Willaimson County Tennessee March 2010 Sales Figures

Williamson County Association of REALTORS® Announces March 2010 Sales Statistics

April 8, 2010 (Franklin, TN) - The Williamson County Association of REALTORS® announces the statistics for home sales in Williamson County, TN for the month of March 2010. There were 235 residential and condominium closings reported during this period according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle Tennessee region.

The number of single-family residential closings increased by over forty (40) percent compared to March 2009, while the median sales price experienced a slight decrease of three (3) percent. The median is a typical market price where half of all homes sold for more and half sold for less. The average days on the market (DOM) for residential homes increased by eight (8) days compared to the same period last year.

Click on Monthly Sales Report- March 2010 to view the pdf version.




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March 2010

Closings Median Price Average Price DOM
Residential 219 $345,000 $395,357 99
Condominium 16 $215,250 $242,775 128


March 2009

Closings Median Price Average Price DOM
Residential 152 $357,500 $421,664 91
Condominium 17 $190,000 $196,483 134


March 2008

Closings Median Price Average Price DOM
Residential 243 $375,000 $439,809 83
Condominium 30 $209,404 $212,124 58


March 2007

Closings Median Price Average Price DOM
Residential 340 $380,000 $456,587 67
Condominium 53 $181,990 $203,859 41


March 2006

Closings Median Price Average Price DOM
Residential 401 $327,402 $402,950 51
Condominium 51 $137,000 $163,395 33

Williamson County Tennessee November Home Sales Figures

Williamson County Association of Realtors® Announces November 2007 Home Sales
Williamson County Association of REALTORS® Announces November Housing Numbers
December 10, 2007 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of November 2007. There were 278 residential and condominium closings reported for the month of November, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to November of 2006, the single family residential closings decreased 20 percent and the median price decreased by 9 percent. Condominiums closings have increased by 30 percent and the median price increased by 16 percent. The decrease in the median price appears to be tied to a decrease in the number of homes in the over $1 million range closing in November. The average days on the market (DOM) for residential homes have increased by 14 days and condominiums have increased by 17 days. Days on the market have been consistent since the onset of 2007, with the days ranging from 58 - 68 days. Median prices have remained consistent since January 2007, ranging from $365,000 to $391,200. The median is a typical market price where half of the homes sold for more and half sold for less.
November 2007

Closings
Median Price
Average Price
DOM
Residential
247
$ 365,000
$ 427,205
69
Condominium
31
$ 219,990
$ 227,241
40
November 2006

Closings
Median Price
Average Price
DOM
Residential
308
$ 401,700
$ 466,644
55
Condominium
24
$ 189,890
$ 219,234
23
November 2005

Closings
Median Price
Average Price
DOM
Residential
398
$ 296,072
$ 370,150
50
Condominium
52
$ 152,920
$ 167,229
27
"The National subprime mortgage crisis peaked in September when many of the sales closed in November were being negotiated, which may explain some of the market change. Dr. Lawrence Yun, chief economist with the National Association of Realtors recently predicated that high-cost markets with many jumbo loans would show a slow down due to the mortgage crisis.

The Best Reccomendation We Could Receive !

J.D. Power and Associates Reports: Among Home Buyers, Keller Williams Ranks Highest In Customer Satisfaction Among National Real Estate Companies!

Despite Popularity of Online Home Buying and Selling Tools,Real Estate Agents are Key to Customer Satisfaction!!!

The inaugural study measures customer satisfaction of home buyers and sellers with the largest national real estate firms. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (65%); office (21%); and services (13%). Four factors are examined for the home-selling experience: agent (43%); marketing (38%); office (12%); and services (7%). In the home-buyer segment, Keller Williams achieves a score of 831 on a 1,000-point scale, and receives highest ratings from customers in all three factors.
The study finds that despite the popularity of home-buying and -selling resources on the Internet, real estate agents are key to customer satisfaction with real estate companies. A large proportion of both home buyers and sellers rely on the Internet to facilitate the buying or selling process, with 68 percent of buyers saying that they used Internet tools to help them in the purchase process and 61 percent of sellers reporting that they used a Web site listing to market their home. In addition, among home sellers, online methods are the most important aspect of marketing. However, the agent factor carries the greatest importance among the factors that comprise overall satisfaction among both home buyers and sellers. "Although the Internet provides home buyers and sellers with the ability to perform some essential tasks -- such as listing a home for sale or researching a neighborhood in which to purchase a home -- it still does not replace the importance of a good real estate agent," said Howland. "Particularly in an uncertain real estate market, professional advice from agents can be especially valuable to buyers and sellers.

The knowledge and expertise provided by experienced agents is an important benefit of using a full-service real estate company." The study also finds that the average time a home for sale remained on the market was slightly more than six months, although home sellers represented by the top-ranking real estate companies report that their homes were on the market for slightly less time -- approximately five and a half months, on average. "Satisfaction averages 794 among those customers whose homes sold within 5 months or less, but declines considerably to an average of 730 among customers whose homes took 7 months or longer to sell," said Howland. "A real estate company that provides agents who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time that clients' homes remain on the market -- which can not only save the seller money, but also diminish inconvenience and anxiety." Additional noteworthy study findings include the following: --

Nearly one-half of respondents (46%) report using recommendations from family or friends to find their real estate agent. Approximately 28 percent used the Internet, while 23 percent used an agent they had used previously and 11 percent used a printed real estate guide. -- On average, home buyers were shown approximately 13 homes before making a purchase. -- Home sellers report that, on average, their home was shown approximately 11 times and approximately five open houses were conducted before the sale occurred. The 2008 Home Buyer/Seller Study includes 3,670 evaluations from 3,205 respondents who bought or sold a home between April 2007 and June 2008.

Reprinted from JD Power & Associates Report on 7/23/2008

Paul Moye, Broker
Keller Williams Realty
www.middletnrealty.com

Housing Reform Bill Set For Passage; President Bush Drops Veto Threat

The House of Representatives has passed the nearly 700 page Housing Reform Bill and the US Senate is expected to vote on it by Wednesday. President Bush has dropped his threat to veto the reform package thereby clearing the way for the legislation to be finalized.
Here is a quick synopsis

1. Increase the Federal Housing Administration's role. The FHA could insure up to $300 billion in new 30-year fixed rate mortgages for at-risk borrowers in owner-occupied homes if their lenders agree to write down their loan balances to 90% of the current appraised value of their homes. Lenders would also agree to pay upfront fees to the FHA equal to 3% of a home's appraised value. Borrowers must agree to pay an annual premium to the FHA equal to 1.5% of their new loan balance and they must also agree to share with the government any profit they realize from selling or refinancing their home. The cost of the new FHA program - which would begin on Oct. 1 and be in place for just a few years - would be funded by fees from Fannie and Freddie.

2. Create a stronger regulator for the GSEs: The new regulator will have a greater say over how well funded the agencies are - a major concern in the markets that has sent stocks in both companies plunging.

3. Permanently increase "conforming loan" limits: The bill would permanently increase the cap on the size of mortgages guaranteed by Fannie and Freddie to a maximum of $625,000 from $417,000.

4. Increase FHA maximum loan limits for high-cost areas to $625,000.Higher loan limits will make it easier for borrowers to get mortgages, because they're more likely to be traded if they are considered conforming.

5. Create home buyer credit: The bill includes a tax refund for first-time home buyers worth up to 10% of a home's purchase price but no more than $7,500. The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments by the buyer. The refund would be reduced gradually for single filers with adjusted gross incomes above $75,000; and for joint filers with AGIs over $150,000.

6. Bar down-payment assistance for FHA loans: The bill eliminates a program that has allowed sellers to provide down payment assistance. The seller-funded program is largely the reason why the agency's reserve has fallen by $4.6 billion, according to FHA Commissioner Brian Montgomery. Currently, that reserve is roughly $16.4 billion.

7. The bill would also increase to 3.5% from 3% the down payment requirement for borrowers getting FHA loans.

Paul Moye, your Middle Tennessee Real Estate Agent www.middletnrealty.com

Williamson County Tennessee January 2008 Housing Sales Figures

Williamson County Association of REALTORS® Announces January Housing Numbers
February 7, 2008 (Franklin, TN)—The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of January 2008. There were 173 residential and condominium closings reported for the month of January, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to January of 2007, the single family residential closings decreased 41 percent and the median price increased by 2 percent. Compared to 2006, the median home prices have increased by 34 percent. Condominiums closings have decreased by 12 percent and the median price increased by 10 percent. The average days on the market (DOM) for residential homes has increased by 21 days and condominiums have remained consistent. The median is a typical market price where half of the homes sold for more and half sold for less.
January 2008

Closings
Median Price
Average Price
DOM
Residential
145
$ 395,000
$ 451,792
87

Condominium
28
$ 174,308
$ 182,131
36

January 2007

Closings
Median Price
Average Price
DOM
Residential
245
$ 388,757
$ 451,494
66
Condominium
32
$ 157,965
$ 185,573
35
January 2006

Closings
Median Price
Average Price
DOM
Residential
301
$ 294,000
$ 358,305
52
Condominium
24
$ 181,000
$ 191,768
46
"The Williamson County real estate market continues to maintain its value with increasing median pricing defying Wall Street predictions of falling values. Buyers should have lots of opportunities in the next few months with ample inventory and low interest rates. Sellers are certainly hoping for increased buyer interest in home buying with the approach of warmer months.” said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.The Williamson County Association of REALTORS® is the professional trade organization servicing the real estate industry in Williamson County. Established in 1962, the association provides professional development and support services for real estate professionals. The association has over 1,550 members and is headquartered in Franklin, Tn.

Juicing The Economy Or Flooding The World With Dollars That Buy less In The Future

As the Chairman of The Federal Reserve spaeaks about "Juicing the Economy" are we as Americans looking to what the long term will bring. If we keep making the dollar so easy to borrow as a short term stimulus to our econmy are we not devaluating the currenct abroad making foriegn products cost more to import?
Read the following article and post your thoughts...
Federal Reserve Chairman Ben Bernanke told Congress Thursday that legislators should enact a fiscal stimulus package in order to help beleaguered consumers as recession fears grow.
The comments by Bernanke, who testified before the House Budget Committee, came as a cascade of more bad news about the housing, financial and manufacturing sectors stoked calls for decisive action.
"To be useful, a fiscal stimulus package should be implemented quickly and structured so that its effects on aggregate spending are felt as much as possible within the next twelve months or so," Bernanke said.
Some economists have suggested that the economy is heading into a recession or may already be in one. Stocks have plummeted this year, and big banks Citigroup and Merrill Lynch reported huge quarterly losses this week resulting from bad mortgage investments.
Bernanke said that current losses from the sub prime mortgage mess were probably about $100 billion but cautioned that this figure could wind up being higher.
Former Treasury Secretary Larry Summers told lawmakers on Tuesday that Congress should consider a stimulus package of up to $150 billion. He proposed an immediate injection of $50 billion to $75 billion through a combination of tax cuts and increased spending on unemployment benefits and other programs. He also advocated that another $50 billion to $75 billion be set aside in case economic conditions weaken further.
During Thursday's hearing, Bernanke said he thought a fiscal stimulus package of up to $150 billion, would be "reasonable."
A spokesman for President Bush said Thursday that the White House also supports a short-term stimulus package.
Bernanke cautioned though that any stimulus "should be explicitly temporary" in order "to avoid unwanted stimulus beyond the near-term horizon and, importantly, to preclude an increase in the federal government's structural budget deficit."
The Fed chairman said that extending some of the tax cuts engineered by Bush in 2001 and 2003, which are set to expire in 2010, could have a positive impact on the stock market today. He singled out the cut on dividend taxes as particularly key to stimulating the economy.
Bernanke stopped short of suggesting that the Bush tax cuts should be made permanent. He said he's most in favor of the "law of arithmetic" - regardless of what Congress spends on fiscal stimulus; it should make sure that it had the resources to support the package.
Rep. John Spratt, D-S.C., the chairman of the House Budget Committee, said during opening remarks that he and other members of Congress would heed Bernanke's warning about the budget deficit.
But Spratt maintained that something must be done to help consumers now. He said the economy is in a "slump" - if not an outright recession - and cited concerns about "meager" jobs growth in December.
Bernanke said "it would be a mistake to read too much into one month's data" but conceded that "developments in the labor market will bear close attention."
Nonetheless, Bernanke said a stimulus package, in addition to further actions by the Fed, could help jumpstart the economy again.
"Fiscal action could be helpful in principle, as fiscal and monetary stimulus together may provide broader support for the economy than monetary policy actions alone," Bernanke said.
The Fed has already cut its key federal funds rate three times since September and is widely expected to slash this rate, which impacts how much consumers pay on credit card debt, home equity lines of credit and auto loans, by another half of a percentage point on Jan. 30. The central bank has also loaned a combined $70 billion to banks since December through a series of three auctions.
But Rep. Paul Ryan, R-Wisc., said in an opening statement that he is concerned that further interest rate cuts could "lead to further inflation down the road" and this could be costly to the long-term health of the economy.
To that end, Bernanke said the Fed continued to remain on inflation watch.
"Some important developments have occurred on the inflation front. Most notably, the same increase in oil prices that may be a negative influence on growth is also lifting overall consumer prices," Bernanke said, adding though that "overall and core inflation should moderate this year" as food prices and energy prices ease.
Those comments echoed remarks Bernanke made last week about inflation during a speech in Washington.
Bernanke, during the question and answer session, reiterated that he did not believe the economy would enter a recession, but he did say he expected the economy to grow at a "slow pace" this year and possibly into the beginning of 2009.
But he added that the contraction in the housing market should finally begin to "wane" later this year.
Bernanke's appearance on Capitol Hill failed to impress Wall Street, however.
Bonds rallied Thursday, pushing the yield on the benchmark 10-year U.S. Treasury close to its lowest level in nearly four years. Bond prices and yields move in opposite directions and low yields are typically an indication of a sluggish economy.
And stocks fell once again after the Philadelphia Fed released a report that pointed to more weakness in the manufacturing sector, adding to recession fears. The government also reported Thursday that new home construction plunged last year.
"Bernanke didn't really say anything new today except for his emphasis on getting Congress to enact fiscal stimulus sooner rather than later. That's about the only new aspect of it," said Hank Smith, chief equity investment officer with Haverford Investments, a money management firm with $6.5 billion in assets.
Many investors are hoping that the Fed would cut rates before its Jan. 30 meeting, Smith noted. "The market is correct in reacting this way." he said. "They want less talk and more action."



Your Middle Tennessee Real Estate Expert

Paul Moye, Broker ABR, GRI, e-PRO

paul@middletnrealty.com

www.middletnrealty.com

Bankruptcy Code Revision A Much Needed Solution

I have been BLOGGING about this for over a year. How long does it take for our government to truly react to a problem they created when they tried to protect banks?
We hear so much about the evils of sub prime predatory lenders, how about the credit card companies who lobbied Congress for a decade to change the Bankruptcy Code to there favor. If they wanted to stop defaulting credit cards then stop issuing credit cards to people who do not pay on time, FICO 650 or above anyone?
So know we have Lenders, Investors and the Bond Market taking huge hits in the foreclosure market because of a few short sighted legislators who did not realize that home ownership is the Bedrock of our economy. They disallowed a family in a financial crisis to keep their home and while wiping out their consumer debt thinking only of the short term implications.
Look at it this way the $1.5 Billion dollar stimulus package coming from our Treasury Department later this year is almost 2x more than the total consumer credit card debt that the banks would have lost since 10/01/2005 when the new Code went into effect.
With the pending rule reversal and the proposed stimulus package we jut went "Back To The Future" with our economy.
Read the following article to gain further insight into this matter.

New Bankruptcy Laws Spur Foreclosures
Peter G. Miller
Almost 30 years have passed since the Bankruptcy Reform Act of 1978, a time when mortgages typically had a fixed-rate and unchanging monthly costs. Back then - and until 2005 - if you ran into financial trouble bankruptcy provided a way out and a fresh start.
But in 2005 declaring bankruptcy - something that was never simple, easy or pleasant to begin with - became far tougher. Under the Bankruptcy Abuse Prevention and Consumer Protection Act creditors suddenly had new protections - and borrowers didn't.
What changed? Effective October 17, 2005 most student loans can no longer be discharged. If your income exceeds the state medium you can be forced to file under Chapter 13 (a repayment program) and not Chapter 7 (a discharge and forgiveness plan). Credit debt is not forgiven if you spend at least $500 in the 60 days prior to seeking bankruptcy protection -- say a cash advance to pay off a looming mortgage payment.
Perhaps most importantly for mortgage borrowers, the 2005 legislation says homeowners must obtain credit counseling and develop a budget analysis in the 180-day period before filing for bankruptcy.
If you put all the changes together the results are predictable: Bankruptcy filings should fall and that's exactly what happened. According to court filings there were 1,597,462 bankruptcies in 2004 and 2,078,415 bankruptcies in 2005. As for 2006, bankruptcies declined 70 percent to 617,660 cases.
The falling number of bankruptcies and the rising numbers of foreclosures are related. In basic terms, under the old bankruptcy rules it was often possible to delay a foreclosure action by stalling the creditor in court and using that time to sell or refinance the property.
Curiously though, the 1978 legislation had an unusual mortgage-related requirement. It provided that while a bankruptcy court could modify and adjust various debts, including the mortgage on a vacation home, it could not modify the mortgage on a prime residence. A literal interpretation of this language was upheld in 1993 by the Supreme Count in its Nobleman decision.
"The practical effect of the current bankruptcy law is that borrowers stuck in unaffordable home loans must cure their defaults and, in addition, make monthly payments on the loans according to their terms or lose their homes. No other creditor in personal bankruptcy or business bankruptcy can leave a borrower in such a position," says a study produced jointly by the National Consumer Law Center, National Association of Consumer Bankruptcy Attorneys, Consumer Federation of America, National Association of Consumer Advocates and the Center for Responsible Lending.
Under the 2005 legislation borrowers cannot get into a bankruptcy court until they've satisfied credit counseling requirements. Unfortunately, in many jurisdictions foreclosures can be accomplished in far less than 180 days, meaning that the property can be lost before a borrower is even allowed to file a bankruptcy claim.
"What we need today are bankruptcy laws which assure that creditors are protected from the easy loss of their investments," says Jim Saccacio, chairman and chief executive officer of RealtyTrac, the leading online marketplace for foreclosure properties. "At the same time, we need to end the imbalances found in current bankruptcy rules. The mortgage products which existed in 1978 have been supplanted with new and complex mortgage instruments, so the rules which worked in the past need to be reconsidered in the light of fresh circumstances."
Such change may well be underway. In the House, a Judiciary subcommittee has approved HR 3609, a bill introduced by Rep. Brad Miller (D-NC) and Rep. Linda Sánchez (D-CA) that would end the credit counseling requirement and also allow bankruptcy courts to modify mortgage debts on prime residences.
In the Senate, S.2136, introduced by Sen. Dick Durban (D-IL), would eliminate the credit counseling requirement and allow bankruptcy judges to modify mortgage obligations, just like the House proposal. The Durbin bill would also:
Give debtors up to 30 years, less the time the mortgage has been outstanding, to pay-off long-term real estate debt.
Allow a bankruptcy judge to convert a mortgage into fixed-rate financing "in an amount equal to the most recently published annual yield on conventional mortgages published by the Board of Governors of the Federal Reserve System, as of the applicable time set forth in the rules of the Board, plus a reasonable premium for risk." In essence, a bankruptcy judge could modify a predatory loan or an exploding ARM.
Combat excessive fees charged to debtors in bankruptcy.
Maintain debtors' legal claims against predatory lenders while in bankruptcy.
Allow bankruptcy judges to rule on core issues rather than defer to arbitration.
Allow property owners over age 55 to have at least a $75,000 homestead allowance, a larger allowance than is now available in many states.
Reinforce consumer protection claims even when a borrower goes bankrupt.
If the bankruptcy reform bills had been proposed a year ago their chance of passage would have been zero. But with the number of foreclosures growing nationwide, with homes losing value in many local markets and with the presidential race now underway, bankruptcy reform has a real shot at passing.