NVAR March Stats

Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince
William, Loudoun and the Greater Piedmont counties) for March 2009 continues to
show an increase from 2008. The number of Greater Northern Virginia region
homes sold in March was 2,755, a 19.94 percent increase from March 2008’s total
of 2,297 sales. This marks the twelfth consecutive month of increased
year-over-year sales totals for Greater Northern Virginia. The average
sales price of $317,158 in March 2009 continues to lag behind the 2008 average
by 16.55 percent. The March 2008 average sales price was $409,294. The
year-to-date average sales price for March 2009 shows a decrease of 25.68 with
an average sales price of $309,390 over the March 2008 average sales price
of $416,276. Across Greater Northern Virginia, the number of listings
showed a decrease from 2008 numbers, with 15,508 listings active, which is 31.17
percent less than this time last year, when 22,531 homes were available. The
average DOM for a home sold in March 2009 was 95 compared with last year’s 121
DOM, a decrease of 21.01 percent.

www.NVAR.com March 2009 Statistics

Conusmer Energy Tax Incentives

There are many new incentives for homeowners to purchase Energy Efficient products for their homes. Below is just a tidbit from the Department of Energy on what these incentives include.

Home Energy Efficiency Improvement Tax Credits
Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes can receive a tax credit for 30% of the cost, up to $1,500, for improvements "placed in service" starting January 1, 2009, through December 31, 2010. See EnergyStar.gov for a complete summary of energy efficiency tax credits available to consumers.

Residential Renewable Energy Tax Credits
Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30% tax credit for systems placed in service before December 31, 2016; the previous tax credit cap no longer applies.

www.energy.gov/taxbreaks.htm

U.S. Home fun fact

According to the U.S. Census Bureau:

There are 128.2 million homes in the United States as of 2007.
This is up from 2005 when the number of homes was 124.4 million.
Our population comes in around 305 million.

Current Mortage Rates update as of 4/13/09

FHA/VA below $417k and below - 4.875% with 0 points.
FHA/VA above $417k to $729,750 for FHA and $812k for VA 4.875% with 1 point.
Conventional conforming $417k and below - 5% with 0 points.
Conforming plus from $417k to $625,500 - 5.25% with 1 point.
Jumbo over $625,500 - 6.125% with 1 point.
All of the above are 30 yr fixed rate loans.

Rob Clark, Preferred Mortgage
RSClark@cbmove.com

Mortgage thoughts from Loan Officer, Rob Clark

Mortgage rates hit new record lows last week and stocks climbed, both without
any major
announcements from the government. GDP was adjusted downward to
6.3% and the unemployment
rate climbed to 8.5%, both in line with the
majority of analysts’ expectations. While we are far from
out of the woods, a
few more signs lead many to believe we may be very near the bottom of
this
recession. Manufacturing continues to contract, but the rate of
contraction has stabilized. Most
housing indicators are showing hints that
housing could also be near the bottom. With mortgage rates
staying at such
low levels, and refinance activity climbing, we could see some additional money
in the
hands of homeowners soon. If they begin to spend, we’ll see a few more
signs over the next few
months that the economy finally hit bottom and can
begin to recover.
This week is a very light week in terms of economic data
due. With rates at record lows and many
technical indicators pointing upward,
there is a better chance that rates will move up this week.

Rob Clark, Preferred Mortgage RSCLark@cbmove.com