Tuesday, December 29, 2009

2009 Real Estate Market Graphs For Holland Michigan

Graph "A" shows the number of homes sold each month for 2009. Graph "B" shows a comparison of average selling prices for real estate in the Holland and Saugatuck area for 2008 and 2009.

Graph A:

Graph B:

Friday, December 18, 2009

A Home For The Holidays

Nationwide only about 10,000 homeowners received permanent loan modifications under the Obama administration's mortgage relief plan. Bank of America Corp, the nation's largest lender had only completed 98 modifications for the 160,000 borrowers who had signed up by the end of November. GMAC Mortgage had the most of any lender, just 7,100. Millions of borrowers are still being evaluated for the Obama administration's foreclosure prevention effort. States are also trying to delay the foreclosure process, temporarily lowering foreclosure numbers. Foreclosure filings were still up 18 percent from a year ago. Nearly 307,000 households, received a foreclosure-related notice in November, down 8 percent from a month earlier, according to RealtyTrac Inc.

The Commerce Department said construction of new homes and apartments rose 8.9 percent in November. The gain represented strength in all areas of the country although the increase was slightly lower than economists had expected. Also applications for new building permits went up, rising 6 percent.

Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers. The suspension will run from Friday December 18 through January 17. It applies only to borrowers whose loans are owned by Citi. This suspension is speculated to help over 2,000 homeowners with scheduled foreclosures and 2,000 who have received a notice of foreclosures, this holiday season.

For more informtion on buying or selling a home contact the Andrea Crossman Group.

Tuesday, December 15, 2009

Mortgage Rates Are An All Time Low

Qualifying for a loan is tough. The best rates are available to those with solid credit and a 20 percent down payment.

The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent, pushed down by an aggressive government campaign to reduce borrowing costs. The rate, published by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971. The previous record of 4.78 percent was set during the week ending April 30 and matched last week.

Rates on five-year, adjustable-rate mortgages averaged 4.19 percent, up from 4.18 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.25 percent from 4.35 percent.

For more information, contact The Andrea Crossman Group

Friday, December 4, 2009

The Housing Dominos Are Still Falling in West Michigan Nationally

The housing market will remain under pressure from the serge in home loan defaults, especially as unemployment keeps rising. Lost jobs, lay-offs, and unemployment are the main reason home owners are falling behind on their mortgages. Due to more homes falling into foreclosure and being bumped on the market we have not seen the end to the declining prices. The great number of foreclosures now for sale will continue to effect the developers as well.

Gov. Jennifer Granholm has notified state departments to prepare for 20 percent cuts next year on top of 10 percent reductions this year. Also suffering major cutbacks were college scholarships, school aid, revenue sharing to municipalities and Medicaid health care for the poor and seniors. Contributing factors to fiscal crisis are: loss of state revenue, relative size of budget gaps, increasing joblessness, high foreclosure rates, obstacles to balanced budgets and poor money-management practices.

Michigan is trying to increase state income by promoting travel to boost tourism. Other efforts to diversify the economy included: the movie maker tax credits, business tax breaks, and credits for the advanced battery industry. Despite the housing crisis, there are cities where prices are expected to rise significantly in the coming years.

Here are the top 10 cites where analysts for Money Magazine expect price appreciation.
1. McAllen, Texas
2. Rochester, N.Y.
3. Birmingham, Ala.
4. Syracuse, N.Y.
5. Buffalo/Niagara Falls, N.Y.
6. New Orleans, La.
7. Scranton, Pa.
8. Grand Rapids, Mich.
9. Baton Rouge, La.
10. El Paso, Texas
Source: Money Magazine