Southside Housing Alliance

“…Despite the challenges facing the housing market, 65 percent of Americans would still prefer to own a home rather than rent, according to a Fannie Mae national housing survey. The survey shows that, despite the housing downturn, Americans continue to value homeownership and think about their homes in ways that go much deeper than the financial investment. They are more cautious, however, about assuming a mortgage, recognize the requirements, and favor standard long-term fixed-rate loans with predictable payments. It also found that people strongly believe in the importance of upholding the financial commitment involved in buying and owning a home, even during these challenging times when home values have fallen. They also value renting as a housing option…”

“…Nearly eight out of 10 respondents believe buying a home is a good financial decision, according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors.

Despite economic uncertainty, 68% of those surveyed still believe now is a good time to buy a home. Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area…”

“… According to the U.S. Commerce Department, single-family housing starts posted a 4.4% gain in September. Stability is slowly returning to the new-homes market following the declines following the expiration of the home buyer tax credits and the slowing of economic growth this summer. Builders are receiving more inquiries from potential customers and are carefully responding to renewed consumer interest…”

“… Obama Administration October Housing Scorecard shows continued signs of stabilization in house prices and high home affordability due in part to record low interest rates. The October Housing Scorecard features key data on the health of the housing market…”

“…Reviewing housing data in the long-term is a more healthy way to study the market and when you consider the extraordinary circumstances of the last couple of years, we should widen the lens even more. The fact remains that the market we’re currently in – both statewide and in most localities – has many advantages, more supply, historic low interest rates and less buyer competition…”

“… Indiana’s business climate ranks eighth nationally by Site Selection magazine, the state’s third straight top 10 finish. The ranking is based on a survey of national real estate executives and a review of Indiana’s economic development record and is up one spot from last year…”

“… Mortgage rates fell back into record low territory this week. The average rate on the benchmark conforming 30-year fixed mortgage rate returning to 4.42 percent. In November 2008, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a savings of $238 per month…”

“…Sales of new homes climbed 6.6% in September 2010, figures released by the federal government showed, representing the second straight month of gains. A recent report showed sales of existing homes were also stronger than expected, rising 10%, and the two reports lend support to some economists who believe housing demand hit a bottom in late summer…”

“…MIBOR’s September Housing Data Report signaled strong home sale prices once again with both average and median sale price on the rise. When compared to the three-month period of July, August and September 2009, the average sale price of homes in central Indiana increased 6.9 percent to $157,747 for the same months in 2010…”

“… On the second anniversary of the financial collapse, Americans have a mostly positive outlook on their financial futures. Despite the economy’s sluggish recovery, a new national survey found that nearly seven in 10 Americans have an optimistic outlook about their household finances. The vast majority of Americans (81 percent) say they are more responsible with their household’s money today than two years ago. Many indicated they’ve changed their financial habits…”

“…Sales figures for previously owned homes rose in August following a big correction in July, according to data released by the National Association of Realtors (NAR). The National Association of Realtors’ existing-home sales report showed a 7.6 percent increase in transactions during the month, bumping the annualized sales pace to 4.13 million homes…”

“…It would be unrealistic to say that the real estate market is utterly rosy right now, but neither is it thorn-filled by any means. In fact, things are decidedly looking up: Recently we got some good news, when the National Association of Realtors reported that pending home sales rose, beating economists’ expectations. This is good news for both buyers and sellers.

While challenges still exist, there are some once-in-a-lifetime opportunities out there, and plenty of happy results can be had for both buyers and sellers. The key for both groups is to remain flexible, adaptable and diligent. To that end, here are some dos and don’ts for today’s buyers and sellers…”

“… There are so many things to understand as you embark on purchasing a home, especially if it’s your first purchase. Learn the basics as you get started and understand everything you need to know as it relates to financing. Here are ten tips to help explain financing…”

“… A house is a home, not a piggy bank Too many Americans have lost too much to think of their homes as a siding-clad ATM. A home, after all, is more than just crown moldings, copper wiring, and bay windows—it’s a sense of place, of community and of comfort. It matches who you are and fits seamlessly within your daily life. A truism that will linger with us for a long time to come: a house is a home, an investment in your future, a roof over your head and a shelter for your loved ones…”

“… Bolstered by favorable interest rates and low house prices, housing affordability remained near its highest level nationwide for the sixth consecutive month since the series was first compiled nearly two decades ago. The Housing Opportunity Index indicated that 72.3% of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income …”