Kansas City Real Estate Blog

Kansas City Home Sales May 1 through September 7 2010

Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673337
Sold
7115 E 17Th Street
$5,900
$8,500
05/10/2010
$5,900
08/10/2010
Kansas City
Manchester
Single Family
73
3 1.0
None
Kansas City Mo
101 Years/More
Stone
Bungalow
**Property Sold AS IS**No Seller’s
Disclosure**Special Addendums
Apply**Earnest Money Needs to be
Certified Funds **No
Contingencies or Assigns*
Information is Deemed Reliable
But Not Guaranteed**THIS IS A
FANNIE MAE PROPERTY
Details
1673649
Sold
5319 Indiana Avenue
$7,900
$7,900
05/11/2010
$7,900
06/14/2010
Kansas City
Carol Berenice Add
Single Family
28
2 1.0
1 Built-In
None
Kansas City Mo
51-75 Years
Concrete
Raised Ranch
In The Basement
Good opportunity for the handy
homeowner or investor. This is a
Fannie Mae HomePath property.
Selling as-is. No seller disclosure.
Proof of funds/financing required
with offer. Special addendum
applies.
Details
1674138
Sold
2027 Spruce Avenue
$8,500
$8,500
05/12/2010
$7,900
06/25/2010
Kansas City
Winchester Place
Single Family
28
2 1.0
30x123x30x123
None
Kansas City Mo
76-100 Years
Full, Inside Entrance
Bungalow
In The Basement
Excellent potential-needs repair &
updates-several items removed-no
utilities will be on for
inspections-purchased AS IS
condition.Fannie Mae Homepath
Property-Sold As Is-No Seller
Disclosure-Addendums & Proof of
Funds or Preapproval required with
Offer-No Contingencies-Earnest
Deposit in Certified Funds-All
Accepted Offers must be Originals.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673459
Sold
1810 Kensington Avenue
$11,500
$11,500
05/10/2010
$12,000
06/22/2010
Kansas City
Oakhurst
Single Family
17
4 2.0
Off Street
None
Kansas City Mo
101 Years/More
Concrete
2 Stories
In The Basement
This is a great investment
property!! Bring your investors
large floor plan create your dream
home from this. Won’t last long
this property is **Being
Sold-As-Is** this home has new
windows, new roofing, and new
front porch.
Details
1674073
Sold
3816 Benton Boulevard
$11,500
$11,500
05/14/2010
$11,500
07/09/2010
Kansas City
Maryland
Single Family
10
3 1.0
Central Electric
Kansas City Mo
76-100 Years
Concrete
2 Stories
sold as is where is proof of funds
and addendum a must accompany
all offers
Details
1674118
Sold
3932 E 47Th Terrace
$11,500
$11,500
05/12/2010
$11,500
05/27/2010
Kansas City
Vineyard Gardens
Single Family
12
3 2.0
63x147x63x151
1 Basement, Built-In
Central Electric
Kansas City Mo
51-75 Years
Inside Entrance, Partial
Side/Side Split
In The Basement
Excellent opportunity-needs repair
& updates-Large enclosed
patio-Only electric will be on for
inspections.Fannie Mae Homepath
Property -Sold As Is-No Seller
Disclosure-Addendums & Proof of
Funds or Preapproval required with
Offer-No Contingencies-Earnest
Deposit in Certified Funds-All
Accepted Offers must be Originals.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673559
Sold
3816 Park Avenue
$12,000
$16,000
05/10/2010
$10,000
06/28/2010
Kansas City
Aberdeen
Single Family
49
3 1.0
33x131x33x131
1 Rear Entry
None
Kansas City Mo
76-100 Years
Full, Inside Entrance, Stone
Bungalow
In The Basement
Excellent opportunity-needs repair
& updates-Spacious 1.5
bungalow-No drive to rear entry
garage-Only electric on for
inspections. HomeSteps
Home-Sold As Is-No Seller
Disclosure-Special Addendums &
Proof of Funds or Preapproval
required with Offer-No
Contingencies-Earnest Deposit in
Certified Funds-All Accepted
Offers must be Originals.
Details
1673860
Sold
3410 Forest Avenue
$12,622
$12,622
05/12/2010
$8,250
06/21/2010
Kansas City
Arcade Place
Single Family
34
2 1.0
Off Street
805
0 Central Electric
Kansas City Mo
76-100 Years
Full, Walk Out, Walk Up
Bungalow
In The Basement
Lender repossession, needs little
work to be rent ready. Motivated
seller easy to work with. Newer
Roof, Vinyl Siding, 2 bedroom with
smaller 3rd room that could
function as a bedroom. Central
Air, newer furnace and hot water
heater in place. Off Street Parking.
Proof of funds and or pre approval
must be submitted with all offers.
Details
1673644
Sold
5401 Wayne Avenue
$14,900
$14,900
05/11/2010
$16,000
06/29/2010
Kansas City
Kathleen Ridge
Single Family
38
3 1.0
43 x 100
None
Kansas City Mo
76-100 Years
Stone
2 Stories
In The Basement
This is a great opportunity for the
handy homeowner or investor.
Large living room with decorative
fireplace. Comfortable front porch.
Fenced yard. This is a Fannie Mae
HomePath property. Selling as-is.
No seller disclosure. Proof of
funds/financing required with offer.
Special addendum applies.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673480
Sold
1877 N 31St Street
$15,000
$25,000
05/11/2010
$10,000
08/31/2010
Kansas City
Kensington
Single Family
87
2 2.0
Window Unit(s)
Kansas City Ks
51-75 Years
Inside Entrance, Stone, Walk Out
Ranch
In The Basement, In The Kitchen
$30,000 under Tax Appraisal. One
family owned, two generations.
Home has 3 season front porch, 2
bdrms & 1 bath up, full bath LL, liv
rm, eat in kitchen, hardwood flrs.
BASEMENT HAS High ceilings,
wall of tall windows, full bath, utility
sink, workshop with garage door
access, could be second living
area.
Details
1673442
Sold
3238 Wabash Avenue
$15,900
$15,900
05/10/2010
$14,000
06/11/2010
Kansas City
Mystic
Single Family
22
3 1.0
137x40
0 2,113
Central Electric
Kansas City Mo
101 Years/More
Stone
1.5 Stories
In The Basement
Selling as-is, no seller’s disclosure.
$1k minimum EMD plus proof of
funds or pre-appvl letter req’d for
all offers. Good rental income, was
formerly renting for $750/mo.
Home has large rooms and
potential for 4th bdrm upstairs or 1
very large mstr. Home needs some
minor TLC.
Details
1673663
Sold
9424 Bristol Avenue
$18,900
$18,900
05/11/2010
$20,000
07/08/2010
Kansas City
Nance’s 2nd Addition
Single Family
16
3 1.0
1 Attached, Front Entry
Central Electric
Hickman Mills
51-75 Years
Other
Ranch
In The Garage
TO NEW
BEGINNINGS…SPACIOUS 3
BEDROOMS WITH EASY
ACCESS TO SHOPPING AND
INTERSTATE…Property to be sold
“As-Is/Where-Is”, no warranties, no
guarantess, OFFERS MUST
INCLUDE THE FOLLOWING TO
BE PRESENTED TO THE
SELLER: Complete contract,
Pre-Approval letter or proof of
funds & earnest dep. in the form of
CERTIFIED FUNDS!
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673408
Sold
8526 Garfield Avenue
$19,900
$19,900
05/10/2010
$19,400
06/01/2010
Kansas City
Center Circle
Single Family
7 3
1.0
1 Attached
Central Electric
Center
41-50 Years
Full
Ranch
ANOTHER GREAT INVESTMENT
PROPERTY! This property is being
sold “AS IS” “Where Is” or on
terms that are satisfactory to
sellers. The seller nor the agent
have any disclosures on this
property. There is evidence of
water in the basement, furnance &
hotwater shows evidence of water
damage. Evidence of mold
inherent in this property.
Details
1673902
Sold
2317 Jarboe Street
$19,900
$19,900
05/11/2010
$19,900
07/21/2010
Kansas City
Fairmount Park
Single Family
71
3 1.0
None
Kansas City Mo
101 Years/More
Full, Walk Out
Ranch
In The Basement
CONVENIENT LOCATION,
ENTRY PRICING! Perfect for
investor expanding rental
inventory. Corp owner selling “As
Is”. NOTE: Jarboe is One-Way
south bond at this location.
Details
1673561
Sold
1230 Orville Avenue
$20,000
$20,000
05/11/2010
$13,000
06/23/2010
Kansas City
Gray/Woods Central
Single Family
35
3 1.0
30 X 138
0 Central Electric
Kansas City Ks
76-100 Years
Stone
2 Stories
In The Basement
BANK OWNED TO BE SOLD
AS-IS ONLY
FANTASTIC INVESTMENT
OPPORTUNITY IN A WELL
CARED FOR NEIGHBORHOOD
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673763
Sold
5117 Ne 60Th Terrace
$24,000
$24,000
05/10/2010
$38,130
06/22/2010
Kansas City
Dr. Thompson
Single Family
25
3 1.0
1 Attached, Basement, Rear Entry
Central Electric
North Kansas City
51-75 Years
Full
Raised Ranch
In The Basement
Home being sold As-Is. No
disclosures available. Must be
pre-approved or show proof of
funds with offer. Earnest money
must be certified funds.
Details
1673878
Sold
2516 N 64Th Terrace
$25,000
$25,000
05/12/2010
$26,600
06/29/2010
Kansas City
Hazel Grove
Single Family
16
3 2.0
9750
2 Attached, Front Entry
1,190
Central Electric
Kansas City Ks
51-75 Years
Concrete
Ranch
Off The Kitchen
Property does need work & priced
accordingly. Could have
non-conforming bedroom in
basement. All offers must include
proof of funds & EMD
(CERTIFIED).Please allow a few
days for response. Inspections ok
for buyer info - no repairs or
concessions to be made. Lot Sz &
Sq Ft deemed reliable, but not
guaranteed. MOLD noted on
property.
Details
1674139
Sold
4211 Pittman Road
$25,000
$25,000
05/14/2010
$15,000
07/06/2010
Kansas City
Other
Single Family
20
3 1.0
1.3 Acres
2 Attached
1 Central Electric
Kansas City Mo
41-50 Years
Concrete
Ranch
In The Kitchen
Baseball Fans - 3 BR Ranch on an
acre of land, just east of Kauffman
Stadium. Rehab project - priced
accordingly.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1674129
Sold
816 E 75Th Terrace
$27,000
$27,000
05/14/2010
$30,002
08/20/2010
Kansas City
Garden Place
Single Family
25
2 1.1
1 Attached, Front Entry
952
Central Electric
Kansas City Mo
51-75 Years
Concrete, Crawl Space, Full
Ranch
In The Basement
This Home is Owned by the U.S.
Dept. of Housing & Urban
Development (HUD). This HUD
Home is Sold AS-IS/WHERE-IS
with Any and All Faults. Agents
Must be Registered with HUD for
the Bidding Process. Call Listing
Office for Help Bidding Any Price
You Want to Offer. Buyer Must
Have a Mortgage Commitment or
Cash. This Home is Case Number:
291-246257.
Details
1673855
Sold
4405 Ditzler Avenue
$29,900
$29,900
05/11/2010
$29,000
06/14/2010
Kansas City
Nance’s Highland Ridge
Single Family
31
3 1.0
840
Central Electric
Raytown
41-50 Years
Concrete, Full
Ranch
In The Basement
This could be a great starter home
just needs some finishing touches.
Nice privacy deck on the back of
the house, half circle driveway in
front. Just blocks from the KC
Stadiums. Sold AS-IS, no sellers
disclosures, seller will make No
Repairs. Must be pre-approved or
have proof of funds to submit offer.
$1000 min EM required, 10% on
cash deals.
Details
1673955
Sold
2606 Yates Street
$31,900
$39,900
05/13/2010
$30,500
08/13/2010
Kansas City
Wyandotte Gardens
Single Family
68
3 1.0
2 Detached
Central Electric
Turner
51-75 Years
Crawl Space
Ranch
Great Potential! New roof, interior
just needs your personal touch!
Located in the desired Turner
school district. Being sold as is,
cash only, no repairs will be made
by the seller. Please allow 2-3
business days for seller response.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673802
Sold
5132 N Richmond Avenue
$49,000
$49,000
05/12/2010
$45,000
06/11/2010
Kansas City
Randolph Corners
Single Family
30
3 1.0
1 Attached
Central Electric
North Kansas City
41-50 Years
Concrete
Side/Side Split
In The Garage
Details
1673845
Sold
4141 Kenwood Avenue
$57,000
$57,000
05/12/2010
$57,000
06/15/2010
Kansas City
Vanderbilt Place
Single Family
6 2
1.0
33x131
0 913
0 Central Electric
Kansas City Mo
76-100 Years
Full, Stone
Bungalow
In The Basement
This is Fannie Mae property.
Purchase this property for as little
as 3% down! This property is
approved for HomePath
Renovation Mortgage Financing.
To support owner occupants, only
owner occupant offers will be
considered by this Seller during the
first 15 days a property is on the
market. Take advantage of Fannie
Mae special incentives.
Details
1673775
Sold
1416 Nw 64Th Terrace
$59,500
$61,900
05/10/2010
$55,000
07/28/2010
Kansas City
Clayton
Condo/Loft
58
2 1.0
Off Street
Central Electric
North Kansas City
21-30 Years
Slab
Ranch, Reverse 1.5 Story
Main Level
Corner Lot Condo with Private
Patio. Newer A/C, windows,
French Doors, dishwasher, smooth
top stove, paint, bath fixtures, light
fixtures and ceiling fans. Move in
Ready. Immediate Possession.
Seller leaving refrigerator. Window
coverings staying.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673829
Sold
4615 N Agnes Avenue
$60,000
$60,000
05/12/2010
$60,000
06/18/2010
Kansas City
Glendale Heights
Single Family
21
3 2.1
1 Front Entry
Central Electric
North Kansas City
41-50 Years
Finished
Ranch
Selling As-Is, no contingencies,
Bank Addendums to apply. Earnest
money of $1000 or 1% whichever
is greater
Details
1674112
Sold
2745 S 49Th Street
$64,900
$79,000
05/14/2010
$62,000
08/10/2010
Kansas City
Highland Crest
Single Family
62
3 1.0
0 Off Street
Central Electric
Turner
51-75 Years
Slab
Ranch
Off The Kitchen
Beautiful 3 Bedroom Highland
Ranch Renovation. New Roof &
A/C. New Kitchen Cabinets,
Countertops, Ceramic, and
Appliances including Range,
Refrig, Disposal, Microwave,
Washer, and Dryer. Upgraded
Bath with Ceramic and Pedestal
Sink. New Water Heater. New
Fencing. New Paint, Faucets, and
Fixtures. RENOVATONS BY
KIMBERLY of Corder Capital
Management.
Details
1673896
Sold
2907 Shearer Road
$66,950
$66,950
05/10/2010
$66,950
07/16/2010
Kansas City
Argentine Heights
Single Family
67
3 1.0
76 x 150
2 Attached, Front Entry
Central Electric
Kansas City Ks
41-50 Years
Full, Walk Out
Ranch
In The Basement
POSSIBILITIES GALORE AWAIT
BUYER FOR THIS CORP
OWNED RANCH! Wood floors,
walk-out lower level, 2 decks. Bring
decor ideas & you’ve got yourself a
winner. Seller provided home
warranty on owner occupied sales.
Corp addenda must accompany all
offers - contact lister before writing.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673448
Sold
7412 Harrison Street
$67,000
$67,000
05/11/2010
$64,500
08/16/2010
Kansas City
Rockhill Gardens
Single Family
10
3 3.0
1 Built-In, Front Entry
1,783
Central Electric
Kansas City Mo
51-75 Years
Concrete, Full
2 Stories
This Home is Owned by the U.S.
Dept. of Housing & Urban
Development (HUD). This HUD
Home is Sold AS-IS/WHERE-IS
with Any and All Faults. Agents
Must be Registered with HUD for
the Bidding Process. Call Listing
Office for Help Bidding Any Price
You Want to Offer. Buyer Must
Have a Mortgage Commitment or
Cash. This Home is Case Number:
291-171403.
Details
1673811
Sold
7714 Ne 54Th Street
$69,000
$69,000
05/12/2010
$65,000
06/30/2010
Kansas City
Gracemor
Single Family
49
3 2.0
2 Attached
Central Electric
North Kansas City
41-50 Years
Concrete
Side/Side Split
Details
1673833
Sold
736 E 121St Terrace
$69,900
$69,900
05/11/2010
$65,000
06/11/2010
Kansas City
Mission Lake
Townhouse
29
2 1.1
1 Built-In, Front Entry
1,000
Central Electric
Grandview
31-40 Years
Slab
2 Stories
Off The Kitchen, Laundry Room
One of Best Maintained
Townhomes. Plush carpets, firepl,
gas logs. vaulted LR w/dining area.
Pass thru window from kitchen.
New Furnace/Air 5/2010. Includes
all appliances. Just Move in and
Enjoy. 2 patios, loft bedrooms
w/walk in closets. Mission Lake, 2
pools, fishing lakes, clubhouse,
game/exercise rms. Exterior, roof
maintenance.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1674084
Sold
8362 Nw Overland Drive
$89,950
$89,950
05/13/2010
$82,000
08/27/2010
Kansas City
The Coves
Townhouse
106
3 1.1
2 Attached, In Building, Rear Entry
1,600
Central Electric
Park Hill
31-40 Years
Full, Walk Out
2 Stories
Lower Level
X-large master bdrm with a walk-in
closet nice deck off dining area
HOA dues covers a lot. New roof 2
yrs ago. Owner lived here for 34
years pool will open memorial day.
Excellent schools, shopping & fine
dining at Zona Rosa. Move in
Today. Clubhouse has tennis and
is available to rent. Nice walking
trails around lake.
Details
1673475
Sold
7934 Nw 79Th Place
$97,500
$97,500
05/11/2010
$98,000
07/26/2010
Kansas City
Squire Hills
Half Duplex
76
3 2.0
1 Built-In, Front Entry
Central Electric
Park Hill
21-30 Years
Concrete, Finished, Walk Out
Split Entry
Lower Level
Clean! Clean! Clean! You will not
show a cleaner property in this
price range. Kitchen recently
remodeled. New roof in ‘06.
Fenced bkyrd w/storage bldg.
Downstairs bdrm is
non-confirming. Has full bath.
Previous owner finished off 1/2 of
garage. Can be easly converted
back. Great Property!! All
measurements approx.
Details
1673368
Sold
11225 N Tracy Avenue
$115,900
$115,900
05/10/2010
$115,000
06/11/2010
Kansas City
Lakeside Heights
Single Family
17
3 2.1
78x192
2 Attached
Central Electric
North Kansas City
21-30 Years
Daylight, Finished
Tri Level
In The Basement
Very nice home in great
neighborhood.
Huge,secluded,treed backyard.
Updated roomy kitchen, neutral
colors,big bedrooms,walk-in
closets in two bedrooms. Extra
deep garage… Buyer’s must be
preapproved with Bank of America.
VERBALLY ACCEPTED OFFER
AS OF 05/19/10.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1674137
Sold
6601 Nw Hidden Valley Road
$120,000
$120,000
05/14/2010
$112,000
08/18/2010
Kansas City
Hidden Valley
Single Family
14
3 2.0
2 Built-In
1,224
Central Electric
Park Hill
21-30 Years
Concrete
Front/Back Split
This Home is Owned by the U.S.
Dept. of Housing & Urban
Development (HUD). This HUD
Home is Sold AS-IS/WHERE-IS
with Any and All Faults. Agents
Must be Registered with HUD for
the Bidding Process. Call Listing
Office for Help Bidding Any Price
You Want to Offer. Buyer Must
Have a Mortgage Commitment or
Cash. This Home is Case Number:
291-332751.
Details
1673773
Sold
307 W 97Th Terrace
$127,500
$127,500
05/12/2010
$122,300
07/23/2010
Kansas City
Indian Creek Highlands
Single Family
40
3 2.0
147x100
2 Attached, Tandem
Central Electric
Center
51-75 Years
Slab
Ranch
Main Level
Exquisite Contemporary. Open
Floor Plan w/Two Living Areas.
Completely Remodeled w/New
AC/Furnace, Roof, & Siding.
Updated Electrical & Plumbing.
New Kitchen Cabinets, Counters,
Ceramic, Refrig, Range, Disposal,
& Microwave. Large Kitchen Island.
Frieze Carpet. Two Full Bath with
Ceramic. New Master Suite
w/Ceramic. Great Patio for
Entertaining.
Details
1673790
Sold
8341 Greeley Avenue
$130,000
$130,000
05/12/2010
$124,500
07/27/2010
Kansas City
Parkway Village
Half Duplex
76
2 2.0
2 Attached, Front Entry
Heat Pump
Kansas City Ks
6-10 Years
Slab
Ranch
Main Level
This villa is attached to club house
for easy entertaining and shelter
from storms. Handicap assessible
doors, high rise toliets, two sliding
doors, sun room walks out to patio
and green space. Loads of
windows, two car garage
w/openers. Custom cabinets in
kitchen and extra cabinet in main
bath. 4 ceiling fans. Tile flooring in
Kit/DR. Won’t last.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673253
Sold
10011 Nw 86Th Terrace
$147,900
$147,900
05/10/2010
$147,000
06/24/2010
Kansas City
Wildwood West
Single Family
7 3
2.0
73x120
2 Attached
1,528
Central Electric
Park Hill
11-15 Years
Full
Atrium Split
***CORPORATE OWNED***
Close before June 30 and receive
extra 3.5% in closing costs or
appliances!
Details
1674059
Sold
8019 N London N/A
$155,000
$155,000
05/12/2010
$140,000
07/23/2010
Kansas City
The Coves East
Single Family
14
4 3.0
2 Basement, Front Entry
Central Electric
Park Hill
31-40 Years
Concrete, Finished, Garage Entrance
Raised 1.5 Story, Raised Ranch
Main Level
Tons of Room. 4 Large
Bedrooms-Master and 2nd
Bedroomon Main level. Main level
Laundry. Great Subdivision and
Park Hill Schools. Attractive Family
Room and updated kitchen. Huge
Garage. This is NOT a foreclosure
or a short sale!!
Details
1673426
Sold
9824 N Stark Avenue
$178,000
$203,208
05/10/2010
$185,000
08/13/2010
Kansas City
Brentwood Manor
Single Family
2 2.0
2 Attached, Front Entry
Central Electric, Heat Pump
Liberty
Under Construction
Concrete, Full
Ranch
Main Level, Laundry Room
The Wellington is an awesome
ranch villa with a huge vault over
the great room, kitchen, and dining
area. Upgraded cabinets, raised
bar, wood floors in the kitchen &
entry. Full basement adds plenty
for expansion. The best villa value
in the Northland. Pics are from the
model home, also a Wellington
plan. Annual HOA $375 includes
community pool.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673983
Sold
4538 Wyoming Street
$179,900
$179,900
05/12/2010
$175,000
06/25/2010
Kansas City
Vogel Heights
Single Family
44
2 2.0
40 x 84
2 In Building, Basement, Front Entry, Tandem
Central Electric
Kansas City Mo
76-100 Years
Inside Entrance, Stone, Walk Out
Bungalow, Raised Ranch
Laundry Closet, Main Level
WOW!!! Completely redone home
in hip West Plaza area! Awesome
new kitchen includes granite
counter tops, gas stove, stainless
appliances, handsome tile
backsplash & under cabinet
lighting! Brand new everything
including: furnace, air, water
heater, electrical, roof, siding &
windows! Even a fenced back yard
with a 12 x 12 deck. Don’t
hesitate…
Details
1673841
Sold
3524 N Park Avenue
$190,000
$190,000
05/28/2010
$179,000
08/09/2010
Kansas City
Hills Of Rock Creek
Single Family
45
5 3.1
140 X120X130X90
2 Attached
Central Electric
North Kansas City
6-10 Years
Finished, Full, Walk Out
2 Stories
Main Level
This 5BR 3.5BA w/POOL is in
Immaculate
condition.

The large
Master BR enjoys a Whirlpool and
Huge Walk IN. The Kitchen has
loads of cabinets,granite counter
tops and a large pantry. 5th BR
w/Full Bath in LL. Perfect for the
large family.
Details
1674070
Sold
6107 Main Street
$199,500
$210,000
05/14/2010
$198,000
08/18/2010
Kansas City
Morningside Park
Single Family
96
4 2.0
50 x 131
1 Detached
1,747
Central Electric
Kansas City Mo
76-100 Years
Full, Stone, Walk Out
1.5 Stories, Bungalow
In The Basement
Simply Charming Arts-n-Crafts
Bungalow. Natural Oak Woodwork
with Leaded Glass Built-in
bookcases. Stained glass
windows. Hardwood Floors. Box
and Beamed Ceilings. Updated
Kitchen w/Breakfast nook. Larger
than it looks - 4 Bedrooms. Wrap
around open front porch. Fenced
yard. Close to Brookside shops
and the walking trail. Must see.
Priced to sell
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673853
Sold
9600 Jarboe Street
$204,950
$204,950
05/12/2010
$193,000
08/09/2010
Kansas City
Lea Manor
Single Family
45
3 2.1
156’ x 193’
2 Attached, Side Entry
1 Attic Fan, Central Electric
Center
51-75 Years
Concrete, Finished, Inside Entrance
Ranch
Lower Level, Laundry Room
Relax on the Patio by your
Inground Pool! Beautiful Parklike
Setting for this Gracious Ranch
lovingly maintained by Owner of 46
Years! Opportunity to do your own
updating & make it your Dream
Home! Larger Lea Manor Home -
check room sizes! Lot & a half, too!
Formal Living & Dining plus Family
Room & Eat-in Kitchen on One
Level! “Retro” Rec Rm down!
Details
1673671
Sold
8925 N Essex Drive
$214,000
$214,400
05/11/2010
$214,000
08/13/2010
Kansas City
Highlands of Northview
Single Family
64
4 3.0
3 Attached, Front Entry
2,190
Heat Pump
North Kansas City
2 Years/Less
Egress Window, Stubbed for Bath, Walk Out
Atrium Split, Tri Level
Bedroom Level
Four Bedroom Atrium Tri level with
big bedrooms!! Open floorplan.
Vaulted ceiling, floor to ceiling
windows, huge living room!!Huddle
around the fireplace in the winter.
Also includes sub basement
stubbed for bath. Possible 5th
bedroom or rec room !! Staley
High. Walk to Northview Elem.
Details
1673445
Sold
11001 N Laurel Avenue
$225,000
$225,000
05/11/2010
$217,500
08/04/2010
Kansas City
Somerbrook
Single Family
70
5 3.0
2 Attached
Central Electric
Liberty
6-10 Years
Finished, Walk Out
Ranch, Reverse 1.5 Story
Main Level
So much character in this fabulous
ranch! Lots of pottery barn colors
throughout. 3 Bdrms on main level
with an additional 2 in the
basement. Great Kitchen,
hardwoods, lots of counterspace.
The Basement has the “Wow
Factor”: Dark floors, Wet Bar,
Wired for surround system. Great
Deck, fenced backyard & backs to
the neighborhood pool area.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673244
Sold
7812 N Prospect Avenue
$289,950
$289,950
05/10/2010
$303,000
07/19/2010
Kansas City
Maplewoods Estates
Single Family
38
4 3.1
3 Attached, Front Entry
Central Electric
North Kansas City
16-20 Years
Concrete, Full, Walk Out
1.5 Stories
Main Level, Laundry Room
Beautiful 1 1/2 story-New paint,
New carpet-Lots of
windows-Unfinished 2 tiered
basement-4th bdrm and bath in
roughed in bonus room.
Details
1673268
Sold
9530 N Myrtle Court
$294,900
$294,900
05/10/2010
$292,500
07/23/2010
Kansas City
Northview Place
Single Family
34
4 3.0
3 Attached, Front Entry
2,082
Heat Pump
North Kansas City
3-5 Years
Walk Out
1.5 Stories
Main Level, Off The Kitchen
CUL-DE-SAC WITH NOBODY
BEHIND YOU! Walkout basement,
Large deck with views of trees.
Main floor master bedroom.
Spacious Closet space. Many
extras and custom features maybe
added by orginal builder. Staley
High School. Private access to
elementry school. Clean and
comfortable. MUST SEE
Details
1674080
Sold
11601 Pennsylvania Avenue
$310,000
$375,000
05/14/2010
$265,000
08/23/2010
Kansas City
Verona Hills
Single Family
101
4 3.0
2 Attached, Side Entry
Central Electric, Zoned
Grandview
21-30 Years
Concrete, Daylight, Full
Ranch
Main Level, Off The Kitchen
Custom blt huge true ranch 4br
(4th br is den/off). Note room sizes.
9ft ceilings 1st and bment, huge
lot, great street appeal, new carpet,
paint, etc. sprinklers, Corian island,
pull outs in all custom cabinets (kit
& offices) utility/mud room off kit
w/sink & pantry & builtins. This
home will awe you! Zoned
HVAC/marble entry.Over 3200 sq.
ft.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1674087
Sold
9615 Georgia Avenue
$345,000
$350,000
05/14/2010
$335,000
07/15/2010
Kansas City
Other
Single Family
62
4 3.2
7.438
2 Attached
7 Central Electric
Kansas City Ks
6-10 Years
Finished, Full, Walk Out
Ranch
In The Basement, Main Level
IT’S ALL ABOUT YOU! Are YOU
looking for an Open & Bright Plan
w/ Sky Lights, Vaulted Ceilings, &
Perfect for Entertaining? Are YOU
wanting a 7+ Acre w/ Views,
Wildlife, Deck, Patio, Pool &
Fenced Yard? Are YOU looking for
a Wlkout Bsmt w/ FP, Bar, 2 BR w/
2nd Lau Rm, Exercise Rm, Tons of
Storage & a Safe Rm? If so, YOU
have found YOUR dream home.
Details
1673197
Sold
814 W 74 Street
$389,000
$389,000
05/10/2010
$388,000
08/02/2010
Kansas City
Westmoreland Place
Single Family
84
3 2.1
2 Detached
Central Electric, Zoned
Kansas City Mo
76-100 Years
Finished, Stone
2 Stories
In The Basement
STUNNING DESIGNER HOME!
THIS 1925 MASTERPIECE SITS
ON A LARGE CORNER LOT. IT
CHALLENGES COMPARISON!
FEATURES INCLUDE: NEW
KITCHEN W/ GRANITE
COUNTERS, NEW HIGH END
APPLIANCES, ZONED
HEATING/COOLING,
GORGEOUS FLOORS,
BEAUTIFUL BUILT-INS, LOTS OF
CHARACTER! INCREDIBLE
FINISHED BASEMENT/MEDIA
ROOM! WINE CELLAR!
INCREDIBLE YARD W/
WATERFALL/POND! WOW!
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
Summary
Status Total Avg Price Avg $ Per SqFt Median Low High Avg DOM
ACTIVE
AUCTION
CONTINGENT
PENDING
SOLD 50 $95,655 $61 $61,000 $5,900 $388,000 42
EXPIRED
WITHDRAWN
TEMP OFF MRKT
CANCELLED
Show for Backup
Total 50 $95,655 $61 $61,000 $5,900 $389,000 42
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple

Posted by Mark Gipple on 09/07/2010 in

Top 7 Things You Should Know about Financial Regulation Overhaul

Top 7 Things You Should Know about Financial Regulation Overhaul
By Kevin G. Hall Print Article
RISMEDIA, July 17, 2010—(MCT)—With final Senate passage of the broadest overhaul of financial regulation since the Great Depression, the hard work really starts. Regulators must fill in the blanks in the legislation, and a new agency to protect consumers must be erected from scratch. The landmark legislation will bring lots of changes. Here are some answers to common questions about the changes that will come about under the overhaul of financial regulation, and how it will address some root causes of the deep financial crisis.
Question: What does the legislation do for ordinary folk?
Answer: The most significant change is the creation of a Bureau of Consumer Financial Protection, which will be independent but housed in the Federal Reserve, the nation’s central bank. This new bureaucracy will have a single mission: consumer protection for credit products such as mortgages and credit cards. That responsibility had rested with multiple bank regulators, none of whom treated it as a priority.

Q: What does that mean for home buyers?
A: The law includes a number of provisions that restrict predatory lending. The question is how aggressively the new bureau oversees mortgage lending. For example, will it set ironclad limits on so-called “liar loans,” in which there was no income verification for mortgages? Will it ban adjustable-rate mortgages with low teaser rates that allowed borrowers to get into homes they couldn’t afford? The bureau is also expected to force lenders to use clear language about borrowing costs.

Another important change is tough regulation for mortgage brokers. Many borrowers erroneously assumed that these brokers had their best interests at heart, when in fact there was no fiduciary duty to borrowers. Rather, lenders rewarded many brokers for getting borrowers into ill-suited mortgages.

The new law “ends steering payments that put mortgage brokers’ interests out of sync with buyers’ interests,” said Sen. Jeff Merkley, D-Ore. He also authored some of the tough restrictions on what banks can invest in if they’re also investing money on behalf of clients.

The new bureau is expected to be most aggressive on mortgages, after the Fed failed to use the power it’s had since 1994 to rein in reckless mortgage lending.”We can’t have that happen again. We’ve got to be very, very tough and consistent on this point,” said Sen. Jack Reed, D-R.I.

To the ire of consumer advocates, however, the new agency will have only limited powers over auto lending.

Q: Would this legislation have prevented the financial crisis?
A: That’s hard to say for sure, but it certainly would have given regulators the power to break up large failing financial firms, and there would have been transparency about who owes what to whom. The absence of such factors amplified the crisis of September and October 2008.

Q: How does this legislation fix what went wrong?
A: Various federal regulators will sit together on a “systemic risk” council that will police threats to the entire financial system. They’ll also get so-called “resolution authority” that allows them to deconstruct a failing large financial firm in orderly fashion.

During the crisis, bankruptcy was the only option. That would have pitted creditors against shareholders and created panic. The Bush administration orchestrated the fire sale of investment bank Bear Stearns in March 2008, preventing panic. It tried to do the same with Lehman Brothers in September 2008, but when that failed, Lehman went bankrupt.

The ensuing panic nearly caused the collapse of global finance. That was prevented only by a massive government bailout program that was deeply unpopular with voters, and by the Federal Reserve’s direct intervention in financial markets.

Those dark days occurred in an environment of little transparency about complex financial instruments called “derivatives.” Investors, regulators and even CEOs of major financial firms were in the dark about some of these instruments. Absent clear information, everyone ran scared.

Q: We hear about transparency all the time. Why does it matter?
A: The lack of information about complex bets made on the probability of bond defaults was one reason the Federal Reserve stepped in and took majority ownership in insurance giant American International Group (AIG). Trillions of dollars’ worth of private two-way bets were occurring outside regulators’ view, and AIG was the biggest player. Today, taxpayers could still be on the hook for about $162.5 billion, partly due to AIG’s involvement in credit-default swaps.

Under the new law, however, deposit-taking institutions will be forbidden from significant involvement in the market for these swaps, which are bets on the chance of a bond default. Most derivatives transactions will have to occur on an exchange or central clearinghouse. There’ll be real-time information about any given trade and, more broadly, about the swaps market—data that didn’t exist when the meltdown hit in 2008.

Greed or malfeasance won’t disappear from Wall Street, but regulators and investors will have more information than ever before to combat it.

Q: How does the legislation deal with Fannie Mae and Freddie Mac?
A: The Obama administration and congressional Democrats opted to leave Fannie and Freddie out of the bill, ostensibly to address them in separate legislation once the housing market recovers.

Fannie and Freddie buy mortgages originated by banks, then bundle them for sale to investors as bonds. From 2000-2006, Wall Street banks jumped aggressively into this business and out-competed Fannie and Freddie. In 2007, these Wall Street bonds backed by pools of U.S. mortgages began blowing up, and on came the financial meltdown.

Right now, Fannie and Freddie are the only mortgage-bond game in town. The private sector’s secondary market, where Wall Street banks passed on their mortgages, is frozen. When this market revives, banks and other mortgage originators will have to keep a portion of what they generate on their own balance sheets to ensure they have capital at risk. This wasn’t required during the run-up to the crisis.

Q: Will the bill prevent financial crises?
A: Probably not. The legislation mostly fights the previous crisis, not the next one, and Wall Street always finds innovative new ways to make markets spin. Regulators are empowered with new authority to police for risk. Banks will be required to have more cash on hand to cover losses. This will limit their risk-taking capabilities, and the authorities can order big financial firms to get smaller or face government intervention.

Financial markets are highly complex and ever-innovating. A hard lesson of the financial crisis is that markets are profoundly interconnected, and in unexpected ways.

When Lehman Brothers filed for bankruptcy in September 2008, an unpleasant surprise followed days later.

Investors fled money market funds that pay 2 or 3% interest. To pay that interest, the funds take deposits or contributions and invest them in short-term debt issued by corporations called commercial paper. This sort of activity was always viewed as risk free.

However, Lehman was an issuer of commercial paper, and when it went bankrupt, panic ensued in places no one expected. Big manufacturers such as General Electric suddenly couldn’t find buyers for their short-term debt, and investors frowned on putting savings at risk for the small returns offered in the money market funds that days earlier had been considered as safe as cash.

That’s all to say that linkages are often hard to see. The best the legislation can hope to achieve is to provide regulators with an ample tool box, and it appears to do that. It will be up to the regulators to use the tools wisely.

Posted by Mark Gipple on 07/17/2010 in

Simplifying the Process: Lowe’s and RE-buildUSA Streamline the 203k Loan Process for Agents and Th

Simplifying the Process: Lowe’s and RE-buildUSA Streamline the 203k Loan Process for Agents and Their Clients
By Stephanie Andre
RISMEDIA, May 7, 2010—In today’s stringent credit climate, the process of securing a loan approval involves many details that can be easily overlooked by prospective home buyers. The 203k loan—an FHA loan that enables home buyers to purchase and renovate properties—adds a new dimension to the loan approval process. From finding licensed and trusted contractors to detailing the scope of work involved in the renovation plans, obtaining a 203k loan requires a special degree of knowledge.

So why not simplify the process? Well, that’s just what industry veterans Dennis and Teresa Walsh did last year by launching RE-buildUSA, a designation/membership program that turns agents into 203k Specialists.

Together with Lowe’s, the Walshes educate real estate professionals and prospective home buyers about 203k, most recently on the West Coast where Lowe’s recently launched its 203k initiative in a region that encompasses major metros such as San Francisco, Salt Lake City, Sacramento, Lake Havasu and Las Vegas.

“Lowe’s is partnering with RE-buildUSA to help facilitate the home-improvement needs of home buyers acquiring distressed properties,” explains Nick Mraz, Lowe’s regional sales director who works extensively on the 203k initiative. “The Walshes brought a real asset to the table…the 203k certification. It’s an asset to both an agent’s clients and to the community as a whole.”

Why It Works
The reason the 203k certification works is because it’s comprehensive training that offers an agent entrance into RE-buildUSA’s 203k program and online member center. The full program includes a Project Portal and access to marketing ideas and materials, blogs and forums and information on the program’s additional partners, such as Lowe’s, Oakley Sign, Pillar To Post, Merrill, Obeo and PODS.

“We’ve been working for a long time to build the technology platform to support the program,” explains Dennis Walsh, CEO of RE-buildUSA. “The way the program is structured, the real estate professional only becomes a member after completing the five-hour certification course. It’s only at that point that he or she gets full access to the RE-buildUSA Membership Center and Project Portal.

“One of the frustrations when working on a 203k loan is finding licensed contractors and handling the paperwork and financing,” adds Walsh.

From Lowe’s perspective, the program is a win for all involved.

“We fit in this scenario perfectly,” says Mraz. “Lowe’s is a perfect fit because we can help the lender by outlining what they need and help the customer by taking away the stress of trying to find a contractor or installer*, or both.”

Simple as Filling Out a Form
A key component to the 203k certification is access to what RE-buildUSA calls the “Project Portal.” It’s there that the truest value comes into play.

The idea is that once the agent has a 203k deal ready to go, the process takes just minutes to complete. From the Project Portal, the agent fills out an online form, which includes detailed information on the buyer and project. From there, once the offer is accepted, it becomes contingent on inspection, the submission of the scope of work and the 203k financing itself.

“It can be a challenging process for the average buyer or untrained agent,” says Walsh. “This was the reason we created the Project Portal. We said, ‘We really have to simplify this process.’ Using the Project Portal, our 203k Specialists can easily submit key project information in less than five minutes. That information then gets disseminated to our partners in the program to help expedite the process in a much faster and streamlined way.”

For example, once the Project Portal data is received by Pillar To Post, RE-buildUSA’s home inspection partner, the company immediately contacts the agent to conduct the home inspection, which, in this case, is designed specifically to meet the FHA standard requirements of the 203k loan.

“Their entire inspection revolves around making sure the home meets proper FHA standards and guidelines,” says Walsh. “While there, they’ll also make additional recommendations about repairs that may make sense to include in the 203k renovation. Rather than being confronted with costly repairs a few years down the line, the homeowners can roll these expenses into their mortgage at a lower cost and interest expense.”

While all of this transpires, Lowe’s is working for the client at the same time.

“Lowe’s contacts the customer immediately,” Walsh says. “The idea is to help them immediately begin the process of choosing flooring, cabinets, appliances, etc., so they can move quickly to the closing table. The product specialists at Lowe’s help customers finalize their choices, review their scope of work and ensure that each customer has all the proper documentation and paperwork needed for the lender to finalize the deal.”

Lowe’s also is able to track the customer’s 203k progress through the Project Portal to schedule appointments, access project data and coordinate communications.

All Points East to West…and Soon, in Between
Already a success in Florida, in late March, Lowe’s rolled out its 203k initiative on the West Coast, starting in San Francisco at Prudential California/Nevada Realty.

According to Prudential California/Nevada Realty President and CEO Ed Krafchow, Lowe’s and Re-BuildUSA rolled out the program to more than 120 agents at an event this past April. Of those 120 in the room, 94 of them signed up on the spot for the Walshes’ 203k training. For Krafchow, education in the 203k area is an essential next step for agents who want to succeed in the current marketplace.

“This company went through a process of certifying more than 1,000 agents as short sale specialists,” Krafchow explains. “We wanted to go into where the market is selling, and short sales are selling up a storm. We have to give agents tools and the ability to speak to people with good knowledge. We believe the 203k program is right behind short sales in terms of what the market will become. The Walshes’ 203k training will allow people to go into their communities and support people who really want to buy a house to get the house they want and have it fixed up and repaired at the same time.

“This rebuilding process is critical to changing the valuation process. Everyone knows that a house with recent repairs is more valuable than a house in disrepair.”

The event at Prudential CA/NV is just one of many to come as Lowe’s and RE-buildUSA continue to educate real estate professionals and consumers on the power of the FHA 203k.

“Our relationships with real estate professionals all across the country have really blossomed over the past year,” says Mraz. “We’ve received a lot of interest from people who have heard about what’s been happening with our program in Florida, so we’ll be moving pretty quickly this year to expand the program.”

Lowe’s is clearly ready for a larger rollout, having an already well-developed installation services department that boasts more than 10,000 installers nationwide who specialize in over 40 product categories across the store.

Down the Road
For the Walshes and Lowe’s, the ultimate goal is to make 203k education viral and have it spread through the people actually doing the deals—the agents.

“One example is that our 203k Specialist can use a customizable, consumer-directed PowerPoint presentation we provide in the Membership Center to put on their own seminars,” says Walsh. “Many have done this successfully with first-time buyers’ seminars. 203k seminars appeal to a broad segment of prospective buyers and are a great opportunity to drive more business.”

In fact, at press time, Krafchow’s company was getting ready to put on the first in a series of consumer seminars geared toward learning about the 203k loan.

“The nature of our relationship with Lowe’s is very positive,” Krafchow explains. “We’re planning on doing consumer-facing workshops based on the 203k program where Lowe’s will come in with samples, and consumers in the room will literally be able to pick out colors, fabric and tile…and then buy the house.”

“His company is going to have 203k-certified agents put on the seminar and have their local lending partners sponsor it,” says Walsh. “It’s a great way to inform the public, and also help loan officers and certified agents connect with consumers.”

*Lowe’s installers are licensed, bonded and insured. The company also stands behind the quality of its work with a 100% satisfaction guarantee.

Posted by Mark Gipple on 05/06/2010 in

Pending Home Sales on an Upswing

RISMEDIA, May 5, 2010—Pending home sales increased again in March 2010, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of Realtors®. The Pending Home Sales Index (PHSI) forward-looking indicator based on contracts signed in March, rose 5.3% to 102.9 from 97.7 in February, and is 21.1% above March 2009 when it was 85.0; this follows an 8.3% increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.”

The PHSI in the Northeast declined 3.3% to 75.1 in March but remains 27.2% higher than March 2009. In the Midwest the index increased 1.2% to 98.9 and is 18.5% above a year ago. Pending home sales in the South jumped 12.7% to an index of 121.2, which is 28.3% higher than March 2009. In the West the index rose 1.9% to 99.9 and is 8.8% above a year ago.

“Another encouraging sign is the improvement in the availability for jumbo and second-home mortgages,” Yun said. “As bank balance sheets strengthen, it is just a matter of time before lending of non-government-backed mortgages steadily opens up.”

The National Association of Realtors, “The Voice for Real Estate,” is one of America’s largest trade associations, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20% of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Posted by Mark Gipple on 05/05/2010 in

Existing-Home Sales Down in January 2010 but Higher Than Year Ago

RISMEDIA, March 4, 2010—Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38% of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.

A parallel NAR practitioner survey shows first-time buyers purchased 40% of homes in January, down from 43% in December. Investors accounted for 17% of transactions in January, up from 15% in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4% in January.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said. “Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03% in January from 4.93% in December; the rate was 5.05% in January 2009.

Single-family home sales fell 6.9% to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6% above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4% from a year ago.

Existing condominium and co-op sales dropped 8.1% to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1% above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 % higher than January 2009.

Northeast
Regionally, existing-home sales in the Northeast fell 10.9% to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009.

Midwest
Existing-home sales in the Midwest declined 6.9% in January to a level of 1.08 million but are 8.0% higher than January 2009. The median price in the Midwest was $130,300, which is 1.0% below a year ago.

South
In the South, existing-home sales dropped 7.4% to an annual pace of 1.87 million in January but are 12.0% above a year ago. The median price in the South was $140,200, down 2.0% from January 2009.

West
Existing-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago.

Posted by Mark Gipple on 03/04/2010 in

C.A.R. Reports January Median Price Increased 15%; Home Sales Decreased 10.6%

RISMEDIA, March 2, 2010—Home sales decreased 10.6% in January 2010 in California compared with the same period a year ago, while the median price of an existing home rose 15%, the California Association of Realtors® (C.A.R.) recently reported.

“Many sales that closed escrow in January were on homes with offers accepted during the holiday season- a time when many house hunters are first-time buyers,” said C.A.R. President Steve Goddard. “First-time buyers typically purchase homes priced below an area’s median home price. Reflecting this, the percentage of homes priced under $500,000 increased to 77% of all sales in January, compared with 75% in December. “Despite the year-to-year decline, sales remained above the 500,000 unit threshold for the 17th consecutive month, holding steady at pre-peak levels from early in the last decade,” said Goddard.

Closed escrow sales of existing, single-family detached homes in California totaled 539,040 in January at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity decreased 10.6% from the revised 602,660 sales pace recorded in January 2009. Sales in January 2010 decreased 3% compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2010 would be if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The median price of an existing, single-family detached home in California during January 2010 was $287,440, a 15% increase from the revised $249,960 median for January 2009, C.A.R. reported. The January 2010 median price decreased 6.3% compared with December’s $306,820 median price.

“The story for the median price in January was mixed. In year-over-year terms, California’s median home price saw the greatest percentage increase since December 2005,” said Leslie Appleton-Young, C.A.R. vice president and chief economist. “However, the median fell by 6.3% from the December 2009 median price. Although the monthly decline was large, it was less than the declines for the same time period in both 2008 and 2009 when the median price fell by more than 11%.

“The median price still is 17.2% ahead of the trough in this cycle,” added Appleton-Young. “However, the expiration of the federal tax credit for home buyers and the impact of the Federal Reserve’s withdrawal from the mortgage market continue to be the wild cards as we move through the year.”

Highlights of C.A.R.’s resale housing figures for January 2010:

-C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in January 2010 was 5.8 months, compared with 7.3 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

-Thirty-year fixed-mortgage interest rates averaged 5.03% during January 2010, compared with 5.05% in January 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.33% in January 2010, compared with 4.92% in January 2009.

-The median number of days it took to sell a single-family home was 33.8 days in January 2010, compared with 50 days (revised) for the same period a year ago.

For more information, visit http://www.car.org.

Posted by Mark Gipple on 03/03/2010 in

U.S. Foreclosure Activity Decreases 10% in January 2010

U.S. Foreclosure Activity Decreases 10% in January 2010
Print Article
RISMEDIA, February 11, 2010—RealtyTrac, one of the leading online marketplaces for foreclosure properties, released its January 2010 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 315,716 U.S. properties during the month, a decrease of nearly 10% from the previous month but still 15% above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.
REO activity nationwide was down 5% from the previous month but still up 31% from January 2009; default notices were down 12% from the previous month but still up 4% from January 2009; and scheduled foreclosure auctions were down 11% from the previous month but still up 15% from January 2009.

“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10% drop in January,” said James J. Saccacio, chief executive officer of RealtyTrac “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.”

Nevada, Arizona, California, Florida post top state foreclosure rates
Despite a year-over-year decrease in foreclosure activity of nearly 18%, Nevada’s foreclosure rate remained highest among the states for the 37th straight month. One in every 95 Nevada housing units received a foreclosure filing during the month—more than four times the national average.

A 4% month-over-month increase in foreclosure activity boosted Arizona’s foreclosure rate to second highest among the states in January. One in every 129 Arizona housing units received a foreclosure filing during the month.

Foreclosure activity decreased by double-digit percentages from the previous month in both California and Florida, and the two states registered nearly identical foreclosure rates—one in every 187 housing units receiving a foreclosure filing. California’s foreclosure rate was statistically higher by a slim margin and ranked third highest among the states while Florida’s foreclosure rate ranked fourth highest.

With one in every 231 housing units receiving a foreclosure filing, Utah registered the nation’s fifth highest state foreclosure rate despite a nearly 12% month-over-month decrease in foreclosure activity.

Other states with foreclosure rates among the nation’s 10 highest were Idaho, Michigan, Illinois, Oregon and Georgia.

Six states account for nearly 60% of national total
California, Florida and Arizona posted the three highest state totals in terms of properties receiving foreclosure filings in January, and together those states accounted for more than 44% of the national total.
Illinois posted the nation’s fourth highest total in January, with 18,120 properties receiving a foreclosure filing during the month—a nearly 2% increase from the previous month and a 25% increase from January 2009.

Michigan posted the nation’s fifth highest total, with 17,574 properties receiving a foreclosure filing, and Texas posted the sixth highest total, with 12,225 properties receiving a foreclosure filing.

Other states with totals among the 10 highest in the country were Nevada (11,854), Georgia (11,274), Ohio (11,105) and New Jersey (6,146).

Phoenix only top 10 metro area to post monthly foreclosure increase
Phoenix foreclosure activity increased nearly 4% from the previous month, and one in every 102 Phoenix housing units received a foreclosure filing during the month—the second highest foreclosure rate among metropolitan areas with a population of at least 200,000. Phoenix was the only metro area among the top 10 to post a month-over-month increase in foreclosure activity.

Las Vegas documented the highest metro foreclosure rate, with one in every 82 housing units receiving a foreclosure filing, despite a nearly 2% decrease in foreclosure activity from the previous month and a nearly 21% decrease in foreclosure activity from January 2009.

Six California cities registered foreclosure rates among the top 10: Modesto at No. 3 (one in every 107 housing units); Stockton at No. 4 (one in 107); Riverside-San Bernardino-Ontario at No. 5 (one in 109); Merced at No. 6 (one in 109); Vallejo-Fairfield at No. 7 (one in 112); and Bakersfield at No. 8 (one in 118).

Two Florida cities rounded out the top 10: Cape Coral-Fort Myers at No. 9 (one in 121); and Orlando-Kissimmee at No. 10 (one in 143).

For more information, visit http://www.realtytrac.com.

Posted by Mark Gipple on 02/11/2010 in

New Decade Presents New Opportunities in Foreclosure Market

New Decade Presents New Opportunities in Foreclosure Market
Foreclosure Fundamentals by Rick Sharga Print Article
RISMEDIA, February 10, 2010—In this month’s column, I’ll try to answer some of the most frequently asked questions about the foreclosure market.

Q: What’s the outlook for foreclosure activity in 2010?

A: It’s likely that we’ll set a new record in terms of overall foreclosure activity for the fourth consecutive year. Over 1.3 million U.S. households received a foreclosure notice in 2007; over 2.3 million received notices in 2008; and although the 2009 numbers haven’t been completely counted as this issue goes to press, there will be somewhere in the vicinity of 2.8 to 3 million households in foreclosure. We’re likely to see more than this in 2010, with the number of homeowners in foreclosure probably exceeding 3.5 million, before the trend begins to reverse itself sometime in 2011.

Q: Will we see a flood of REOs?

A: Investors, home buyers and real estate professionals have all been anxiously awaiting a tidal wave of REOs for the past two years. Instead, inventory levels have remained frustratingly low, even in some of the hardest-hit foreclosure markets. Expect more of the same in 2010.

What this means for buyers and sellers is that there will be limited availability of REOs, albeit at higher-than-normal levels. No flood, but a good chance that the trickle on the market today will grow to a more steady stream. While this makes it less likely that we’ll see a “double dip” in home prices, we also won’t see much price appreciation until these distressed assets are finally gobbled up. The most likely scenario is a long, relatively flat period of recovery in the housing market.

Q: Will there be a surge in short sales?

A: A big frustration for potential foreclosure buyers has been the difficulty in buying a property via short sale. Agents have questioned why banks reject a short sale offer 20% below the mortgage amount only to spend tens of thousands of dollars to foreclose on the home and then sell it as an REO at a 50% discount.

We’ll see an increase in the number of short sales if the Treasury Department has anything to say about it. Lenders participating in the Obama Administration’s loan modification program will be strongly encouraged to offer any homeowner who doesn’t meet the requirements for HAMP (Home Affordable Modification Program) a short sale opportunity as an alternative to foreclosure.

But short sales won’t be a panacea, either. In many cases, the presence of a second loan will make negotiating a short sale much more difficult; in other cases, the owner of the primary loan might foreclose on the home, wipe out the second loan, and sell the home, using the amount of the second loan as a “market discount” to move the property.

Q: What are the implications for real estate professionals?

A: Working with foreclosure properties will require diligence, persistence and patience. But there has never been a market with as much inventory to choose from, and the combination of deeply discounted pricing and historically low interest rates make many deals once-in-a-lifetime opportunities.

Whether you’re a buyer’s agent looking for investment properties or a listing agent looking for REO homes, 2010 marks the beginning of a decade of unprecedented opportunity. Let us know how we can help you succeed.

Rick Sharga is senior vice president at RealtyTrac. For more information, visit http://www.realtytrac.com.

Posted by Mark Gipple on 02/09/2010 in

Missouri Kicks Off Program to Jump Start Housing Market, Create Construction Jobs

Under the HOPE program, the Missouri Housing Development Commission will provide incentives of up to $1,750

Thursday, January 14, 2010 :: Staff infoZine

St Louis, MO - infoZine - Under the HOPE program, the Missouri Housing Development Commission will provide incentives of up to $1,750 to encourage Missourians to purchase homes. The incentive will equal the cost of the homebuyer’s first year’s property taxes, up to $1,250.

In addition, Missourians also would be eligible for an enhanced incentive if they purchase an energy-efficient home, purchase and remodel an existing home, or purchase an item, such as an Energy Star appliance, to make the home more energy efficient. If the homebuyer’s estimated property tax would be $1,250, the energy efficiency enhancement would be $500. If the homebuyer’s property tax would be less than $1,250, the individual would be eligible for a larger energy-efficiency incentive, up to a total incentive of $1,750.

Application forms for the program were finalized today and now are available online by visiting http://www.mo.gov and clicking on the Homebuyer Incentive tab.

“Putting Missouri highly skilled tradesmen and women back to work is a vital step toward jumpstarting our economy,” Gov. Nixon said. “Missouri is home to highly skilled, highly professional workers from all types of trades, but too many of these men and women are currently out of work. By sparking growth in our housing industry, we’ll get these men and women back on the job and help more Missouri families realize the American dream.”

“This property tax relief program gets MHDC off the sidelines by committing to put hardworking Missourians to work right now,” said Treasurer Zweifel, chair of MHDC. “We are making sure MHDC makes strategic long-term investments that move the economy forward and create and retain Missouri jobs.”

Missouri Governor Jay Nixon and State Treasurer Clint Zweifel (L), Photo courtesy of Missouri Governor\‘s officeIn August, Gov. Nixon formed the Home Building and Residential Energy Efficiency Advisory Panel by executive order to study how Missouri can both help increase home ownership and home building to improve the economy and increase homeowner access to energy-saving measures. The 19-member panel included representatives of the home building industry, banking institutions, real estate businesses, trade unions and community action agencies, along with experts in energy efficiency and “green” building.

The advisory panel analyzed the strengths and weaknesses of the current new housing situation in Missouri, as well as the opportunities and threats being faced. The panel also examined the current home building market and the reasons to encourage energy efficiency home building in Missouri. Among the recommendations were proposals to use the MHDC to promote home ownership and incentivize energy efficiency. The panel’s full report can be found online at http://www.mo.gov or click here to download the report.

Who is eligible?
Income eligibility is based on previously adopted MHDC guidelines. Depending on the county of the home sale, household income limit guidelines for low to moderate income persons or families approved by MHDC last spring range from $58,300 to $98,560. These grants are for owner-occupied purchases only.

When would it start?
Missourians are eligible for the HOPE incentive for purchase contracts made on or after Jan. 1, 2010. Funds are available on a first-come, first-served basis until the total pool of $15 million is exhausted.

Where is the funding for this program coming from?
The funding comes from a reserve fund held by MHDC earned through successful management of mortgage loans made to low- and medium-income individuals and families. These reserve funds are not from general revenue, nor subject to the legislature’s appropriation process.

How much of the property tax bill could be paid?
Eligible homeowners could have up to $1,750 of their property tax bills paid. According to the State Tax Commission, the average residential real estate tax bill for a Missouri homeowner is $1,160. An income-qualified individual or family is eligible to receive $1,250 or the amount of their first year’s real estate tax bill, whichever is highest, when they purchase a new or existing residential home. An income-qualified individual or family can enhance this base amount, up to $1,750, if they purchase an energy-efficient new home or make energy efficient improvements to an existing home that is purchased. These improvements must be made prior to closing or within 60 days of closing.

How do Missourians apply for these funds?
Forms and affidavits will be part of documents executed at the home sale closing. Additional receipts and documentation will be required for proof of energy efficient improvements. The MHDC forms have been finalized and are now available online by visiting the state’s Web site, http://www.mo.gov, and clicking on the homebuyer incentive tab.

What energy-efficiency upgrades are eligible for the additional incentive
Eligible improvements include installing high-performance windows, house wraps, programmable thermostat controls, water-efficient toilets and faucets, and energy-efficient water heaters, lighting and appliances; sealing heating and air conditioning ductwork; caulking; insulating water heater pipes; increasing the R-value of insulation in crawl spaces and attics; and conducting on-site energy efficiency inspections and tests, including a blower door test, which tests the overall energy efficiency of the house, and a duct blaster test, which tests how much the air ductwork leaks.

Related link
HOPE program
http://www.mhdc.com/homes/HOPE/

Posted by Mark Gipple on 01/14/2010 in

Housing starts to regain ground in November 2009

Nationwide housing production rose 8.9% to a seasonally adjusted annual rate of 574,000 units in November 2009

RISMEDIA, December 18, 2009—Nationwide housing production rose 8.9% to a seasonally adjusted annual rate of 574,000 units in November 2009, according to figures released by the U.S. Commerce Department. The gain represented a partial bounce-back from an exceptionally slow month for housing activity in October, and was largely attributed to a big increase on the multifamily side.

“The fact that both starts and permits for new housing production rose last month is a good sign that we’re headed in the right direction, albeit slowly, on the road to a housing recovery,” said Joe Robson, chairman of the National Association of Home Builders (NAHB) and a home builder from Tulsa, Okla. “That said, the November improvement was primarily on the multifamily side, and poor job markets and other economic factors are still keeping many potential buyers on the fence for the time being.”

“Home builders remain very cautious about starting new homes, and overall housing production is still down on a three-month average basis,” noted NAHB Chief Economist David Crowe. “Understandably, it will take some time for the newly extended and expanded home buyer tax credit to start boosting sales in individual markets–just as it did the last time such an incentive was enacted. However, the fact that permits increased in November is a hopeful indication that the desired impact of the tax credit on housing demand may be forthcoming early in 2010. In the meantime, credit for new housing production remains extremely difficult to come by, posing significant obstacles to builders with viable projects.”

Single-family housing starts made up some of the ground they lost in October, posting a modest 2.1% gain to a seasonally adjusted annual rate of 482,000 units in November. Meanwhile, multifamily starts rebounded from an all-time record low in the previous month with a 67.3% gain to a seasonally adjusted annual rate of 92,000 units in November.

Gains in housing production were registered across all regions of the country in November, with a 16.4% increase in the Northeast, a 3% gain in the Midwest, a 12.3% increase in the South and a nearly 2% gain in the West.

Permit issuance, which can be an indicator of future building activity, rose 6% in November to a seasonally adjusted annual rate of 584,000 units, its highest level in a year. Single-family permits rose 5.3% to 473,000 units, while multifamily permits rose 8.8% to 111,000 units.

Three out of four regions posted gains in housing permits for November, with a 4.7% increase reported in the Northeast, a 10.7% increase posted in the South, and a 2.7% gain registered in the West. The Midwest posted a 1.9% decline.

For more information, visit http://www.nahb.org.

Posted by Mark Gipple on 12/18/2009 in Kansas City Market,

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