The website speculativebubble.com has charted US home prices (adjusted for inflation) from 1890 to 2007, then they put the data into Roller Coaster Tycoon 3 and built and "virtual" roller coaster that you can ride. Talk about your unique spins on the housing market! Watch the video and then leave us your thoughts by clicking on the "Comments" link below this story.
It is possible that they have too much time on their hands, but it is pretty fun!
Friday, July 27, 2007
Thursday, July 19, 2007
New website lets people browse local HUD foreclosure listings!
There is a new website available that lets people search all of the foreclosure listings that are offered through HUD (Michigan Department of Housing & Urban Development). Not all foreclosures in jackson will be on the site, but the inventory that HUD has (foreclosures that were funded by an FHA-insured mortgage) is quite extensive and covers all price ranges. If you see a home that you are interested in touring, just call us and we can show it to you! If you like it, we can submit your bid online. With all of the great deals out there right now, this could be a good opportunity to find some investment properties or maybe just get a great price on a home for yourself. Here is the link to the search page:
http://sales.clfres.com/SearchListings.aspx
If you have any questions on this site or the buying process, we have many Realtors who have experience in the foreclosure market. Simply post a question by clicking on the "Comments" link below this article, or send us an email at: info@erareardonrealty.com or you can simply call our office at 517-782-2996. Thanks!
http://sales.clfres.com/SearchListings.aspx
If you have any questions on this site or the buying process, we have many Realtors who have experience in the foreclosure market. Simply post a question by clicking on the "Comments" link below this article, or send us an email at: info@erareardonrealty.com or you can simply call our office at 517-782-2996. Thanks!
Monday, July 9, 2007
New loan helps buyers make improvements to their new home
I thought that this was an interesting loan product that everyone might like to hear about! With all of the city homes that are for sale, this is a flexible product that can help to make necessary improvements. This information is courtesy of Wendy Robison at Providence Mortgage Company:
The FHA Streamline 203k is a loan designed for borrowers to finance the cost of minor repairs/rehab work for a property at the time of purchase. Before the loan is closed the borrower will obtain estimates from contractors/retailers for items and work that needs to be done. The lender will add the cost of these estimates to the price of the home and hold the money for the repairs in escrow to be drawn on as the work is done. This feature of the loan works much like a construction loan.
FHA Streamline 203K highlights:
Designed for borrowers who wish to purchase a home that needs minor rehabilitation work
Maximum $35,000 in repairs/rehab - no minimum
Choose your own contractor
Mortgage company approves the proposed work plan, contractor and cost estimates and works directly with borrower and contractor throughout draw process.
This program can be used for the following repair/rehab items:
Repair/Replacement roofs, gutters and downspouts
Repair/Replacement/upgrade of existing HVAC systems
Repair/Replacement/upgrade of plumbing and electrical systems
Repair/Replacement of existing flooring
Minor remodeling, such as kitchens, which does not involve structural repairs
Exterior and interior painting
Weatherization: including storm windows and doors, insulation, weather stripping, etc.
Appliances including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens.
Improvement for accessibility fo rpersons with disabilities
Lead based paint stabilization or abatement
Repair/replace/add exterior decks, patios, porches
Basement finishing and remodeling, which does not involve structural repiars
Basement waterproofing
Window and door replacements and exterior wall residing
Septic systems and/or well repair or replacement
If you have thoughts or questions about this product, please call our office at 517-782-2996 or just simply click on the "comments" link below this article and I will get back with you right away!
Monday, July 2, 2007
Mid Michigan cities among the most affordable in the nation
Excerpts from CNNMoney.com story published today:
The most affordable U.S. housing markets
The Midwest has the most affordable housing. California has the least.
By Les Christie, CNNMoney.com staff writer
July 1 2007: 2:37 PM EDT
NEW YORK (CNNMoney.com) -- The housing slump has its benefits; affordability improved in many metro areas across the nation during the first three months of this year.
According to a report from Wells Fargo Bank and the National Association of Home Builders (NAHB), about 44 percent of all homes sold in the United States during the first three months of the year were affordable to families earning the median household income for the area they lived in.
NAHB President Brian Catalde, said, "This is up from 41.6 percent of homes sold in the final quarter of 2006, and is likely the result of lower house prices as well as the very favorable financing conditions that existed at the beginning of this year."
The Indianapolis area, where the median home cost $116,000, was the most affordable major U.S. market for the period, but joining it at number one this time was the Youngstown, Ohio metro area ($78,000). In both places, the index judged affordable 89.0 percent of the homes sold.
A smaller market area, Kokomo, Indiana ($93,000), led all cities; 93.5 percent of all homes sold there could be bought by median income households. Also highly affordable were Lansing, Michigan ($100,000, 91.1 percent) and Lima, Ohio ($78,000, 90.4 percent).
The top 13 markets were all located in the Midwest region. Cumberland, Maryland ($81,000, 86.8 percent), representing the South, was the highest ranked city in the rest of the United States. Elmira, New York ($69,000, 86.7 percent) was close behind. The most affordable western city was Pueblo, Colorado ($115,000, 76.3 percent).
California dominated the list of most unaffordable cities with just 3.0 percent of Los Angeles residents able to buy the median home, priced at $525,000. In nearby Santa Ana ($610,000, 4.4 percent) and Salinas ($569,000, 4.6 percent), conditions weren't much better.
The New York metro are, where the median home cost $500,000, was the least affordable place outside California. It recorded an affordability index score of 6.0 percent. Miami ($288,000, 10.0 percent) trailed all other southern cities and Chicago ($248,000, 46.5 percent) brought up the rear in the Midwest.
The Lansing area, Battle Creek, Flint, Detroit, Saginaw, Bay City & Monroe Areas of Michigan all made the top 15 cities, with Lansing being #2 in the country with 91.1% of homes being affordable to a family with the median household income for the area ($64,000). Jackson was not in on the list due to market size, but I would anticipate it to be very high on the list if it had been.
So what does this all mean? Well, if you are buying a home soon you can look forward to favorable pricing! Home prices have moderated in the past 12 months, bringing them in line with buyer expectations. This is a positive step toward turning around the housing market. Affordable housing will encourage more first-time buyers, and possibly more out of town buyers.
Let us know what you think! Click on the "comments" link below and give us your thoughts.
Thanks!
ERA Reardon Realty
The most affordable U.S. housing markets
The Midwest has the most affordable housing. California has the least.
By Les Christie, CNNMoney.com staff writer
July 1 2007: 2:37 PM EDT
NEW YORK (CNNMoney.com) -- The housing slump has its benefits; affordability improved in many metro areas across the nation during the first three months of this year.
According to a report from Wells Fargo Bank and the National Association of Home Builders (NAHB), about 44 percent of all homes sold in the United States during the first three months of the year were affordable to families earning the median household income for the area they lived in.
NAHB President Brian Catalde, said, "This is up from 41.6 percent of homes sold in the final quarter of 2006, and is likely the result of lower house prices as well as the very favorable financing conditions that existed at the beginning of this year."
The Indianapolis area, where the median home cost $116,000, was the most affordable major U.S. market for the period, but joining it at number one this time was the Youngstown, Ohio metro area ($78,000). In both places, the index judged affordable 89.0 percent of the homes sold.
A smaller market area, Kokomo, Indiana ($93,000), led all cities; 93.5 percent of all homes sold there could be bought by median income households. Also highly affordable were Lansing, Michigan ($100,000, 91.1 percent) and Lima, Ohio ($78,000, 90.4 percent).
The top 13 markets were all located in the Midwest region. Cumberland, Maryland ($81,000, 86.8 percent), representing the South, was the highest ranked city in the rest of the United States. Elmira, New York ($69,000, 86.7 percent) was close behind. The most affordable western city was Pueblo, Colorado ($115,000, 76.3 percent).
California dominated the list of most unaffordable cities with just 3.0 percent of Los Angeles residents able to buy the median home, priced at $525,000. In nearby Santa Ana ($610,000, 4.4 percent) and Salinas ($569,000, 4.6 percent), conditions weren't much better.
The New York metro are, where the median home cost $500,000, was the least affordable place outside California. It recorded an affordability index score of 6.0 percent. Miami ($288,000, 10.0 percent) trailed all other southern cities and Chicago ($248,000, 46.5 percent) brought up the rear in the Midwest.
The Lansing area, Battle Creek, Flint, Detroit, Saginaw, Bay City & Monroe Areas of Michigan all made the top 15 cities, with Lansing being #2 in the country with 91.1% of homes being affordable to a family with the median household income for the area ($64,000). Jackson was not in on the list due to market size, but I would anticipate it to be very high on the list if it had been.
So what does this all mean? Well, if you are buying a home soon you can look forward to favorable pricing! Home prices have moderated in the past 12 months, bringing them in line with buyer expectations. This is a positive step toward turning around the housing market. Affordable housing will encourage more first-time buyers, and possibly more out of town buyers.
Let us know what you think! Click on the "comments" link below and give us your thoughts.
Thanks!
ERA Reardon Realty
Mortgage rates drop for second week
This release from CNNMoney.com was from June 28th:
NEW YORK (CNNMoney.com) -- Mortgage rates eased slightly for the second week in a row after taking their biggest jump in four years two weeks ago, Freddie Mac said Thursday.
The government-sponsored loan buyer said the average rate on a 30-year fixed-rate loan slipped to 6.67 percent for the week ending June 28, from 6.69 percent the previous week.
NEW YORK (CNNMoney.com) -- Mortgage rates eased slightly for the second week in a row after taking their biggest jump in four years two weeks ago, Freddie Mac said Thursday.
The government-sponsored loan buyer said the average rate on a 30-year fixed-rate loan slipped to 6.67 percent for the week ending June 28, from 6.69 percent the previous week.
Relay For Life Bowling Event was a huge success!
Thanks to everyone who participated in the charity bowling event! We had fun and raise some money for a terrific cause. We look forward to holding this event again next year, so please look for info next June. If you attended the event, please leave us your thoughts or comments by clicking on the "comments" link below. Thanks again!
ERA Reardon Realty
Subscribe to:
Posts (Atom)
