Pending Home Sales Fell off the Cliff

Although this headline is alarming, we are not certain how much the expiration of the tax credit will impact our local market.  Every price bracket and every township is different.  Yes, we have noticed a decline in the amount of pending or new sales recently but we will have a better understanding of the impact of this incentive to buyers in the next

Homeowner's who walk away from mortgages face penalties

You don't have to be a realtor to know.......    

Treasury launches mortgage help for unemployed

Home Affordable Unemployment Program (HAUP).  
 
HAUP provides homeowners a forbearance of monthly mortgage payments, either reducing them or suspending them for at least three months. Servicers can extend the timeline depending on regulatory guidelines.  
 

Tax Credit Deadline Extension Passed Senate! headed to the President. FloodInsurance Too!

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623) . The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

First-time Homebuyer Traffic takes a Nose-Dive in May

Homebuyer traffic nationwide tumbled in May, according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. Most of the decline was attributable to first-time homebuyers who sharply reduced their home shopping last month. The survey's first-time homebuyer traffic index, which measures home shopping activity on a scale of 1 to 100, registered an anemic 35.1 in May. This was down from an index of 63.5 in April. Since September 2009, the index had never been below 50, which represents a flat, or neutral, condition in home purchase activity.

House Sales in Clarkston MI Improved

However.........Improved could mean past tense and "The Pearson Group" is in high hopes that this is a very temporary trend that we have just identified.  

June and April Supply and Demand Studies have been posted for comparison.  There was a significant decrease in the inventory and  increased demand that we contributed to the recent tax incentives to buyers.  

Clarkston's Sold Homes

June 15, 2010

Recent Sold Report

Homes that have sold in Clarkston since March, 2010        

Bill would extend home buyers' deadline for tax credit

How many buyers will lose their tax credit without this extension? We have one buyer who has waited 7 months for a short sale and many more buyers who are caught in the pile becuase the tax credit incentive did cause a BIG increase in sales. Time will tell but I am estimating about a 25% decrease since the expiration of this incentive.

Market Update

 May 2010

Dear Team,

Think Housing is Recovering? Think again.

Positive news lately about a recent increase in home sales has been GREAT.  The recent frenzy and market conditions has us working 7 days a week to help buyers sort through the left overs, stalk the internet for upcoming listings, and further attempt to understand  the rhyme or reason of  list prices and home values.&nbs

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