SPIKE IN SALE PRICES!!

I've been saying for several months that we have been seeing a very steady real estate market in Loudoun County. Now here it is... finally, for the first time since 2005, March 2010 year to date median sales prices are HIGHER than they were in March 2009!
Read the full article from DAAR here:

DAAR - Member Services - Loudoun Market Watch: Median Sales Prices and Sales Spike

Contact me if you'd like to set up a time to talk more about the real estate market!!

Carmelle Shea

The Mortgage Crisis- A message to my father

It our job as top producing real estate agents to stay current on the housing market...locally and nationally. It is also our job to educate our clients on the market. And, selfishly, in an effort to support the facts that I have been saying to my father for the past 12 months, I felt the need to post this information. (Dad, are you there??)

Here are some interesting national statistics I received from "my numbers guy", Michael Farrell, Assistant VP of Bank of America Home Loans, Mid Atlantic region:

*A new record was hit today – 14.41% of ALL U.S. mortgages are currently in default. Keep in mind 4 states make up 43% of all foreclosures (California, Florida, Nevada and Arizona)
* First time ever, Prime mortgage delinquencies out number sub-prime delinquencies. This is due to job loss and the difficulty in modifying Prime loans due to already “good” rates and it’s not about a bad loan
* FHA loans rate of default has increased again (again still mainly in 4 states)
* The amount of loans currently in default and in foreclosure now exceeds the number of homes for sale today.

So to my father, The Mortgage Crisis goes far beyond the fact that lenders gave bad loans to unqualified buyers. The banks are not the sole reason for the issues we are seeing in the housing market. You are not bailing out people who 'got in over their heads' and made poor financial decisions. The economy as a whole is impacting the housing market. Don't be so bitter.. By the way, I love you, Dad!

Carmelle

Fannie Mae is going to be a LANDLORD!

Outside the box thinking for Fannie Mae!

Fannie Mae has announced a Deed-for-Lease (D4L) program to help struggling homeowners avoid forclosure and also stay in their current house by paying rent. This is in conjunction with the Deed-in-Lieu of Foreclosure(DIL)Program. In other words, the end result is that Fannie Mae gets the house and you are no longer the homeowner.

Of course there are guidelines and criteria for progam eligibility.

Here are some brief highlights:

* You can have only one trust on the property. If you have a home equity loan or line of credit or second trust, you do not qualify.

* You have to determine if Fannie Mae funds your current mortgage. To do this, go to Fannie Mae's loan lookup website and put in your address:


* Your current loan servicing company will be responsible for implementing the program. In other words, contact the company to which you make your mortgage payments.

* You have to show a hardship or difficulty making your current mortgage payments.

* You can't show too much hardship..you need to show that you are able of paying the current rental market rate for the property. As a guideline, the rental value must be 31% or less of your household income.

*Servicers can start offering this immediately.

Call 'The Power of 3' for more details! We are here to be your real estate resource!

Carmelle Shea

TAX CREDIT EXTENSION-Signed, Sealed and Delivered!

President Obama has signed the bill to extend the $8000tax credit to first time home buyers. He has also extended the bill give a tax credit to homeowners who want to buy. Looking at it from a local real estate market point of view, this is going to further enhance our currently stable market. There is little inventory on the market and MANY buyers. If you are thinking of selling, this is the time.