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by: Dave.Macklin on Jul 31, 2008 @ 5:48 pm Leave a comment »
President Bush signed into law today The Housing and Economic Recovery Act. This is the most sweeping change to housing reform since the New Deal of 1934. You need to write your Congressmen to see if we can get legislation to revoke some of the changes. FHA effective October 1, 2008 will increase the minimum required down payment from 3% to 3.5% for Virginia Beach home buyers. The legislation also calls for the elimination of seller down-payment assistance programs such as AmeriDream and Nehemiah by October 1, 2008.
High-level Details of the Housing and Economic Recovery Act: Here are some key provisions of the Housing and Economic Recovery Act that most affect Virginia Beach home buyers: 1) Higher permanent loan limits for conventional conforming and FHA will become effective Jan. 1, 2009; the Act calls for limits to increase to a maximum amount of $625,500, depending on the metropolitan area. Note: The temporary limits established in March will expire on Dec. 31, 2008. 2) FHA floor limits will remain the same at $271,050. 3) The VA guaranty will increase. 4) Minimum cash investment for FHA loans will increase to 3.5%. 5) A moratorium on risk-based pricing for FHA loans will go into effect Oct. 1, 2008. 6) Seller-funded Down Payment Assistance Programs with FHA loans will be terminated Oct. 1, 2008. (Nehemiah, AmeriDream, etc.) 7) Condo processing for FHA loans will be streamlined. Concerned how these sweeping changes will affect your ability to buy Virginia Beach real estate? give us a call, 866-222-0158 #550. We are glad to talk with you about your situation. Search all Virginia Beach real estate and homes for sale.
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As of July 14, 2008 they already made upfront MIP premiums risk based on credit scores but also increased the annual premium across the board.. Instead of the original plan of making FHA loans more affordable for potential Virginia Beach home buyers; the new legislation makes it more expensive.
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by: Dave.Macklin on Jul 31, 2008 @ 5:36 pm Leave a comment »
Portsmouth June 2008 Sales StatisticsResidential sales in Portsmouth dropped by 26 percent in June compared to June 2007, causing the average market time to increase 12 percent, from 68 days to 76 days. The median sales price decreased 7 percent, while the average sale price decreased 5 percent to $253,847.
What do these statistics mean for Portsmouth and Virginia Beach real estate? It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Modest near-term movement is expected in Virginia Beach real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said. Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhoods exposure to subprime loans.” Search for all Portsmouth and Virginia Beach real estate listings or get the current market value of your Portsmouth home. Also read:
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by: Dave.Macklin on Jul 30, 2008 @ 5:34 pm Leave a comment »
Norfolk June 2008 Sales StatisticsResidential sales in Norfolk dropped by 26 percent in June compared to June 2007, causing the average market time to increase 12 percent, from 68 days to 76 days. The median sales price decreased 7 percent, while the average sale price decreased 5 percent to $253,847.
What do these statistics mean for Norfolk and Virginia Beach real estate? It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Modest near-term movement is expected in Virginia Beach real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said. Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhoods exposure to subprime loans.” Search for all Norfolk and Virginia Beach real estate listings or get the current market value of your Norfolk home. Also read:Virginia Beach Real Estate: South Hampton Roads Market Trends
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by: Dave.Macklin on Jul 28, 2008 @ 5:32 pm Leave a comment »
Modest near-term movement is expected in Virginia Beach real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said. Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhoods exposure to subprime loans.” Let’s take a look at the Chesapeake real estate market activity for this June. Chesapeake June 2008 Sales StatisticsResidential sales in Chesapeake dropped by 29 percent in June compared to June 2007, causing the average market time to increase 31 percent, from 65 days to 85 days. The median sales price decreased 6 percent, while the average sale price decreased 8 percent to $286,055.
What do these statistics mean for Chesapeake and Virginia Beach real estate? It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Search for all Chesapeake and Virginia Beach real estate listings or get the current market value of your Chesapeake home. Also read: Virginia Beach Real Estate: South Hampton Roads Market Trends
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by: Dave.Macklin on Jul 25, 2008 @ 5:29 pm Leave a comment »
Virginia Beach June 2008 Sales Statistics Residential sales in Virginia Beach dropped by 23 percent in June compared to June 2007, causing the average market time to increase 18 percent, from 55 days to 65 days. The median sales price decreased 7 percent, while the average sale price decreased 7 percent to $318,784.
What do these statistics mean for Virginia Beach real estate? It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Search for all Virginia Beach real estate listings or get the current market value of your home. Modest near-term movement is expected in Virginia Beach real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said. Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhoods exposure to subprime loans.” Also read: Virginia Beach Real Estate: South Hampton Roads Market Trends
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To begin your search for the perfect home or to sell your home in the Virginia Beach area,
call Dave Macklin and The Butler Team at 866-222-0158 #550.
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