Georgetown Stats - Week of November 15 - 21

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week November 15 - 21.

2 new listings: 2 Single Family-SF ($1,050,000 - $1,795,000), and 0 Condo/Co-op - C/C

5 properties came under contract: 2 SF ($1,325,000 - $2,750,000), and 3 C/C ($360,000 - $849,000)

3 properties went to closing during this time frame: 2 SF ($999,000 - $5,495,000), and 1 C/C ($545,000)

Georgetown Stats - Week of November 8 -14

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week November 8-14.

9 new listings: 9 Single Family-SF ($625,000 - $5,495,000)
4 properties came under contract: 4 SF ($915,000 - $3,575,000)
3 properties went to closing during this time frame: 2 SF ($950,000 - $2,195,000), and 1 C/C ($5,750,000)

What's impeding our market?

Georgetown hasn't escaped the slow-down in real estate sales which is in evidence across the U.S.  But as we begin the recovery, each locality will have a different pace of recovery.  And every locality has its own challenges.  In Georgetown we have been fortunate with the job market and fewer foreclosure issues.  Our biggest impediment is extremely tight credit, and very strict lending guidelines.  In the Atlanta area, the big drag is distressed sales. Paul Brower, ABR, GRI, of Harry Norman, REALTORS®, in Marrietta, says the market is improved over last year and is expected to improve even more in 2011, but the metro area is trying to absorb the addition of 1,500 foreclosed properties each month. Until that overhang starts to ease, he says, the market can’t decisively turn around.

Read more...Different Locations, Different Recoveries



By Robert Freedman, Senior Editor, REALTOR® Magazine

Georgetown Stats - Week of November 1 - 7

According to the MRIS (Multiple Regional Information Systems, Inc), the following real estate transactions have taken place in Georgetown real estate during the week November 1 - 7.

13 new listings: 9 Single Family-SF ($769,000 - $15,000,000) and 4 Condo/Co-op-C/C ($595,000- $3,550,000)

3 properties came under contract: 2 SF ($1,095,000 - $4,195,000) and 1 C/C ($3,250,000)

1 property went to closing during this time frame: 1 SF ($1,225,000)

30-Year Mortgage Rates Inch Up

30-Year Mortgage Rates Inch Up...with emphasis on the word "inch".  They are still incredibly low.

Freddie Mac confirms that average interest for 30-year fixed mortgages rose for the third consecutive week, bumping up to 4.24 percent from 4.23 percent a week ago.

The average 15-year rate for the week ended Nov. 4 was 3.63 percent, a drop from 3.66 percent.
Scott Brown, chief economist at Raymond James & Associates Inc., says this week's Federal Reserve actions "aren't going to change the economy right away, but they should help keep mortgage rates low for quite some time."

Source: St. Louis Post-Dispatch (11/05/10)

Will the elections help the real estate market?

Most people hate uncertainty.  Given the level of current uncertainty, there is a fair amount to hate.  Perhaps hate is too strong a word, and maybe "uncomfortable" is better.  In any event, housing doesn't do as well when there is uncertainty and/or lack of comfort with the economy and the state of the Nation.  Whichever party does better in these elections tomorrow, the level of uncertainty will be reduced.  With that reduction, should come a willingness on the part of consumers to think more seriously about buying a house.

Despite widespread declines, D.C. posted marginal home price improvements in August.

S&P Case-Shiller Index Records Widespread Declines in Home Prices

Home prices across the country slipped in August, according to data released by Standard & Poor's Tuesday.

The data showed a 0.1 percent drop in the composite reading of 10 cities tracked, while the 20-city composite posted a 0.2 percent decline between July and August.

Home prices decreased in 15 of the survey's 20 metropolitan statistical areas on a month-to-month basis. Only Chicago, Detroit, Las Vegas, New York, and Washington D.C. posted marginal improvements in home prices over July.

The S&P/Case-Shiller 10-city composite remains up 2.6 percent from August 2009 levels. The 20-city composite is 1.7 percent above a year earlier.

A separate report released Tuesday by the Federal Housing Finance Agency (FHFA) showed that home prices rose 0.4 percent from July to August. The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.

According to DSNews.com, the analysts at Capital Economics say the disparity in the two reports may suggest any fall in home prices is temporary, reflecting the plunge in homes sales during the summer months.

As of August 2010, S&P says average home prices across the United States are back to the levels they were at in late 2003 and early 2004.

More on this....   dc prices rise