One of America's Best Housing Markets

Washington: One of America’s Best Housing Markets
Posted: 25 Feb 2009 06:22 PM PST

As the housing downturn wears on, some cities are stabilizing and somearen’t.
In Las Vegas, the weakest market in the country, prices continue to drop.
“I don’t know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there’s some force out there in the universe that I’m not aware of,” Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm.
Forbes magazine analyzed monthly declines as well as year-over-year declines in home prices. It also looked at how many months of equity homeowners have lost. With these figures in mind, it determined the 10 best and the 10 worst U.S. housing markets. Here they are::
10 BestNew York CityWashington, DCCharlotte, N.C.Portland, OreSan DiegoDenverBostonDallasLos AngelesSeattle
10 WorstLas VegasPhoenixDetroitMinneapolisSan FranciscoChicagoClevelandAtlantaTampaMiami
Source: Forbes: Matt Woolsey (02/24/2005) via NAR

Is now the time to become a homeowner?

Is Now the Time to Become a Homeowner?
Home prices have dropped and mortgage rates are the lowest in decades, but is it the best time for you to purchase a home?Lower home prices, due in part to the declining median price of homes, are motivating many potential home buyers to take action. According to the National Association of Realtors, the median home price for an existing home in the United States during December 2008 was $175,400 a decrease of 15.3 percent from $207,000 a year ago. Given the current recession, median home prices are likely to continue to fall in 2009 in most markets. If you're one of the many potential homebuyers planning to take advantage of the plunging home prices, make sure you're financially prepared to acquire a mortgage and ready to take on the responsibilities of home ownership.
Financial PreparationAs you may know, the proverbial bar has risen when it comes to credit and it has become a bit tougher to qualify for a mortgage. Before you set your hopes on a home, make sure you will qualify for a loan by having good credit (typically a score of at least 620) and a good-sized down payment in the bank of at least 10 percent. Obtain a full list of loan qualifications by meeting with a Hometown Mortgage Corp mortgage professional. We will not only help you review your current finances, but also suggest a mortgage program that best fits your situation.Mortgage RatesPresident Obama has promised to lower mortgage rates for Americans in order to increase home affordability. With that, expect to see mortgage rates continue to decline. Low rates, combined with falling home prices, are making homes affordable for those who qualify. Call 888-306-8002, 757-306-8001 today to discuss purchasing qualifications for your area and whether homeownership is right for you.Home buyers aren't the only ones benefiting from these new, low mortgage rates. Many homeowners, who have been financially responsible and have equity in their homes, are taking notice of the falling rates and opting to refinance their homes at a better rate. Contact us online at hometownmortgagecorp.com to learn if your credit score and current home equity is enough to qualify for a refinance without the hefty fees.Plant RootsThe economy is bound to be a bit bumpy the over next few years, make sure you are financially equipped and mentally prepared to see home prices drop even more after your purchase. Though home prices will fluctuate, stay put and plan to live in your home for five or more years so that you can witness your home appreciate in value.
Keeping You InformedHometown Mortgage Corp is dedicated to keeping you informed of the latest market trends and mortgage options. Visit us online at hometownmortgagecorp.com, or call today at 888-306-8002, 757-306-8001, to obtain custom loan options designed to fit your needs and help you obtain your home goals.

Pending Home Sales Show Healthy Gain

Pending home sales increased as more buyers took advantage of improved affordability conditions, according to the National Association of Realtors®. Big gains in the South and Midwest offset modest declines in other regions. The Pending Home Sales Index rose 6.3 percent to 87.7 from an upwardly revised reading of 82.5 in November, and is 2.1 percent higher than December 2007 when it was 85.9. Lawrence Yun, NAR chief economist, said the index shows a modest rebound. “The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month,” he said. “The biggest gains were in areas with the biggest improvements in affordability.”

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RE/MAX AllegianceRE/MAX Allegiance

505 S. Independence Blvd.Suite 111

Virginia Beach, VA 23452
Office: (757) 490-7300 ext: 115
Direct Line: 757-535-4884
Fax: (757) 213-7889
Tollfree: 866- 220-1194
Cellular: (757) 535-4884
Email:karen.davis@rmxtalk.com
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