Buyers are returning to housing market

The number of foreclosures fell and home sales rose in February in Frederick County.

The drop in foreclosures, according to a local attorney, is due to willingness by mortgage companies to streamline the short sale and loan modification process as an alternative to foreclosure.

"The mortgage companies still take a loss on a short sale, but not as much as they would if they have to wait until the expensive and time-consuming foreclosure process is over, which takes about a year before they get the property back to market it," said Patrick McLister of Salisbury and McLister.

"Some lenders are also accepting deeds in lieu of foreclosure from distressed homeowners to shorten the time it takes to resell the property."

More here.

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Real estate pros find hope, hot spots for 2012

(Reuters) - This new year might be the one in which the housing market starts to strengthen, according to the 2012 predictions of several housing industry observers and experts.

Jed Kolko, chief economist at Trulia.com, a real estate search and research website, says he sees rising rents, a humble recovery in housing prices and even some unexpected "hot" spots where he thinks price increases will exceed the average this year.

"Smart cities are hot," he said in his annual forecast, highlighting Austin, Houston, San Jose, Boston and Rochester, New York, as cities where home prices can be expected to see modest to healthy increases.

Rochester might seem a surprising addition, since the city lost many jobs when the photography colossus Kodak thinned its ranks. Seems things are rebounding; "In Rochester, a center of high-skill manufacturing industries, education levels are well above the national average," Kolko wrote. "As the recovery proceeds, smart cities are leading the way."

More here.

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Real Estate: Why home prices won't bottom out

By John Wasik

Wed Nov 16, 2011 2:30pm EST

(Reuters) - Watching the U.S. home market struggle to rebound is like listening to children in the back of a car. No, we're not there yet.

The National Association of Realtors reported that ten real estate markets are "leading the nation toward a general recovery and stability of the housing sector," but myriad problems are going to weigh down the housing market for months to come.

The lingering malaise in the economy has triggered a new wave of defaults and foreclosures. After five straight quarterly drops, foreclosures nationwide shot up 14 percent from the second to third quarter this year, according to data released by Realtytrac, the foreclosure information service (see link.reuters.com/kaw94s), in October.

More here.

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10 Best-Performing Major Housing Markets

Jay's note: Considering that a large part of our 2nd home market is fueled by Washington DC & the northern VA area, this is GREAT news

Ten of the highest performing major market metros are expected to improve their performance over the first half of the year, with five of the top 10 even expected to see modest gains, reports Clear Capital in its latest monthly Home Data Index.

While housing prices in the first half of the year were mostly negative among the metro areas, Clear Capital says the market is showing signs of stabilizing.

Top Performers
The following are the highest performing major markets based on first half 2011 data (January through June) and second half forecast, according to Clear Capital.

1. Washington, D.C.-Arlington, Va.
2. New York-Long Island, N.Y.-No. New Jersey, N.J.
3. Orlando
4. Dallas-Fort Worth-Arlington, Texas
5. San Francisco-Oakland-Fremont, Calif.
6. Boston-Cambridge-Quincy, Mass.
7. Honolulu
8. San Diego-Carlsbad-San Marcos, Calif.
9. Rochester, N.Y.
10. Memphis, Tenn.

Yet, only five of these markets are expected to boast home price gains in the second half of 2011: Washington, D.C., New York, Orlando, Dallas, and San Francisco, according to Clear Capital.

More here.

If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

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A Return to Normal in Housing Markets?

Today’s Wall Street Journal Front Page shows a chart by Bob Shiller which illustrates, as Mr. Miller has already opined, that we’re finally seeing a statistical return to “normalcy” in the housing markets. This means, per Shiller, that housing values will grow “at the same pace with the inflation rate” (or course barring extraneous market influences like a big spike in rates, changes in the mortgage interest deduction, etc.)

More here.

If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!

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Home sales tumble, prices are near 9-year low

By Lucia Mutikani

WASHINGTON | Mon Mar 21, 2011 4:56pm EDT

WASHINGTON (Reuters) - Sales of previously owned U.S. homes plunged in February and prices hit their lowest level in nearly nine years, indicating a housing market recovery was still a long way off.

The National Association of Realtors said on Monday sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The percentage decline was the largest since July.

The weak sales were the latest evidence of the malaise in the housing sector and confirmed it would remain outside the strengthening and broadening economic recovery.

"The housing market is still very depressed and a major drag on the economy, especially household net worth," said Chris Christopher, a senior economist at IHS Global Insight in Lexington, Massachusetts.

Economists had expected a decline of only 4 percent to a 5.15 million-unit pace. The actual drop was greater than even the most pessimistic forecast in a Reuters survey of 53 economists.

Read the full article here.

If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!

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Existing home sales rise, prices hit 2002 low

(Reuters) - Sales of previously owned U.S. homes rose unexpectedly in January, but prices tumbled to the lowest in nearly nine years, an industry group said on Wednesday.

The National Association of Realtors said sales climbed 2.7 percent month over month to an annual rate of 5.36 million units from a downwardly revised 5.22 million pace.

Economists polled by Reuters had expected January sales to fall 2.1 percent to a 5.24 million-unit pace from the previously reported 5.28 million units in December.

Compared with January last year, sales were up 5.3 percent. The median home price fell 3.7 percent from a year-ago to $158,800, the lowest since April 2002.

Read the full article here

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

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Housing finance changes likely to mean less government backing for some buyers

By Zachary A. Goldfarb and Brady Dennis
Washington Post Staff Writers
Friday, February 4, 2011; 12:08 AM

The Obama administration is likely to recommend reducing the size of mortgages eligible for government backing, according to current and former officials, a move that could make getting a home loan in high-priced areas such as the Washington region more expensive.

Administration officials, who are preparing a white paper on overhauling the nation's housing finance system, are looking at scaling back the support provided during the mortgage crisis to help the ailing real estate market.

In the District and most of its neighboring counties, home buyers have benefited from a temporary federal policy that has allowed mortgages up to $729,750 to receive government backing. Such home loans typically carry lower interest rates than those without government support, because investors are attracted by the official guarantee.

The administration is now likely to suggest that Congress allow the policy to lapse as scheduled in September, lowering the loan limit to $625,500.

The proposal to let the higher limits lapse is among the most concrete elements in the long-awaited review, which examines various options for reshaping the role government plays in the mortgage finance market.

Read the full article here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

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Fewer sellers cut home prices in September: Zillow

By Julie Haviv

NEW YORK | Wed Oct 6, 2010 5:27pm EDT

NEW YORK (Reuters) - The percentage of home sellers who cut their asking price fell in September, with price reductions smaller than the month before, real estate website Zillow.com said on Wednesday.

Prices on 28 percent of homes listed for sale on the Zillow website had been cut at least once as of the end of September, down from 34.9 percent in August, it said in the report, provided exclusively to Reuters prior to its wider release.

It was the second consecutive month the percentage of home sellers who reduced their asking price decreased from the previous month.

Price reductions peaked in July 2010, when more than one-third, or 36.5 percent, of listings on Zillow had at least one price reduction.

Read the rest here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

Deep Creek Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website - competitive rates and quality results from a locally owned & operated company!

Consumer confidence and home prices edge up

By Caroline Valetkevitch

NEW YORK | Tue Aug 31, 2010 1:42pm EDT

NEW YORK (Reuters) - U.S. consumer confidence rose modestly in August and U.S. homes prices gained more than expected in June, easing some worries the economy is headed for another downturn soon.

Another report released on Tuesday showed the pace of growth in business activity in the U.S. Midwest slowed in August, but economists said the data overall did not present new worries about the path of the economy.

The data shows "the economy, while it is not going on all cylinders, is also not sliding into this double-dip recession that people are concerned about," said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.

Financial markets, however, were reluctant to read too much into the numbers, particularly as investors awaited the release on Friday of the government's closely watched monthly report on the U.S. labor market.

Read the rest here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

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New Home Sales Jump in June, Pace Remains Slow

Published July 26, 2010
Associated Press

WASHINGTON -- Sales of new homes jumped last month, but it was the second-weakest month on record. The lackluster economy has made potential buyers skittish about shopping for homes.
New home sales rose nearly 24 percent in June from a month earlier to a seasonally adjusted annual sales pace of 330,000. May's number was revised downward to a rate of 267,000, the slowest pace on records dating back to 1963. Sales for April and March were also revised downward.

The housing market had boomed earlier in the year on the strength of federal tax credits. Since they have expired, the number of people looking to buy has dropped even with the lowest mortgage rates in decades.

Despite the month's increase, sales are still down 72 percent from their peak annual rate of 1.39 million in July 2005.

New homes sales made up about 7 percent of the housing market last year. That's down from about 15 percent before the bust. Weak sales mean fewer jobs in the construction industry, which normally power economic recoveries.

Read the rest here.


If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!

Banks repossess homes at record pace: RealtyTrac

By Lynn Adler

NEW YORK | Thu Jul 15, 2010 11:59am EDT

NEW YORK (Reuters) - Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday.

The root problems of job losses and wage cuts persist, making a sustained U.S. housing recovery elusive.

Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, RealtyTrac said in its midyear 2010 foreclosure report.

Repossessions will likely top 1 million this year.

"The underlying conditions haven't improved," RealtyTrac senior vice president Rick Sharga said in an interview.

The housing market still grapples with "unemployment, economic displacement in general, and still sits on over 5 million seriously delinquent loans that in all likelihood will at some point go into foreclosure," he said.

In 2005, the last "normal" year in housing, Sharga said, about 530,000 households got a foreclosure notice and banks took over a comparatively minuscule 100,000 houses.

This year more than 3 million households are likely to get at least one foreclosure filing, which includes notice of default, scheduled auction and repossession, Irvine, California-based RealtyTrac forecasts.

Read the rest here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on www.DeepCreekAlive.com!

Home buyers still calling shots on price:Trulia

By Lynn Adler

NEW YORK (Reuters) - Sellers cut prices on nearly one quarter of U.S. homes listed in June, an increase from May, showing buyers still call the shots in the U.S. housing market, real estate website Trulia.com said on Wednesday.

Sellers lowered asking prices at least once on 24 percent of homes listed as of July 1 compared with 22 percent the prior month, Trulia said in a report provided to Reuters before official release.

More job creation and employment security are needed for a sustained rebound, San Francisco-based Trulia said. Swelling inventory, under the weight of record foreclosures and typical summer selling, remains a formidable obstacle.

"We're seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season," said Trulia Chief Executive Pete Flint.

Home buying demand came to a screeching halt after the April 30 deadline to sign contracts for up to $8,000 in tax credits.

Applications to purchase houses sank to 13-year lows, according to the Mortgage Bankers Association, as the spring race for tax credits stole from summer sales.

"The slow start to the summer season is creating major concern that we are heading toward a double-dip in the second half of this year" in the housing market, Flint said in a statement.

Read the rest here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on www.DeepCreekAlive.com!

U.S. housing market remains fragile despite low mortgage rates

It's not just Deep Creek Lake & Garrett County - it's EVERYWHERE.

By Dina ElBoghdady
Washington Post Staff Writer
Friday, July 2, 2010

After showing signs of a fledgling recovery from the worst downturn in decades, the U.S. housing market appears to be heading back toward the doldrums, as the expiration of a lucrative tax credit for buyers and increased uncertainty about the economy cause home sales to plummet.

The sudden weakness in residential real estate has struck nearly every region of the country, according to recent government and industry data, driving down sales of new and previously owned homes alike in May. On Thursday, the National Association of Realtors said an index that measures sales contracts signed on existing homes plunged 30 percent in May, more than twice what analysts had forecast, to the lowest level since the group started tracking the numbers in 2001.

Those sharp declines come despite record-low mortgage rates and historically cheap home prices. The market's renewed fragility highlights concerns about whether the U.S. economy will hurtle back into recession and illustrates the impact of the nation's high unemployment rate, now at 9.7 percent. On Friday, the government will issue jobless figures for June that could signal what is in store for housing and economic growth.

As long as people are without jobs or fear losing their livelihoods, they are unlikely to commit to buying a home and saddling themselves with 30 years of mortgage payments.

"It sounds simplistic but it bears repeating: 'No job = No house,' " Mike Larson, an analyst with Weiss Research, wrote in a note to clients Thursday. "With so many Americans unemployed or underemployed, the housing market is going to keep hurting."

Read the rest here.

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Despite recession, Garrett County housing market still lively

Courtesy of the Daily Record:

Although Garrett County justifiably bills itself as a year-round resort, it definitely is the place in Maryland when it comes to winter recreation, largely thanks to the presence of Wisp Ski Resort and its proximity to other skiing venues in West Virginia and Pennsylvania.

In addition to downhill and cross-country skiing, WISP’s winter activities include snowshoeing and tubing. Deep Creek Lake features ice fishing. And winter sleigh rides are available too.

Nor surprisingly, the most desirable property is waterfront on Deep Creek Lake. In mid-December there were 49 lakefront properties on the market with prices ranging from $499,000 to $2.99 million.

At the low end is a lakefront cottage with three bedrooms and three baths with 163 feet of level lakefront. The opposite extreme? A three-level property with seven bedrooms, five bathrooms, one half-bath and five fireplaces, sitting on three-quarters of an acre.

read the rest of the article here

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

U.S. mortgage demand up for third week as rates drop

NEW YORK (Reuters) - Demand for U.S. home loans rose last week for the third straight week as mortgage rates fell to a one-month low and stoked refinancing, an industry group said on Wednesday.

Borrowers are rushing to take advantage of low borrowing costs and other incentives while they last.

The Mortgage Bankers Association's index of total home loan applications rose 9.1 percent in the week ended January 15 to 575.9 on a seasonally adjusted basis. The increase was driven by a 10.7 percent jump in the refinancing index, while home purchase demand rose 4.4 percent to 223.0 last week.

(more on this article from Reuters)


If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350