Minneapolis, Minnesota (January 27, 2009) – Foreclosures and short sales (i.e. lender-mediated properties) in the Twin Cities housing market are showing early signs of slowing, according to a new research report released by the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc (RMLS).
During the fourth quarter of 2008, there were actually 4.3 percent fewer new lender-mediated listings than there was in the third quarter. That’s the first quarter-to-quarter decrease since 2003. As a result of this reduction in new supply and continued buyer interest in these properties, the total number of lender-mediated homes for sale dropped 600 units over the course of the quarter. This is only one quarter of downward movement, so time will tell whether the trend continues. Regardless, this has to be taken as a hopeful sign.
“By no means is the hard part totally over,” said Steve Havig, 2009 President of the Minneapolis Area Association of REALTORS®. “What the economy does in 2009 is the real wildcard, but the sooner this cycle runs its course, the sooner the housing market can return to some normalcy.”
Lender-mediated home values are dropping quickly, while traditional homes are fairing better. The median sales price of lender-mediated homes in Q4 2008 was $131,000, a drop of 19.1 percent from the same time last year. The median sales price for traditional homes was $221,000, a drop of a much quieter 2.6 percent.
Despite the fall in new supply from last quarter, 42.2 percent of new listings and 46.0 percent of closed sales during Q4 2008 were lender-mediated. This is an increase from the same quarter last year, due in part to declining activity in the traditional market.
The report provides even more detail and underscores the fact that this phenomenon will be with our market into the foreseeable future.
The full report can be found on the Minneapolis Area Association of REALTORS® website at http://www.mplsrealtor.com/, and includes more analysis and an explanation of the research methodology.
Established in 1887, the Minneapolis Area Association of REALTORS® (MAAR) is the leading regional advocate and provider of information services, research and education on the real estate industry for brokers, real estate professionals and the public. With almost 9,000 members, MAAR is one of the 25 largest local REALTOR® associations in the nation and serves the Twin Cities 13-county metro area and western Wisconsin.
Friday, January 30, 2009
Monday, January 26, 2009
Revision of home-buyer tax credit might boost use of it
Washington Post Writers Group
January 23, 2009
THE NATION'S HOUSING KENNETH HARNEY
Should you give the $7,500 home-buyer tax credit a second look? Now that Congress may be on the verge of transforming it into a true tax credit -- one that never has to be paid back -- you just might want to do so.
On Jan. 15, the House Democratic leadership outlined its $825 billion economic stimulus package, loaded with $275 billion in tax cuts and $550 billion in new spending on health care, education, alternative energy and infrastructure improvements.
Tucked away in the tax section was a significant improvement to last July's congressional effort to stimulate home sales. That program offered a credit of up to $7,500 to purchasers who had never bought a house or hadn't owned one during the previous three years. To qualify, taxpayers would need to close on a house between April 8, 2008, and this coming July 1.
But relatively few consumers were attracted to the plan because, unlike virtually all other federal tax credits, this one had to be repaid in full to the IRS over a 15-year period. In effect, the $7,500 was more like an interest-free installment loan from the government than a straightforward dollar-for-dollar reduction on buyers' tax bills.
Though final details on a revised credit are still subject to negotiations between the House and Senate, and to passage of the economic stimulus package itself, there's a good chance that buyers who sought the credit in 2008, and new purchasers in 2009, will be relieved of the repayment requirement.
According to industry estimates, removing the repayment rule could lead to an additional 202,000 purchases this year. The National Association of Realtors is pushing for the July 1 deadline to be extended to Dec. 31, opening the door to even greater numbers of sales.
Meanwhile, the IRS has come out with two recent advisories on the credit, plus a new Form 5405 for taxpayers interested in claiming the $7,500 benefit, either for 2008 or 2009. You can download a copy of the form at www.irs.gov in the publications and forms section.
Based on the latest IRS guidance, here's what you need to know if you're thinking about buying a house this year -- taking advantage not only of low prices and record low mortgage rates, but also a temporary tax credit that may well turn out to be a grant.
•The $7,500 is available to singles, married couples filing jointly and unmarried co-purchasers, provided they meet the non-ownership test for the previous three years. Married couples filing singly can claim up to $3,750 each. Unmarried individuals can allocate the credit on their filings according to their respective ownership shares or capital investments in the house.
•Only principal residences, or in the IRS' words, "the one you live in most of the time," are eligible. No second homes, investment properties or houses located outside the United States pass the test. However, the definition of "home" extends far beyond conventional houses sited on lots. It "can be a ... houseboat, house trailer, cooperative apartment, condominium or other type of residence," according to Form 5405.
For example, if you buy a sailboat or powerboat with full living facilities, tie it up at a marina, and make it your "main home," you should be eligible to claim the credit, though you may want to run all the specifics of your situation by your accountant or tax adviser.
•Even if it's your first home purchase, you are not eligible if your adjusted gross income is above $95,000 (single filer) or $170,000 (married joint filers). Married couples with incomes between $150,000 and $170,000 are eligible for reduced credits, based on a phase-out schedule. Single filers with incomes between $75,000 and $95,000 also are subject to reduced credit limits. District of Columbia residents who are eligible for the city's first-time home-buyer credit are barred from use of the federal tax credit. Taxpayers who use tax-exempt mortgage bonds issued by state or local governments to finance home purchases also are ineligible.
•You can't claim the $7,500 credit if you buy your house from a "related person," meaning a spouse, parent, grandparent or child or from a corporation or partnership where you own more than 50 percent of the stock or capital interests.
If you pass all these tests, and get the purchase done by whatever deadline Congress decides on as part of the final stimulus package, you should be able to take $7,500 off your federal tax bottom line, and not worry about ever paying it back.
January 23, 2009
THE NATION'S HOUSING KENNETH HARNEY
Should you give the $7,500 home-buyer tax credit a second look? Now that Congress may be on the verge of transforming it into a true tax credit -- one that never has to be paid back -- you just might want to do so.
On Jan. 15, the House Democratic leadership outlined its $825 billion economic stimulus package, loaded with $275 billion in tax cuts and $550 billion in new spending on health care, education, alternative energy and infrastructure improvements.
Tucked away in the tax section was a significant improvement to last July's congressional effort to stimulate home sales. That program offered a credit of up to $7,500 to purchasers who had never bought a house or hadn't owned one during the previous three years. To qualify, taxpayers would need to close on a house between April 8, 2008, and this coming July 1.
But relatively few consumers were attracted to the plan because, unlike virtually all other federal tax credits, this one had to be repaid in full to the IRS over a 15-year period. In effect, the $7,500 was more like an interest-free installment loan from the government than a straightforward dollar-for-dollar reduction on buyers' tax bills.
Though final details on a revised credit are still subject to negotiations between the House and Senate, and to passage of the economic stimulus package itself, there's a good chance that buyers who sought the credit in 2008, and new purchasers in 2009, will be relieved of the repayment requirement.
According to industry estimates, removing the repayment rule could lead to an additional 202,000 purchases this year. The National Association of Realtors is pushing for the July 1 deadline to be extended to Dec. 31, opening the door to even greater numbers of sales.
Meanwhile, the IRS has come out with two recent advisories on the credit, plus a new Form 5405 for taxpayers interested in claiming the $7,500 benefit, either for 2008 or 2009. You can download a copy of the form at www.irs.gov in the publications and forms section.
Based on the latest IRS guidance, here's what you need to know if you're thinking about buying a house this year -- taking advantage not only of low prices and record low mortgage rates, but also a temporary tax credit that may well turn out to be a grant.
•The $7,500 is available to singles, married couples filing jointly and unmarried co-purchasers, provided they meet the non-ownership test for the previous three years. Married couples filing singly can claim up to $3,750 each. Unmarried individuals can allocate the credit on their filings according to their respective ownership shares or capital investments in the house.
•Only principal residences, or in the IRS' words, "the one you live in most of the time," are eligible. No second homes, investment properties or houses located outside the United States pass the test. However, the definition of "home" extends far beyond conventional houses sited on lots. It "can be a ... houseboat, house trailer, cooperative apartment, condominium or other type of residence," according to Form 5405.
For example, if you buy a sailboat or powerboat with full living facilities, tie it up at a marina, and make it your "main home," you should be eligible to claim the credit, though you may want to run all the specifics of your situation by your accountant or tax adviser.
•Even if it's your first home purchase, you are not eligible if your adjusted gross income is above $95,000 (single filer) or $170,000 (married joint filers). Married couples with incomes between $150,000 and $170,000 are eligible for reduced credits, based on a phase-out schedule. Single filers with incomes between $75,000 and $95,000 also are subject to reduced credit limits. District of Columbia residents who are eligible for the city's first-time home-buyer credit are barred from use of the federal tax credit. Taxpayers who use tax-exempt mortgage bonds issued by state or local governments to finance home purchases also are ineligible.
•You can't claim the $7,500 credit if you buy your house from a "related person," meaning a spouse, parent, grandparent or child or from a corporation or partnership where you own more than 50 percent of the stock or capital interests.
If you pass all these tests, and get the purchase done by whatever deadline Congress decides on as part of the final stimulus package, you should be able to take $7,500 off your federal tax bottom line, and not worry about ever paying it back.
10 Real Estate Myths
The market it definitely starting to pick up with more showings and offers being made. here are 10 real estate myths from this morning's Today Show:
The truth about the housing market
In today’s uncertain market, fear runs rampant on both the buying and selling sides of the fence. Many myths need debunking. Here are five untruths held by buyers, and five held by sellers.
Buyer myth No. 1: The longer the house is on the market, the more you can negotiate. When buyers ask, “How long has this property been on the market?”, they think “six months” means they can negotiate the price down. It more often means the seller is stubbornly holding on to their price.
Buyer myth No. 2: The sellers today are desperate. Most aren’t. Always ask why the sellers are selling. It’s the key to finding how motivated and anxious they are. “I’m being transferred to Dallas” is a very different answer than “We’d like to find something bigger.” The first homeowner is hot to trot.
Buyer myth No. 3: You can’t buy a home today with less than 20 percent down. FHA loans require only 3.5 percent down, and you can even ask the seller to pay the closing costs.
Buyer myth No. 4: You need good credit to get a good loan. Once again, the FHA to the rescue! They’re happy to lend money to buyers with bad credit.
Buyer myth No. 5: You shouldn't buy before prices have bottomed. You can’t sharpshoot the real estate market. Once you identify the “bottom,” prices have already moved up.
Seller myth No. 1: Now’s the absolute worst time to sell. Not necessarily. It depends upon where you live. Many of the worst hit markets, like Las Vegas, Phoenix or San Diego, are already beginning to turn around. And if you’re a homeowner who wants to trade up, the loss you’ll take on your current home will be more than offset by the bargain you’ll get on the next one.
Seller myth No. 2: Never respond to a low-ball bid. All buyers today feel obligated to put in low-ball offers to see if the seller bites. If you respond with a reasonable counter offer, most buyers can be convinced to come up in price and make the deal.
Seller myth No. 3: The first offer is never the best offer. Most sellers believe that it’s smart to hold out for something better. But four times out of five, the first offer is the best you’ll ever see.
Seller myth No. 4: 'I can always reduce my price later.' Sellers often price their home high for a few weeks just to test the market. But buyers shop by price bracket and if your house is in the wrong one, you’ll just help sell everyone else’s home while yours sits there overpriced. And reducing your price later in small increments puts you in the position of chasing the tide as it goes out.
Seller myth No. 5: Before you refinance, shop around. You can if you want, but you’ll usually get the best deal from your current lender. And you’ll be able to negotiate your closing costs.
The truth about the housing market
In today’s uncertain market, fear runs rampant on both the buying and selling sides of the fence. Many myths need debunking. Here are five untruths held by buyers, and five held by sellers.
Buyer myth No. 1: The longer the house is on the market, the more you can negotiate. When buyers ask, “How long has this property been on the market?”, they think “six months” means they can negotiate the price down. It more often means the seller is stubbornly holding on to their price.
Buyer myth No. 2: The sellers today are desperate. Most aren’t. Always ask why the sellers are selling. It’s the key to finding how motivated and anxious they are. “I’m being transferred to Dallas” is a very different answer than “We’d like to find something bigger.” The first homeowner is hot to trot.
Buyer myth No. 3: You can’t buy a home today with less than 20 percent down. FHA loans require only 3.5 percent down, and you can even ask the seller to pay the closing costs.
Buyer myth No. 4: You need good credit to get a good loan. Once again, the FHA to the rescue! They’re happy to lend money to buyers with bad credit.
Buyer myth No. 5: You shouldn't buy before prices have bottomed. You can’t sharpshoot the real estate market. Once you identify the “bottom,” prices have already moved up.
Seller myth No. 1: Now’s the absolute worst time to sell. Not necessarily. It depends upon where you live. Many of the worst hit markets, like Las Vegas, Phoenix or San Diego, are already beginning to turn around. And if you’re a homeowner who wants to trade up, the loss you’ll take on your current home will be more than offset by the bargain you’ll get on the next one.
Seller myth No. 2: Never respond to a low-ball bid. All buyers today feel obligated to put in low-ball offers to see if the seller bites. If you respond with a reasonable counter offer, most buyers can be convinced to come up in price and make the deal.
Seller myth No. 3: The first offer is never the best offer. Most sellers believe that it’s smart to hold out for something better. But four times out of five, the first offer is the best you’ll ever see.
Seller myth No. 4: 'I can always reduce my price later.' Sellers often price their home high for a few weeks just to test the market. But buyers shop by price bracket and if your house is in the wrong one, you’ll just help sell everyone else’s home while yours sits there overpriced. And reducing your price later in small increments puts you in the position of chasing the tide as it goes out.
Seller myth No. 5: Before you refinance, shop around. You can if you want, but you’ll usually get the best deal from your current lender. And you’ll be able to negotiate your closing costs.
Monday, November 3, 2008
Feature Home of the Week
Incredible location next to Luce Line Trail and easy access to Wayzata. 4 Bedroom/3 Bath updated rambler on .62 private acres on pond. Large Great room with fireplace opens to the formal dining room. Finished lower level, amusement room with fireplace, office and bedroom. 4th bedroom is non-conforming.Click here for more photos and information about this listing.
Hwy 12 Bypass Update
The Highway 12 bypass is schuduled to open November 20th. Even though this seems unlikely, they are working quickly to have it open by then.
Wednesday, October 29, 2008
The Bailout-Looking Ahead: Real Estate Leaders Voice Their Opinions
RISMEDIA, Oct. 28, 2008-The Emergency Economic Stabilization Act of 2008, also known as ‘the bailout bill’ that has been dominating headlines in recent weeks, has real estate leaders talking about its impact on the industry, real estate markets around the country and the overall effect on consumer confidence when it comes to buying and selling.
RISMedia recently interviewed several industry experts on the subject and is presenting their comments in a regularly occurring series called, “The Bailout-Looking Ahead.” Here, Michael Levitin, 2008 Chairman of the Houston Association of Realtors in Houston, Texas offers his thoughts about the bailout, what it means to consumers and the government’s new role in real estate.
RISMedia: What is your overall reaction to the bailout?
ML: The jury is still out on if this bailout will work. It’s nice to see the government involved to try and bolster a little consumer confidence and encourage people. However, I’m definitely taking a wait-and-see attitude.
Politics aside, this is a huge issue. We need bipartisanship-let’s talk about our problems. We can all learn from people with opposite views.
RISMedia: What will it take to get consumers back to buying and selling?
ML: People are going to have to feel that the country has optimism and a solution. The last eight years have been rough. To get consumers back to real estate, change has to happen and there has to be a plan for that.
RISMedia: What is happening in your market locally and how is the national discussion about real estate affecting that? What should the industry be doing to bolster consumer confidence?
ML: Here in Houston, for example, the average sales price is actually up. However, sales are down 15-17 percent-and we have a good job economy. But the problem is that everyone keeps talking about real estate being local. We always say that. But, there’s no way that Houstonians aren’t listening to what’s going on nationally. It’s still a problem and it’s still affecting us.
HAR does a wonderful job of getting people-including me-out in the media. We, as a group, try to tout Houston and all the great things about the local market. We’ve gotten that message across. However, it’s just not working anymore. This is national and people recognize that. When the stock market is tanking and there’s word of a bailout, it’s not local anymore.
RISMedia: What are your thoughts on the government’s new rights (within the bailout bill) to purchase foreclosed homes and refinance them at their current value so that homeowners can stay in the home?
ML: A few months ago I would have said let the banks solve it themselves. The problem now is so deep that someone’s going to have to step in and get the situation organized to a better extent than the way it is right now.
At some point in time, banks need to decide: do they need to keep people in homes at a lesser rate or go into foreclosure. There are some situations where banks should work with homeowners.
Everything starts with buying and selling a home. Having people lose their homes who shouldn’t, someone needs to get involved-that might just be government.
RISMedia recently interviewed several industry experts on the subject and is presenting their comments in a regularly occurring series called, “The Bailout-Looking Ahead.” Here, Michael Levitin, 2008 Chairman of the Houston Association of Realtors in Houston, Texas offers his thoughts about the bailout, what it means to consumers and the government’s new role in real estate.
RISMedia: What is your overall reaction to the bailout?
ML: The jury is still out on if this bailout will work. It’s nice to see the government involved to try and bolster a little consumer confidence and encourage people. However, I’m definitely taking a wait-and-see attitude.
Politics aside, this is a huge issue. We need bipartisanship-let’s talk about our problems. We can all learn from people with opposite views.
RISMedia: What will it take to get consumers back to buying and selling?
ML: People are going to have to feel that the country has optimism and a solution. The last eight years have been rough. To get consumers back to real estate, change has to happen and there has to be a plan for that.
RISMedia: What is happening in your market locally and how is the national discussion about real estate affecting that? What should the industry be doing to bolster consumer confidence?
ML: Here in Houston, for example, the average sales price is actually up. However, sales are down 15-17 percent-and we have a good job economy. But the problem is that everyone keeps talking about real estate being local. We always say that. But, there’s no way that Houstonians aren’t listening to what’s going on nationally. It’s still a problem and it’s still affecting us.
HAR does a wonderful job of getting people-including me-out in the media. We, as a group, try to tout Houston and all the great things about the local market. We’ve gotten that message across. However, it’s just not working anymore. This is national and people recognize that. When the stock market is tanking and there’s word of a bailout, it’s not local anymore.
RISMedia: What are your thoughts on the government’s new rights (within the bailout bill) to purchase foreclosed homes and refinance them at their current value so that homeowners can stay in the home?
ML: A few months ago I would have said let the banks solve it themselves. The problem now is so deep that someone’s going to have to step in and get the situation organized to a better extent than the way it is right now.
At some point in time, banks need to decide: do they need to keep people in homes at a lesser rate or go into foreclosure. There are some situations where banks should work with homeowners.
Everything starts with buying and selling a home. Having people lose their homes who shouldn’t, someone needs to get involved-that might just be government.
Friday, October 24, 2008
Feature Home of the Week
Fabulous family home built by Nedegaard in Plymouth. Plymouth was ranked Number 1 on CNN Money Best Places to Live 2008. 2.5 acres on private cul-de-sac. 3 seasons room, amusement room, billiards room, etc. New roof, gutters, and water softners.
This home will be open this Saturday October 25th from 12:00pm-2:30pm and on Sunday October 26th from 12:00pm to 2:00pm.
Click here for more photos and information about this listing.
Existing home sales see largest gain in years
A great article from MSNBC.com today:
Existing-home sales jump 5.5%
September number possible glimmer of hope housing bottoming out
msnbc.com staff and news service reports
updated 10:43 a.m. CT, Fri., Oct. 24, 2008
WASHINGTON - Sales of existing homes rose sharply in September, offering a glimmer of hope for the troubled housing market, but analysts cautioned that many of the sales were driven by foreclosures that are still pushing prices lower.
The National Association of Realtors said Friday that sales of existing homes rose by 5.5 percent in September compared to August, the best showing since a 5.6 percent increase in July 2003, during the five-year housing boom. It was the first year-over-year sales increase in since November 2005.
But home prices are still falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.
Lawrence Yun, chief economist for the Realtors, said a sales turnaround first seen in California was beginning to broaden to other regions of the country including Colorado, Kansas, Minnesota, Missouri and Rhode Island.
He said housing may be starting to find a bottom but the turnaround could be aborted by the near-certainty that the country has fallen into a recession.
Michelle Meyer, an analyst with Barclays Capital, said figures from the Realtors show that 35 to 40 percent of national home sales are “foreclosure-linked.”
"While it is encouraging that foreclosures are clearing the market, it results in even lower home prices," she said in a note.
Patrick Newport, an economist with IHS Global Insight, agreed and said the sales bump is not sustainable.
"Distressed sales will remain a factor over the next few months," he said. "However, a tight labor market, tight credit and wide mortgage spreads should dampen demand enough to depress sales going forward."
Inventories of unsold existing homes dropped by 1.6 percent in September to 4.27 million units which would be a 9.9 months supply at the September sales pace, still a historically high level.
Yun, of the Realtors, urged Congress to pass a second stimulus package including measures that would bolster the housing market.
In a further effort to bolster the housing market and deal with record high levels of mortgage defaults, Shelia Bair, the head of the Federal Deposit Insurance Corp., is pushing Treasury to include in the $700 billion rescue package for the financial system a new program to prevent more mortgage foreclosures.
Under Bair's proposal, the government would provide guarantees for mortgages that have been reworked by banks to lower the payment schedules to more affordable levels.
The rise in September sales pushed activity to a seasonally adjusted annual rate of 5.18 million units last month. Sales were up 9.6 percent on a year-over-year basis before adjusting for seasonal changes.
By region of the country, sales soared by 16.8 percent in the West and rose a more moderate 4.4 percent in the Midwest and 2.2 percent in the South. The only region of the country which saw a decline was the Northeast, where sales fell by 1.1 percent.
Housing has been suffering through its worst downturn in decades following a five-year boom that ended in 2006. Since that time sales and prices have plummeted.
Builders have responded to the huge glut of unsold homes by sharply cutting back on construction as their confidence levels have fallen to record lows. The National Association of Home Builders is projecting that construction of new homes and apartments will total just 936,000 units for this year, which would be the weakest performance since 1945.
Existing-home sales jump 5.5%
September number possible glimmer of hope housing bottoming out
msnbc.com staff and news service reports
updated 10:43 a.m. CT, Fri., Oct. 24, 2008
WASHINGTON - Sales of existing homes rose sharply in September, offering a glimmer of hope for the troubled housing market, but analysts cautioned that many of the sales were driven by foreclosures that are still pushing prices lower.
The National Association of Realtors said Friday that sales of existing homes rose by 5.5 percent in September compared to August, the best showing since a 5.6 percent increase in July 2003, during the five-year housing boom. It was the first year-over-year sales increase in since November 2005.
But home prices are still falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.
Lawrence Yun, chief economist for the Realtors, said a sales turnaround first seen in California was beginning to broaden to other regions of the country including Colorado, Kansas, Minnesota, Missouri and Rhode Island.
He said housing may be starting to find a bottom but the turnaround could be aborted by the near-certainty that the country has fallen into a recession.
Michelle Meyer, an analyst with Barclays Capital, said figures from the Realtors show that 35 to 40 percent of national home sales are “foreclosure-linked.”
"While it is encouraging that foreclosures are clearing the market, it results in even lower home prices," she said in a note.
Patrick Newport, an economist with IHS Global Insight, agreed and said the sales bump is not sustainable.
"Distressed sales will remain a factor over the next few months," he said. "However, a tight labor market, tight credit and wide mortgage spreads should dampen demand enough to depress sales going forward."
Inventories of unsold existing homes dropped by 1.6 percent in September to 4.27 million units which would be a 9.9 months supply at the September sales pace, still a historically high level.
Yun, of the Realtors, urged Congress to pass a second stimulus package including measures that would bolster the housing market.
In a further effort to bolster the housing market and deal with record high levels of mortgage defaults, Shelia Bair, the head of the Federal Deposit Insurance Corp., is pushing Treasury to include in the $700 billion rescue package for the financial system a new program to prevent more mortgage foreclosures.
Under Bair's proposal, the government would provide guarantees for mortgages that have been reworked by banks to lower the payment schedules to more affordable levels.
The rise in September sales pushed activity to a seasonally adjusted annual rate of 5.18 million units last month. Sales were up 9.6 percent on a year-over-year basis before adjusting for seasonal changes.
By region of the country, sales soared by 16.8 percent in the West and rose a more moderate 4.4 percent in the Midwest and 2.2 percent in the South. The only region of the country which saw a decline was the Northeast, where sales fell by 1.1 percent.
Housing has been suffering through its worst downturn in decades following a five-year boom that ended in 2006. Since that time sales and prices have plummeted.
Builders have responded to the huge glut of unsold homes by sharply cutting back on construction as their confidence levels have fallen to record lows. The National Association of Home Builders is projecting that construction of new homes and apartments will total just 936,000 units for this year, which would be the weakest performance since 1945.
Wednesday, October 15, 2008
An Important Message from Todd Johnson, Edina Realty Mortgage President and CEO
To Our Customers,
The dramatic events taking place in the financial services industry and economy are historic in scope and proportion. You may be asking yourself, "What does this mean for me as a home buyer or home seller? When I want to obtain a mortgage, will there be funds available?”
The answer is simple: at Edina Realty Mortgage, it’s business as usual. Yes, we continue to originate mortgages for home purchases and refinances. Our wide product range features FHA, VA, MHFA, Conventional, Jumbo, Relocation, Renovation, and Reverse Mortgages. We are committed to helping as many customers as possible enjoy the personal and financial benefits of homeownership. We provide competitive, fully disclosed, and responsible and fair pricing for all borrowers.
A Solid, Stable and Secure Lender
We want to assure you that we remain a solid, stable, and secure mortgage lender. We are a well-capitalized company, and we hold fast to our long-standing responsible lending principles.
Edina Realty was one of the first real estate companies to offer integrated mortgage services more than twenty-five years ago. For over ten years, Edina Realty Mortgage has been a joint venture between Wells Fargo Home Mortgage (a division of Wells Fargo Bank, N.A.) and HomeServices of America, a Berkshire Hathaway Affiliate.
Wells Fargo Bank, N.A., is the only bank in the United States, and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Services “AAA,” and Standard & Poor’s Rating Services, “AAA.”
We Are Committed to Your Successful Closing
We stand by our word. Our exclusive On-time Closing Guarantee1 ensures that you will close on time AND for the amount quoted on the Good Faith Estimate, or you will get money back. Are you already working with another lender? We will be happy to review your Good Faith Estimate and Truth-in-Lending Disclosure Statement. This no-obligation second opinion from us takes just few minutes, and we may be able to provide reductions in interest and/or closing costs.
As a responsible lending leader, we work closely with our customers to help you reach your personal and financial goals through homeownership. Our team works hard to know you, understand your needs, and listen to you. We put you at the center of everything we do. Thank you for trusting us with your business.
Todd Johnson
President and CEO
October 2008
The dramatic events taking place in the financial services industry and economy are historic in scope and proportion. You may be asking yourself, "What does this mean for me as a home buyer or home seller? When I want to obtain a mortgage, will there be funds available?”
The answer is simple: at Edina Realty Mortgage, it’s business as usual. Yes, we continue to originate mortgages for home purchases and refinances. Our wide product range features FHA, VA, MHFA, Conventional, Jumbo, Relocation, Renovation, and Reverse Mortgages. We are committed to helping as many customers as possible enjoy the personal and financial benefits of homeownership. We provide competitive, fully disclosed, and responsible and fair pricing for all borrowers.
A Solid, Stable and Secure Lender
We want to assure you that we remain a solid, stable, and secure mortgage lender. We are a well-capitalized company, and we hold fast to our long-standing responsible lending principles.
Edina Realty was one of the first real estate companies to offer integrated mortgage services more than twenty-five years ago. For over ten years, Edina Realty Mortgage has been a joint venture between Wells Fargo Home Mortgage (a division of Wells Fargo Bank, N.A.) and HomeServices of America, a Berkshire Hathaway Affiliate.
Wells Fargo Bank, N.A., is the only bank in the United States, and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Services “AAA,” and Standard & Poor’s Rating Services, “AAA.”
We Are Committed to Your Successful Closing
We stand by our word. Our exclusive On-time Closing Guarantee1 ensures that you will close on time AND for the amount quoted on the Good Faith Estimate, or you will get money back. Are you already working with another lender? We will be happy to review your Good Faith Estimate and Truth-in-Lending Disclosure Statement. This no-obligation second opinion from us takes just few minutes, and we may be able to provide reductions in interest and/or closing costs.
As a responsible lending leader, we work closely with our customers to help you reach your personal and financial goals through homeownership. Our team works hard to know you, understand your needs, and listen to you. We put you at the center of everything we do. Thank you for trusting us with your business.
Todd Johnson
President and CEO
October 2008
Monday, October 13, 2008
Feature Home of the Week
Fabulous Brick contemporary colonial with four bedrooms and four bathrooms in Orono. Two story home with eleven foot ceilings and maple hardwood floors. Gourmet kitchen with granite and cherry wood. Located on a private 2+ acre lot with views of Lake Minnetonka. Orono School District.Link to more pictures, disclosures, floors plans, and inspection report
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