Real Estate Associates Cape Cod Real Estate News

FRIDAY FACTS
October 1, 2010

The U.S. Census Bureau released the 2009 American Housing Survey that shows:
Homeowners paid a median $1,000 in monthly housing costs, 20% of household income
Renters paid a median $800 in monthly housing costs, but that was 31% of household income
32% own their home free and clear, 2% have a line of credit only, 66% have a regular and/or home equity mortgage
48% of homes have a separate dining room, 35% have a usable fireplace, 64% have 3+ bedrooms.

In Barnstable County, foreclosure deeds were up 74% in the first half of 2010 compared with the same period in 2009. It is estimated that neighborhood homes within 250’ of a foreclosed property lose 1% of value.

According to the Shelton Group, Green Living Pulse, 3 features a green home must have are:
1. High efficiency (Energy Star) appliances – 45.6%
2. High efficiency (Energy Star) windows – 42.8%
3. Renewable electric power generation system – 36.9%

§ From NAR: home sales dropped a record 27.2% from June. The prediction had been a drop of 12%. “Buyers and sellers are in a standoff over prices. Many sellers are reluctant to lower their prices and buyers are hesitating because they think home prices haven’t bottomed yet.” Sales were down 35% in the Midwest, 30% in the Northeast, 25% in the West and 23% in the South.

MAR reports that single family home sales were down 28% in July compared with July 2009.

NAR has an online mailbox, HAFA@realtors.org for members to provide specific examples of the problems they are facing with lenders in getting short sales processed. You won’t get a response, but your emails will be used by NAR in its discussions with lenders and the U.S. Treasury Department.