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Real Estate Blog
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Saturday, August 07 2010
If you want a yard that demands less time, money, and water, consider ground cover rather than a traditional lawn.
Americans have long had a soft spot for lawns. Turf grass covers nearly 47 million acres in the U.S., according to the Lawn Institute. But there’s plenty that’s not green about all that green. For starters, the average household dumps 60 gallons of water a day on conventional lawns. Toxic lawn herbicides and pesticides run off into lakes and streams. Gas-powered mowers spew pollution into the air. And then there’s all that time spent watering, weeding, seeding, sodding, thatching, and mulching.
If you’re looking for an alternative, consider replacing some or all of your high-maintenance turf with ground covers that form walkable “carpets,” and innovative grasses that require little or no water or mowing once established.
In turn, you’ll reduce the need for irrigation, stop washing harmful chemicals into the watershed, add depth and texture to your landscape, and spend your spare time enjoying your yard instead of manicuring it.
Creeping perennials, clover, and other ground covers
There’s a ground cover to meet most needs, whether you’re planting a pathway, a hedge, or a broad swath of green. They run the gamut of foliage textures and colors, and many have wonderful flowers. Some varieties are ground-hugging and feel delicious under bare feet. Others grow up to two feet tall, making them ideal as barriers or landscape punctuation.
Look for attributes that meet your needs: child-durable, deer-resistant, drought-tolerant, shade-loving. Mixing them up is not only aesthetically pleasing, it’s also good for the landscape: Diversity increases resistance to pests and disease and reduces the need for fertilizer and pesticides. Here are some popular choices.
Creeping perennials: Tight to the ground, these plants are especially good for cushy green carpets. They keep out weeds and allow air, water, and nutrients to get to plant roots. Many work equally well in rock gardens or in crevices between stepping stones, in full or partial sun. These include mat-forming New Zealand Brass Buttons (Cotula squalida) and Scotch or Irish Moss (Sagina subulata), which isn’t a moss at all but a perennial that forms a cushiony blooming carpet.
Some, like Blue Star Creeper (Laurentia fluviatilis), which has tiny green foliage, bear up to heavy foot traffic. Creeping Jenny (Convolvulus arvensis) has an extensive root system that makes it quick to spread and tough to kill. That’s a good thing if you’re looking for a tough turf alternative but a problem if it creeps into beds where you don’t want it.
Besides being good creepers, many ground-hugging perennial herbs are often nicely scented, hardy under foot traffic, and even edible. These include chamomile (Chamaemelum nobile), which has fern-like foliage and white flowers with yellow centers; Corsican mint (Mentha requienii), which thrives in shade, exudes a minty smell when trod upon, and is edible; and various thymes (Woolly, Red, Prostrate), which feature dainty flowers and work well between pavers or as a low mounding carpet.
Creeping perennials cost $6 to $10 per plant. A 15-by-20-foot area with plants 2 inches apart (for instant density) requires 300 plants. But if you’re patient enough to wait a year or so for them to spread, you can buy fewer plants and space them 12 inches apart.
Clover: Although clover has gotten a bad rap as a weed, it’s actually not a weed at all. In fact, a clover lawn (or, for high-traffic areas, a clover-grass mix) has many advantages. Sweet-scented, inexpensive, and quite durable, white clover (Trifolium repens) grows in any kind of soil, stays green even during low-water periods, and feels lovely underfoot.
Low-growing clover doesn’t need regular cutting, nor does it need fertilizer, but an occasional mow will encourage new growth and discourage bees. If you don’t mind the bees, consider letting your clover bloom, which benefits the bees and the environment. Clover is one of the least expensive groundcover options, costing about $4 to seed 4,000 square feet.
Laura Fisher Kaiser writes about architecture, design, and sustainability. She is in the process of letting clover, moss, and creeping jenny take over what’s left of her Washington, DC, lawn.
Source: http://www.houselogic.com/articles/low-maintenance-lawn-alternatives-ground-cover/#ixzz0vvpgDUhM
Thursday, August 05 2010
Homeowners can better guard against liability claims by knowing what’s covered by umbrella insurance and what isn’t.
Homeowners insurance protects you if, say, a fire burns your house to the ground. That’s a start. But you also need to think about protecting your home against something equally dangerous: a lawsuit. If a houseguest slips in the bathtub, you could get sued. Lose the lawsuit and you could lose all of your assets, including your home.
Umbrella insurance is designed to take over when your homeowners insurance reaches its liability limits. The key to making a decision about whether to purchase an umbrella policy is understanding what’s covered by umbrella insurance and, equally importantly, what isn’t.
Umbrella insurance: What’s covered
Increasing the liability limits on your homeowners insurance can help, but homeowner liability extends beyond the property line. An idle remark can get you sued for slander. A car accident can land you in court. Umbrella insurance offers the advantage of extending the liability protection on your home and auto policies.
Travelers, a provider of umbrella insurance, lists items generally covered in an umbrella policy. While some of these don’t relate directly to homeownership, umbrella insurance is in effect protecting your home, probably your biggest asset, from an unfavorable lawsuit stemming from just about anything. Among what’s commonly covered by an umbrella policy:
- Personal injury or property damage caused by you, members of your family, or hazards on your property for which you are legally liable. This includes what are called “attractive nuisances” such as swimming pools and trampolines.
- Personal liability coverage for occurrences that take place off your premises. For example, if your dog bites a neighbor.
- An additional layer of protection for your vehicles, beyond your auto insurance.
- Protection against slander, libel, wrongful eviction, or false arrest.
- Lawyer fees when you have to defend yourself.
Umbrella insurance: What’s excluded
While umbrella insurance is comprehensive, there are some exclusions, according to Travelers, such as:
- Damages expected or intended by the insured.
- Liability arising from certain exotic vehicles, such as aircraft and jet skis. (Snowmobiles and golf carts usually are covered.)
- Damages to your own property. (Depending on how these were caused, your standard homeowner policy may cover these.)
Other key exclusions for typical umbrella policies involve business activities. Bob Gustafson, a certified financial planner in Marlborough, Mass., offers the example of a van driver delivering yarn to a homeowner who makes extra money knitting sweaters and selling them on eBay. This is a business, and your home/umbrella policies probably won’t cover you if the van driver gets hurt on your icy driveway. Riders, costing about $300 to $400 a year, are available for small home-based businesses.
People who work on your property normally aren’t covered either. How you should handle them depends on their status. Workers employed by a business, such as landscapers or gutter cleaners, should carry their own insurance, says Gustafson. Check before hiring them.
Full-time domestic employees, such as housekeepers and nannies, are treated differently. They aren’t likely to have their own insurance, and Brian Mittman, an attorney in White Plains, N.Y., says they may not be covered under yours either. If your full-time nanny falls down rickety basement steps, you probably aren’t covered, even if you pay her “off the books” in cash. Ask your insurer about a special rider.
Occasional domestic workers—those who work less than 35 hours a week—should be covered under standard homeowner/umbrella policies. You shouldn’t require a rider for an infrequent house cleaner or babysitter, for example, but check the terms of your policies to be 100% sure.
Tally your liability needs
Before you shop around for additional liability coverage, determine how much you already have. Most homeowners insurance comes with liability protection, but it’s usually capped in the $100,000 to $300,000 range. If you own a very modest home and have few other assets, then that may be sufficient.
Most homeowners, however, require more, says Bob Adams, a certified financial planner in Cupertino, Calif. Even $300,000 can disappear quickly in the face of a major lawsuit. The median home price in 2009 was $173,500. Add to that the value of your personal possessions like jewelry, cars, boats, vacation homes, rental properties, and savings, and the assets you need to protect probably exceed the limit of your homeowner policy. You can even be forced to give up a portion of your future income.
It’s worth noting that some states have so-called homestead laws that can protect homes from creditors. There are many exceptions to the rules, however, so check with an attorney.
Lawsuit payouts can be huge. ACE Private Risk Services, which advises individuals on insurance needs, notes a case in which $8 million was awarded when a man suffered an aggravated vertebra injury requiring fusion surgery after a simple fall from a porch. It doesn’t matter if the person who is suing you has extensive health insurance—you’re still on the hook. In fact, umbrella policies tend to have a “med pay” provision specifically to cover medical bills in the event of a lawsuit.
When looking into umbrella insurance, be sure to check with your current home and auto insurers, since many insurers offer multi-policy discounts. An umbrella policy, which typically costs about $300 a year for $1 million of coverage, can usually be issued in a couple of hours, unless red flags come up such as a poor insurance score or an extensive history of home and auto claims.
Richard J. Koreto has been editor of several professional financial magazines and is the author of “Run It Like a Business,” a practice management book for financial planners. He and his wife own a pre-Civil War house in Rockland County, N.Y.
Source: http:// www.houselogic.com/articles/whats-covered-umbrella-insurance/
Wednesday, August 04 2010
Last week, Congress passed legislation to restore funding to the 502 single-family rural housing program. The legislation will increase the guarantee fee for borrowers (but still allow it to be financed), which will make the program self-sufficient. The legislation also increases the commitment authority so Rural Housing Service can formally guarantee loans (they had been providing conditional commitments).
Also, the House Financial Services Committee approved H.R.4868, the Housing Preservation and Tenant Protection Act of 2010, which aims to stem the loss of affordable rental housing units and prevent the displacement of low-income tenants.
The Rural Housing program had run through its $13.1 billion funding by early this year and many buyers hoping to finance home purchases using Homebuyer Tax Credits were unable to close their loans.Depleted funding has been a nearly annual occurrence for the program that guarantees loans for single-family homes in designated exurban and rural areas.The new legislation will end the annual uncertainty by putting the program on a self-funding basis through enacting a 3.5 percent guarantee fee paid by the borrower. The fee, while substantial, can be included in the total amount financed.
Source: NAR and MortgageNewsDaily.com, Jann Swanson, (07/30/2010) http://www.realtrends.com/go/view_media.php?mp_id=9797&cat_id=1488
Tuesday, August 03 2010
The Economic Development Coalition of Southwest Indiana is reporting its mid-year accomplishments for community development include more than 35 written and administered grants. The organization says since its formation in 2006, it has secured $32.2 million in direct grants for its four partner counties to help with water and sewer improvements, downtown planning and purchase of emergency responder equipment.
The Economic Development Coalition of Southwest Indiana announced its mid-year accomplishments in Community Development with more than 35 written and administered grants for 2010. An integral part of its mission, the Coalition provides up-to-date grant program information to units of local government and works with local elected officials to identify projects that could potentially be funded by grant awards. Since its formation in 2006, the Coalition has secured $32,266,710 in direct grants for its four partner counties to help with projects such as water and sewer improvements, downtown planning and purchase of emergency responder equipment.
“We love what we do! It is very fulfilling knowing that in a small way the Coalition is helping to build this region for generations to come,” said Debra Bennett-Stearsman, Vice-President of Community Development for the Coalition. “It is an honor working with the communities to make them better places to live.”
“Efforts like those exhibited by Debra and her team enrich the quality-of-life for the region’s residents and helps to attract both talent along with new businesses to our communities,” said Greg Wathen, President & CEO for the Coalition.
The Coalition also recently completed the Comprehensive Economic Development Strategy (CEDS) document for submission to the U.S. Economic Development Administration (EDA). Spearheaded by consulting firm Strategic Development Group, a committee of 46 community leaders was brought together over a period of four months to compile goals and objectives for the region. A master list of projects for future grant consideration by the EDA and the Indiana Office of Community & Rural Affairs (OCRA) is also part of the document. The CEDS document may be viewed at www.southwestindiana.org/cd_CEDS_Report.
The Economic Development Coalition of Southwest Indiana acts as the umbrella economic development organization for Gibson, Posey, Vanderburgh and Warrick Counties in Southwest Indiana. The Coalition facilitates and coordinates business retention, expansion and attraction activities; and, supports efforts to enhance the business climate through regional capacity building. For further information about the Economic Development Coalition of Southwest Indiana please visit our web site at www.southwestindiana.org.
Source: Economic Development Coalition of Southwest Indiana & Inside INdiana Business
http://www.insideindianabusiness.com/newsitem.asp?ID=42904
Monday, August 02 2010
The real estate market here in Evansville Indiana does not always follow the national trend. We are in a fortunate situation that our market is sheltered and we do not have the extreme ups and downs as in other markets. However, the trend that: “Demand Strong for Well-Prices Homes” does apply to our local market. Homes that have been updated and are in move-in condition and that are priced right, will sell faster.
Demand Strong for Well-Prices Homes
Yes, houses will sell as long as they are priced right. In many — but not all places — that means they’re priced low.
"People who price their homes to the market are selling them in a reasonable amount of time, but people who cling to 2004 or 2005 prices aren't," says Richard Smith, president and CEO of Realogy, the parent company of Century 21, ERA, Coldwell Banker and Sotheby's International Realty.
In some areas, pent-up demand has exploded. "It's crazy," says Brendon DeSimone, an associate with Paragon Real Estate in the Noe Valley near San Francisco. "I had one house with five offers, and it went from $1.4 million to $1.7 million. The valley has just popped. It's not uncommon for one open house to have 200 people come through."
Source: USA Today, Stephanie Armour (07/28/2010)
http://www.realtor.org/rmodaily.nsf/pages/News2010073003
Friday, July 30 2010
A federal program that lets homeowners finance energy improvements and pay back the money via the tax assessment system leaves homeowners vulnerable to fraud and lending abuse, the trade group for title insurers says.
The American Land Title Association says federal authorities need to resolve issues with the Property Assessed Clean Energy program to prevent the program’s potential risks from delaying or cancelling real estate transactions.
“We recognize the value in lowering energy costs for consumers, creating jobs for the economy and reducing buildings’ carbon footprint for the environment,” said Kurt Pfotenhauer, chief executive officer of the American Land Title Association. “However, guidance is needed in resolving uncertainty surrounding these programs.”
ALTA sent a letter to the Federal Housing Finance Agency questioning how a PACE lien is created, how it’s administered, and how local jurisdictions will record the payoff of PACE loans. ALTA is concerned consumers in the PACE program are not getting Good Faith Estimates and HUD-1 Settlement Statements. Lenders, meanwhile, have questions about which liens get paid if the homeowner goes into default on the mortgage, the PACE loan, or both.
“This information allows consumers and lenders to make an informed decision about purchasing a property or providing mortgage financing,” Pfotenhauer said. “This uncertainty increases the potential of impeding or preventing real estate transactions.”
ALTA also questioned whether PACE liens must be recorded in the local public records and how ownership of the property is determined. “Without establishing standards for determining title to property, PACE loans run the risk of significant losses due to fraud,” Pfotenhauer said. “In addition to harming PACE participants, it also damages local property records, and results in increased costs of underwriting, claims, escrow services and compliance for the land title industry.”
Source: ALTA
Read more: http://www.houselogic.com/news/articles/federal-energy-efficiency-loans-leave-homeowners-open-fraud-title-group-says/#ixzz0v0k6Yd6e
Thursday, July 29 2010
The number of mortgage applications to purchase homes rose 2 percent last week compared to the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the index rose 2.4 percent, but remained 34.3 percent lower than it was a year ago. The overall mortgage volume, including refinancings, declined 4.4 percent from the prior week.
This was the highest weekly number of purchase applications since the end of June, and the second week the number of applications has risen, even though mortgage rates increased slightly:
- 30-year fixed-rate mortgages increased to 4.69 percent from 4.59 percent.
- 15-year fixed-rate mortgages increased to 4.12 percent 4.05 percent.
- 1-year ARMs decreased to 7.15 percent from 7.17 percent.
Source: Mortgage Bankers Association (07/28/2010)
Wednesday, July 28 2010
In a slow economy, downtown Newburgh grows.
Many downtown areas have been hit hard in recent years, but others have managed to strive.
During an economic slow down it is not uncommon to see signs for going out of business sales, but it is uncommon in downtown Newburgh.
Since January, the downtown has seen six new businesses, and it is expecting even more.
Shops, restaurants and bits of history line the streets of downtown Newburgh, making it a welcoming destination.
"We are really interested in making Newburgh a wonderful place to come and shop," said Newburgh business owner Kelly Hutchins.
Words of praise are being bestowed on Historic Downtown Newburgh, which promotes the business district.
The organization was recently named a 2010 National Main Street organization from the National Trust for Historic Preservation.
The award recognizes efforts to bring new business to the area.
"It's been a real team effort on moving forward with downtown Newburgh," said Caitlin Poe of Historic Downtown Newburgh. "I think that together we've all been able to move forward and the National Main Street program recognizes that."
So far this year, there are six new businesses that are calling downtown Newburgh home. Last year, there were five.
There was just one business closure in 2010 which the organization says it hopes to turn into an upscale restaurant.
"In this down economy, it's amazing news and we're so proud of it," said Poe.
Historic Downtown Newburgh says its success comes from active promotion in attracting new businesses, and that success should continue for many more years.
Historic Downtown Newburgh is one of only two National Main Street organizations in southwest Indiana, the other is GAGE in Evansville.
Source: http://tristatehomepage.com/fulltext?nxd_id=179995
Monday, July 26 2010
Appraisers and real estate agents offer advice for curb appeal that preserves value and attracts potential buyers.
Curb appeal has always been important for homesellers. With the vast majority of today’s homebuyers starting their search on the Internet, the appearance of your property is more critical than ever. You only have a few seconds to catch their attention as they scroll through listings online to get them to stop and take a closer look.
But the role of curb appeal goes beyond just making a good first impression. The way your house looks from the street can impact its value. It can also shorten the time it takes to sell your house.
We asked real estate agents, appraisers, home stagers, landscape designers, and home inspectors which curb appeal projects offer the most value when your house is on the market, both in terms of its marketability and dollars. Here is what they told us:
1. Paint the house.
Hands down, the most commonly offered curb appeal advice from our real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it and appraisers will note it on the valuation.
“Paint is probably the number one thing inside and out,” says Frank Lucco, managing partner of Houston-based IRR-Residential Appraisers and Consultants. “I’d give additional value for that. If you’re under two years remaining life (on the paint job), paint the exterior because it tends to show wear badly.”
Just make sure you stay within the range of accepted colors for your market. A house that’s painted a wildly different color from its competition will be marked down in value by appraisers.
2. Have the house washed.
Before you make the investment in a paint job, though, take a good look at the house. If it’s got mildew or general grunge, just washing the house could make a world of difference, says Valerie Torelli, a California real estate agent with a background in accounting.
Before she puts a house on the market, Torelli often does exterior makeovers on her clients’ homes, a service she pays for herself to get higher selling prices. Overall, she says her goal is to spend less than $5,000, with a goal of generating an extra $10,000 to $15,000 on the sale price.
Torelli specifies pressure-washing—a job that should be left to professionals. Pressure washing makes the house look “bright and clean in addition to getting rid of unsightly things like cobwebs, which may not be seen from the yard but will detract from the home’s cleanliness when seen up close,” she says.
The cost to have a professional cleaning should be a few hundred dollars—a fraction of the cost of having the house painted.
3. Trim the shrubs and green up the yard.
California real estate agent Valerie Torelli says she puts a lot of emphasis on landscaping, such as cutting down overgrown bushes and replacing them with leafy plants and annuals mulched with beautiful reddish-brown bark. “It runs me $30 to $50,” says Torelli. “Do you get a return on your money? Absolutely. It sucks people in.”
You also don’t want bare spots. Take the time to fertilize the yard, throw out some grass seed, and if need be, add some sod.
4. Add a splash of color.
It could be a flower bed of annuals by the mailbox, a paint job for the front door, or a brightly colored bench or an Adirondack chair. “You can get a cute little bench at Home Depot for $99,“ Torelli notes. “Spray paint it bright red or blue and set it in the yard or on the front porch.”
It’s not a bad idea, but don’t plan on getting extra points from an appraiser for a red bench, says John Bredemeyer, president of Realcorp in Omaha. “It’s difficult to quantify, but it does make a home sell more quickly,” Bredemeyer says. “Maybe yours sold a couple weeks faster than the house down the street. That’s the best way to look at these things.”
5. Add a fancy mailbox and house numbers.
An upscale mail box and architectural house numbers or an address plaque can give your house a distinctive look that stands out from everyone else on the block. Torelli makes them a part of her exterior makeovers “I’ve gotten those hand-painted mailboxes,” she says. “A nice one runs you $40 to $50.” Architectural house numbers may run as high as a few hundred dollars.
6. Repair or clean the roof.
Springfield, Va.-based home inspector and former builder Reggie Marston says the roof is one of the first things he looks at in assessing the condition of a home. He’ll look at other houses in the neighborhood to see if there are a lot of replaced roofs and see if the subject house has one as well. If not, he’ll look for curls in the shingles or missing shingles. “I’m looking at the roof for end-of-life expectancy,” he says.
You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. That could knock thousands of dollars off your appraisal. According to Remodeling Magazine’s 2009-2010 Cost vs. Value Report, the average cost of a new asphalt shingle roof is more than $19,000.
“Roofs are issues,” Lucco says. “You won’t throw money away on that job. You gotta have a decent roof.”
Stains and plant matter, such as moss, can be handled with cleaning. It’s a job that can often be done in a day for a few hundred dollars, and makes the roof look like new. It’s not a DIY project; call a professional with the right tools to clean it without damaging it.
7. Put up a fence.
A picket fence with a garden gate to frame the yard is an asset. A fence has more impact in a family-oriented neighborhood than an upscale retirement community, Bredemeyer says, but in most instances, appraisers will give extra value for one, as long as it’s in good condition. “Day in a day out, a fence is a plus,“ Bredemeyer says. Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.
8. Perform routine maintenance and cleaning.
Nothing sets off subconscious alarms like hanging gutters, missing bricks from the front steps, or lawn tools rusting in the bushes. It makes even the professionals question what else hasn’t been taken care of.
“A house is worth less if the maintenance isn’t done,” Lucco says. “Those little things can add up and be a very big detractor. When people say, ‘I’d buy it if it weren’t for all the deferred maintenance,’ what they’re really saying is, ‘I’d still buy it if you reduce the price.’”
Georgia-based freelance writer Pat Curry has covered housing and real estate for consumer and trade publications for more than a decade, including covering new home sales and marketing for BUILDER, the magazine of the National Association of Home Builders.
Source: http://www.houselogic.com/articles/8-tips-adding-curb-appeal-and-value-your-home/
Friday, July 23 2010
Sales Slow but Remain Above Last Year
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.
Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said. “Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.
The national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.
NAR President Vicki Cox Golder said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value REALTORS® bring to buyers and sellers in this market.”
A parallel NAR practitioner survey shows first-time buyers purchased 43 percent of homes in June, down from 46 percent in May. Investors accounted for 13 percent of sales in June, little changed from 14 percent in May; the remaining purchases were by repeat buyers. All-cash sales were at 24 percent in June compared with 25 percent in May.
Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May.
“The supply of homes on the market is higher than we’d like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets,” Yun said. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008.
Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5 percent above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.
Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago while two were unchanged.
Existing condominium and co-op sales slipped 1.5 percent to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but are 20.5 percent higher than the 556,000-unit pace in June 2009. The median existing condo price was $180,100 in June, which is 1.4 percent below a year ago.
Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 960,000 in June and are 17.1 percent above June 2009. The median price in the Northeast was $244,300, down 1.2 percent from a year ago.
Existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009.
In the South, existing-home sales fell 6.5 percent to an annual level of 2.01 million in June but are 11.0 percent above June 2009. The median price in the South was $163,600, unchanged from a year ago.
Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.
Source: NAR
http://www.realtor.org/RMODaily.nsf/pages/News2010072201?OpenDocument
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