Sep. 11, 2008 - Programs to Help Connecticut Homeowners Keep Their Homes

I personally feel that the goverment of Connecticut has done a good job of taking action to help homeowners in crisis with real solutions to help them keep their homes.  They have created programs to provide qualified homeowners with bridge financing to get their mortgages back in good standing, gotten subprime lenders involved in restructuring or refinancing adjustable rate loans into fixed rate or other more affordable loans and made lots of information available to the public so they know what options are available to them.

As part of these efforts, the state government is sponsoring a series of forums this Fall where homeowners can meet with state officials, loan officers and assistance agencies to not just learn more about their options, but actually take steps to help them keep their homes and get back on better financial ground.

The forums will provide homeowners with:

• Information about the Connecticut Fair Alternative Mortgage Lending and Educational Services (CT FAMILIES) program, which was created to provide ways for homeowners convert their high-rate adjustable mortgages to fixed mortgages. 
• Opportunities to meet with Representatives from the lenders that made their suprime loans to work out payment agreements or restructure the loans to make them more affordable.
• Details about Connecticut's Fair Housing and Predatory Lending Policies to make them more savvy consumers.
• Assistance from Utility companies for homeowners struggling with high energy costs.
• Helpful financial guidance such as, other Refinancing Programs, Financial and Credit Counseling and Delinquency Intervention.

Here is the schedule of the forums:

• September 20: Windham Middle School, 135 Quarry St, Willimantic
• September 27: Bennie Dover Jackson Middle School, 36 Waller St, New London
• October 4: Vernon Middle School, 777 Hartford Turnpike, Vernon
• October 18: Bridgeport Town Hall Annex Building, 999 Broad St, Bridgeport
• October 25: Southend Senior Center, 70 Canterbury Street, East Hartford
• November 1: City Hall, 125 East Ave, Norwalk, 3rd fl Common Council Chambers & Atrium
• November 15: Meriden – Location TBD

For more information about these forums, or if you can't attend the one near you, call the Connecticut Housing Finance Authority (CHFA) at 877-571-2432 or visit their website at http://www.chfa.org (there's lots of great information on the site for anyone who owns, or is thinking about buying, a home).

Sep. 10, 2008 - Market on Vacation - August 2008 Real Estate Market Update

It seems like the local Real Estate Market decided to go on vacation in August.  Home sales for the month were slower than July and the average sales price dropped a bit below where it was in June.  This isn't unusual for the end of the Summer since so many people plan their moves around the school year and many local schools started before Labor Day this year.  Despite the overall drop in the market there were some towns that had increases in sales prices last month (indicated in blue in the table below).  Here are the overall statistics:

Single Family Home Sales Statistics

 August 2007 - All of Fairfield County
Median Sales Price: $580,000
# of Homes Sold: 912
Average Time on Market: 93 days

Is the Market Starting to Level Off?

The number of homes sold per month (absorption rate) went up to an average of 465 for the year-to-date.  It's still much lower than the first 8 months of 2007 when the average was 674 homes per month.  But it's a good indicator that the local housing market is still following a fairly normal sales pattern with sales increasing through the Summer.

Overall inventory is also down from last month with 5,432 homes actively for sale in the County.  At the current absorption rate, that translates to almost 12 months of inventory, so it's still a Buyers' Market, but there's1 month less of inventory than in July.

What Does This Mean for You?

Fall and Winter are typically slow home buying seasons, so if you are thinking about buying a home, it would be a good time to think about making your move.  You'll still have plenty of homes on the market to see and there will be less competition from other buyers.  Also the Mortgage Rates have started to go down again since the government "take-over" of Fannie Mae and Freddie Mac, making loans more affordable and more loans available.  Lending criteria is still very strict so be sure to talk to a trusted mortgage adviser to be sure that you can qualify for the type and amount of loan you want before you fall in love with a new home.

Town by Town Single Family Home Sales Statistics

Town	Median Sale Price	# of Units Sold	Average Days on Market	Median Sale Price Aug '07	% Change in Median Price over Aug '07
Bethel	$396,000	18	109	$379,000	+4.5%
Bridgeport	$200,000	41	89	$259,500	-22.9%
Brookfield	$427,000	25	117	$514,500	-17.0%
Danbury	$350,000	35	87	$359,000	-2.5%
Darien	$1,040,000	21	118	$1,400,000	-25.7%
Easton	$955,000	6	194	$755,500	+26.4%
Fairfield	$657,500	70	106	$595,000	+10.5%
Greenwich	$1,262,500	8	104	$1,940,000	-34.9%
Monroe	$365,000	10	83	$438,750	-16.8%
New Canaan	$2,075,000	29	140	$1,725,000	+20.3%
New Fairfield	$385,000	15	107	$411,750	-6.5%
Newtown	$458,750	32	81	$560,000	-18.0%
Norwalk	$523,500	52	107	$489,250	+7.0%
Redding	$587,000	7	208	$877,500	-33.1%
Ridgefield	$649,000	24	97	$860,000	-24.5%
Shelton	$370,000	37	98	$368,000	+0.5%
Sherman	$767,500	2	315	$950,000	-19.2%
Stamford	$672,500	60	84	$680,000	-1.1%
Stratford	$266,250	36	93	$319,500	-16.7%
Trumbull	$425,000	29	84	$475,000	-10.5%
Weston	$1,020,000	18	117	$1,000,000	+2.0%
Westport	$1,455,000	40	100	$1,428,750	+1.8%
Wilton	$902,000	22	108	$866,050	+4.1%

*Data compiled from listing information in the Greater Fairfield County CMLS entered as of 9/09/08.  Does not include private sales or sales listed in the Greenwich, Darien or New Canaan MLS services.  Always verify any information that is critical to your buying decision before acting.