Appraising in Delaware, the Blog...

April 25th, 2011 12:04 PM

Info that hits HOME

Just to share some recent information, these are National numbers.  I find it interesting that residential construction has dropped to 2.3% of GDP, the lowest level on record.  Economists believe it will not go much lower, but who knows.  Housing starts and permits are down 13% over a year ago.  This may seem like bad news, but in our area it is actually good news for most homeowners.  It means the builders, who have been stiff competition for sales wont be undercutting prices as much as they have been.  National supply of existing home sales dropped to 8.4 months, which is pretty darn good.

More good news as March Housing Starts are UP 7.2% to a 549,000 unit annual rate. February starts were revised UP 6.9%. Also in the news, new Building Permits surged 11.2% in March to a 594,000 annual rate and were revised UP 3.3% for February.  This is typical for this area, as most homes will be built starting in spring. 

Plus, Existing Home Sales are UP 3.7% in March and down only 6.3% compared to a year ago.

What does this mean?  It means there are lots of numbers that are floating around.  You know what your neighborhood looks like and what your friends are saying.  Are property values still declining?  Mostly.  Are they rising, probably not.  In my business we look at each home individually and that is the only way to know what is happening to your home.  You may live in a community that is selling well and starting to see improvement.  You friend might live in one that is terribly depressed and filled with foreclosures. 




Posted by Patti Persia on April 25th, 2011 12:04 PMPost a Comment (0)

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February 11th, 2011 6:23 AM
Wow, I have not been on here blogging in a while.  Really there has been a lot happening, but I have been keeping a float!  Primarily we have seen the end of the HVCC (yay) but not really the end of its changes to my business.  Most AMC's and third parties are here to stay.  That means less pay for more work for appraisers for the time being.  It also means lenders are probably getting less quality appraisals too.  2010 was a tough year for a lot of reasons for me, but I am glad to see the beginning of 2011 is looking up!

I will post some more about the market later.  For now, welcome back!
Posted by Patti Persia on February 11th, 2011 6:23 AMPost a Comment (0)

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Posted by Patti Persia on July 5th, 2010 9:25 PMPost a Comment (0)

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June 10th, 2010 11:39 AM

With mortgage rates at historic lows and mortgage applications down over 12% from last week, now may be the best time to refinance.  Since applications are down, mortgage brokers now have more time to search for the best deal for you.  This fact, compounded with near historic low rates, could translate into good news for homeowners.   

Mortgage applications for purchases are now at a 13 year low and refinance volume dropped 14.3 from the previous week, according to an AP article from 6/9/2010

Click here for an article from Reuters about mortgage rates.

Click here for an article from the AP.

 

Posted by Patti Persia on June 10th, 2010 11:39 AMPost a Comment (0)

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May 25th, 2010 12:03 PM

So housing starts were up and it was expected that home prices would follow but it looks like that is not the case nationally.  On a positive note, this area is just getting into it 'season' so we all, realtors, appraiser and homeowners have a positive outlook for the market.

 

http://online.wsj.com/article/SB10001424052748704026204575266200277903596.html?mod=WSJ_PersonalFinance_RealEstate

Posted by Patti Persia on May 25th, 2010 12:03 PMPost a Comment (0)

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Economic and real estate market analysts at Fannie Mae reported Monday that the real estate market is bouncing back.  The analysts also noted that oversupply is slowing the recovery. 

Chief Economist for Fannie Mae, Doug Duncan reported Monday, "We estimate that June 2009 was the end of the recession, a good sign that we're moving forward, Nevertheless, significant improvements in the labor market and consumer spending will be the big hurdles as we move toward recovery in the housing market and broader economy."

For more on this topic check out an article on Business Week click here

Posted by Patti Persia on April 20th, 2010 9:29 AMPost a Comment (0)

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Sales of new homes fell like the snow in February.  Unemployment and the high number of foreclosures also helped to drag down the market.  Purchases of existing homes fell 2+% which was not expected by economists.  The figures were released by the Commerce Department yesterday.  Treasury Secretary Tim Geithner stated yesterday that it would take a "long time" to correct the embattled housing market.  Read more about this story on Business Week by clicking here 
Posted by Patti Persia on March 24th, 2010 12:23 PMPost a Comment (0)

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Here is a link to a story about an appraiser being attacked at a former Spice Girls home.  I bet he now knows why they call her Scary Spice!  Click here for the whole story.
Posted by Patti Persia on March 5th, 2010 12:00 PMPost a Comment (0)

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An article from 1/20 should make homeowners whose valuse had dropped feel better.  At least your home has not dropped $15 Million plus in the last year.  Barack Obama's has.  Well, the house we all own that Barack Obama lives in.  The White House has dropped over $15 Million or 5.1% in a year.  The 55,000 sqft home sports a bunker, 132 rooms, and other weapons systems that are classified.  Last year, the home was valued $308.1 million and was just revalued at Hmmm I $292.5 million.  Wonder what they pay property taxes?  Wonder who did the appraisal?   For more info or to read the entire story on click here.
Posted by Patti Persia on January 26th, 2010 1:29 PMPost a Comment (0)

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December 22nd, 2009 1:39 PM

In a report released today describes a 7.4% increase in existing homes sales in the month of November.  Economists anticipated a 3.3% increase, so the 7.4% was a positive suprise.  Read more about the report on the Wall Street journal's website click here .  At Appraising in Delaware, we have also noticed a spike in volume in existing home sales in Kent and Sussex Counties. 

Looks like Santa may have come early this year!

Posted by Patti Persia on December 22nd, 2009 1:39 PMPost a Comment (0)

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