Weekly Market Activity Report

Weekly Market Activity Report 3.23.09
Has everyone remembered to “spring” forward? It looks like the Twin Cities housing market certainly has, as the new season has brought in an uptick in sales along with the warm weather. The market can only hope that “spring” fever is more than just a figure of speech.

Speaking of pending sales, while they have tapered off during the week ending March 14, there is no denying that since the new year began pending sales have steadily outperformed last year’s numbers. In fact, even with almost no increase in pending sales activity the 870 pending sales for the week are still 14.9 percent higher than last March at this time.

Total active listings are another story. While new listings for this period are only 13.9 percent lower than last year, active listings are down nearly 14.7 percent. This can be looked at in a positive light however if you consider the combination of pending sales, decreasing inventory, and higher HAI (Housing Affordability Index) are all helping to get more people into homes throughout the new spring season. This coupled with the federal government’s tax credit efforts could give the Twin Cities housing market the added boost it needs to awaken and to realize the potential that is out there.

There are many other events that coincide with spring: spring training, spring fever, spring boards…ok that last one isn’t technically associated with the season. But with the Month’s Supply of Inventory for March down 15.2 percent over last year, agents across the Twin Cities can assist buyers in diving right into the market now that conditions are beginning to warm

Need Help with Your Fannie Mae or Freddie Mac Mortgage? Making Home Affordable is Here!

A new government help program just launched yesterday with to assist homeowners in restructuring their loans. The US Treasury Department’s easy-to-navigate website and telephone hotlines were activated on March 19, 2009, for the Making Home Affordable program. This program was created to assist the over 9 million homeowners with a Fannie Mae or Freddie Mac mortgage refinance or modify their mortgage. The website is makinghomeaffordable.gov and the toll-free hotline numbers is 1-888-995-4673.

The site offers in formation on how to refinance to a new loan as well as steps to modify a current Fannie Mae or Freddie Mac loan. Easy step by step instructions are available so that you can quickly determine if you are eligible for the program. Not certain if your home loan is held by either Fannie or Freddie? There are weblinks and phone numbers to help you determine if your mortgage is held by either organization.

Minnesota: Feds Buying Thousands Of Acres Along MN River For Wildlife Reserve

A federal agency is quietly spending tens of millions of dollars to lengthen a swath of publicly owned natural areas up and down the Minnesota River. It's possible because of a fund created almost a decade ago when a new airport runway sent flights over a part of the MN Valley Wildlife Refuge for the first time. The Metropolitan Airports Commission agreed to set up the $26 million fund to compensate for its intrusion. Th e result could more than double the number of miles of reverfront included in what is already an unusual asset for any big metro area. Land buys are taking place as far south as Mankato.

St. Paul: Getting First-Time Buyers To Bite!

Real estate agents and builders hope an $8,000 tax credit will encourage new buyers to bite, jump-starting the market. Oakdale residents Mandy Palank and her fiance, Jeff Thalhuber, toured a bank-owned home in Eagan and liked the yard but the kitchen needed work. "The $8,000 credit is definitely a huge incentive." In the unfolding drama of the nation's troubled market, the role of first-time buyers has come into focus with the passage of the federal stimulus package but the tax credit is only available to people who haven't owned a home in the past three years and it can be applied to home purchases made by November 30. The National Association of Realtors estimates that the measure could compel as many as 300,000 people to buy homes.
Reprinted from St.Paul Pioneer Press article