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Bush Signs Historic Housing and Economic Recovery Act

Shortly after 7am this morning, President Bush signed the Housing and Economic Recovery Act of 2008. Widely known as a stimulus package designed to prevent further foreclosures, the bill covers a number of other areas including:

Thanks to our Preferred Mortgage Broker Rob Clark and the Mortgage Bankers Association for this helpful overview. The full summary of the the Housing and Economic Recovery Act is available here.

For more information or specifics on the higher loan limits, call me at 703.927.4554.

Michael

Posted by Michael Bergin | Currently 3 Comments »

Alexandria Real Estate - Is It a Crises or Just a Problem Blown Out of Proportion?

Are we really in a real estate crises or is it just a problem blown out of proportion? In Alexandria and Northern Virginia, Coldwell banker offices reported a 17.5% increase in homes under contract in April.

In May sales numbers rose 2% across the country and in some parts of the mid-Atlantic there were double digit increases over April.

And finally, just last week the National Association of Realtors reported four straight months of sales increases.

Consider the following:

The homes in foreclosure? It’s 2%, with most of that in states like California, Nevada, Arizona and Florida. In fact, California has more foreclosures than 40 other states combined.

Want to hear more about what the numbers really say? Listen to Dennis Kneale on CNBC’s Business Nation, I think you’ll be glad you did.

As for the problem? For first time home owners it could be a real opportunity. Call me at 703.927.4554 and let’s add you to the growing numbers of home owners in Northern Virginia.

Michael

Related articles:

The Good News That No One is Hearing - Real Estate Prices Rise for Four Straight Months

Coldwell Banker Reports April Increase in Northern Virginia Home Sales

June Housing Report Reflects Available Mortgage Money and Properties Priced to Move

Posted by Michael Bergin | Currently No Comments »

The Good News That No One is Hearing - Real Estate Prices Rise for Four Straight Months

Anyone remember Little Good News, the Anne Murray hit from 1983? In it she bemoaned the the fact that it was always bad news that made headlines, never good news. And what she wanted, just once, was a little good news.

Well, despite the gloom and doom of Wall Street, banks failing and oil prices rising, the good news is this - the National Association of Realtors (NAR) is reporting FOUR STRAIGHT MONTHS OF RISING HOUSING PRICES.

According to NAR statistics, the median home price fell from a high of $230,200 in July 2006 to a low of $195,600 in February, a drop of 15%. But it has risen every month since then.

The May index, which will be revised on July 24 will show a median price of $208,600, up $13,000 or 6.6%.

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Posted by Michael Bergin | Currently 3 Comments »

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