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LOL Friday! Duck Hunting…

Duck Hunting

A game warden came upon a duck hunter who had bagged 3 ducks and decided to “enforce the laws.”

He stopped the hunter, flashed his badge and said, “Looks like you’ve had a pretty good day. Mind if I inspect your kill?”

The hunter shrugged and handed the ducks to the warden.

The warden took one of the ducks, inserted his finger into the duck’s rectum, pulled it out, sniffed it, and said, “This here’s an Alabama state duck. Do you have an Alabama state hunting license?”

The hunter pulled out his wallet and calmly showed the warden an Alabama state hunting license.

The warden took a second duck, inserted his finger in the bird’s rectum, pulled it out, sniffed it, and said, “This here’s a Tennessee duck. Do you have a Tennessee state hunting license?”

The hunter, a bit put out, produced a Tennessee state hunting license.

The warden took a third duck, conducted the same finger test, and said, “This here’s a Georgia state duck. Do you have a Georgia state hunting license?”

Once again, only this time more aggravated, the hunter produced the appropriate license.

The warden, a little miffed at having struck out, handed the ducks back to the hunter and said, “You’ve got all of these licenses, just where the hell are you from?”

The hunter dropped his pants, bent over, and said “You’re so smart, you tell me!”

February 24, 2012 Posted by | humor | , , , , , , , | Leave a Comment

Home Sales on the Rise: Ready for Spring Buying Season…

Article by: National Association of REALTORS®

Home Sales on the Rise: Ready for Spring Buying Season…

Existing-home sales rose 4.3 percent in January to a seasonally adjusted annual rate of 4.57 million, marking the third gain for home sales in the last four months, the National Association of REALTORS® reports.

“The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents,” NAR’s Chief Economist Lawrence Yun says.

While sales ticked up, inventories of for-sale homes also continued to show improvement, NAR reported. At the end of January, total housing inventory fell 0.4 percent to 2.31 million existing homes for sale, which represents a 6.1-month supply at the current sales pace.

“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” Yun says. “Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”

Unsold listed inventory has steadily dropped since reaching a peak of 4.04 million in July 2007. It now is 20.6 percent below where it was a year ago, NAR reports.

Housing Affordability Improves

As home prices have fallen and mortgage rates at all-time record lows, housing affordability is at some of its highest levels on record.

“Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” says NAR President Moe Veissi. “With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an uptrend will continue this year.”

The national median existing-home price for all housing types in January was $154,700, which is down 2 percent year-over-year.

Distressed sales, which tend to sell at steep discounts, continue to hamper home prices nationwide. Foreclosures and short sales accounted for 35 percent of all January home sales, which is up slightly from 32 percent in December.

Still, “home buyers over the past three years have had some of the lowest default rates in history,” Yun said. “Entering the market at a low point and buying at discounted prices have greatly helped in that success.”

Breakdown by Housing Type

Here’s a closer look at how home sales fared by housing type in January:

Single-family home sales: increased 3.8 percent to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December. They are 2.3 percent above the 3.96 million-unit pace a year ago. Median price: $154,400 in January, down 2.6 percent from January 2011.

Existing condominium and co-op sales: rose 8.3 percent to a seasonally adjusted annual rate of 520,000 in January from 480,000 in December. They are 10.3 percent lower than the 580,000-unit level in January 2011. Median price: $156,600 in January, up 2 percent from a year ago.

Home Sales by Region

The following is a breakdown of existing-home sales in January by region:

• Northeast: increased3.4 percent to an annual pace of 600,000 in January and are 7.1 percent above a year ago. Median price: $225,700, which is 4.2 percent below January 2011.
• Midwest: increased 1 percent in December to a level of 980,000 and are 3.2 percent higher than January 2011. Median price: $122,000, down 3.9 percent from a year ago.
• South: rose 3.5 percent to an annual level of 1.76 million in January but are unchanged from a year ago. Median price: $134,800, which is 0.3 percent below January 2011.
• West: increased 8.8 percent to an annual pace of 1.23 million in January but are 3.1 percent below a spike in January 2011. Median price: $187,100, down 1.8 percent from a year ago.

Contract Delays, Cancellations Remain High

Twenty-one percent of NAR members in January reported delays in contracts, and 33 percent said contracts fell through, according to NAR. The number of contract cancellations remains mostly unchanged from December.

The increase in the past year of contract cancellations or delays has been blamed on more lenders declining mortgage applications from stricter underwriting standards and low appraisals coming in under the agreed upon contract price.

Source: National Association of REALTORS®; Daily Real Estate News (February 23, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 23, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , , , , | 1 Comment

Housing Affordability Reaches New Records

Article by:  National Association of Home Builders

Housing Affordability Reaches New Records

Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.

“While today’s report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting home buyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels,” says Barry Rutenberg, chairman of the National Association of Home Builders.

Most Affordable Cities

According to the index, the most affordable major housing market was Youngstown-Warren-Boardman, Ohio, in which 95 percent of all homes sold during the fourth quarter were affordable to households earning the median family income of $54,900, according to the index.

Other top affordable housing markets include: Lakeland-Winter Haven, Fla.; Modesto, Calif.; Harrisburg-Carlisle, Pa.; and Toledo, Ohio.

Least Affordable Cities

However, some metro areas still remain too pricey for buyers. The least affordable major housing market during the fourth quarter was New York-White Plains-Wayne, N.Y.-N.J., in which 29 percent of all homes sold were affordable to those earning the area’s media income of $67,400.

Other high-priced metro areas at the bottom of the affordability index include: Honolulu; San Francisco-San Mateo-Redwood City, Calif.; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Glendale, Calif.

Source: National Association of Home Builders; Daily Real Estate News (February 17, 2012) | Blog distribution by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 21, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , | 1 Comment

Housing Starts Post Highest Level in 3 Years

Article by: Associated Press, Reuters

Housing Starts Post Highest Level in 3 Years

Housing starts rose 1.5 percent in January from December, led by a surge in apartment construction, the Commerce Department reported Thursday.

Housing starts in January reached a seasonally annual rate of 699,000 units, reaching its highest level since October 2008.

The main reason for the January increase was due to a 14.4 percent rise in groundbreaking on rental properties or buildings with five units or more.

However, while multifamily units saw a rise in January, the construction of single-family homes had a modest drop of 1 percent for the month. The January decrease follows a strong 12 percent gain in single-family construction in December.

While single-family home construction has made strides over the last few months, construction still remains low and is at about half the rate that is considered healthy for the sector.

Still, more builders are feeling encouraged about the signs of a gradual recovery in the new-home market. Building permits in January, a future gauge to construction, ticked up 0.7 percent. Also, a recent index showed that builder sentiment was at its highest level in nearly five years.

Source: “Single-Family Homes Cool off After December Jump; Apartments Rebound as Starts Rise 1.5%,” Associated Press (Feb. 16, 2012) and “Housing Starts Climb More Than Expected in January,” Reuters (Feb. 16, 2012); Daily Real Estate News (February 17, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, located in Nashville, Tennessee

February 20, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , , | Leave a Comment

Builders Are Feeling More Optimistic

Article by: Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Builders Are Feeling More Optimistic

Signs are improving in the new-home market and builders are feeling more optimistic about where the real estate market is heading, after coming off last year’s worst year on record for new home construction.

For the fifth consecutive month, builder confidence in the single-family home market increased in February, reaching its highest level in four years.

“Builder confidence has doubled since September,” says Barry Rutenberg, chairman of the National Association of Home Builders. “Given the recent improvements in new home starts and the increasing number of markets included in the NAHB/First American Improving Market Index, this consistency suggests that the housing market is moving toward more sustainable growth.”

While the jumps in builder confidence have been an encouraging sign for the industry, housing experts warn that confidence is still historically low, and that foreclosures, low appraisals, and more stringent credit standards continue to hamper the new-home market’s full recovery.

Source: Melissa Dittmann Tracey, REALTOR® Magazine Daily News; Daily Real Estate News (February 16, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 16, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , | 1 Comment

GNAR Reports 2012 Home Sales Begin with Increase

Article by: Greater Nashville Association of REALTORS®

2012 HOME SALES BEGIN WITH INCREASE

NASHVILLE, Tenn. (Feb. 9, 2012) – There were 1,377 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 25 percent from the 1,101 closings reported for the same period last year.

“The New Year has started with positive news for home sales in the Greater Nashville area,” said GNAR President Kendra Cooke. “The data shows a 25 percent increase from 2011. In fact, we had more residential closings in January 2012 then we did total closings in January 2011.

“January home sales have increased each year since 2009, and January also marks the first year-over-year double-digit increase since 2005. So, while it is an encouraging start to the year, it is still a challenging time in the overall real estate market due to more stringent lending standards and governmental challenges. However, new and expanding businesses and a strengthening economy in our region, along with campaigns like “Business is Good” by the Nashville Area Chamber of Commerce give us reason to be positive.”

There were 1,615 sales pending at the end of the month, compared with 1,270 pending sales at this time last year. The average number of days on the market for a single-family home was 95 days.

The median residential price for a single-family home during January was $157,500 and for a condominium it was $140,325. This compares with last year’s median residential and condominium prices of $165,500 and $131,500, respectively.

Inventory at the end of January was 17,949, compared with 20,347 in January 2011.

“The level of inventory has decreased from last January, but is up from December,” said Cooke. “While sellers typically take their homes off the market toward the end of the year, those same sellers, and new potential sellers, begin to list and relist their homes at the beginning of the new year. So it is likely we’ll see an increase in inventory as we go into the spring and summer months. People considering selling their homes should consult a Realtor® about how to prepare and price their property for the best results.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

Source: Greater Nashville Association of REALTORS® (GNAR) (February 9, 2012) | Blog distribution by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 14, 2012 Posted by | economy, Nashville, real estate | , , , , , , , , , , , , | Leave a Comment

30-Year Mortgage Rates Hold at Record Lows

30-Year Mortgage Rates Hold at Record Lows

The 30-year fixed-rate mortgage averaged 3.87 percent this week, matching last week’s all-time record low. As for other rates, they ticked up slightly this week, but still hovered around record lows compared to historical standards, Freddie Mac reports in its weekly mortgage market survey.

“A strong January employment report added upward pressure to most mortgage rates this week,” Frank Nothaft, Freddie Mac’s chief economist, said. The unemployment rate dropped to 8.3 percent as the economy gained 243,000 jobs last month, the largest gain since April 2011.

Here’s a closer look at rates for the week ending Feb. 9:

• 30-year fixed-rate mortgages: averaged 3.87 percent, with an average 0.8 points. A year ago at this time, 30-year rates averaged 5.05 percent.
• 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.7 point, rising slightly from last week’s record low of 3.14 percent. But 15-year rates were still far below what they averaged a year ago at this time — 4.29 percent.
• 5-year adjustable-rate mortgages: averaged 2.83 percent, with an average 0.7 point, rising from last week’s 2.80 percent average. Last year at this time, 5-year ARMs averaged 3.92 percent.
• 1-year ARMs: averaged 2.78 percent, with an average 0.6 point, rising slightly from last week’s 2.76 percent average. A year ago, 1-year ARMs averaged 3.35 percent.

Source: Freddie Mac; Daily Real Estate News (February 10, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 11, 2012 Posted by | economy, real estate | , , , , , , , , , , , | Leave a Comment

Renovated Cottage with 2-Acres located in the Brick Church Area of Nashville

February 9, 2012 Posted by | real estate | , , , , , , , , , , , , , , | Leave a Comment

Fourth Quarter Metro Area Home Prices Boost Affordability, Sales Improving

Article by: National Association of REALTORS®

Fourth Quarter Metro Area Home Prices Boost Affordability, Sales Improving

Housing affordability conditions improved in most metropolitan areas from softer existing-home prices and record-low mortgage interest rates in the fourth quarter, with rising sales and lower inventory creating more balanced conditions, according to the latest quarterly report by the National Association of REALTORS®.

Introduced with this release is a new annual metro-level housing affordability index, with historically favorable conditions dominating across the country.

The median existing single-family home price rose in 29 out of 149 metropolitan statistical areas in the fourth quarter from a year earlier; two were unchanged and 118 areas had price declines.

Lawrence Yun, NAR chief economist, said the figures reflect greater home sales activity at lower price points. “Sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish,” he said. “More importantly, we’re seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas, which will help stabilize home prices.”

The national median existing single-family home price was $163,500 in the fourth quarter, down 4.2 percent from $170,600 in the fourth quarter of 2010. The median is where half sold for more and half sold for less. Distressed homes — foreclosures and short sales which sold at discounts averaging 15 to 20 percent — accounted for 30 percent of fourth quarter sales; they were 34 percent a year earlier.

Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times because the level of distressed sales, which artificially depress median prices, can vary notably in given markets. Annual price measures, also reported today, generally smooth out any quarterly swings.

“Broadly speaking, the very middle of the country, from the Dakotas and Nebraska to Oklahoma and Texas, has experienced very stable home price trends because of stronger job creation in those areas,” Yun said.

Total existing-home sales, including single-family homes and condos, increased 5.9 percent to a seasonally adjusted annual rate of 4.42 million in the fourth quarter from 4.17 million in the third quarter, and were 9.2 percent above the 4.04 million pace during the fourth quarter of 2010. All regions rose from the third quarter and from a year ago.

At the end of the fourth quarter there were 2.38 million existing homes available for sale, which is 21.2 percent lower than the close of the fourth quarter of 2010, when there were 3.02 million homes on the market.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said market conditions vary widely around the country. “Even with record high housing affordability conditions, all real estate is local,” he said. Both buyers and sellers need to be aware of what works in their local market, and REALTORS® are the best resource because they have unparalleled knowledge of local market conditions and options.”

NAR’s national Housing Affordability Index rose to a record high 184.5 in 2011, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power; recordkeeping began in 1970.

An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small down payments, the affordability levels are relatively lower.

Metro areas with the greatest housing affordability conditions in 2011 include the Detroit-Warren-Livonia area of Michigan, with an index of 383.4; Toledo, Ohio, at 242.9; and Decatur, Ill., at 236.8. Only 24 out of 152 metros measured had an affordability index below 100 in 2011.

“Clearly, the Midwest has the greatest concentration of areas where home buyers have the strongest purchasing power, followed by the South,” Yun said. “Metros on the West Coast and along the Northeastern seaboard have generally higher-priced homes, which account for lower affordability.”

Between 2010 and 2011, in markets where comparisons are available, all but 2 out of 148 areas showed improvement in housing affordability, and 69 MSAs had double-digit increases in affordability conditions.

The share of all-cash home purchases in the fourth quarter was 29 percent, unchanged from the third quarter; they were 30 percent in the fourth quarter of 2010. Investors, who are drawn by bargain prices and who account for the bulk of cash purchases, accounted for 19 percent of transactions in the third quarter; they were 20 percent in the third quarter and 19 percent a year ago.

First-time buyers purchased 33 percent of homes in the fourth quarter; they were 32 percent in both the third quarter and the fourth quarter of 2010.

In the condo sector, metro area condominium and cooperative prices — covering changes in 54 metro areas — showed the national median existing-condo price was $160,800 in the fourth quarter, which is 1.7 percent below the fourth quarter of 2010. Ten metros showed increases in their median condo price from a year ago; one was unchanged and 43 areas had declines.

Regionally, existing-home sales in the Northeast rose 6.3 percent in the fourth quarter and are 3.7 percent above the fourth quarter of 2010. The median existing single-family home price in the Northeast fell 4.6 percent to $229,200 in the fourth quarter from a year ago.

In the Midwest, existing-home sales increased 7.0 percent in the fourth quarter and are 14.1 percent higher than a year ago. The median existing single-family home price in the Midwest declined 3.3 percent to $134,100 in the fourth quarter from the fourth quarter in 2010.

Existing-home sales in the South rose 3.8 percent in the fourth quarter and are 9.1 percent above the same quarter in 2010. The median existing single-family home price in the South was $146,500 in the fourth quarter, down 3.8 percent from a year earlier.

Existing-home sales in the West increased 8.1 percent in the fourth quarter and are 8.4 percent higher than a year ago. The median existing single-family home price in the West declined 4.2 percent to $205,200 in the fourth quarter from the fourth quarter of 2010.

Source: National Association of REALTORS®; Daily Real Estate News (February 9, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 9, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , , , , , | Leave a Comment

Mortgage Applications Soar 7.5% on Low Rates…

Article by: HousingWire

Mortgage Applications Soar 7.5% on Low Rates

Record low mortgage rates are creating more demand for mortgage applications. The Mortgage Bankers Association reports in its most recent weekly mortgage market survey that loan application volume increased 7.5 percent on a seasonally adjusted basis compared to one week earlier.

Refinance activity was due to most of that increase last week. Applications for refinancings increased 9.4 percent compared to a week earlier, while applications for purchases only ticked up slightly at 0.1 percent.

The 30-year fixed-rate mortgage on conforming loans reached its lowest rate in the survey’s history last week — falling from 4.09 percent to 4.05 percent. Freddie Mac was reporting even lower for the week ending Feb. 2, with 30-year rates averaging 3.87 percent nationwide.

Source: “Mortgage Applications Surge on Low Interest Rates,” HousingWire (Feb. 8, 2012); Daily Real Estate News (February 8, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

February 8, 2012 Posted by | economy, real estate | , , , , , , , , , , , , , , | Leave a Comment

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