Let'sTalk

Good News-Sales Up

June 27th, 2009 10:52 AM

Daily Real Estate News | June 23, 2009 |

NAR: Existing-Home Sale Continue to Rise
Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the NATIONAL ASSOCIATION OF REALTORS ®. May’s increase was the first back-to-back monthly gain since September 2005.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April. Sales remained 3.6 percent below the 4.95 million-unit pace in May 2008.

Lawrence Yun, NAR chief economist, expected an improvement in sales.

“Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” Yun says. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory.

Poor Appraisals Stall Transactions

However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”

Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April.

Yun says the appraisal problem is serious.

“Lenders are using appraisers who may not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales,” he says. “In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected.”

NAR President Charles McMillan says appraisals and the tax credit are key issues.

“To maximize the potential for a housing recovery and subsequent economic recovery, we need realistic appraisals that are based on proper comparisons and done by a local specialist,” he said. “In addition, the first-time buyer tax credit should be expanded to all buyers of primary homes regardless of income. Extending the credit into 2010 would allow more time for the market to catch up with underlying demand, in part because many families with children, who normally time their purchase based on school year considerations, do not have enough time to move before the start of school in late August.
“Freeing a pent-up demand in housing will absorb inventory at a faster pace, strengthen communities and stabilize home prices earlier,” McMillan said.

A Closer Look at May Housing Data

An NAR practitioner survey in May showed first-time buyers accounted for 29 percent of transactions, and that the number of buyers looking at homes is nearly 10 percentage points higher than a year ago.

“This is the time of year when we see large increases in the number of repeat buyers, who are benefiting from sales to entry-level buyers,” Yun says. “Investors appear less active, but are more prevalent in areas with large price corrections.”

National median existing-home price: for all housing types was $173,000 in May, down 16.8 percent from a year earlier. Distressed properties, which declined to 33 percent of all sales in May from 45 percent in April, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

“The decline in the distressed sales share likely results from an increase of repeat buyers in May,” Yun says. “First-time buyers are concentrated in the lower price ranges, which include most of the distressed sales.”

Single-family home sales: rose 1.9 percent to a seasonally adjusted annual rate of 4.25 million in May from a pace of 4.17 million in April, but are 3 percent below the 4.38 million-unit level in May 2008. The median existing single-family home price was $172,900 in May, down 16.1 percent from a year ago.

Existing condominium and co-op sales: increased 6.1 percent to a seasonally adjusted annual rate of 520,000 units in May from 490,000 in April, but are 8.9 percent below the 571,000-unit level in May 2008. The median existing condo price was $173,800 in May, down 21.9 percent from a year earlier.

By the Region

Here’s how housing fared across the country for existing-home sales:

Northeast: rose 3.9 percent to an annual level of 800,000 in May, but are 10.1 percent below a year ago. Median price: $243,600, which is 12.5 percent below May 2008.

Midwest: jumped 9 percent in May to a pace of 1.09 million but are 4.4 percent below May 2008. Median price: $145,800, which is 10.4 percent lower than a year ago.

South: unchanged at an annual pace of 1.74 million in May but are 8.9 percent below a year ago. Median price: $157,400, down 9.9 percent from May 2008.

West: slipped 0.9 percent to an annual rate of 1.14 million in May, but are 11.8 percent higher than May 2008. Median price: $197,700, down 30.6 percent from a year ago.

Source: NAR

Browse all of today's news

Posted by JoAnn Leigh on June 27th, 2009 10:52 AMPost a Comment (0)

Locals-Isle of Palms

June 19th, 2009 11:10 AM

Anyone Local's reading my blog? Did you see the article I posted yesterday the was in the Post and Courier. How funny. This is a great family beach with good looking people but Sexy Beach????

The tourist are here and I love it. I know there's a lot more traffic and you have to plan your trips to Lowes and Walmart but we live by the Beach! So I don't mind the planning. Just go early and come back early.

Suppose to be high 90's today so drink lots of water!

Posted by JoAnn Leigh on June 19th, 2009 11:10 AMPost a Comment (0)

Funniest article I've seen in a long time

June 18th, 2009 11:25 AM

Surprise greets IOP 'sexy' rating

Publication says beach one of 6 sexiest in U.S.

By Elizabeth Maybank

The Post and Courier

Thursday, June 18, 2009

Could a beach, not Justin Timberlake, actually be bringing sexy back?

Is Isle of Palms, the beach where they turn out the lights at night to protect nesting sea turtles and tried to ban sand castles as a public hazard, the definition of sexy?

Elizabeth Maybank
The Post and Courier

Vacationers on the Isle of Palms. Of Maxim's rating of the beach as one of the country's six sexiest, Mayor Dick Cronin said, 'Good golly.'

According to the men at Maxim magazine, it is. They recently voted Isle of Palms one of America's six sexiest beaches.

Huh? Isle of Palms? The place where SpongeBob arm floaties are the latest trend, and there are one-piece bathing suits, not bikinis, as far as the eye can see.

According to Maxim, "This seven-mile-long and one-mile-wide barrier island has pristine beaches littered with smoking-hot rich ladies lured in by high-end shops all over the island. It's like chum for sharks. (Sharks who are into really expensive handbags.)"

Are they talking about the same beach that has drawn families for

decades? The place where women are more likely to carry diaper bags than Gucci ones.

Anyone who has visited the island can assert that the shopping is best at the Red & White Grocery Store. And unless oversized T-shirts decorated with palm trees or cheap plastic platform flip-flops are now considered high fashion, there seems to be something odd about this assessment.

No one was more surprised about the rating than Isle of Palms Mayor Dick Cronin.

"Good golly. This is totally unexpected. Well, I guess they must have been doing their rating when the City Council squared off against the Charleston Police Department in a volleyball game at the Windjammer."

The serene, kid-friendly beach more than makes up for the lack of shopping, but it leaves one wondering why Maxim, the trendy magazine targeted at men in their 20s and 30s, chose to highlight shopping as the sexiest part of Isle of Palms instead of the Windjammer's ocean-side volleyball court. There, fit shirtless guys serve aces while girls lounge on the sidelines cheering.

Rex Porter, a bartender at the Windjammer, said, "Isle of Palms definitely is sexy because there are always beautiful girls coming in and out of the Windjammer, and there are volleyball players constantly enjoying the court outside."

When Dan Bova, executive editor of Maxim, was asked what high-end shops the magazine referred to, he had the good grace to reply, "Our editorial GPS may seem to be broken, but the gift shop at the Holiday Inn Express ... where else can you buy a $9 tube of toothpaste?" Bova also said that they meant Charleston's shops when referring to "the high-end shops all over the island."

Hmm. In this case, "Isle" means island, and Charleston's shops are 15 miles away.

Maxim needs to check its GPS. Maybe it's aimed at the wrong satellite.

Posted by JoAnn Leigh on June 18th, 2009 11:25 AMPost a Comment (0)

Isle of Palms City

June 17th, 2009 11:15 AM

Please visit Isle of Palms town website at www.IOP.net for lots of good information about the town.

Posted by JoAnn Leigh on June 17th, 2009 11:15 AMPost a Comment (0)

Housing Starts Up

June 16th, 2009 1:54 PM

Daily Real Estate News | June 16, 2009 |

Housing Starts Up, Builder Confidence Down
New housing starts were up 17.2 percent in May for an annual rate of 532,000, compared to 454,000 in April, according to the Commerce Department’s monthly report.

Building permits, an indication of future growth, increased 4 percent to an annualized 518,000.

Despite these increases, builder confidence waned in June, after rising for two months, the National Association of Home Builders reported. The NAHB/Wells Fargo Housing Marketing Index slipped to 15 from 16 in May. Even so, that number is about twice what it was in January. Anything under 50 is considered a negative number.

Source: The Wall Street Journal, Dawn Wotapka, Jeff Bater, and Brian Blackstone (06/16/2009)

Browse all of today's news

Posted by JoAnn Leigh on June 16th, 2009 1:54 PMPost a Comment (0)

Subscriber

June 11th, 2009 2:40 PM

Are you a subscriber to my blog? E-mail me and let me know to ad your name. Really want to be your Real Estate communicator.

Posted by JoAnn Leigh on June 11th, 2009 2:40 PMPost a Comment (0)

Thanks for visiting

June 9th, 2009 5:11 PM

I have had so many people come to my Blog that I'm making a promise to put more information on it each day. I would love to hear from you. Ask me questions, comment on my site(always looking for good and bad feedback) or just say hi. Hope some of you enjoy Spoleto the last week.

Posted by JoAnn Leigh on June 9th, 2009 5:11 PMPost a Comment (0)

Just Listed! 750 Adluh Mt Pleasant, SC 29464

June 9th, 2009 4:18 PM

$229,000.00
750 Adluh

Mt Pleasant, SC 29464

Beds: 2.0	Rooms: 0
Baths: 1.00	Sq. Ft.: 800.00
Garage: 0	Built: 0

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

JoAnn Leigh
Agent Owned Realty
8432241119
www.joannleigh.com

Visit this listing at Here

Posted by JoAnn Leigh on June 9th, 2009 4:18 PMPost a Comment (0)

Raining day

June 4th, 2009 12:52 PM

It's a rainy day in Charleston but like all those summer storms they usually pass right through like Hurricane bands. According to weather.com we shouldn't be looking at the down pour in another 1/2 hour. What's the weather report were your at?

joann

Posted by JoAnn Leigh on June 4th, 2009 12:52 PMPost a Comment (0)

Higher Interest Rates??

June 2nd, 2009 11:19 AM

Daily Real Estate News | June 1, 2009 |

As Rates Rise, Fed Holds Steady
Yields on U.S. Treasury bonds rose in March and April and yields on mortgage-backed securities continue to increase, pushing 30-year fixed home loans up to 5.44 percent—the highest rate for mortgages since early February.

The Federal Reserve is buying Treasurys and mortgage-backed securities (MBS) in an attempt to keep borrowing costs low and to provide the financial system with money for lending.

However, there is some concern about the amount of borrowing needed to fund the campaign, which has resulted in the purchase of $130.5 billion in long-term Treasury debt and $481 billion in MBS so far. Yet the market still believes the central bank will expand its purchases in order to restrain long-term rates.

Source: The Wall Street Journal, Jon Hilsenrath and Liz Rappaport (05/29/09)

Posted by JoAnn Leigh on June 2nd, 2009 11:19 AMPost a Comment (0)

Enjoying Speleto

June 2nd, 2009 11:15 AM

It's that time of the year when Charleston host the world know Spoleto Festival. It is filled with hundreds of venues of dance, music, art and creative shows. Starting with the Charleston Symphony Orchestra playing outside the old courthouse building to Sandcastle's on the beach. There is something for all walks of people to enjoy.

Posted by JoAnn Leigh on June 2nd, 2009 11:15 AMPost a Comment (0)