Many Housing Markets Are Showing Improvement

The last couple of years have been rather tough on the housing industry. Throughout the nation, declining real estate values, foreclosures, and short sales has been the subject of real estate news. Home builders have especially been seeking a glimmer of hope, and in some markets this may just be a reality.

May 2009 housing figures have shown significant improvements in several housing markets across the country. Even markets that have experienced the highest value declines and foreclosure rates are beginning to show signs of life.

In Louisville, Kentucky, the median price of homes increase 1.5%, the first increase since January of 2008. Causing much optimism for many real estate professionals and home builders in the area.

In Naples, Florida, home sales increased 36% over last year’s figures. Pending home sales leaped an unbelievable 101% in comparison to May of 2008. Florida’s housing market is one which has been hit hardest during the housing market meltdown. Much of the areas problem lie with bad mortgage loans and bank failures. The area has also show a significant decline in median home prices, from $314,000 a year ago to $174,000 this year. Which is likely a major factor accounting for the recent activity.

Birmingham, Alabama experienced an 8% increase in homes sales in May over April. 29% of these sales were foreclosures, a good sign as 38% of home sales in April were foreclosures. Year over year, housing prices in the Birmingham area are down 14%.

Buffalo, New York, for the first time in over a year, has shown an increase of sales at 3.3%. In May, home sales increased 21% over April’s figures. Pending home sales are down 5.9% year over year, which has tempered expectations somewhat.

This new is being perceived by many as good new that effects the entire housing industry coast-to-coast. Home builders have experienced declining inventories and many companies have started new projects, even though home builder’s confidence declined in recent days.

First-time Home Owner Tax Credit Can Be Used For Down Payment

The Obama Administration recently announced that first-time homebuyers will be able to use the $8,000 tax credit for initial costs, such as closing costs and for a down payment when the borrower finances their new home through the Federal Housing Administration (FHA).

The Department of Housing and Urban Development stated on May 29 that buyers obtaining an FHA loan through private lenders would still need to invest their own funds toward the minimum 3.5 percent down payment.

For borrowers who have taken out a loan through one of about nine state housing agencies offering tax credit loan programs, you will be eligible for a bridge loan which can be used towards a down payment and/or closing costs. States that currently offer tax-credit monetization programs include Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, and Tennessee.

Tax credit monetization programs offer the borrower a low-interest rate loan to be repaid using the proceeds from the $8,000 tax credit. If proceeds from the tax credit are not used to immediately repay the loan, the loan is converted into a long-term second mortgage backed by the property.

It is believed that many more people will be able to take advantage of the first-time homebuyer tax credit after the Obama administration’s recent announcement.

New Homes in Dallas, Fort Worth & Frisco

Are you looking for a new home in the Dallas / Fort Worth area? If so, you’ll appreciate the following information on move-in ready homes currently offered by home builders in Dallas, Fort Worth, and Frisco, Texas. The information that we have provided below is considered accurate as of the date of this post; however, we ask that you contact each home builder directly for updated availability, pricing, and new home incentives.

Sonya is a home ready for immediate move-in by Mercedes Homes and found at Traditions of Frisco, a new home community about 30 miles north of Dallas in Frisco, Texas. Traditions of Frisco provides home buyers with home lots ranging from 50’, 60’, and 70’. This community is located within the Frisco Independent School District and currently features only one home ready for quick delivery. Sonya is two-stories and 3,708 square feet with four bedrooms, three full-baths, one half-bath and was recently reduced $50,000 to $319,900. To learn more about this home, or having a new home built to order at Traditions of Frisco, click here to contact Mercedes Homes or call (877) 649-8722.

Brighton is a quick delivery home available from Cheldan Homes which is located at their Fort Worth, Texas new home community Marine Creek Ranch. The Brighton features a covered patio, open kitchen with dining area that leads into the family room, an extra room that can be used as either a study or additional bedroom, downstairs master bedroom, and Whirlpool stainless steel appliances. This home is a two-story plan offering five bedrooms, three full-baths, one half-bath, with 2,809 square feet of livable space and Energy Star certified with TechShield Radiant barrier and a 14-SEER Amana cooling system for only $182,719. For more information, click here to contact Cheldan Homes or call (817) 237-6791.

Boston is a move-in ready home offered by Ryland Homes at their Dallas, Texas new home community Wright Farms. Boston features a large family room that opens up to the kitchen and breakfast area, upgraded cabinets, and GE all black appliances. The master bedroom boasts a large walk-in closet and the master-bath is equipped with a shower and garden tub. This home is a single-story, three bedroom, two bathroom, 1,800 square foot home that is priced at $132,672. Receive additional information by clicking here to contact Ryland Homes or call (972) 913-5407.