He carried two mortgages for two months before the house was sold in the Richmond area.
“In retrospect, (the experience) probably wasn’t too bad,” said Jebo, 32, an attorney. “At the time, it probably felt pretty difficult because we didn’t get an offer before we lowered the price.”
But analysts said that the current financial crisis, which has contributed to the biggest upheavals on Wall Street since the 1930s, was sending consumer confidence down, unemployment up and had greatly increased the prospects that the country was either in or about to enter a full-blown recession. All these factors were expected to add to the headwinds buffeting housing in the months ahead.
“In October, mortgage applications sank to six-year lows,” said Sal Guatieri, an economist at BMO Capital Markets. “This suggests house sales, like the rest of the economy, fell off a cliff because of the worsening credit crunch.”
Many analysts are predicting that home prices — already down 18 percent nationally from their peak in mid-2006 — could decline another 10 percent, as a continued glut of foreclosed homes being dumped on the market depresses prices further.
The National Association of Realtors estimated that 35 percent to 40 percent of sales currently are distressed sales — either foreclosed homes or short sales in which the owner is selling the house for less than the value of the mortgage.
Distressed sales are having a big impact in lowering prices in some formerly red-hot sales markets in such regions as the West, where sales prices fell in September by 18.5 percent from a year ago.
Lawrence Yun, chief economist for the Realtors, said there were some glimmers of hope that the bottom of the housing slump may be near. He said that a sales turnaround first seen in California was beginning to broaden to other regions of the country including Colorado, Kansas, Minnesota, Missouri and Rhode Island.
And the number of unsold existing homes on the market dropped by 1.6 percent in September to 4.27 million units. That marked the second month in a row inventories have dipped, but the level still represented a 9.9-month supply — about double what’s normal.
Yun cautioned that this rebound could be aborted by what he said was the high likelihood that the country has fallen into a recession. For that reason, he said, it was important for Congress to pass a second stimulus package including measures that would bolster the housing market.
Other economists, including former Federal Reserve Chairman Alan Greenspan, are expressing concerns that the financial market turmoil will further weaken housing activity and prolong the current slump.
Greenspan told Congress on Thursday that the country had been hit by a “once-in-a-century credit tsunami.” He said he did not expect the overall economy to make a sustained rebound until housing, where the economic troubles began, stabilized. He said that was still many months away.
Congress on Oct. 3 passed a $700 billion rescue package for the financial system. Shelia Bair, the head of the Federal Deposit Insurance Corp., is pushing Treasury to include in that package a new program to prevent more mortgage foreclosures as a way to provide further support for housing.
Under Bair’s proposal, the government would provide guarantees for mortgages that have been reworked by banks to lower the payment schedules to more affordable levels.
By region of the country, sales in the West soared by 43 percent, on an unadjusted basis, from September last year, and rose a more moderate 5 percent in the Midwest. In the South, sales dipped 1.2 percent and in the Northeast they slipped 1.4 percent.
Housing has been suffering through its worst downturn in decades following a five-year boom that ended in 2006. Since that time sales and prices have plummeted.
Builders have responded to the huge glut of unsold homes by sharply cutting back on construction as their confidence levels have fallen to record lows. The National Association of Home Builders is projecting that construction of new homes and apartments will total just 936,000 units for this year, which would be the weakest performance since 1945.
Fall Lawn Care
by Tara Darby
One of the most important decisions you will make in your lifetime is to sell your home. And getting your house ready for resale is vital to a quick and successful sale, especially when many parts of the country are experiencing a buyers market. In addition to the remodeling projects and staging that you’re preparing inside the home, remember that the very first impression a prospective buyer gets is the moment they drive up. A lackluster lawn can cost you in the end.
Having a clean and well-maintained front lawn goes a long way to creating interest. Fall is the perfect time to repair summer-damaged lawns and prepare for the winter season. Fall lawn care is also your window to a spectacular lawn come springtime, which just happens to be prime selling season.
According to a Michigan State University study, good landscaping can increase your home's value by 5 to 11 percent. By far the biggest component of your landscape is the grass. Outside Pride, an online landscaping information source, provides some easy tips to maintaining a gorgeous turf.
First of all, loosen up and let it breathe. Your lawn needs air to grow. As a rule of thumb, if you can't see the grass due to leaf coverage, then it's time to remove debris from the yard. Raking leaves and clippings will enable air and sun to reach your growing grass.
Secondly, drive out drought damage. Summer's drought leaves many lawns across the country straw-colored and dormant. To help your lawn recover, fertilize it every eight weeks with a slow-release fertilizer. A lawn that has the proper nutrients grows dense and deep. It will also green up faster.
Next, continue to feed the need. Even lawns not stricken by drought need nourishment in the fall. Fall feeding can bring dramatic improvements as the lawn recovers from summer damage. Fertilizers help "winterize" the lawn, storing vital nutrients so that underground root development can continue until the ground freezes. This readies the lawn for fuller growth next spring. Two feedings in the fall are recommended for northern lawns, while southern lawns are best-fed four to six weeks before the first frost occurs.
And lastly, always overseed. Overseeding, the spreading of grass seed directly onto soil, can improve a lawn's appearance dramatically and eliminate the need for a total lawn renovation. Pay special attention to weak spots in the yard. Early fall is the prime time to overseed because the warm soil promotes rapid seed growth.
Keep in mind too that cutting a lawn too short stresses the plant, increases its need for fertilizer and water, and weakens its roots. John Stier, professor of horticulture at the University of Wisconsin recommends cutting your grass between two and a half and three inches high.
Aside from promoting a healthy lawn, it can make your lawn appear more lush to buyers. Unfortunately, the highest setting on some older lawn mowers is barely two inches, which gives you the perfect excuse to buy a new machine. They can cost anywhere from $200 to $500 for a walk-behind and $1,000 to $3,000 for a riding mower.
If you follow these simple steps and don't neglect much-needed fall lawn care, you'll be amazed in the appearance of your lawn through the season. And you’ll see a dramatic difference by spring. For more information on fall lawn care, you can visit outsidepride.com.
One of the most important decisions you will make in your lifetime is to sell your home. And getting your house ready for resale is vital to a quick and successful sale, especially when many parts of the country are experiencing a buyers market. In addition to the remodeling projects and staging that you’re preparing inside the home, remember that the very first impression a prospective buyer gets is the moment they drive up. A lackluster lawn can cost you in the end.
Having a clean and well-maintained front lawn goes a long way to creating interest. Fall is the perfect time to repair summer-damaged lawns and prepare for the winter season. Fall lawn care is also your window to a spectacular lawn come springtime, which just happens to be prime selling season.
According to a Michigan State University study, good landscaping can increase your home's value by 5 to 11 percent. By far the biggest component of your landscape is the grass. Outside Pride, an online landscaping information source, provides some easy tips to maintaining a gorgeous turf.
First of all, loosen up and let it breathe. Your lawn needs air to grow. As a rule of thumb, if you can't see the grass due to leaf coverage, then it's time to remove debris from the yard. Raking leaves and clippings will enable air and sun to reach your growing grass.
Secondly, drive out drought damage. Summer's drought leaves many lawns across the country straw-colored and dormant. To help your lawn recover, fertilize it every eight weeks with a slow-release fertilizer. A lawn that has the proper nutrients grows dense and deep. It will also green up faster.
Next, continue to feed the need. Even lawns not stricken by drought need nourishment in the fall. Fall feeding can bring dramatic improvements as the lawn recovers from summer damage. Fertilizers help "winterize" the lawn, storing vital nutrients so that underground root development can continue until the ground freezes. This readies the lawn for fuller growth next spring. Two feedings in the fall are recommended for northern lawns, while southern lawns are best-fed four to six weeks before the first frost occurs.
And lastly, always overseed. Overseeding, the spreading of grass seed directly onto soil, can improve a lawn's appearance dramatically and eliminate the need for a total lawn renovation. Pay special attention to weak spots in the yard. Early fall is the prime time to overseed because the warm soil promotes rapid seed growth.
Keep in mind too that cutting a lawn too short stresses the plant, increases its need for fertilizer and water, and weakens its roots. John Stier, professor of horticulture at the University of Wisconsin recommends cutting your grass between two and a half and three inches high.
Aside from promoting a healthy lawn, it can make your lawn appear more lush to buyers. Unfortunately, the highest setting on some older lawn mowers is barely two inches, which gives you the perfect excuse to buy a new machine. They can cost anywhere from $200 to $500 for a walk-behind and $1,000 to $3,000 for a riding mower.
If you follow these simple steps and don't neglect much-needed fall lawn care, you'll be amazed in the appearance of your lawn through the season. And you’ll see a dramatic difference by spring. For more information on fall lawn care, you can visit outsidepride.com.
JOKE OF THE DAY
This guy is walking with his friend, who happens to be a psychologist. He says to this friend, "I'm a walking economy."
The friend asks, "How so?"
"My hair line is in recession, my stomach is a victim of inflation, and both of these together are putting me into a deep depression!"
The friend asks, "How so?"
"My hair line is in recession, my stomach is a victim of inflation, and both of these together are putting me into a deep depression!"
Slash the Costs of Your Home Addition
Ordering a pre-assembled addition can slash costs and building time. And oh, yeah: Done right, it looks great.
(Money Magazine) -- When your family outgrows your house - or you just can't live without a master bath or family room anymore - your options are clear: trade up or add on. But these days, given the difficulty of finding qualified buyers and nabbing a decent price, adding on has gained a distinct edge. Plus, it usually costs less than moving, you remain close to neighborhood friends, and you get to keep using your favorite dry cleaner.
If only you didn't have to live through months of chaos and dust to get the job done. Well, you might not have to, thanks to a relatively new choice - buying your addition straight from a factory - which compresses the on-site construction process to as little as two weeks and can knock significant dollars off the job too. You've probably got questions. Here are the answers.
How does it work?
Unlike a contractor who builds your addition on your property, a factory assembles it to your exact specifications, then transports it to your home on the back of a flatbed truck. While the addition is being built, a local contractor prepares your house by pouring footings and opening up walls or removing the roof. The next day, your addition arrives and a crane sets it in place. Because the module comes with the roof, siding, windows, insulation, wallboard, wiring and plumbing all in place, the contractor can make it weather-tight within a day or two and complete the connections and final details two to four weeks after the job begins (that's a quarter of the time an on-site builder needs).
How is the quality?
The idea of factory-built housing probably makes you think of double-wide trailers, and it's true that most manufacturers started out in low-cost construction. But over the past decade, many have retooled their operations for the high-end residential market. They now use the same construction materials and methods as site builders, follow the same local building codes and offer the same menu of fixtures, finishes and amenities. No, the factories aren't as good as the finest local craftsmen money can buy, but they do beat the average contractor's results, says architect Michael OBrien, a professor of architecture at Texas A&M who has studied this kind of housing. "In the factory, the materials never get wet and there's a lot more quality control than you get on a job site," he says. Plus, the factory builds a beefier structure - with plywood underneath the wallboard, for example - which is necessary to accommodate transport.
Will you save money?
The factories are located in rural areas where tradesmen are paid less than workers in well-heeled metro areas, so project costs typically come in 15% to 20% below what a site builder would charge. And that includes the truck, the crane and the architect. But if you live more than 500 miles from the factory, the price of hauling the modules can wipe out that cost advantage (to find manufacturers in your area, go to modularhousing.com). Also, in some regions the construction business is so bad that builders are slashing prices and may come in below the factories'. "How much you'll save really depends on how the industry is faring where you live," says Steve Scharnhorst, the CEO of Excel Homes, which has factories in Pennsylvania and West Virginia.
Does modular fit your project?
There are two types of additions that work best for modular: a "pop top," where a single-story home gets turned into a two-story - and the building is without a roof for less than a day - and a bump-out, in which the new space is set next to the existing building. Because of the cost of the truck and the crane, there's an economy of scale to consider as well. "To make modular worthwhile, your addition should be at least 500 square feet," says Jim Perella, executive vice president of Haven Custom Homes in Linthicum, Md.
How do you choose a company?
As with any home improvement hire, get referrals and check references. "Tour some of the factory's houses that are a few years old and talk to the owners," says Mark Blanke, assistant director of New York's codes division, which oversees factory-built homes in that state. His office hears few complaints about the quality of modular construction, he says. What problems do occur usually involve the on-site installation. Old houses aren't perfectly level, so getting the addition to align properly requires a top remodeling pro with modular experience.
And consider leaving a few features for the on-site builder to install. "The typical modular project is 90% complete when it leaves the factory," says Darrell Hoss, a Stamford, Conn. home builder. "For a high-end job, I get 75% done at the factory and finish the rest myself." The features he installs: siding, wood flooring, trim, stone countertops, porches and decks. True, the more you do on-site, the less time you'll save, but it's worth an extra week or two to hedge your bets and get results you'll be happy with for years to come.
By Josh Garskof, Money Magazine contributing writer, October 31, 2008: 5:50 AM ET, http://money.cnn.com/magazines/moneymag/moneymag_archive/2008/11/01/105742486/index.htm?postversion=2008103105
(Money Magazine) -- When your family outgrows your house - or you just can't live without a master bath or family room anymore - your options are clear: trade up or add on. But these days, given the difficulty of finding qualified buyers and nabbing a decent price, adding on has gained a distinct edge. Plus, it usually costs less than moving, you remain close to neighborhood friends, and you get to keep using your favorite dry cleaner.
If only you didn't have to live through months of chaos and dust to get the job done. Well, you might not have to, thanks to a relatively new choice - buying your addition straight from a factory - which compresses the on-site construction process to as little as two weeks and can knock significant dollars off the job too. You've probably got questions. Here are the answers.
How does it work?
Unlike a contractor who builds your addition on your property, a factory assembles it to your exact specifications, then transports it to your home on the back of a flatbed truck. While the addition is being built, a local contractor prepares your house by pouring footings and opening up walls or removing the roof. The next day, your addition arrives and a crane sets it in place. Because the module comes with the roof, siding, windows, insulation, wallboard, wiring and plumbing all in place, the contractor can make it weather-tight within a day or two and complete the connections and final details two to four weeks after the job begins (that's a quarter of the time an on-site builder needs).
How is the quality?
The idea of factory-built housing probably makes you think of double-wide trailers, and it's true that most manufacturers started out in low-cost construction. But over the past decade, many have retooled their operations for the high-end residential market. They now use the same construction materials and methods as site builders, follow the same local building codes and offer the same menu of fixtures, finishes and amenities. No, the factories aren't as good as the finest local craftsmen money can buy, but they do beat the average contractor's results, says architect Michael OBrien, a professor of architecture at Texas A&M who has studied this kind of housing. "In the factory, the materials never get wet and there's a lot more quality control than you get on a job site," he says. Plus, the factory builds a beefier structure - with plywood underneath the wallboard, for example - which is necessary to accommodate transport.
Will you save money?
The factories are located in rural areas where tradesmen are paid less than workers in well-heeled metro areas, so project costs typically come in 15% to 20% below what a site builder would charge. And that includes the truck, the crane and the architect. But if you live more than 500 miles from the factory, the price of hauling the modules can wipe out that cost advantage (to find manufacturers in your area, go to modularhousing.com). Also, in some regions the construction business is so bad that builders are slashing prices and may come in below the factories'. "How much you'll save really depends on how the industry is faring where you live," says Steve Scharnhorst, the CEO of Excel Homes, which has factories in Pennsylvania and West Virginia.
Does modular fit your project?
There are two types of additions that work best for modular: a "pop top," where a single-story home gets turned into a two-story - and the building is without a roof for less than a day - and a bump-out, in which the new space is set next to the existing building. Because of the cost of the truck and the crane, there's an economy of scale to consider as well. "To make modular worthwhile, your addition should be at least 500 square feet," says Jim Perella, executive vice president of Haven Custom Homes in Linthicum, Md.
How do you choose a company?
As with any home improvement hire, get referrals and check references. "Tour some of the factory's houses that are a few years old and talk to the owners," says Mark Blanke, assistant director of New York's codes division, which oversees factory-built homes in that state. His office hears few complaints about the quality of modular construction, he says. What problems do occur usually involve the on-site installation. Old houses aren't perfectly level, so getting the addition to align properly requires a top remodeling pro with modular experience.
And consider leaving a few features for the on-site builder to install. "The typical modular project is 90% complete when it leaves the factory," says Darrell Hoss, a Stamford, Conn. home builder. "For a high-end job, I get 75% done at the factory and finish the rest myself." The features he installs: siding, wood flooring, trim, stone countertops, porches and decks. True, the more you do on-site, the less time you'll save, but it's worth an extra week or two to hedge your bets and get results you'll be happy with for years to come.
By Josh Garskof, Money Magazine contributing writer, October 31, 2008: 5:50 AM ET, http://money.cnn.com/magazines/moneymag/moneymag_archive/2008/11/01/105742486/index.htm?postversion=2008103105
JPMorgan will modify mortgages
In an effort to avoid foreclosures on $70B worth of loans, the bank will review each mortgage, including those from WaMu and EMC.
NEW YORK (AP) -- JPMorgan Chase & Co. said Friday it is expanding its program to modify mortgages in an effort to avoid foreclosures on up to $70 billion in loans.
The enhanced program will include the opening of 24 regional counseling centers, the hiring of 300 additional loan counselors, new financing alternatives, reaching out to borrowers with pre-qualified modification terms and a new process to independently review each loan before it is moved into foreclosure.
Chase said the changes are expected to be implemented in the next 90 days, and until those changes can be made, it will not put any loans into foreclosure.
The loan-modification program will also be offered to customers with loans held by Washington Mutual Inc. and EMC. JPMorgan (JPM, Fortune 500) acquired Washington Mutual last month after the bank became the largest in the nation's history to fail. EMC was a mortgage unit of Bear Stearns Cos., which JPMorgan acquired in February.
When JPMorgan acquired Washington Mutual and EMC, it also acquired portfolios of mortgages that included option adjustable-rate mortgages. Option ARMs allow customers to choose from multiple payment options each month, including paying less than the interest owed on the loan, thereby increasing the balance on the loan. JPMorgan said modifications for those loans would eliminate the monthly options and not allow for the minimum payments.
Option ARMs have been among the worst performing loans since the middle of 2007 as mortgage defaults have skyrocketed and the housing market has deteriorated rapidly.
The modification program applies only to owner-occupied properties with mortgages owned by JPMorgan, Washington Mutual or EMC, with investor approval.
Shares of JPMorgan rose $2.55, or 6.8%, to $40.19 in afternoon trading.
As reported October 31, 2008 on www.cnnmoney.com http://money.cnn.com/2008/10/31/news/companies/jpmorgan_mortgage.ap/index.htm?postversion=2008103114
NEW YORK (AP) -- JPMorgan Chase & Co. said Friday it is expanding its program to modify mortgages in an effort to avoid foreclosures on up to $70 billion in loans.
The enhanced program will include the opening of 24 regional counseling centers, the hiring of 300 additional loan counselors, new financing alternatives, reaching out to borrowers with pre-qualified modification terms and a new process to independently review each loan before it is moved into foreclosure.
Chase said the changes are expected to be implemented in the next 90 days, and until those changes can be made, it will not put any loans into foreclosure.
The loan-modification program will also be offered to customers with loans held by Washington Mutual Inc. and EMC. JPMorgan (JPM, Fortune 500) acquired Washington Mutual last month after the bank became the largest in the nation's history to fail. EMC was a mortgage unit of Bear Stearns Cos., which JPMorgan acquired in February.
When JPMorgan acquired Washington Mutual and EMC, it also acquired portfolios of mortgages that included option adjustable-rate mortgages. Option ARMs allow customers to choose from multiple payment options each month, including paying less than the interest owed on the loan, thereby increasing the balance on the loan. JPMorgan said modifications for those loans would eliminate the monthly options and not allow for the minimum payments.
Option ARMs have been among the worst performing loans since the middle of 2007 as mortgage defaults have skyrocketed and the housing market has deteriorated rapidly.
The modification program applies only to owner-occupied properties with mortgages owned by JPMorgan, Washington Mutual or EMC, with investor approval.
Shares of JPMorgan rose $2.55, or 6.8%, to $40.19 in afternoon trading.
As reported October 31, 2008 on www.cnnmoney.com http://money.cnn.com/2008/10/31/news/companies/jpmorgan_mortgage.ap/index.htm?postversion=2008103114
Sussex County Home Sales - as of November 3, 2008
The stock market is fighting to regain itself .. the next presidential candidate will hopefully be chosen in less than 24 hours .. and the real estate market is slowly rebounding. We have had a good amount of new closed transactions in the past week -- the numbers speak for themselves.
Single Family - 1,362 (compared to 1,319 on 10/27)
Condo / Town Home - 540 (compared to 533 on 10/27)
Mobile - 241 (compared to 235 on 10/27)
Multi-Family - 4 (compared to 3 on 10/27)
Lots / Land - 289 (compared to 284 on 10/27)
Farms - 7 (compared to 7 on 10/27)
Commercial - 54 (compared to 53 on 10/27)
A total of 2,497 real estate transactions closed for 2008 thus far. As of September, 2008, the median list price is $375,182, with an average sales price of $348,963, and homes selling for 93% of list price and averaging 193 days on the market.
Of course, with the coming winter months, we will see it slow down before it kicks off again in the Spring. Let's hope for a much better 2009!
Single Family - 1,362 (compared to 1,319 on 10/27)
Condo / Town Home - 540 (compared to 533 on 10/27)
Mobile - 241 (compared to 235 on 10/27)
Multi-Family - 4 (compared to 3 on 10/27)
Lots / Land - 289 (compared to 284 on 10/27)
Farms - 7 (compared to 7 on 10/27)
Commercial - 54 (compared to 53 on 10/27)
A total of 2,497 real estate transactions closed for 2008 thus far. As of September, 2008, the median list price is $375,182, with an average sales price of $348,963, and homes selling for 93% of list price and averaging 193 days on the market.
Of course, with the coming winter months, we will see it slow down before it kicks off again in the Spring. Let's hope for a much better 2009!
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