Tom & Cindy and Associates's Blog

Market Update – February 13th 2009

Tue, 17 Feb 2009 18:06:00 GMT

1. Local MLS data shows this area increasing in sales and dropping in inventory most of the year. To Realtors in this area, the most frustrating part of the market is that there’s not enough inventory. Historically, a 3 month’s supply points to a sellers market. A market with 5-7 month’s supply is considered a normal market; above that level is a buyer’s market. A year ago we were sitting on a near 10 month supply.

2. 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.

3. Local inventory of unsold homes in the Springfield area show a decrease of approximately 37%. Pending sales are up 88% and sold units are up 45%. The absorption rate is about 3 months.

4. NAR notes that in addition to lowering interest rates, the federal government must work with mortgage lenders and credit reporting agencies to eliminate processes that are making it difficult to close on a mortgage loan so that the housing market and the nation’s economy can have a robust recovery. Now really is a great time to buy a home. Inventory is high, prices are down and mortgage rates are near 50-year lows. We have to unclog the system and let people achieve and hold on to the dream of homeownership.

5. Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision to the stimulus package for a new $15,000 tax credit to defray the cost of buying a home. What a blow to real estate.

6. Wednesday, a federal regulator urged more than 800 thrift institutions to suspend all foreclosures while President Barack Obama's top economic officials develop plans to keep borrowers in their homes.

7. John Taylor, chief executive of the National Community Reinvestment Coalition, a consumer group in Washington, said he was optimistic the new administration would agree to use government dollars to buy up mortgages and remove them from complex mortgage-linked securities and restructuring them at more affordable levels.

8. Average conforming loan rate 5.00 with 0 points.

9. Average Days on Market in N. Virginia for December ‘08 = 92

10. Light, sweet crude went down to settle at $34.90 a barrel on the New York Mercantile Exchange

Market Update - January 7th, 2009

Wed, 07 Jan 2009 13:53:00 GMT

? Market Update – January 7th 2009

1. Lawrence Yun, NAR chief economist, expected a decline in home values. “The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked down home sales to another level. We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001,” he said.

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 fewer 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. Eight of the largest 15 metropolitan areas were losing jobs as of August. The data from the Bureau of Labor Statistics showed Washington as gaining 44,600 jobs since August of 2007.

5. NAR notes that in addition to lowering interest rates, the federal government must work with mortgage lenders and credit reporting agencies to eliminate processes that are making it difficult to close on a mortgage loan so that the housing market and the nation’s economy can have a robust recovery. Now really is a great time to buy a home. Inventory is high, prices are down and mortgage rates are near 50-year lows. We have to unclog the system and let people achieve and hold on to the dream of homeownership.

6. Sales prices continue to remain lower than those realized last year. The average sales price in Greater N. Virginia for November fell by 17.68 percent from November 2007, to $423,088, compared with last November’s average of $513,930.

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. FHA loans will require a minimum of 3.5% down at settlement after January 1, 2009.

9. Average conforming loan rate 5.25 with 0 points.

10. Average Days on Market in N. Virginia for November ‘08 = 91

11. Light, sweet crude went up to settle at $47.26 a barrel on the New York Mercantile Exchange

Another quick movie suggestion

Tue, 23 Dec 2008 12:36:00 GMT

If you are looking for a good movie to watch this holiday season, check out This Christmas. This is a story about what happens when all the family members get together for the holidays. It seems like everyone has a secret or baggage that they've brought with them--some of the sibliings haven't been home for years. This is a movie that tests the bonds of family.

Check out http://movies.yahoo.com/movie/1809813069/details for more information on this movie!

Susan Hall

Office Christmas Party

Tue, 23 Dec 2008 11:51:00 GMT

Last Wednesday we had our office Christmas party. It was a lot of fun. Romano’s Macaroni Grill in Kingstowne (www.macaronigrill.com) catered and brought lots of good stuff. We had 2 types of salad, bread, chicken, a couple different kinds of pasta, broccoli and chocolate cake for dessert. Everything was hot and set up right on time---this is a good option if you work in the area and want to have an office lunch.

Look at all the food!

It was also Cindy’s birthday, so we sang Happy Birthday and also had a delicious marble cake from Shoppers.

Our newest agent in training, Emily.

Weekly Market Update

Mon, 22 Dec 2008 11:57:00 GMT

? Weekly Market Update – 19 December 2008

1. And an increasing number of consumers taking NFCC's Mortgage Reality Check are falling into the red danger zone, indicating they are in imminent risk of foreclosure. The self-assessment test, which determines one's risk of foreclosure, is located at http://www.HousingHelpNow.org.

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. Eight of the largest 15 metropolitan areas were losing jobs as of August. The data from the Bureau of Labor Statistics showed Washington as gaining 44,600 jobs since August of 2007.

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.

8. FHA loans will require a minimum of 3.5% down at settlement after January 1, 2009.

9. Average conforming loan rate 5.25 with 0 points.

10. Average Days on Market in N. Virginia for October ‘08 = 94

11. Light, sweet crude went down to settle at $42.59 a barrel on the New York Mercantile Exchange

a couple of good movies

Fri, 19 Dec 2008 19:04:00 GMT

A fast note on a couple of movie ideas. We saw Slumdog Millionaire and it is amazing. Probably not for everyone, but it really is moving. Some scenes are tough to watch, and some are hilarious, but it really is a great love story at heart.

Also, if you never got a chance to see the movie "Frequency" with Dennis Quaid, I think you should see it. My girlfriend hadn't seen it and we watched it the other night. You know how a movie you saw and liked might not seem so good years later? Well, she loved it I'm happy to say.

Any comments on these are welcome!

Tom Pietsch

Interesting article from Newsweek

Fri, 19 Dec 2008 18:52:00 GMT

We saw this article and thought we'd share:

Mortgage Rates Hit Lowest in 50 Years

Posted on December 19, 2008 by dhstevens

‘Historic’ bargain - for those qualified

By Julie Schmit

December 19, 2008 (USA Today) - Mortgage rates are falling to levels unseen since the 1960s, driving a surge in home refinancings among credible borrowers.

The government’s efforts to aid the mortgage market have driven rates to near 50-year lows, says Keith Gumbinger, vice president of financial market researcher HSH Associates. Refinancings have tripled in the past month as a result, he says.

“This is an historic opportunity,” Gumbinger says. “This is the program for borrowers not in trouble.”

Mortgage-finance giant Freddie Mac reports the average 30-year fixed-rate mortgage slid to 5.19% this week, the lowest since Freddie Mac started its weekly mortgage market survey in 1971. The 30-year rate was 5.47% last week and 6.14% a year ago.

This week’s drop was helped by the Federal Reserve’s decision Tuesday to cut a key interest rate to a record low and its pledge to give the ailing mortgage market more help if necessary.

The low rates stand to help tens of millions of homeowners cut monthly payments, which could result in more spending on goods and services and lift the economy, says Marc Savitt, president of the National Association of Mortgage Brokers.

The big questions are whether rates will go lower and how long they’ll stay down.

Homeowners should act now because rates aren’t likely to go much lower and they tend to rise faster than they fall, Savitt and Gumbinger say.

“We’re probably somewhere near the bottom,” Gumbinger says.

The rapid fall in rates - set off in late November when the federal government said it would buy up to $600 billion in mortgages held by or guaranteed by Freddie Mac, Fannie Mae and others - has spurred a crush of refinancing applications that has caught banks, mortgage brokers, appraisers and others off guard.

Lenders and others associated with the mortgage business cut so many jobs earlier this year that processing bottlenecks are beginning to show up.

“It’s been a complete frenzy,” says Robert Walters, chief economist of online home lender Quicken Loans. “We’re working 18 hours a day to keep up. It’ll be more challenging for people to get in for processing.”

Not everybody is benefiting from the mortgage rate drop. Given rapid declines in home values the past year, many people owe more on their homes than they’re worth and can’t refinance. Nor can those with shaky credit.

Homeowners with jumbo loans - including many in high-priced states such as California - still face rates around 6.9%.

Low rates also haven’t enticed new buyers, says Orawin Velz, who does economic forecasting for the Mortgage Bankers Association. It said this week that loan applications were up 37% for the week ending Dec. 12 from the same week in 2007. Refinancings were 77% of applications, compared with 44% in all of 2007, Velz says.

The low rates will eventually help the housing industry. They may prevent some foreclosures next year if homeowners with adjustable-rate mortgages avoid increases - or see dips - thus lowering monthly payments, says Greg McBride, senior financial analyst of Bankrate.com.

Low rates will also help bring first-time buyers, Savitt says.

The National Association of Realtors is also hopeful. It says mortgage rates, which averaged 6.3% in the third quarter, are in the 4% range in some parts of the country - and that will bring buyers back into the market.

Fifteen-year fixed-rate mortgages have also fallen. They averaged 4.92% for the week ending Dec. 18, according to Freddie Mac. That’s the lowest since April 2004 when they averaged 4.84%.

Review of Farrah Olivia restaurant

Fri, 19 Dec 2008 18:47:00 GMT

Just a quickie review. Our listing manager, our favorite sales trainer and I went to the restaurant Farrah Olivia in Old Town Alexandria. It really was excellent. I had always wanted to check it out, but never had. Yes, it's quite expensive, so make sure it's a special occasion or you're in the mood for a treat. We started out a bottle of cold French champagne. The chef sent us a sample of a special tortilla soup and home-made cheese puff. Then we had a vanilla poached lobster appetizer that was fresh and tasty. Susan had the pan-roasted chicken with curry banana crust. It was served with a soft black barley risotto. Andy and I had the wild black cod. It came with creamy smoked lentils and lemongrass perfumed mussels. Everything was fabulous. The service was consistently outstanding. They were always there when we needed them, but not hovering over us staring. The decor was interesting and fun to look at and there was plenty of room between tables. I hate to be crammed in. Their chairs were comfortable too. All in all a great evening. I hope you have an equal experience if you go.

Check out www.farraholiviarestaurant.com. The address is 600 Franklin Street, Alexandria, VA 22314. Enjoy!

Tom Pietsch

Local Alexandria, Kingstowne, Springfield and Lorton real estate stats and thoughts

Thu, 18 Dec 2008 21:15:00 GMT

Well, it's interesting. For the second year in a row we are noticing a lot of activity during a time of the year that most people write off as non-productive. We have 6 homes under contract in the last 7 days. We've even been able to settle on a couple of short sales and foreclosures that have been sitting for months without resolution. It seems that anything that shows well and is priced CORRECTLY is selling quickly. We have a garage townhome in Kingstowne under contract in 2 weeks. Why? It has a brick front, 3 bedrooms, hardwoods on the main and lower level and the sellers let us put the right price on to begin with, instead of chasing the market down like a lot of unfortunate sellers do.

I've got some stats here, courtesy of MRIS (our multiple listing service). I'll start with zip codes 22315 and 22310. These are closest to our office in the Kingstowne area and are remarkably accurate in giving us a feel for the market and it's movements. We check it daily. There are 258 properties available. That's everything from a 1 bedroom condo to million dollar homes. There are 89 under contract. That's a 34% absorption rate. Not bad, considering that a short time ago we were hovering at 325 units for quite some time. But there's more: a lot of these are new homes, not even built yet. A number of them show really badly, and a lot of them are way overpriced so those won't sell. So the good ones are selling.

Out of the 258, 127 are detached. 40 are under contract for an absorption rate of 31%. This figure no doubt is affected by the older homes that are in 22310, many of which are short sales.

There are 89 townhouses on and 40 under contract for an absorption rate of 43%. This is GOOD news that you don't hear about from the local media. Contrast that with 12-18% absorption rates of earlier in the year. The amounts that prices have come down and the super-low interest rates are starting to kick in.

Condos---39 are available and 11 are under contract---28% absorption rate.

In Lorton the numbers tell a very positive story. There are 198 properties on the market and 100 under contract. That's a whopping 51% absorption rate. People like newer homes. Lorton has them and they've been beaten up for a long time price-wise.

Springfield is not far behind. There are 441 homes on the market and 210 under contract for a 48% absorption rate.

Alexandria comes in with 1023 homes available and 300 under contract for a 29% absorption rate. This encompasses a wider area and would need to be more specific to glean the meaning. For example it's tough to compare a townhouse in Old Town with some areas that are further out and having problems with a lot of foreclosures and short sales still hurting the neighborhood.

What does all this mean? Well, each year inventory seems to go down around this time. Some sellers are tired of the process and don't want their homes on around the holidays so they take them off. Others decide to start the process after the New Year, so they wait to put them on. And, because we are in the DC Metro area, there are always people buying and selling, so the good ones that are value-priced are selling. That keeps inventory down right around now.

At Tom & Cindy and Associates we always advise those thinking of selling to go on right after the first weekend of the new year. Our spring market doesn't begin when the azaleas bloom. It begins right after people put away the Christmas tree, say goodbye to the relatives, and start thinking about where they want to move. There is less competition then and lots of interested buyers.

Tom Pietsch

Toys for Tots is a huge success!

Wed, 17 Dec 2008 17:30:00 GMT

Monday, December 15, 2008 marked the end of our Toys for Tots drive for this year and it was a huge success. The Long & Foster courier came by to pick up the many bags of toys that we were so fortunate to collect—take a look at the photo below! Our whole front office was taken up by the wonderful gifts. The toys were then given to the local Marines for distribution. We hope to make lots of kids happy this Christmas!

We want to extend a sincere thank you to everyone in the community that contributed, including Kathy Weaver,—it was very much appreciated.

If you’d like to make a donation to Toys for Tots, check out http://www.toysfortots.org/.

We look forward to continuing the tradition next year.

Happy Holidays!

Alexandria 5-Mile Turkey Trot 2008

Tue, 16 Dec 2008 17:54:00 GMT

This Thanksgiving, I completed a 5 mile run—my personal best! I ran in the 33rd Annual Alexandria Turkey Trot, which took place in the Del-Ray neighborhood at 10 AM. This past year I’ve really gotten into running and took part in 2 5-K runs; one was the George Washington Parkway Classic and the other was the inaugural Crystal City Twilighter. When I first started running, I never thought that I would ever run 5 miles.

The weather was perfect for the Turkey Trot—blue sky, sun, warm temperature by November standards—what more could you want?? It’s a great route too! You get to see the eclectic mix of houses that make up Del Ray’s tree-lined streets and the many unique shops and businesses on Main Street. There were even residents outside their houses tailgating! I have to say it’s a wonderful feeling to have people along the route cheering you on.

This time I even had company for the race—at the last minute Tom decided to run with me--talk about being spontaneous! We parted ways at about the 3 mile mark, so I finished first, but he finished not too long after me! Great job Tom! I had an amazing sense of accomplishment; I ran 5 miles and felt good afterwards. Next stop…10-K!

Check out the Del Ray Business Association for information on many of the shops, restaurants and service providers that make up this distinctive neighborhood: http://www.visitdelray.com/

Susan Hall

Listing Manager

Tom & Cindy and Associates

Market Update - December 5th, 2008

Tue, 09 Dec 2008 11:26:00 GMT

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.

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

Our Office Thanksgiving Lunch

Wed, 26 Nov 2008 17:15:00 GMT

Last Wednesday the 19th, we had our office Thanksgiving lunch. Everyone brought a dish to share, so we had tons of food. We had everything from turkey, stuffing, corn bread pudding, green bean casserole, cranberries, mashed potatoes and more! There were chocolate chip cookies and pies for dessert. It was a great time to relax and enjoy the company of co-workers. We'll have to make it a yearly tradition!

Here is George carving the turkey!

And Joyce, smiling as usual!

Jim and Cathie, sharing a laugh!

Market Update - November 24th, 2008

Mon, 24 Nov 2008 11:41:00 GMT

2 RealtyTrac reported that U.S. foreclosure filings increased 71 percent in the third quarter from a year earlier, reaching the highest on record. A total of 765,558 U.S. properties got a default notice, were warned of a pending auction or were foreclosed on in the quarter, the most since records began in January 2005.

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.

8. Inventory levels continue to decline as we move closer to the end of 2008. The availability to find a good home, at a reasonable price that is not a “short sale” is becoming increasingly difficult.

9. Average conforming loan rate 6.125 with 0 points.

10. Average Days on Market in N. Virginia for October ‘08 = 94

11. Light, sweet crude went down to settle at $50.15 a barrel on the New York Mercantile Exchange

Tom & Cindy to be a part of the Toys for Tots campaign this year.

Mon, 10 Nov 2008 21:27:00 GMT

Here at Tom & Cindy and Associates, we've really enjoyed being a part of the enormously successful Toys for Tots campaign that the US Marines do each year. Year after year it's so nice to see our clients and total strangers come into our office and drop off presents that bring joy to underprivileged children. We will again match the value of new unwrapped toys up to $1000. Last year's national Toys for Tots Campaign raised 16.7 million toys benefiting nearly 7.5 million children in need. We'd love to have you join us. Our real estate office is located at 7027 A Manchester Blvd. Alexandria, Va 22310

Weekly Update - November 5th, 2008

Wed, 05 Nov 2008 12:39:00 GMT

1. Lower home prices are luring some buyers back into the U.S. housing market, but foreclosures and a weakening economy are likely to keep downward pressure on prices for at least another year, economists say.

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. Even as prices have moderated on homes in our area, buyers may have difficulty obtaining financing at attractive terms due to the problems in the national credit market.

5. The FDIC chairman has argued that the extensive set of financial rescue strategies deployed in recent weeks needs to do more to get at what she called the "root cause" of the crisis -- millions of households heading for default on their mortgages and potentially foreclosure on their homes.

6. In Greater Northern Virginia the number of homes sold in September this year showed a 53% increase over home sales in September a year ago. The absorption rate for September 2008 is slightly higher than last year’s with a 5.52-month supply of homes.

9. Average conforming loan rate 6.25 with 0 points.

10. Average Days on Market in N. Virginia for September '08 = 93

11. Light, sweet crude went up to settle at $71.77 a barrel on the New York Mercantile Exchange

Next date for our Adopt a Highway pick-up in Alexandria

Mon, 27 Oct 2008 17:59:00 GMT

On December 6th, 2008 we will be doing our quarterly Adopt a Highway clean-up in the Landsdowne and Amberleigh communities in Alexandria. For almost 4 years now, Tom & Cindy and Associates has been doing this in some of the communities that we do a lot of work in. It is a nice way of our team getting together for some exercise on Saturday morning and giving back to areas that have shown us great support over the years. We have put application in to VDOT (Virginia Department of Transportation) for some other stretches of roads to expand the amount of clean up that we will do. If any of the residents of these communities want to come out and say hi or walk with us, we'd love to see you.

Our California trip and Brooks Restaurant in Ventura

Mon, 27 Oct 2008 16:34:00 GMT

We just got back from a fun little long-weekend getaway. My friends Andy, Lisa, and my girlfriend Susan and I went to Southern California. The real purpose of the trip was to go to the restaurant that my client and friend Andy Brooks and his wife Jayme opened in Ventura. It is called "Brooks". Andy used to be the head chef for a popular restaurant in Washington, D.C. called "DC Coast". Andy Miller (the Andy who went with us) and I used to go to DC Coast all the time, but never met the chef. Then one day, I got a phone call from a Realtor in California. She knew Tom & Cindy and Associates does a lot of work in Alexandria Virginia. She had a referral to give to us. It turned out to be Jayme, Andy Brook's then girlfriend, now wife. Long story short, we became good friends. I went to their wedding and always told Andy that I'd love to help him if he ever opened a restaurant. Well, I didn't figure that the restaurant would be in California. Jayme and Andy wanted to get back home to the west coast and he scouted locations for a restaurant for a while. Then one day he called and had found a great location in Ventura just a block up from the water and a block off the historic street. I'm like every investor, filled with hope and crossed fingers.

So, we flew into LAX early Thursday and since Susan hadn't been there, we decided to play tourist Thursday, Friday, and Saturday morning before going to the restaurant Saturday night. We went to the Getty Museum, Santa Monica Pier, Rodeo Drive, the Hollywood walk of fame, Beverly Hills, Venice Beach, the mansions of Bel Air, and even Sprinkles, a little gourmet cupcake store that has people lining up outside the door to get their great treats.

Saturday afternoon we pulled into Ventura, found the restaurant, and Jayme and Andy saw us pull up and came out for some hugs and photos. Our meal later was incredible. We started out with a couple of wonderful bottles of Champagne at the bar. Then we moved to our table. Andy told us to order off the menu and he would give us samples of other dishes and some special things he had up his sleeve. Everything was beyond delicious. Totally fresh and simple, yet bold and innovative at the same time. Lisa and Andy Miller have been all over the world and Lisa is quite the cook herself. As she said, "this was one for the rocking chair" which she says when there is a memory of a trip that she'll look back on for the rest of her life.

I just wanted to thank Andy, Jayme, and everyone that was at the restaurant when we came in. We eat out a lot, and travel all over, but our time at Brooks was one of the most enjoyable we’ve ever had. The food, the service and the atmosphere were world-class in every way. Jayme is so welcoming and friendly and Andy really rolled out the red carpet for us. Each dish was spectacular and the wines blew us away. Wish we’d had more time to catch up, but, until next time, thanks for treating us so well!

I won't try to be a restaurant reviewer-----just remember if you are ever in Ventura------go there. You'll be happy you did. Their website is www.restaurantBrooks.com

Real estate market update for October 23, 2008

Fri, 24 Oct 2008 19:06:00 GMT

Here is an update that George Flood, one of our most experienced agents compiled:

? Weekly Market Update – 23 October 2008

1. The real estate market is doing better in some areas over the same time last year according to the Northern Virginia Association of Realtors latest report.

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. Even as prices have moderated on homes in our area, buyers may have difficulty obtaining financing at attractive terms due to the problems in the national credit market.

8. Average conforming loan rate 6.125 with 0 points.

9. Average Days on Market in N. Virginia for September ‘08 = 93

10. Light, sweet crude went down to settle at $65.90 a barrel on the New York Mercantile Exchange

Some recent stats from our broker

Sun, 27 Jul 2008 12:51:00 GMT

This is a quick little info from Jon Wolford, the broker of our office and the Springfield office:

Hi Guys,

I just ran MRIS and here is what I found:

Fairfax County & City, Falls Church, Alexandria and Arlington

Contracts ratified:

June 25, 2008 thru July 24, 2008 ………. 1890

June 25, 2007 thru July 24, 2007 ………. 1667

223 additional contracts reported to MRIS this year compared to last year same period

Up 13.4% from last year – that’s good!!

Prince William County, Manassas & Manassas Park

Contracts ratified:

July 25, 2008 thru July 24, 2008 ………. 1,190

June 25, 2007 thru July 24, 2007 ………. 476

714 (additional contracts reported to MRIS this year as compared to same period last year)

Up 150% from last year – that’s great!!! I ran this twice as it was so hard to believe!