The New York State Association of REALTORS, in partnership with the Siena Research Institute (SRI) released the first-ever quarterly New York State Consumer Real Estate Sentiment scores for the 2010 second quarter. Overall, the survey found New York consumers are negative about current real estate market, but optimistic about the future. They feel that it is a very good time to buy, but a poor time to sell. Selling prospects increase over the next year and buying remains positive, indicating high hopes for the future of the New York real estate market.
REAL Trends Housing Market Report 2nd quarter 2010 results
The Northeast region saw the greatest increase in closed housing sales comparing the 2nd quarter of 2010 to the same quarter of 2009. Unit sales were up 29.4 percent in the second quarter in the Northeast. The Midwest had the second biggest increase up 18.9 percent over the 2nd quarter of 2009. Nationally, units were up 17.5 percent in the 2nd quarter of 2010 over the same period of 2009.
International home buyers are increasingly attracted to property in the U.S., according to the National Association of REALTORS®' 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country.
(June 30, 2010) Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.
Existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the National Association of Realtors®. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.
How has the wealth of current homeowners changed as a result of home ownership? One way to answer that question is to create a snapshot of the equity individuals who purchased a home at the median price 5, 10, 15, and 20 years ago would have built up if they had kept that home through 2009. The National Association of REALTORS did that for 154 metropolitan statistical areas (MSAs), and the findings yield some expected and unexpected results. Find out how your metro area is doing.
CLICK THE LINK BELOW FOR THE SYRACUSE REPORT from the National Association of REALTORS!
First-time homebuyers looking to land an $8,000 federal income tax credit may have a little more time to close on their purchases if a Senate amendment unveiled last week makes it into law.
The closing deadline could be pushed back to Sept. 30 under an amendment offered by Senate Majority Leader Harry Reid, D-NV., Sen. Johnny Isakson, R-GA., and Sen. Chris Dodd, D-CT. The senators said they want to make sure banks have time to process the transactions--especially short sales.