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Tuesday October 6, 2009

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LOCAL NEWS

Condo Sales on a Rebound

Existing single-family home sales are up, but what might be good news for a deeply struggling condominium market is that units at multifamily complexes are really selling once again as well. The Tampa-St. Petersburg-Clearwater market witnessed a 15 percent jump in existing condo sales in August, moving 553 units, however that's well behind the statewide increase of 45 percent. Condominiums are not selling at previous prices. Tampa-St. Pete median closing prices dropped 26 percent to $104,700, which is better than the statewide median value drop of 32 percent to $107,500.

Tax Credit Extension Could Grow Sales by 334,000

E xtending the first-time homebuyer tax credit into next year would bring nearly 20 percent more potential homebuyers to the table, a new survey by Zillow finds. The survey found that, if the credit was extended, of those who plan to buy a home, 18 percent said the $8,000 tax credit would be the "primary influence" in their decision, 25 percent said it would be a "significant influence," and 27 percent said the credit would have "some" influence on any home buying decision. Thirty-one percent said it would have no influence on their decision. "These numbers suggest that extending the credit might bring an additional 334,000 homebuyers who would not otherwise purchase a home into the market," Zillow Chief Economist Stan Humphries said in a news release.

Mortgage Applications Up 12.8%

Falling interest rates prompted a 12.8 percent increase in applications to buy a mortgage or refinance a home in the week ended Sept. 18, according to the Mortgage Bankers Association. The Mortgage Bankers Association's measure of interest rates has been trending downward since early June and last week fell below 5 percent for the first time since May. The average interest rate for 30-year, fixed-rate mortgages declined to 4.97 percent from 5.08 percent the week before.

Construction Backlog is Up

T he backlog of construction projects across the country increased almost 9 percent from 5.6 months in June to slightly more than 6 months in July, according to the Associated Builders and Contractors. Anirban Basu, chief economist for the organization, said the uptick answers the question: When will the stimulus package passed in February begin to show up in the nation's economy? "The backlog data is revealing because it reflects an acceleration of the pace at which stimulus money is flowing through the economy," he said.

STATE AND NATIONAL

Pending Home Sales on Record Roll

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12 percent higher than July 2008, when it was 87.1. The index is at the highest level since June 2007 when it was 100.7. Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. "The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit," he said.

Home Prices Show Gains for Second Month in Row

Home prices in major U.S. cities increased for the second-straight month in June, the latest sign housing markets may be bouncing along a bottom after years of declines. The S&P/Case-Shiller index measure of home prices in 20 major cities in the three months ended June 30 was up 1.4 percent from the level in the three months ended May 31. Prices gained in 18 of 20 markets. It was the first time the index rose two months in a row since mid-2006.

Habitat is Going Green

Habitat Humanity to partner with Home Depot for

Habitat for Humanity International and The Home Depot Foundation have announced the national expansion of Partners in Sustainable Building. The $30 million green building program will provide funds and resources over a five-year period to help Habitat affiliates build 5,000 homes that meet Energy Star guidelines or a nationally recognized green building standard. These features incorporate the use of energy-efficient equipment and water-conserving fixtures and help ensure good indoor air quality.

Stimulus Funds Available for Energy-Efficient Appliances

I n October, thanks to U.S. government incentives, there's more reason than ever for homeowners to remodel their kitchens and bathrooms during National Kitchen & Bath Month. Inspired by the success of the "Cash for Clunkers" program in August, the U.S. Department of Energy will launch a "Cash for Appliances" program this fall, providing nearly $300 million in stimulus funds from the American Recovery and Reinvestment Act to consumers who purchase new energy-efficient kitchen appliances. This new rebate program is in addition to a number of U.S. tax credits on energy-efficient products for homes introduced earlier this year. Many energy-efficient windows, skylights, exterior doors, insulation, and HVAC systems are also eligible for a 30 percent tax credit, up to $1,500 per home.

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Look for these exciting features in the Next Issue: