1. Just this week, the National Foundation for Credit Counseling (NFCC) reported that the calls for housing guidance it is getting are setting new records each week. The most recent data show those requests up 63 percent year over year.
2 This areas market is neither better nor worse than any other, however, homes continue to sell in our area when the listing agent has been direct and candid with the seller regarding price and condition. By passing along market statistics, including showing a declining market, sellers can be prepared for what are "realistic" offers in today's market which include discounted prices plus closing assistance and higher commissions. This upfront approach prepares sellers in the beginning so there are less surprises when offers come in.
3 According to HUD, 4.3 percent of all Prince William mortgages are in foreclosure, compared with the statewide rate of 3.1 percent. The Fairfax County rate is 2.3 percent.
4. New-home starts in October were the lowest since at least 1959, when the government began keeping data.
5. Programs such as “Hope for Homeowners” that were passed by Congress have done little to help homeowners soon to be foreclosed on. The lenders holding the notes are unwilling to re-negotiate the terms of the loans in most cases. The projected 400,000 who were to be helped will actually be about 13,000 by year end.
6. In Greater Northern Virginia the number of homes sold in October this year showed a 29% increase over home sales in October a year ago. The absorption rate for October 2008 is higher than last year’s with a 6.04-month supply of homes.
7. A major portion of the total inventory on the market continues to be “Short Sales”. These homes are taking on average 4-6 months to close, if ever, after a contract has been received by the sellers. Most agents are reluctant to show these homes to their buyers actively looking to purchase because of the uncertainty of ever being able to get the banks decision to accept the sale.
8. The stock market has been up 6 of the last 7 days, the government is
talking about lowering the mortgage rates to 4.5% soon. Home prices in
this area have begun to stabilize.
9. Average conforming loan rate 5.75 with 0 points.
10. Average Days on Market in N. Virginia for October ‘08 = 94
11. Light, sweet crude went down to settle at $47.78 a barrel on the New York Mercantile Exchange