Take a look at the video that Mpls Area Association of Realtors puts out monthly regarding the market in the Twin Cities.
http://www.youtube.com/watch?v=Or4p0k3K1rg
Wednesday, April 28, 2010
Tuesday, April 27, 2010
Weekly Market Activity Report
It's down to the wire in the Twin Cities housing market for consumers to take advantage of the tax credits, which are set to expire Friday, April 30. With that looming deadline, sellers are far more active than buyers right now.
For the week ending April 17, there were 2,353 new listings added, a 21.9 percent increase vs. the same week last year. Over the last three months, there have been almost 4,000 more new listings than there were during the same period last year.
Pending sales are also growing but not at the same breakneck pace. The 1,103 purchase agreements for the most recent reporting week were just 1.8 percent higher than a year ago. A heavy increase in new listings compared with a marginal increase in pending sales has led to a growth in inventory; total active listings are up 3.0 percent over last year.
So what happens after the April 30 deadline? Since the tax credit deadline has shifted many buyers forward a few months in their normal cycle, we expect a slower summer selling season.
It's down to the wire in the Twin Cities housing market for consumers to take advantage of the tax credits, which are set to expire Friday, April 30. With that looming deadline, sellers are far more active than buyers right now.
For the week ending April 17, there were 2,353 new listings added, a 21.9 percent increase vs. the same week last year. Over the last three months, there have been almost 4,000 more new listings than there were during the same period last year.
Pending sales are also growing but not at the same breakneck pace. The 1,103 purchase agreements for the most recent reporting week were just 1.8 percent higher than a year ago. A heavy increase in new listings compared with a marginal increase in pending sales has led to a growth in inventory; total active listings are up 3.0 percent over last year.
So what happens after the April 30 deadline? Since the tax credit deadline has shifted many buyers forward a few months in their normal cycle, we expect a slower summer selling season.
Friday, April 9, 2010
Weekly Market Activity Report
The Twin Cities housing market continues its spring dance as the 2010 weekly numbers outpace the equivalent weeks of 2009. New listings for the week ending March 27 were at 2,240—29.4 percent higher than during the same week last year.
Pending sales are up 13.8 percent over last year, and we once again broke the magical "1,000 margin" with 1,049 purchase agreements.
A stat to start watching closely is the ever-shrinking Supply-Demand Ratio. The ratio is squatting at 4.39 homes per buyer. That's a lot less inventory than we've seen in recent years, indicating that buyers need to move quickly to get the home they want, especially in the lower price ranges where homes are selling the quickest.
The Twin Cities housing market continues its spring dance as the 2010 weekly numbers outpace the equivalent weeks of 2009. New listings for the week ending March 27 were at 2,240—29.4 percent higher than during the same week last year.
Pending sales are up 13.8 percent over last year, and we once again broke the magical "1,000 margin" with 1,049 purchase agreements.
A stat to start watching closely is the ever-shrinking Supply-Demand Ratio. The ratio is squatting at 4.39 homes per buyer. That's a lot less inventory than we've seen in recent years, indicating that buyers need to move quickly to get the home they want, especially in the lower price ranges where homes are selling the quickest.
Monday, April 5, 2010
Shortsale; Borrower's Liability
Hopefully none of you are facing a Shortsale or Foreclosure. But since it is quite common these days, I ran across this and thought it is good info to know.
Legal Hotline Q & A by Brad Boyd, Esq.Thomsen, Nybeck, P.A.
Q: What is the borrower's liability for repayment of a promissory note after a short sale has been closed?
A: This will depend upon whether the short sale has included a negotiation with the lender(s)/creditor(s) that any outstanding portion of the debt that will not be paid from the proceeds of the short sale is forgiven or satisfied. If a release of mortgage is issued, without more, the terms of the promissory note and debt owed remain unsatisfied. Sellers should be very proactive in identifying whether short sale approval from the lender includes a "satisfaction" of the outstanding portion of the debt.
Legal Hotline Q & A by Brad Boyd, Esq.Thomsen, Nybeck, P.A.
Q: What is the borrower's liability for repayment of a promissory note after a short sale has been closed?
A: This will depend upon whether the short sale has included a negotiation with the lender(s)/creditor(s) that any outstanding portion of the debt that will not be paid from the proceeds of the short sale is forgiven or satisfied. If a release of mortgage is issued, without more, the terms of the promissory note and debt owed remain unsatisfied. Sellers should be very proactive in identifying whether short sale approval from the lender includes a "satisfaction" of the outstanding portion of the debt.
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