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The U.S. Department of Housing and Urban Development has announced that the Metropolitan Development and Housing Agency, in a consortium established with The Housing Fund, Urban Housing Solutions, the Woodbine Community Organization and Pinnacle Financial Partners, has been awarded nearly $30.5 million in new funding. Nashville was the only Tennessee city to receive an award in the highly competitive national program. According to HUD, funding was awarded "to applicants who developed the most innovative ideas to rebuild local communities, while demonstrating that they have the capacity to be responsible stewards of taxpayer dollars." "This was a very competitive process and I'm delighted that Nashville's proposal was chosen," said Mayor Karl Dean. "This means new affordable housing, getting abandoned homes and neighborhoods reoccupied, and putting people to work." The funding will be used for three primary activities: •The purchase and rehabilitation of residential properties that have been abandoned or foreclosed. •The establishment of a financing mechanism for low- to middle-income homebuyers of foreclosed properties •The redevelopment of vacant properties as housing. A significant component of the groups' efforts will be the development of 140 units of affordable new multi-family rental housing. "The Housing Fund, Urban Housing Solutions, the Woodbine Community Organization, Pinnacle Financial Partners, Vanderbilt University's Center for Community Studies, and MDHA collaborated on this successful proposal. These are great partners to have – experienced, creative, and dedicated to this city,” said MDHA Executive Director Phil Ryan.
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Fannie Mae is offering an incentive for buyers purchasing and closing on a Fannie Mae REO between January 28 and April 30, 2010. The incentive’s goals are to encourage buyers to purchase REO properties and increase the sales volumes to help manage the higher levels of inventory anticipated this year. The incentive is a total of 3.5% of the final selling price comprised of:
· Closing costs · The purchase of new Whirlpool® appliances by Fannie Mae · A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5% Since lenders may impose their own limitations on the use of the 3.5% incentive, buyers should consult their lenders for guidance. To be eligible for this incentive:
· Offers must be accepted on or after January 28, 2010 · Property sales must close before May 1, 2010 · Buyers must be owner-occupants, investors are excluded
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First-time homebuyers taking advantage of tax credit continue to stimulate sales
There were 1,973 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 58.7 percent from the 1,243 closings reported for the same period last year. Year-to-date closings through November are 19,571, a 14.3 percent decrease from 2008 when 22,824 closings were reported through November. “The number of home closings being so high in November is due largely to the first-time homebuyer tax credit. No one knew whether the original deadline would be extended, so many people chose to act on the opportunity to purchase a home,” said GNAR President Mike Nichols. “The high amount of activity at the first-time buyer level is likely to continue and it may now help create some move-up activity since the tax credit has now been expanded beyond just first-time buyers." "The impact of these home sales goes well beyond the actual real estate transaction," Nichols continued. "Those who purchase homes are very likely to make other purchases for their homes like appliances, furniture, floor and wall coverings, lawn equipment and other decoration and improvement items. That is great news for the local and regional economy."
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There were 2,145 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 22.7 percent from the 1,748 closings reported for the same period last year. This is the first time since October of 2006 that Greater Nashville home sales have recorded and increase in home sales on a year-to-year comparison for the month. Year-to-date closings through October are 17,598, and 18.4 percent decrease from the 21,581 closings reported through October 2008. “It is truly welcome news that home sales in Greater Nashville increased so dramatically in October,” said GNAR President Mike Nichols. “And while one month does not make a trend, having a significant number of sales pending for the next month is also encouraging." “This is undeniable evidence that the $8,000 tax credit has been meaningful in stimulating home sales. There is no question that many of these sales were initiated due to the tax credit and it is certainly our hope that, with the expansion and extension of this tax credit through next spring, we will continue to see positive sales in the area.”
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There were 2,064 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an 9.2 percent decrease from the 2,273 closings reported for the same period last year. Year-to-date closings for the Greater Nashville area have decreased 23.8 percent. There were 13,518 closings, compared with 17,758 closings reported through August of last year. There were 2,181 sales pending at the end of August, compared with 2,149 pending sales at this time last year. The average number of days on the market for a single-family home was 88 days. The median residential price for a single-family home during August was $160,000, and for a condominium it was $147,900. This compares with last year's median residential and condominium prices of $177,500 and $162,500, respectively. Inventory at the end of August was 24,404, down from 24,975 in August 2008. “The number of closings has stabilized in recent months and it is encouraging that we have exceeded 2,000 sales for the third consecutive month,” said GNAR President Mike Nichols. “The median price has decreased, primarily as a result of short sales and foreclosures, which makes the current real estate market a good one for investors. It is also reasonable to expect that some first-time buyers will act soon to take advantage of the $8,000 tax credit before it runs out December 1, 2009.” “Residential and condominium inventory is lower than last year, but there is still an abundant selection of quality properties all across Greater Nashville. The inventory of farms, land and lots remains high and will likely stay that way until homebuilding activity increases,” said Nichols. “Those looking to take advantage of the Federal Housing Tax Credit, if not already looking, should immediately start the process of finding a home. Buying a home is rightfully a lengthy process and to take advantage of the $8,000 credit, the property must be purchased by December 1.”
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For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate1 of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005. Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said. The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999. “Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June; the rate was 6.43 percent in July 2008. An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions. NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the first-time buyer tax credit is working. “In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move,” he said. “Realtors® are the best resource for consumers in these changing market conditions because the transaction process has become more complex. Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September,” McMillan said. “Otherwise, they may miss the November 30 closing deadline.” For the full press release: http://www.realtor.org/press_room/news_releases/2009/08/strong_uptrend
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There were 2,214 home closings reported for the month of July, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an 11 percent decrease from the 2,488 closings reported for the same period last year. Year-to-date closings for the Greater Nashville area are 11,454. That is a decrease of 26 percent from the 15,485 closings reported through July 2008. "There were more than 2,000 closings in July, which makes two consecutive months at that level. And, there are more than 2,000 sales pending for the third consecutive month, which creates a positive outlook for next month, as well," said GNAR president Mike Nichols. "Clearly, sales continue to decrease, but it is encouraging to see the rate of that decline improve so dramatically since the beginning of the year." There were 2,147 sales pending at the end of July, compared with 2,394 pending sales at this time last year. The average number of days on the market for a single-family home was 87 days. The median residential price for a single-family home during July was $171,100, and for a condominium it was $142,146. This compares with last year's median residential and condominium prices of $179,995 and $162,900, respectively. Inventory at the end of July was 24,592, down from 25,023 in July 2008. "Value is one of the most significant terms for potential home buyers right now. There is a good amount of inventory available, though slightly less than last year. And, prices are lower than a year ago," added Nichols. "It is important to be aware that interest rates have shown some upward trends recently and the $8,000 tax credit is scheduled to end soon. So, those who are considering the purchase of a home may want to consider acting before circumstances change and costs increase."
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Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, announced its release of the July 2009 LPS Mortgage Monitor, an in-depth report of mortgage industry performance indicators based on data collected as of June 30, 2009. Although market conditions remain challenging, several signs from this month’s report are early indications that the nation’s housing market may be turning a corner toward recovery. Positive indicators for June included:
New delinquencies dropped to their second lowest level in the last year.
The percentage of loans rolling to a more delinquent status declined across all product types.
The gap between loans improving and loans deteriorating narrowed slightly.
Total loan originations for the first half of 2009 were higher than 2008 levels for the same time.
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Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.6 percent to a seasonally adjusted annual rate1 of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008. Lawrence Yun, NAR chief economist, is hopeful about the gain. “The increase in existing-home sales occurred in all major regions of the country,” he said. “We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many Realtors® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.” Total housing inventory at the end of June fell 0.7 percent to 3.82 million existing homes available for sale, which represents a 9.4-month supply2 at the current sales pace, down from a 9.8-month supply in May.
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Do not miss this one!
• 1,506 sq. ft., 2 bath, 3 bdrm single story -  MLS® $79,200 - Great Price! West, Nashville - BTSA $1,500 if closed by 10/30/09. Seller will credit buyer up to 3% of sales price towards closing costs if negotiated in final signed counter offer. No warranties/representations by the seller/agent. Commisson/Bonus/Concessions subject to change.
Buyer to verify all information including SF & Schools. Submit offers on TAR forms. Subject to final approval. For special financing incentives, please contact Chase Loan Officer, Rob Taylor at 860-380-9299. Sold As-Is, Where-is.
Head West on Charlotte Pike in Nashville, Turn on WestBoro. Right on Patton. Left on W Bend. Home on left at the corner of Patton and W Bend. Property information
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Do not miss this one!
• 2,240 sq. ft., 2 bath, 4 bdrm 2 story - MLS® $121,300 - Great Price! Lake Forest Estates, La Vergne - Seller will credit buyer up to a maximum of 3% of sales price towards closing costs if negotiated in the final signed counter offer. No warranties/representations by the seller/agent. Sold As Is/Where Is. Buyer to verify all info including SF & Schools. For special financing and incetives, Sellers request buyer contact Chase Loan Officer, Rob Taylor at 860-380-9299. Subject to Final Approval. Submit offers on TAR forms with preapproval. Comp based on net sales price.
From Murfreesboro Rd in Lavergne. Turn on Dick Buchannan St. Continue on Holland Ridge. Left on Eden. Home is on the right. Property information
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RealtyTrac, the leader in foreclosure information, has released its foreclosure report for June 2009. Foreclosure filings and REOs are up 31% in one month and are up 7.3% over last year. In June, Tennessee had 2,782 foreclosure filings and 1,893 REO making it the fifteenth highest state in the Nation. One out of every 583 homes in Tennessee was in some state of foreclosure in June 2009. Nationally, foreclsoures are also up 4.57% in one month and 33.21% in one year. 1 out of every 380 homes was in some state of foreclosure in June 2009. The top ten states for foreclosures by rate of foreclosures are Nevada, Arizona, Florida, California, Utah, Georgia, Michigan, Illinois, Idaho, and Colorado
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Federal Housing Finance Agency Director James B. Lockhart today released FHFA’s latest Foreclosure Prevention Report detailing actions taken by Fannie Mae and Freddie Mac to prevent unnecessary foreclosures and keep people in their homes. The report includes loan modification data under FHFA’s Streamlined Modification Program, which was initiated in November 2008 but ended in April 2009. Completed loan modifications fell 12 percent in April to approximately 13,800 from March as the Enterprises ended their Streamlined Modification Program (SMP) and began implementing the Home Affordable Modification Program (HAMP). Seventy-five percent of loans modified in April involved both rate reductions and term extensions. Completed short sales and deeds in lieu increased 15 percent in April 2009 to nearly 4,000. Delinquencies continued to increase as approximately 71,700 more loans became 60 days or more delinquent in April. Foreclosure starts in April declined 3 percent compared with March to nearly 85,900. Foreclosure starts were lower in April as servicers began to temporarily suspend foreclosure actions on delinquent borrowers who pursued a modification under HAMP, while borrowers’ eligibility was being determined. If a borrower is determined to be ineligible for HAMP, the servicer is required to consider other alternatives to prevent foreclosure such as short sales and deeds in lieu. Foreclosure and third-party sales increased to 14,200 in April up from 9,300 in March driven by sales of non-occupied properties, and owner-occupied properties already determined to be ineligible for HAMP.
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Do not miss this one!
• 910 sq. ft., 1 bath, 2 bdrm single story - MLS® $48,600 - Great Price! Old Hickory, Davidson County - Great Opportunity to Own a Home in Old Hickory Village. Do not miss this one! Seller will credit buyer up to a maximum of 3% of sales price towards closing costs if negotiated in final signed counter offer. BTSA = $3,000.
No warranties/representations by the seller/agent. Sold As Is/Where Is. Subject to final approval. Buyer to verify all information including SF & Schools. Submit offers on TAR forms with preapproval. Comp is a flat fee.
From Old Hickory Blvd in Old Hickory Village, Turn on Debow St. Home is on the Right.
Property information
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Ashton Park!
• 3,203 sq. ft., 3 bath, 4 bdrm single story - MLS® $427,900 - Great Price! Ashton Park, Franklin - Great Opportunity to Own this Home in Ashton Park. Do not miss this one! Located in Cool Springs; Close to I-65, Galleria Mall, Resturants, and Shopping.
No warranties/representations by the seller/agent. Sold As Is/Where Is. Subject to final approval. Buyer to verify all information including SF & Schools. Submit offers on TAR forms with preapproval. Comp is based on Sales Price minus any concessions.
From I-65 South in Franklin, Take the Cool Springs East Exit. Turn Right into Ashton Park. Left at the Waterfall. Left on Eden Park. Left at French Town. Property information
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