The Senate Housing Bill: S.2636 Foreclosure Prevention Act of 2008, has been signed into law introducing sweeping changes to the way we do business. Freddie Mac just put financial incentives in place that will help some realtors close more transactions. Go to www.senatehousingbill.info to find out how you can take advantage of these important changes.
Best regards,
Rachel Anderson
America's Dreamtowns: Profiles of 140 towns
bizjournals - July 21, 2008
by G. Scott Thomas
More info: Main story | 10 highest-ranked towns | Methodology
1-20 21-40 41-60 61-80 81-100 101-120 121-140
Rank
Micropolitan area
Quality of life score
Average commuting time (minutes)
Median household income
Management and professional jobs
Homeownership rate
Adults (25 or older) with bachelor's degrees
Air mileage to closest major metro
Micropolitan area population (2006)
1
Torrington, Conn.
18.19
25.2
$66,664
39.0%
77.4%
31.9%
81 miles (New York City)
190,119
2
Bozeman, Mont.
17.01
20.6
$47,532
33.6%
66.2%
45.2%
517 miles (Denver)
81,763
3
Lexington Park, Md.
16.96
26.6
$71,158
40.2%
71.9%
24.4%
48 miles (Washington)
98,854
4
Lebanon, N.H.-Vt.
16.41
20.3
$49,526
73.6%
34.5%
112 miles (Boston)
172,429
5
Helena, Mont.
15.44
16.3
$45,013
40.0%
73.4%
30.8%
480 miles (Seattle)
69,212
6
Kalispell, Mont.
14.33
18.9
$45,920
29.9%
76.1%
25.3%
373 miles (Seattle)
85,314
7
Mankato-North Mankato, Minn.
14.06
16.8
$46,104
33.2%
69.8%
33.8%
62 miles (Minneapolis-St. Paul)
89,567
8
Oak Harbor, Wash.
12.99
25.5
$49,022
33.7%
78.9%
27.3%
40 miles (Seattle)
81,489
9
Stevens Point, Wis.
12.66
17.5
$52,354
34.6%
74.1%
30.5%
187 miles (Minneapolis-St. Paul)
67,484
10
Concord, N.H.
12.56
23.7
$55,072
35.1%
69.6%
28.9%
72 miles (Boston)
148,085
11
Midland, Mich.
11.23
21.9
$48,360
39.4%
76.7%
33.3%
107 miles (Detroit)
83,792
12
Chambersburg, Pa.
10.97
22.6
$50,254
31.3%
75.4%
17.0%
69 miles (Baltimore)
139,991
13
Gettysburg, Pa.
10.64
$53,932
25.9%
79.4%
18.9%
48 miles (Baltimore)
101,105
14
Traverse City, Mich.
10.61
20.4
$46,939
28.0%
80.6%
26.0%
189 miles (Detroit)
141,387
15
Allegan, Mich.
10.28
$50,558
26.7%
84.8%
19.5%
105 miles (Chicago)
113,501
16
Brainerd, Minn.
10.21
20.9
$42,269
27.8%
82.1%
20.5%
112 miles (Minneapolis-St. Paul)
90,045
17
Augusta-Waterville, Maine
8.88
$44,758
34.4%
71.1%
24.3%
158 miles (Boston)
121,068
18
Hilton Head Island-Beaufort, S.C.
8.86
$48,190
28.8%
68.2%
33.1%
216 miles (Atlanta)
162,781
19
Truckee-Grass Valley, Calif.
8.58
22.8
$50,675
33.9%
74.0%
29.1%
136 miles (San Francisco-Oakland-San Jose)
98,764
20
Marshfield-Wisconsin Rapids, Wis.
8.53
19.6
$45,937
29.0%
81.3%
20.1%
166 miles (Minneapolis-St. Paul)
74,774
MAINE’S MEDIAN HOME PRICES DOWN IN JUNE
SOUTH PORTLAND (July 25, 2008) - Sales of single-family existing homes in Maine continued to decrease in June 2008. According to the Maine Real Estate Information System, Inc. (MREIS), Realtors sold 996 homes last month, a drop of 24.32 percent from last June’s sales figure of 1,316 homes. During the past 12 months, Maine’s median sales price has decreased nearly six percent to $188,000. The median sales price indicates that half of the homes were sold for more and half sold for less.
There is some good news for sellers; the median sales price climbed in five of Maine’s 16 counties during the months of January through June combined. The National Association of Realtors (NAR) reported a nationwide sales drop of 14.8 percent in June. The national median existing single-family home price dipped 6.7 percent to $213,800. Regionally, sales in the Northeast fell 15.8 percent during the past 12 months. According to NAR, the regional median sales price decreased 12.6 percent to $256,700.
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of June only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of January through June of 2007 and 2008
JUNE ONLY CHART
From June 1-30, 2007 and June 1-30, 2008
County # Units Sold # Units Sold % MSP MSP %
2007 2008 Change 2007 2008 Change
STATEWIDE 1316 996 -24.32% $199,950 $188,000 -5.98%
HALF-YEAR CHART
January 1, 2007 – June 30, 2007 and January 1, 2008 – June 30, 2008
STATEWIDE 5637 4373 -22.42% $195,000 $185,000 -5.13%
Androscoggin 419 315 -24.82% $162,500 $155,000 -4.62%
Aroostook 136 124 -8.82% $89,000 $91,250 2.53%
Cumberland 1480 1125 -23.99% $249,900 $236,000 -5.56%
Franklin 127 87 -31.50% $136,000 $140,000 2.94%
Hancock 222 175 -21.17% $212,750 $199,100 -6.42%
Kennebec 514 384 -25.29% $145,000 $140,000 -3.45%
Knox 208 172 -17.31% $220,000 $196,500 -10.68%
Lincoln 157 120 -23.57% $220,000 $213,750 -2.84%
Oxford 238 187 -21.43% $148,250 $151,500 2.19%
Penobscot 621 514 -17.23% $144,000 $135,000 -6.25%
Piscataquis 88 55 -37.50% $101,250 $88,350 -12.74%
Sagadahoc 155 124 -20.00% $205,000 $190,400 -7.12%
Somerset 159 130 -18.24% $107,000 $97,500 -8.88%
Waldo 142 134 -5.63% $151,875 $165,000 8.64%
Washington 31 23 -25.81% $95,000 $136,000 43.16%
York 940 704 -25.11% $234,765 $227,000 -3.31%
Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 5,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.
MAINE REAL ESTATE MEDIAN PRICES DOWN 5.7% IN MAY
SOUTH PORTLAND (June 26, 2008)—Sales of single-family homes in Maine declined during May. According to the Maine Real Estate Information System, Inc., a total of 969 single-family existing homes changed hands during the month, a 12.39 percent decrease from May 2007’s sales figure of 1,106 homes sold.
The median sales price for those homes was down 5.7 percent to $182,000. The median sales price indicates that half the homes were sold for more and half sold for less. However, during the rolling quarter sales period, which includes the months of March, April and May combined, five of Maine’s 16 counties experienced an increase in the median sales price.
Nationally, single-family home sales are 14.5 percent lower than in May 2007. According to the National Association of Realtors (NAR), the national median existing single-family home price dipped 6.8 percent in the past year to $206,700. Home sales in the Northeast were down 15 percent. The regional median sales price decreased 2.4 percent to $278,000.
Following are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of May only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during March, April and May of 2007 and 2008.
MAY ONLY CHART
From May 1-31, 2007 and May 1-31, 2008
STATEWIDE 1106 969 -12.39% $193,000 $182,000 -5.70%
ROLLING QUARTER CHART
From March 1, 2007 – May 31, 2007 and March 1, 2008 – May 31, 2008
STATEWIDE 2935 2327 -20.72% $195,000 $182,500 -6.41%
Androscoggin 232 168 -27.59% $161,750 $149,750 -7.42%
Aroostook 82 64 -21.95% $83,185 $89,250 7.29%
Cumberland 779 602 -22.72% $245,500 $233,688 -4.81%
Franklin 58 42 -27.59% $124,950 $136,000 8.84%
Hancock 116 81 -30.17% $212,750 $178,500 -16.10%
Kennebec 261 207 -20.69% $146,000 $143,500 -1.71%
Knox 99 92 -7.07% $225,000 $186,000 -17.33%
Lincoln 80 71 -11.25% $239,100 $190,000 -20.54%
Oxford 128 102 -20.31% $135,000 $150,500 11.48%
Penobscot 303 275 -9.24% $146,500 $136,300 -6.96%
Piscataquis 36 27 -25.00% $90,798 $75,000 -17.40%
Sagadahoc 80 64 -20.00% $210,000 $189,500 -9.76%
Somerset 85 72 -15.29% $109,900 $95,500 -13.10%
Waldo 73 65 -10.96% $146,200 $160,000 9.44%
Washington 18 12 -33.33% $90,990 $137,500 51.12%
York 505 383 -24.16% $230,500 $225,000 -2.39%
Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 5,800 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.
Fannie Mae just announced a withdrawal of their declining market policy! To quote from Announcement 08-10, “Lenders are no longer required to make a downward adjustment to the LTV, CLTV, or home equity CLTV (HCLTV) based on the location of the property.” Yes, you are reading correctly; no more 5% declining market reduction, at least for Fannie Mae loans! But hold on, let’s not get too excited yet. I’ll explain in a second, but let me give you a brief summary of the Announcement first. Per Fannie Mae Announcement 08-10, dated May 16, 2008:
Maine Real Estate Sales, Prices Still Cool After Long Winter
SOUTH PORTLAND (April 23, 2008) – Continued cold weather in Maine cooled many single-family real estate sales during the month of March 2008. Prices were down over three percent during the 12-month span and March sales decreased 28.41 percent, according to the Maine Real Estate Information System, Inc.
Across Maine, 650 homes changed hands during March, down from 908 homes sold in March 2007. The median sales price for homes sold was $188,000, a decrease of 3.35 percent from a year ago.
The National Association of Realtors (NAR) reported that nationwide single-family home sales were down 18.4 percent in March. The national median sales price declined 8.3 percent to $198,200. In the regional Northeast, NAR reported a sales decrease of 18.8 percent. However, the median regional sales price rose 4.6 percent to $284,300.
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of March only, statewide. The second chart compares the number of existing, single-family homes sold(units) and volume (MSP) during January, February and March of 2007 and 2008.
Maine Real Estate Statistics –March 2008 Housing Report— 4/23/08
MARCH ONLY CHART
From March 1-31, 2007 and March 1-31, 2008
STATEWIDE 908 650 -28.41% $193,750 $187,250 -3.35%
STATEWIDE 2294 1700 -25.89% $191,600 $188,000 -1.88%
Androscoggin 187 107 -42.78% $160,000 $152,000 -5.00%
Aroostook 53 43 -18.87% $79,900 $88,500 10.76%
Cumberland 597 430 -27.97% $245,000 $239,450 -2.27%
Franklin 54 39 -27.78% $149,500 $174,000 16.39%
Hancock 106 65 -38.68% $223,750 $214,701 -4.04%
Kennebec 207 160 -22.71% $143,900 $140,400 -2.43%
Knox 84 58 -30.95% $230,000 $211,000 -8.26%
Lincoln 67 49 -26.87% $213,000 $227,000 6.57%
Oxford 97 80 -17.53% $150,000 $164,500 9.67%
Penobscot 232 202 -12.93% $137,650 $134,403 -2.36%
Piscataquis 40 20 -50.00% $89,798 $124,000 38.09%
Sagadahoc 64 43 -32.81% $200,000 $179,900 -10.05%
Somerset 65 50 -23.08% $91,500 $81,250 -11.20%
Waldo 63 61 -3.17% $175,000 $170,000 -2.86%
Washington 16 9 -43.75% $117,000 $136,000 16.24%
York 362 284 -21.55% $220,000 $228,950 4.07%
Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is a statewide
The new loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.
We expect the impact of these loan limit increases on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.
As NAR research points out, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the nation’s mortgage market.
An economic impact study conducted by NAR in January 2008 estimated that increasing the GSEs’ conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.
HUD was mandated in the Economic Stimulus Act to publish new loan limits within 30 days of the bill's signing by President Bush on February 13. NAR strongly supported this economic stimulus package because of the relief we felt it would bring our members.
Information provided by National Association of Realtors:Author Dick Gaylord
The National Assocaition of Realtors applauds the Economic Stimulus package passed by the U.S. Senate last night which includes important provisions that will temporarily raise the FHA loan limits. NAR developed estimates of the temporary FHA and GSE single-family loan limits based on HUD's existing FHA loan limits. Per the economic stimulus measure, HUD is required to publish the official new temporary loan limits within 30 days of enactment. NAR's figures are estimates, not official figures. GSE limits remain $417,000 in Maine. Maine's estimated FHA increases are :
Androscoggin - from $200,160 to $271,050
Aroostook - from $200,160 to $271,050
Cumberland - from $256,025 to $336,875
Franklin - from $200,160 to $271,050
Hancock - from $207,100 to $272,500
Kennebec - from $200,160 to $271,050
Knox - from $200,160 to $271,050
Lincoln - from $241,395 to $317,675
Oxford - from $200,160 to $271,050
Penobscot - from $200,160 to $271,050
Piscataquis - from $200,160 to $271,050
Sagadahoc - from $256,025 to $336,875
Somerset - from $200,160 to $271,050
Waldo - from $200,160 to $271,050
Washington - from $200,160 to $271,050
York - from $256,025 to $336,875
Change, Change, every where in central Maine the market is changing. It is not anything like what you see on the national media, but here are a few ways to invest wisely in your next home.
1. Stay in touch with the market and your Realtor. It does sound like common sense, but not always done correctly. Tell your agent you want a home in a desirable location, so know the neighborhoods. The best neighborhoods hold value, turn over quickly, and remain popular - even in a down market. My number one rule with a buyer - Location & Communication!
2. Purchase property that you can afford. Do not over spend on a property with the mind set that if you can't afford it next year, it can be sold at a profit. The soft market will last another 16 -24 months. A smart investment at this time is a home you can hold onto for 5 years to build equity.
3. Make sure your credit is in good condition - and do not make any additional large purchase during the purchase or sale that will change your score.
4. Test the market by being a strong negotiator - and make sure your agent is known to be one too. Take your time and plan to negotiate by making several offers. Always ask for a better price, better terms, and offer a lower down payment for financing.
MAINE REAL ESTATE MEDIAN PRICES UP 1.62 IN NOVEMBER; SALES DOWN OVER 10 PERCENT
SOUTH PORTLAND (December 31, 2007) – Median sales prices for single-family existing homes in Maine edged upward last month while sales of those homes were down over 10 percent. According to the Maine Real Estate Information System, Inc., 891 homes sold during the month of November 2007, a decrease of 10.63 percent from November 2006. Median prices, however, rose 1.62 percent. Maine’s median existing single-family home price reached $188,000 last month, up from $185,000 last year. The median sales price indicates that half of the homes were sold for more and half sold for less.
The National Association of Realtors (NAR) today reports that across the country, singlefamily home sales decreased 19.9 percent in the past 12 months. The national median existing sales price dipped 3.7 percent to $208,700. Regionally, sales in the Northeastern United States mirrored national statistics with a 19.4 percent drop in sales. NAR said prices are also down regionally: The median sales price in the Northeast decreased 3.2 percent to $258,300.
The winter season has ushered in positive sales for some resort areas. Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of November only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months ofSeptember, October and November of 2006 and 2007.
Comparing Nov. 1-30, 2006 and Nov. 1-30, 2007
County # Units Sold # Units Sold % MSP MSP % Change 2006 2007 Change 2006 2007
STATEWIDE 997 891 -10.63% $185,000 $188,000 1.62%
From September 1 - November 30, 2006 & From September 1 - November 30, 2007
STATEWIDE 3408 2960 -13.15% $190,000 $189,000 -0.53%
Androscoggin 271 195 -28.04% $156,500 $155,560 -0.60%
Aroostook 130 115 -11.54% $77,200 $88,500 14.64%
Cumberland 760 642 -15.53% $258,500 $249,950 -3.31%
Franklin 95 79 -16.84% $127,500 $130,000 1.96%
Hancock 157 155 -1.27% $214,000 $211,000 -1.40%
Kennebec 332 267 -19.58% $145,000 $155,000 6.90%
Knox 114 102 -10.53% $200,000 $206,531 3.27%
Lincoln 108 94 -12.96% $271,000 $240,000 -11.44%
Oxford 159 162 1.89% $152,500 $142,984 -6.24%
Penobscot 350 317 -9.43% $139,000 $130,000 -6.47%
Piscataquis 77 52 -32.47% $118,000 $125,100 6.02%
Sagadahoc 77 94 22.08% $189,900 $189,000 -0.47%
Somerset 101 94 -6.93% $110,000 $117,500 6.82%
Waldo 104 114 9.62% $162,250 $193,500 19.26%
Washington 20 10 -50.00% $74,388 $193,000 159.45%
York 553 468 -15.37% $245,000 $235,950 -3.69%
Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS,
Talking Points FHA Reform S. 2338
Talking Points Freddie Mac/Fannie Mae (GSE) Loan Limits
NAR PolicyNAR supports legislation to modernize the FHA single-family mortgage insurance program and make FHA loans an available financing option once again. Had FHA loans been a viable product in the recent past, many families would not have fallen prey to the risky sub-prime mortgages causing record numbers of defaults and foreclosures. The specific reforms proposed include: increased FHA mortgage limits nationwide and in high cost areas and lower FHA downpayment requirements.
NAR also supports efforts to increase the Fannie Mae and Freddie Mac (GSE) loan limits to make homebuying more affordable in the nation’s highest cost areas. Allowing regional adjustments to the conforming loan limits is a matter of simple equity for the families residing in high cost metropolitan areas.
Status in Congress for FHAS. 2338 the “Building American Homeownership Act of 2007” is pending on the Senate Floor. The House has already passed an FHA reform bill, H.R. 1852.
Status in Congress for Freddie Mac/Fannie Mae (GSE) Loan Limits H.R. 1427 (GSE Reform) and S. 2036 both include provisions to increase the conforming loan limits in high cost areas, but have yet to be considered by the Senate Banking Committee. Increased loan limit provisions included in H.R. 1427 (GSE Reform) have already been approved by the House.
MAINE PROPERTY: MEDIAN PRICES DIP 1.95 % IN OCTOBER; SALES DOWN 12.23 %
SOUTH PORTLAND (November 29, 2007) -- Sales of Maine real estate continued to drop in October 2007, while prices for single-family, existing homes dipped a slight 1.95 percent. According to the Maine Real Estate Information System, Inc., Realtors reported 1,041 sales across Maine last month. This is down 12.23 percent compared to 1,186 sales during the month of October 2006.
The median sales price for a single-family existing home was $188,500 in October, down slightly from $192,250 one year ago. The median sales price indicates that half of the homes were sold for more and half sold for less.
The National Association of Realtors (NAR) today reported that national sales of singlefamily existing homes dropped 20.8 percent in October. The national median existing singlefamily home price decreased 6.3 percent in one year to $205,700.
In the regional Northeast, sales were down 12.6 percent. However, NAR said the regional median sales price rose 1.3 percent in October to $258,700.
Buyers want to know: Is this the time to buy? YES - BUY IT RIGHT!
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of October only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of August, September and October of 2006 and 2007.
Maine Real Estate Statistics –October 2007 Housing Report—11/29/07
OCTOBER ONLY CHART
From October 1-31, 2006 and October 1-31, 2007
2006 2007 Change 2006 2007 Change
STATEWIDE 1186 1041 -12.23% $192,250 $188,500 -1.95%
From August 1, 2006 - October 31, 2006 and August 1, 2007 - October 31, 2007
STATEWIDE 3746 3494 -6.73% $194,000 $191,200 -1.44%
Androscoggin 297 230 -22.56% $160,000 $162,650 1.66%
Aroostook 124 115 -7.26% $84,725 $80,000 -5.58%
Cumberland 850 792 -6.82% $255,000 $254,943 -0.02%
Franklin 101 104 2.97% $130,000 $141,000 8.46%
Hancock 164 160 -2.44% $197,500 $200,000 1.27%
Kennebec 371 311 -16.17% $144,900 $155,000 6.97%
Knox 121 140 15.70% $214,000 $204,031 -4.66%
Lincoln 130 130 0.00% $270,950 $237,500 -12.35%
Oxford 198 170 -14.14% $157,000 $143,750 -8.44%
Penobscot 388 373 -3.87% $142,600 $140,000 -1.82%
Piscataquis 74 68 -8.11% $120,000 $128,500 7.08%
Sagadahoc 96 107 11.46% $200,000 $189,000 -5.50%
Somerset 112 106 -5.36% $110,850 $120,000 8.25%
Waldo 117 124 5.98% $165,000 $204,250 23.79%
Washington 19 14 -26.32% $92,500 $110,000 18.92%
York 584 550 -5.82% $240,000 $239,950 -0.02%
Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is astatewide Multiple Listing Service with over 5,800 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.
STATEWIDE REAL ESTATE SALES DOWN 16 PERCENT IN SEPTEMBER;