Real Estate News

Most Expensive U.S. Small Town: Sagaponack, N.Y.
By Venessa Wong
Business Week
January 22, 2010

This Long Island village and other privileged enclaves have weathered the real estate crisis better than most small communities.

As recently as the 1970s, the little village of Sagaponack in New York's Long Island was little more than a stretch of dusty potato farms connecting the relatively plutocratic communities of East Hampton and Southampton. In addition to indigenous farmers, it was home to such writers as George Plimpton and Kurt Vonnegut, who were happy to take advantage of its low real estate prices, laid-back charm, and easy access to the Atlantic Ocean.

California's Home Inventory Shrinks to 5-Year Low
By Jim Carlton
The Wall Street Journal
January 23, 2010

California's inventory of unsold, previously owned homes shrank to a five-year low in December, in another sign that the state may be coming out of its worst housing slump in decades.

The supply of unsold single-family homes dropped to 3.8 months from 5.6 months a year ago and 16.6 months in January 2008, when inventories were at a peak, according to estimates released Friday by the California Association of Realtors. The inventory levels are now at their lowest level since 2005, resulting in frenzied sales with multiple offers in some cities.

Small Wonders in Housing
By Steve Kerch
The Wall Street Journal
January 22, 2010

Data released Wednesday by the National Association of Home Builders found the average size of a new home that was completed in 2009 fell to 2,480 square feet from 2,520 square feet in 2008. The last time the average completed-home size fell by a statistically significant amount was 1982.

"You've heard the mantra 'downsize me' and 'small is the new big?' Well, last year was definitely a downer," said Carol Lavender, president of Lavender Design Group, a residential design firm in San Antonio, Texas.

Cold Weather Chills Housing Starts
The Wall Street Journal
By Justin Lahart
January 21, 2010

New-home construction fell in December, as bad weather kept construction crews from breaking ground. But an increase in newly issued building permits suggested the decline was only temporary.

Separately, inflation at the wholesale level was muted last month, as higher food prices were offset by a decline in energy prices.

The number of new-home starts in December fell 4% from November to a seasonally adjusted 557,000 annual rate, the Commerce Department said Wednesday. Single-family construction declined 6.9% to 456,000. Construction of apartment buildings and other multifamily units rose 12.2% to 101,000.

FHA has suspended its 90 day title seasoning rule beginning 2/1/10.

Big NEWS

Go here to read more...
http://reitips.com/fha-flip-rule-seasoning-waiver/

Here is a link to the actual document.
http://realestateclubla.com/pdf/waivpropflip2010.pdf

Homebuyer tax credit: No e-file and four-month delays
CNN Money
By Les Christie
January 16, 2010

Good news homebuyers: You can file for your $8,000 first-time buyer tax credit again.

Bad news: You still can't e-file your taxes if you want the cash. And there are long delays.

On Thursday, CNNMoney revealed that buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally posted the new form 5405.

10 Cheap Ways to Boost Your Home’s Sales Price by Spring
By Luke Mullins
US News and World Report
January 12, 2010

What Home Sellers Don't Tell Buyers
By M.P. McQueen
The Wall Street Journal
Janaury 14, 2010

As buyers ease back into the battered real-estate market, they're often hitting a stumbling block: fibbing by home sellers.

Eager to unload their abodes, some sellers exaggerate the size of their lots or their houses. Others minimize their property-tax or utility bills, conveniently forget about pests, or downplay flooding problems or noise.

Pizza Magnate Schnatter Pays $23 Million in Utah
By Juliet Chung
The Wall Street Journal
January 15, 2010

Papa John's pizza-chain founder John Schnatter has bought three units in a new condominium-and-residence complex in Utah's Deer Valley for about $23 million.

Announced today, the FHA has waived its 90-day anti-flipping rule! For a period of 1 year, FHA buyers will be allowed to obtain loans on properties being sold by investors without having to wait out the 90 days. There are a few restrictions, but this awesome news will open the door to so many more buyers, making our deals that much easier!!!
Read more about it here:
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

Time to get out there and take advantage while we can!!

Rina