Nov. 3, 2008 - Existing home sales improving

According to the National Association of Realtors®, existing-home sales increased last month as buyers responded to more favorable housing affordability conditions.

Existing-home sales -- including single-family, townhomes, condominiums and co-ops -- rose 5.5 percent to a seasonally adjusted annual rate of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the pace in September 2007.

“The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island,” said Lawrence Yun, NAR chief economist. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”

NAR President Richard F. Gaylord of Long Beach, Calif., said low home prices and low interest rates have been attracting buyers. “This is the first time since November 2005 that home sales have been above year-ago levels,” he said. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”

Total housing inventory at the end of September fell 1.6 percent to 4.27 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, down from a 10.6-month supply in August. This marks two consecutive monthly declines since inventories peaked in July. The national median existing-home price for all housing types was $191,600 in September, down 9.0 percent from a year ago when the median was $210,500.

The national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04 percent in September from 6.48 percent in August, according to Freddie Mac.

Sep. 25, 2008 - Tight Mortgage Credit Curtails Sales Activity

I came acros a recent report from the National Association of Realtors regarding the slowing down of existing home sales that I thought was interesting. Existing-home sales were down in August following a healthy gain in July as tight mortgage credit curtailed activity.

Sales rose in the Midwest and South but fell in the Northeast and West. Nationally, existing-home sales -- including single-family, townhomes, condominiums and co-ops -- declined 2.2 percent to a seasonally adjusted annual rate of 4.91 million units in August from an upwardly revised pace of 5.02 million in July. “The difficulty in obtaining a mortgage increased over the past couple months, making it more challenging for creditworthy borrowers to find financing,” said NAR President Richard F. Gaylord, adding the pendulum in the mortgage market has swung too far. “Our hope is that overly tight lending criteria can be loosened with reasonable standards and credit so that sales activity can catch up with demand. Interest rates have already declined, but there is a serious question as to whether a cash infusion by the U.S. Treasury into Wall Street would help consumers by improving mortgage funding. “We urge Congress to restore access to sound mortgage credit so people have the ability to make and keep a long-term investment in the American dream of homeownership. Congress needs to take care of Main Street and not just bail out Wall Street.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.48 percent in August from 6.43 percent in July; the rate was 6.57 percent in August 2007. However, as of late September, the 30-year fixed had dropped to 5.78 percent, the report said. With the recent crisis the mortgage industry is in, it will be an interesting year ahead no doubt.

Sep. 20, 2008 - Area Schools affect Home Values

You've most likely heard that location, location, location is the most important factor in real estate. While this may be true, another important factor to consider as you try to find the best neighborhoods for resale value is the quality of the local school system. Even if you don't have children, it would be prudent to research the closest schools before purchasing a home.

By placing a call to the local school district, you should be able to find out what type of funding area students receive, what the average class size is, and how well students have performed on standardized tests. In addition, find out if they offer any special programs, what percentage of students graduate and go on to college, and whether or not the district will be opening or closing any schools in the near future.

For many prospective home buyers with children (or plan to), the quality and reputation of the local school system may be as critical to their buying decision as the appeal of the home itself. Regardless of where the home is located, the quality and reputation of the schools will affect the home's value, not only when you buy, but when you sell.

Also, you can find out a lot of information about the school district and individual schools on the internet.

Here are a few example websites in Texas about schools:

• Lewisville ISD
• Great Schools, The parents guide to k-12 success
• Texas Education Agency
• Texas Accountability ratings
• Lewisville School statistics
• Flower Mound School statistics
• Highland Village School Statistics
• All other Texas School Statistics
• Private school Directory
• Texas Schools k-12
• Texas Private Schools
• Texas Private School Review
• State Regulation of Private Schools

 Thank You and I hope this information is helpful to you.

Jul. 27, 2008 - Existing-Home Sales Down Slightly in June

According to a late-July report from the National Association of Realtors (NAR), existing-home sales fell 2.6 percent to a seasonally adjusted annual rate of 4.86 million units in June from a pace of 4.99 million in May.

“A recent online survey of Realtors® shows nearly a quarter of potential home buyers are waiting on the sidelines,” said NAR President Richard F. Gaylord, adding there is something of a quandary in the current market. “However, timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth.”

Total housing inventory at the end of June rose 0.2 percent to 4.49 million existing homes available for sale, which represents an 11.1-month supply at the current sales pace, up from a 10.8-month supply in May.

“About four in 10 homes are purchased by first-time buyers, which frees existing owners to trade up,” said NAR Chief Economist Lawrence Yun, emphasizing the critical role first-time home buyers have on the health of the housing market. “With many potential first-time home buyers on the sidelines, a first-time buyer tax credit would have a significant positive impact on both housing and the economy. Combined with permanent increases to mortgage loan limits and enhancing the FHA loan program, the housing stimulus package working its way through Congress would go a long way toward helping consumers and boosting the overall economy.”

The national median existing-home price for all housing types was $215,100 in June, down 6.1 percent from a year ago when the median was $229,000, the report said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.32 percent in June from 6.04 percent in May; the rate was 6.66 percent in June 2007.