Steven Jolly

Foreclosure Activity Drops 9% in April

Steven Jolly — Tue, 18 May 2010 05:54:00 GMT

RealtyTrac® reported for April 2010, which shows that foreclosure filings had a 9 percent decrease from the previous month and a 2 percent decrease from April 2009. One in every 387 U.S. housing units received a foreclosure filing during the month.

“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease in U.S. foreclosure activity. Secondly, bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis. We expect a similar pattern to continue for most of this year, with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”

Prices Not Following the Increasing Sales Activity

Steven Jolly — Wed, 12 May 2010 00:12:00 GMT

There were 2,145 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 33.7 percent from the 1,604 closings reported for April 2009.

Year-to-date closings are up compared to last year with 6,337. That is an 18 percent increase compared to the 5,366 closings reported through April 2009.

“For the seventh consecutive month, home sales in Greater Nashville have increased,” said GNAR President Lucy Smith. “Stable prices for single family homes and condominiums paired with an increase in pending sales create a hopeful sign as we move into the summer selling season.”

“Many people may be wondering about the impact the recent flooding could have on the real estate market. Clearly, the damage and loss is significant in both downtown commercial and area residential property. There may be a brief impact, but there is likely to be continuing sales activity throughout Middle Tennessee. And, the exceptional job of response by both area volunteers and community leaders confirms that Greater Nashville will continue to attract companies and families. The true heart of this city has been revealed to people around the country and what they are seeing is very compelling,” Smith said.

A comparison of sales by category for April is:

	April 2009	April 2010
CLOSINGS	1,604	2,145
Residential	1,336	1,834
Condominium	180	220
Multi-Family	19	27
Farms/Land/Lots	69	64

There were 2,505 sales pending at the end of the month, compared to the 1,865 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 April was $164,950 and for a condominium it was $143,950. This compares with last year’s median residential and condominium prices of $164,500 and $149,900, respectively.

Inventory at the end of April was 24,352, down slightly from 24,408 in 2009. The current inventory of properties by category, compared to last year, is

	April 2009	April 2010
INVENTORY	24,408	24,352
Residential	14,855	15,087
Condominium	2,575	2,618
Multi-Family	395	463
Farms/Land/Lots	6,583	6,184

“Inventory remains stable, down only slightly from where it was a year ago,” Smith added. “Residential and condominium inventory levels are both up from where we were last year, with farm, land and lots down. The increase in home sales over the past several months proves people are continuing to make Middle Tennessee their home. Even with the expiration of the home-buyer tax credit, low mortgage rates and median prices make this an ideal time to purchase in Greater Nashville.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

New EPA Rules Drive Up the Cost of Renovations

Steven Jolly — Sat, 24 Apr 2010 23:56:00 GMT

The U.S. Environmental Protection Agency announced that repairs of pre-1978 housing must now be conducted using new practices to further protect people from exposure to lead-based paint. The new work rules became effective in April 2010. Renovations that distrub more than 6 square feet of paint indoors or 20 SF Outdoors need to be performed or supervised by a Certified Lead Renovator. Individuals can complete training in lead-safe work practices and become certified.

The new rules are expected to significantly increase the cost of renovations of older homes. About 48% of the homes listed in Nashville are pre-1978 and would fall under these new rules.

Tax Credit Deadline Drives Nashville Area Home Sales

Steven Jolly — Sun, 18 Apr 2010 02:47:00 GMT

There were 1,851 home closings reported for the month of March 2010, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 21.6 percent increase compared with 1,521 closings in March of 2009.

Numbers for the first quarter of 2010 were 4,192 closings, up 11.4 percent from the 3,762 closings during the first quarter of 2009.

“Having the number of home closings in Greater Nashville increase more than 21 percent from this time last year is a very encouraging sign,” said GNAR President Lucy Smith. “This makes six consecutive months or two consecutive quarters of positive figures for home sales, which is very good news. It is also good to see the median residential price remaining stable.”

“The tax credit deadline of April 30 for contracts, with closings by the end of June, has certainly been responsible for much of the sales activity. It is reasonable to expect many transactions are being seriously considered right now to take advantage of the tax credit, so it is likely that the positive trends will continue at least though the spring and early summer,” Smith continued.

There were 2,231 sales pending at the end of March, compared with 1,731 pending sales at this time last year. The average number of days on the market for a single-family home was 92 days.

The median residential price for a single-family home during March was $159,250 and for a condominium it was $137,450. This compares with last year’s median residential and condominium prices of $158,000 and $155,704, respectively.

Inventory at the end of March was 24,123, up slightly from 23,886 in March 2009.

“Inventory is up slightly from last year, and actually up nearly 1,000 units from last month,” added Smith. “This is great news for buyers looking to take advantage of the spring home-buying season and the tax credit. Sellers are putting their homes on the market giving buyers a significant variety from which to choose. The increase in real estate market activity seems to indicate that people are beginning to feel more confident and believe the overall economy is beginning to recover.”

Greater Nashville Home Sales Information for January 2010 Activity Has Mixed Results

Steven Jolly — Wed, 10 Feb 2010 01:07:00 GMT

There were 1,033 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 6 percent from the 974 closings reported for the same period last year. “The year has started with positive news for home sales in Greater Nashville,” said GNAR President Lucy Smith. “The extended and expanded tax credit continues to be a significant factor in prompting people to consider both buying and selling homes. As the deadline approaches in April, it is possible that activity will increase as people take advantage of this exceptional opportunity. Prices did decline in January, which is due largely to the first-time home buying activity prompted by the tax credit."

There were 1,295 sales pending at the end of the month, compared with 1,282 pending sales at this time last year. The average number of days on the market for a single-family home was 99 days.

The median residential price for a single-family home during January was $159,000, and for a condominium it was $154,550. This compares with last year’s median residential and condominium prices of $165,000 and $165,000, respectively.

Inventory at the end of January was 22,233, down from 22,509 in January 2009.

However, when compared to Decemeber of 2009, closings are down 35.9%, prices are down 3% inventory is up 6.6% and DOM is up 10%. The market has slowed substantially from Q4 2009 to Q1 2010. We expect somewhat of a drop off, because December – March is typically the seasonal slow period in this area.

HUD awards $30 million to MDHA for Foreclosure Rehab & Affordable Housing.

Steven Jolly — Mon, 01 Feb 2010 15:39:00 GMT

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.

New Incentive for Buyers Purchasing Fannie Mae REO

Steven Jolly — Thu, 28 Jan 2010 16:17:00 GMT

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

Tax Credit Continues to Stimulate Home Sales in November

Steven Jolly — Fri, 18 Dec 2009 00:08:00 GMT

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."

Nashville Home Sales Increase Due to Tax Credit

Steven Jolly — Mon, 07 Dec 2009 17:36:00 GMT

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.”

Nashville Posts Third Straight Month of 2000 Closings

Steven Jolly — Fri, 18 Sep 2009 01:18:00 GMT

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.”

Strong Gains in Existing Home Sales Drives Market

Steven Jolly — Tue, 25 Aug 2009 01:05:00 GMT

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

2000+ Closings Again in July

Steven Jolly — Mon, 17 Aug 2009 23:16:00 GMT

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."

LPS Sees Positive Signs in Housing Market

Steven Jolly — Wed, 29 Jul 2009 21:47:00 GMT

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.

Existing Home Sales Rise for Third Straight Month

Steven Jolly — Wed, 29 Jul 2009 15:39:00 GMT

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.

Single Story For Sale in West

Steven Jolly — Fri, 24 Jul 2009 02:17:00 GMT

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