Tag Archives: National Association Of Realtors

Denham Springs Real Estate Buzz: Listen To NAR’s Real Estate Today Show For October 16, 2010!

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http://www.denhamspringsappraisers.com/ – Denham Springs Real Estate Buzz: Listen To NAR’s Real Estate Today Show For October 16, 2010!

real-estate-today-radio-baton-rouge

 

Each Saturday, the NATIONAL ASSOCIATION OF REALTORS® hosts the “Real Estate Today Radio” show with award-winning broadcaster, Gil Gross. The “About” section says:

“Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

On radio stations, satellite, and podcasts… even cell phones, Real Estate Today is your instant connection to the American Dream of home ownership.”

The Blog for this show is located at http://www.retradio.com/blog/ .

Today’s show covers the topics listed below:

enews-main101610

Listen to today’s show, click the play button below!



Or, look at the right side where you’ll be able to visit often catch this week’s show at your convenience. The button looks like the player above.

Baton Rouge Real Estate Home Sales: Highs and Lows For September 7, 2010

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http://www.batonrougerealestatebuzz.com/ – Baton Rouge Real Estate Home Sales: Highs and Lows For September 7, 2010

Rebekah Allen, with the Baton Rouge Business Report, has an update on Baton Rouge home sales as published on September 7, 2010 and quoted below:

SU-Juban Parc-4“After several months of hoping that the worst had passed in the fragile housing market, the real estate industry experienced record-breaking lows in July.

Experts blamed the historic decrease on the expiration of the homebuyer tax credit and mounting evidence that the economy isn’t ready to rebound.

According to the National Association of Realtors, existing home sales in July dropped 25.5% from the previous year. New home sales plummeted 32.4% from the previous year.

br businessreportThe Capital Region was not immune to the downward trend. July home sales dropped 24.4% in East Baton Rouge Parish from the previous year, 30.6% in Ascension Parish, 25.4% in Livingston Parish and 45.8% in the other parishes, including Iberville, West Baton Rouge, and East and West Feliciana.

But there was some good news, particularly in the neighboring parishes.

Home sales for the first seven months of this year have increased 11.6% in Ascension over the same time period one year ago, 17.3% in Livingston and 33.9% in the other parishes. East Baton Rouge Parish, however, has reported a 6.3% decrease.

Ashley Greer, team leader for Keller Williams Realty in Denham Springs, says her location has seen 38% more business this year than last, and she’s confident that the momentum will continue through the rest of 2010.

“We’re just one exit outside of Baton Rouge,” she says. “You get all of the amenities of a big city without having to pay as much for it.”

Greer adds that home-owners are attracted to the strong school system in Livingston.

“Livingston schools are continuing to build. We have some of the best schools, so parents don’t have to send their kids to private schools,” she says. “Everything we’ve increased our tax dollars to pay for is paying off.”

Appraiser Bill Cobb says Livingston Parish is attracting buyers with affordable price points. He says the bulk of new home sales occurred in the $120,000 to $169,900 range.

The average sale price in July was $197,076 in the Capital Region, down from $203,735 one year ago.

“Builders keep asking, ‘When is the market coming back?’ which is the wrong question,” Cobb says. “The right question should be, ‘How can I deliver a product that locals can better afford?’”—Rebekah Allen”

The Link Is Here: http://www.businessreport.com/news/2010/sep/07/startup-gnit1/

 

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Summary Of Denham Springs Louisiana Real Estate Appraisal Rule Changes In Dodd-Frank Act 2010

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http://www.denhamspringsappraisers.com/ – Bankrate.com: Summary Of Real Estate Appraisal Rule Changes In Dodd-Frank Act 2010. These are the new rules that apply to Denham Springs Louisiana Home Appraisals!

denham-springs-real-estate-appraisal-rule-changes-dodd-frank-act

I have provided a few snippet paragraphs from this two page article below. Read the full article here: Real Estate Appraisal Rules Changing

“According to Lucien Salvant, a spokesman for the National Association of Realtors, or NAR, in Washington, D.C., the law is intended to:

*Strengthen appraiser independence.
*Sunset a problematic industry agreement known as the Home Valuation Code of Conduct, or HVCC.
*Regulate appraisal management companies.”

“Buyers, sellers can inform appraisers

That said, the end of the HVCC should help to clear up widespread confusion over who can present information — including data about recent sales — to an appraiser.

“The intent of the HVCC was to put a firewall between the lender and appraiser, but it put up such a big wall that everybody was afraid to talk to appraisers,” Salvant says. “The (new law) does say that Realtors and sellers and buyers can talk to (appraisers).”"

“Appraisal management companies

The new law also regulates appraisal management companies, or AMCs. AMCs aren’t new, but they have gained more control over real estate appraisers and appraisals in the 15 months since the HVCC was implemented.

The financial reform law requires federal oversight of AMCs controlled by federally regulated financial institutions. It also requires state registration of all other AMCs, according to the Appraisal Institute.”

“Questions to ask (editor’s note: should be rephrased “Questions AMC’s should be asking those appraisers they intend on hiring for the appraisal order”)

If there is an upside to the confusion over appraisals, it’s that homebuyers, sellers and homeowners are now more aware of these issues, says Richard Koestner, a partner at Koestner, McGivern & Associates, an appraisal firm in Davenport, Iowa. He says they are more likely to ask questions about the appraiser’s experience and expertise and calls the development “encouraging.” He also offers a few examples of questions buyers and sellers might want to ask:

How long have you been an appraiser?
How many appraisals have you completed?
How often do you appraise homes in this area?
How familiar are you with the local market?
Where do you get the data that you use in your appraisal reports?”

Read the full article here: Real Estate Appraisal Rules Changing

Denham Springs FHA Appraisers Study: Livingston Parish Housing Bucks National Trend Plunge Of 15 Year Lows

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http://www.denhamspringsappraisers.com/ - Denham Springs FHA Appraisers Study: Livingston Parish Housing Bucks National Trend Plunge Of 15 Year Lows!

This morning, “The Guys” from TBWS reported existing home sale fell 27.2%, the lowest number of sales since 1968, see the video below.

tbws

 

denham-springs-home-salesThe Baton Rouge Business Report is reporting on a National Assocation of Realtors housing study and I quote: “Sales of previously occupied homes fell to the lowest level in 15 years last month as the economy weakened. The National Association of Realtors says July’s sales fell by more than 27% to a seasonally adjusted annual rate of 3.83 million. It was the largest monthly drop on records dating back to 1968. June’s sales pace was revised downward to 5.26 million. Home sales picked up in the spring when the government was offering tax credits. But the market has struggled since the tax credits expired on April 30. It would take 12.5 months to sell off the 4 million unsold homes on the market at the current sales pace. The median sale price was $182,600, up 0.7 percent from a year ago.” I have included three charts below from Mortgage News Daily’s July Existing Home Sales: Recap and Charts to help put this in perspective. I then discuss the local Baton Rouge Housing Market Numbers.

8 24 SFDEHS

 

8 24 EHS MONTHS OF SUPPLY

8 24 EHS PRICE LOCAL

 

While the NAR study covers the entire U.S., how do the local Western Livingston Parish housing sales numbers compare? By Western Livingston Parish, I’m defining Denham Springs, Watson and Walker, MLS Areas 81, 82 and 83, the more active portion of Livingston Parish. The answer is that I see Western Livingston bucking the national trend. Within the Greater Baton Rouge Association of Realtors data extracted from 1999 through August 25, 2010, covering almost 12 total years, the lowest yearly rate of home sales was in 1999 with 759. As of 8/25/2010, there have been 654 home sales. If this pace of home sales continues, 2010 projections will be approximately 980 sales, which would conclude a healty housing market.

denham-springs-appraisers-housing-study

The chart below, extracted from data from the GBRMLS on August 20, 2010, shows that the median sales price in MLS Area 81, Denham Springs north of Interstate 12, has continued to remain stable to increasing slightly. The chart actually shows an increase in median sales price from 8/2009 to 8/2010 of +3.49%. The chart also shows a fairly low 7.4% REO or Foreclosure Rate for this market as well, 235 foreclosures out of 3,175 homes sales since 1/1/2004.

denham-springs-housing-market-charts

HOWEVER

smarttrends

I want to responsibly point out that just because the NATIONAL “number” of home sales have been declining in 2010 doesn’t mean the LOCAL “housing prices” are equally declining significantly! And, this is an important point. As a home appraiser, the one thing I hear from local homeowners is a misunderstanding of the local market. They say things to me like, “I know this is a horrible time to be refinancing and getting an appraisal with the housing market the way it is, but we just couldn’t pass up the low mortgage rate”. I hear this constantly from locals and you can’t watch the national news and apply that to our local market. Linda Fredericks, former President of the Greater Baton Rouge Association of Realtors, is correct when she delivered the message that housing marketings are “local” and you can’t apply the national news headlines to a one size fits all local housing market!

 

Take The Baton Rouge Business ReportPoll: When will the U.S. housing market recover? So far results are:

baton-rouge-business-report-poll

 

 

NOTE: Data Used With Permission of the GBRAR MLS. Data was extracted on 8/25/2010 from periods 1/1/2009 through 8/25/2010.

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Western Livingston Parish Housing Market In July 2010 Bucks National Trend Plunge To 15 Year Lows

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http://www.batonrougerealestatebuzz.com/ - July 2010 U.S. Home Sales Plunge To 15-Year Low, How Does Western Livingston Parish Compare?

This morning, “The Guys” from TBWS reported existing home sale fell 27.2%, the lowest number of sales since 1968, see the video below.

tbws

 

denham-springs-home-salesThe Baton Rouge Business Report is reporting on a National Assocation of Realtors housing study and I quote: “Sales of previously occupied homes fell to the lowest level in 15 years last month as the economy weakened. The National Association of Realtors says July’s sales fell by more than 27% to a seasonally adjusted annual rate of 3.83 million. It was the largest monthly drop on records dating back to 1968. June’s sales pace was revised downward to 5.26 million. Home sales picked up in the spring when the government was offering tax credits. But the market has struggled since the tax credits expired on April 30. It would take 12.5 months to sell off the 4 million unsold homes on the market at the current sales pace. The median sale price was $182,600, up 0.7 percent from a year ago.” I have included three charts below from Mortgage News Daily’s July Existing Home Sales: Recap and Charts to help put this in perspective. I then discuss the local Baton Rouge Housing Market Numbers.

8 24 SFDEHS

 

8 24 EHS MONTHS OF SUPPLY

8 24 EHS PRICE LOCAL

 

While the NAR study covers the entire U.S., how do the local Western Livingston Parish housing sales numbers compare? By Western Livingston Parish, I’m defining Denham Springs, Watson and Walker, MLS Areas 81, 82 and 83, the more active portion of Livingston Parish. The answer is that I see Western Livingston bucking the national trend. Within the Greater Baton Rouge Association of Realtors data extracted from 1999 through August 25, 2010, covering almost 12 total years, the lowest yearly rate of home sales was in 1999 with 759. As of 8/25/2010, there have been 654 home sales. If this pace of home sales continues, 2010 projections will be approximately 980 sales, which would conclude a healty housing market.

denham-springs-appraisers-housing-study

The chart below, extracted from data from the GBRMLS on August 20, 2010, shows that the median sales price in MLS Area 81, Denham Springs north of Interstate 12, has continued to remain stable to increasing slightly. The chart actually shows an increase in median sales price from 8/2009 to 8/2010 of +3.49%. The chart also shows a fairly low 7.4% REO or Foreclosure Rate for this market as well, 235 foreclosures out of 3,175 homes sales since 1/1/2004.

greater-baton-rouge-housing-market-charts

HOWEVER

smarttrends

I want to responsibly point out that just because the NATIONAL “number” of home sales have been declining in 2010 doesn’t mean the LOCAL “housing prices” are equally declining significantly! And, this is an important point. As a home appraiser, the one thing I hear from local homeowners is a misunderstanding of the local market. They say things to me like, “I know this is a horrible time to be refinancing and getting an appraisal with the housing market the way it is, but we just couldn’t pass up the low mortgage rate”. I hear this constantly from locals and you can’t watch the national news and apply that to our local market. Linda Fredericks, former President of the Greater Baton Rouge Association of Realtors, is correct when she delivered the message that housing marketings are “local” and you can’t apply the national news headlines to a one size fits all local housing market!

 

Take The Baton Rouge Business ReportPoll: When will the U.S. housing market recover? So far results are:

baton-rouge-business-report-poll

 

 

NOTE: Data Used With Permission of the GBRAR MLS. Data was extracted on 8/25/2010 from periods 1/1/2009 through 8/25/2010.

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August 2010 U.S. Home Sales Plunge To 15-Year Low, How Does Baton Rouge Housing Compare?

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http://www.batonrougerealestatebuzz.com/ – August 2010 U.S. Home Sales Plunge To 15-Year Low, How Does Baton Rouge Housing Compare?

baton-rouge -real-estateThe Baton Rouge Business Report is reporting on a National Assocation of Realtors housing study and I quote: “Sales of previously occupied homes fell to the lowest level in 15 years last month as the economy weakened. The National Association of Realtors says July’s sales fell by more than 27% to a seasonally adjusted annual rate of 3.83 million. It was the largest monthly drop on records dating back to 1968. June’s sales pace was revised downward to 5.26 million. Home sales picked up in the spring when the government was offering tax credits. But the market has struggled since the tax credits expired on April 30. It would take 12.5 months to sell off the 4 million unsold homes on the market at the current sales pace. The median sale price was $182,600, up 0.7 percent from a year ago.”

While the NAR study covers the entire U.S., how does the local Baton Rouge housing sales numbers compare? The answer is that I see a similar trend. Within the Greater Baton Rouge Association of Realtors data extracted from 1999 through August 24, 2010, covering almost 12 total years, for all of East Baton Rouge Parish itself, the lowest yearly rate of home sales has been in 2010 with 2,032 year-to-date. If this pace of home sales continues, 2010 projections will total 3,048 sales, the lowest within the 12 year period.

baton-rouge-real-estate-buzz

What about a monthly sales numbers comparison? This comparison leads to the same conclusion. The two lowest monthly housing sales periods in East Baton Rouge since our MLS began tracking the numbers in 1999 have taken place in 2010, see chart.

baton-rouge-real-estate-minute

 

Take The Baton Rouge Business ReportPoll: When will the U.S. housing market recover? So far results are:

baton-rouge-business-report-poll

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Baton Rouge Real Estate Appraisers: NAR Says January 2010 U.S. Home Sales Fall 7.2 Percent

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http://www.batonrougerealestateappraisal.com/ – Baton Rouge Real Estate Appraisers: NAR Says January 2010 U.S. Home Sales Fall 7.2 Percent

baton rouge housing down

The Source Is Baton Rouge Business Report. The Baton Rouge Business Report Is Dispensing Information From The National Association Of Realtors Regarding January Home Sales, see below. AND NOTE, This decline is despite efforts by our Federal Government to offer the $8,000 Tax Credit, which was supposed to help national home sales.

“Sales of previously occupied homes took a large drop for the second consecutive month in January, falling to the lowest level since summer. It is understood as another sign the housing market’s recovery is faltering. The National Association of Realtors said sales fell 7.2% to a seasonally adjusted annual rate of 5.05 million from a downwardly revised pace of 5.44 million in December. The results, the weakest since June, were far worse than forecast. Economists expected a slight increase, to a rate of 5.5 million.

Sales declined throughout the country, falling the most—nearly 11%—in the Northeast. Sales fell by about 7% in the South and the Midwest and by more than 5% in the West.“