East Coast Realty

Townhouse For Sale in Cylburn

Stephen Harker — Sun, 29 Jan 2012 19:48:00 GMT

• 1 bath, 3 bdrm townhouse - MLS® $97,000 - Reduced/Motivated Seller!

Cylburn, Baltimore - $17,000 Price Drop!!! You will love this beautifully restored town home. This home has been completely updated with new electric, plumbing, central air conditioning, high efficiency gas furnace, and safety systems. Warm modern decor. Large kitchen with custom built cabinets, glass inlay floor tile and charming lighting fixtures. Walking dist. to Sinai Hospital. Close to I83

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Price Reduced on 2860 W Garrison Avenue in Cylburn

Stephen Harker — Sun, 29 Jan 2012 19:48:00 GMT

Cylburn, Baltimore - Announcing a price reduction on 2860 W Garrison Avenue, a 1 bath, 3 bdrm townhouse. Now MLS® $97,000 - Reduced/Motivated Seller!.

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Price Reduced on 13105 Pendleton Ct. in Medford

Stephen Harker — Tue, 15 Nov 2011 19:03:00 GMT

Medford, Baltimore - Announcing a price reduction on 13105 Pendleton Ct., a 8,310 sq. ft., 4 bath, 4 bdrm 3 story. Now MLS® $1,585,000 - "Reduced!".

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Townhouse For Sale in Riverchase

Stephen Harker — Tue, 25 Oct 2011 20:44:00 GMT

"Private End of Group Townhome"

• 3 bath, 3 bdrm townhouse - MLS® $245,000

Riverchase, Halethorpe - Very private 3BR/3.5BA end of group townhouse by the woods. Interior is freshly painted with new blinds, spacious kitchen, updated stainless steel apppliances, overhead microwave, ceramic tiile with walkout to large deck. Walkout finished basement with full bath. Hardwood floors in foyer and 1/2 bath, ceramic tile upper baths, master bedroom cathedral ceiling & closet organizer. Home secuity system. Close to BWI, MARC Penn Line and I95, 695, and 895.

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Price Reduced on 2860 W Garrison Avenue in Cylburn

Stephen Harker — Tue, 25 Oct 2011 16:07:00 GMT

Cylburn, Baltimore - Announcing a price reduction on 2860 W Garrison Avenue, a single story. Now MLS® $103,000 - .

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Single Story For Sale in Cylburn

Stephen Harker — Tue, 25 Oct 2011 16:06:00 GMT

• single story - MLS®

Cylburn, Baltimore - $11,000 Price Drop!!! You will love this beautifully restored town home. This home has been completely updated with new electric, plumbing, central air conditioning, high efficiency gas furnace, and safety systems. Warm modern decor. Large kitchen with custom built cabinets, glass inlay floor tile and charming lighting fixtures. Walking dist. to Sinai Hospital. Close to I83

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Townhouse For Sale in Abingdon

Stephen Harker — Fri, 22 Apr 2011 14:48:00 GMT

• 1,080 sq. ft., 2 bath, 3 bdrm townhouse - MLS® $149,900

Abingdon, Harford County - 3 BEDROOMS, 1.5 BATH TOWNHOME W/PRIVACY FENCED BACK YARD. FAMILY ROOM HAS WALK OUT BASEMENT, WOODBURNING FIREPLACE & HALF BATH. SEPARATE ROOM IN BASEMENT FOR OFFICE OR PLAYROOM. WALK-IN CLOSET IN MASTER BEDROOM. FRENCH DOORS LEAD TO DECK OFF DINING ROOM. ROOF REPLACED IN 2006.

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3 Story For Sale in Medford

Stephen Harker — Fri, 22 Apr 2011 14:47:00 GMT

Beautiful Luxury Home

• 8,310 sq. ft., 4 bath, 4 bdrm 3 story - MLS® $1,699,000 - Just Completed

Medford, Baltimore - Just Completed! Beautiful luxury home on 1.36 ac. lot. 4BR, 4.5BA brick w/stone accents accents by Ltd. Homes. Open floor plan w/2 story foyer & Fam. Rm w/FP and cstm moldings, lg gourmet kit. w/ granite and gorgeous hrdwd floors, adj. bkfst area and conservatory w/wet bar. Formal LR and DR, private study w/side enterance to wrap around porch. Expansive MBR with sitting area and private balcony w/stone FP. MBA complete w/jacuzzi bath w/marble surround and sep. shower. 2nd fl Lndry. 3 car gargage. Buyer pays all transfer taxes and stamps.

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Price Reduced on 13105 Pendleton Ct. in Medford

Stephen Harker — Fri, 22 Apr 2011 14:47:00 GMT

Medford, Baltimore - Announcing a price reduction on 13105 Pendleton Ct., a 8,310 sq. ft., 4 bath, 4 bdrm 3 story. Now MLS® $1,699,000 - Just Completed.

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Short Sales Still Hit Owners' Credit

Stephen Harker — Tue, 30 Nov 2010 16:26:00 GMT

The Wall Street Journal | November 29, 2010

By NICK TIMIRAOS

Q: Is a short sale as damaging to a borrower's credit as a foreclosure?

A: Generally speaking, yes. In both cases, a borrower's credit score can fall 100 points or more. A borrower with an initial credit score of 780 could fall to around 620 as a result of a foreclosure or short sale, according to Fair Isaac Corp. A borrower with a 680 credit score could see a drop to 575.

Still, lenders are trying to give borrowers an incentive to complete a short sale and avoid foreclosure. Mortgage giants Fannie Mae and Freddie Mac allow borrowers who complete a short sale to become eligible for a new loan after two years. Borrowers who complete a foreclosure must wait as long as seven years.

Q: Why would a lender decide to allow a short sale?

A: Lenders generally lose less money on a short sale than on a foreclosure. Foreclosures are more costly because banks must take back the homes and pay someone to maintain them and to resell them. On average, a short sale reduces the lender's loss by at least 20% and can happen in half the time as the average foreclosure, according to a study by research firm TowerGroup Inc. Short sales may also fetch a better price than a foreclosure because occupied properties are generally better maintained. In Orlando, Fla., the average price per square foot on a short sale last month was $147, compared to $122 for a bank-owned property and $188 for a traditional sale, according to Collateral Analytics, a real-estate research firm.

Q: How prevalent are second mortgages?

A: There are around $1 trillion outstanding in home-equity borrowings, equal to nearly 10% of all the first mortgages, according to Federal Reserve data.

Freddie Mac says that 14% of the mortgages that it guarantees have seconds behind them, but that number only includes seconds that were taken out when the first mortgage was originated.

Among mortgages that were bundled into securities that don't carry government backing—mainly subprime and other risky mortgages—slightly more than half have at least one junior-lien behind them, according to a study by analysts at Amherst Securities Group LP.

Q: What were seconds used for?

A: The analysis by Amherst Securities found that when the housing boom first began, the majority of second liens were taken out after the first mortgage origination. Borrowers tapped into rising home equity as an alternative to credit cards to pay for home improvements or consumer debts—medical, tuition or small business bills.

But by 2006, the majority of second liens had become so-called piggy-back mortgages taken along with the first mortgage to fund down payments and avoid paying mortgage insurance.

Q: Can anything be done to force first- and second-lien holders to cooperate?

A: In April, the government launched a voluntary program that provides incentive payments to servicers, investors and borrowers that agree on terms. Under the Home Affordable Foreclosure Alternatives program, holders of second-lien mortgages must accept 6% of the unpaid loan balance to a maximum of $6,000, and they must relinquish all claims. The program has resulted in just 342 sales through September.

Write to Nick Timiraos at nick.timiraos@wsj.com

Second-Mortgage Standoffs Stand in Way of Short Sales

Stephen Harker — Tue, 30 Nov 2010 16:25:00 GMT

Second-Mortgage Standoffs Stand in Way of Short Sales
The Wall Street Journal | November 29, 2010

By NICK TIMIRAOS

Sergio Trujillo thought he could avoid foreclosure when an investor made an all-cash offer last month to buy his one-bedroom condominium in La Jolla, Calif., for less than the amount he owes on his mortgage.

But a standoff between Mr. Trujillo's lenders over a few thousand dollars threatens to derail the deal, known as a short sale.

Like many heavily indebted borrowers, Mr. Trujillo has two mortgages: a first mortgage in the amount of $260,000, which is held by Freddie Mac; and a $50,000 second mortgage, handled by Specialized Loan Servicing LLC. Freddie Mac will allow no more than $3,000 in sale proceeds to go toward the second mortgage. But SLS says it will scotch any deal if it doesn't get at least $7,000.

"This is an all-parties-lose scenario," said Brian Flock, Mr. Trujillo's real-estate agent. "There is no housing recovery when this happens."

Over the past year, real-estate agents, lenders and federal policy makers have pointed to short sales as one way to revive moribund housing markets while helping troubled borrowers avoid foreclosure. But for homeowners that took out second mortgages during the boom, getting a short sale approved is proving to be a nightmare.

Most first mortgages, like Mr. Trujillo's, are guaranteed by government-controlled mortgage giants Fannie Mae and Freddie Mac or held by other investors in mortgage securities. Second mortgages and other junior liens are typically owned by banks and credit unions.

Banks are reluctant to write down second mortgages because many are still current, even if the borrowers owe more than the value of their homes. They may also be able to pursue borrowers' assets after foreclosure.

"If I'm the second-lien holder, I may say, 'You know what, I want to see if I can hold out for a better deal,' " said Greg Hebner, president of MOS Group Inc., an Irvine, Calif., company that contacts troubled borrowers on behalf of lenders and servicers.

Q&A: Short Sales Still Hit Owners' Credit

The result is a "chicken game" between investors that leads to unnecessary foreclosures, said Jon Goodman, a real-estate lawyer and investor in Boulder, Colo.

As of June 30, 11 million homeowners owe more than their homes are worth and an additional 2.5 million have just 5% equity, according to real-estate research firm CoreLogic. To sell, those homeowners must cover the shortfall or, more commonly, ask the bank to take a loss via a short sale. The short-sale process remains full of land mines. Loan servicers were never designed to handle large volumes of customized workouts and it can take months to bring loan servicers, investors and mortgage insurers to agree on a price. Softening home prices create greater potential for disputes over values. And lenders are wary of fraud.

Second mortgages, however, have become one of the biggest roadblocks. More than a third of about 1.33 million properties in some stage of the foreclosure process have at least one junior lien, according to publicly available data tracked by CoreLogic.

Many seconds and home-equity lines are worth little in a foreclosure because home prices have fallen so sharply. That gives the second-lien holder "nothing-left-to-lose leverage," said Mr. Goodman. Banks say they are approving deals where they can, but borrowers must agree to some form of debt repayment.

About three-quarters of the $1 trillion in seconds outstanding as of June 30 were held by commercial banks, and of those, more than $430 billion belong to the nation's four largest banks—Bank of America Corp., Wells Fargo & Co., J.P. Morgan Chase & Co, and Citigroup Inc. Forcing write-downs on large numbers of those loans could significantly erode their capital.

Real-estate agents say some banks are getting better at cutting deals. Wells Fargo & Co. now dispatches employees in some markets to appraise homes even before a short-sale offer has been received to help speed potential sales. Bank of America doubled its staff dedicated to handling short sales to around 2,700 over the past year and began using an online platform to allow for paperless applications and approvals. The bank says it has approved 70,000 short sales through September, double the year-earlier total.

In Mr. Trujillo's case, SLS requested far more than the lien was worth on the secondary market, said Mark Johnson, who oversees short sales for Freddie Mac. "That's always been our challenge—participation from second-lien holders," he said. "It's ultimately their decision about whether they want to help us save borrowers in foreclosure." Freddie says it hopes to negotiate a deal for Mr. Trujillo. SLS declined to comment.

Jeff Gray waited months to complete the purchase of a home in Litchfield Park, Ariz., as part of a short sale, only to see it fall apart days before closing. Chase, which serviced the first mortgage for Freddie Mac, approved the sale but wouldn't forgive the second mortgage, which it owned. Chase says it has completed 83,000 short sales since 2009.

Mr. Gray eventually bought another home in the same neighborhood; meanwhile, the short sale was listed for sale by Freddie Mac earlier this month for $30,000 less than what Mr. Gray had offered.

"It's sad," he said. "The grapefruit tree in front is dead, the grass has turned brown, and the shutters are starting to fall."

Write to Nick Timiraos at nick.timiraos@wsj.com

Price Reduced on 2723 Cullum Road in Lynch Manor

Stephen Harker — Fri, 01 Oct 2010 17:40:00 GMT

Lynch Manor, Bel Air - Announcing a price reduction on 2723 Cullum Road, a 1,120 sq. ft., 2 bath, 3 bdrm ranch. Now MLS® $239,999 - Just Reduced!.

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Buyers Should Shop for the Best Rate / National Association of Realtors

Stephen Harker — Mon, 26 Jul 2010 19:07:00 GMT

Daily Real Estate News | July 19, 2010 | addthis_pub = 'rmostaff'; addthis_logo = 'http://www.addthis.com/images/yourlogo.png'; addthis_logo_background = 'EFEFFF'; addthis_logo_color = '666699'; addthis_brand = ''; addthis_options = 'delicious, digg, favorites, facebook, fark, google, reddit, magnoliacom, newsvine, furl, yahoo, technorati, twitter, icerocket'; document.write(' Share'); Share

Buyers Should Shop for the Best Rate
Anyone shopping for a new mortgage these days should shop around, says Cameron Findlay, chief economist for LendingTree.

Although mortgage rates look astoundingly low, the spread between what the bank receives and what it pays investors has actually increased, giving banks more room to negotiate.

Applicants with good credit scores should aggressively seek the best rates they can find by comparison shopping, starting with the bank they usually do business with.

Source: The New York Times, Jennifer Saranow Schultz (07/17/2010)

Mortgage Applications Rise as Rates Stay Low

Stephen Harker — Mon, 26 Jul 2010 19:04:00 GMT

Daily Real Estate News | July 21, 2010 | addthis_pub = 'rmostaff'; addthis_logo = 'http://www.addthis.com/images/yourlogo.png'; addthis_logo_background = 'EFEFFF'; addthis_logo_color = '666699'; addthis_brand = ''; addthis_options = 'delicious, digg, favorites, facebook, fark, google, reddit, magnoliacom, newsvine, furl, yahoo, technorati, twitter, icerocket'; document.write(' Share'); Share

Mortgage Applications Rise as Rates Stay Low
Applications to purchase homes rose 3.4 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the purchase index rose 15.3 percent compared with the previous week, but was down 35.7 percent compared to the same week a year ago.

This is only the second time in 10 weeks that purchase mortgage applications have increased.

“The strength in purchase applications comes from government loans, likely indicating that prospective buyers are drawn by the lower down payment requirements,” says Michael Fratantoni, MBA’s vice president of research and economics.

Mortgage rates remained low:

• 30-year fixed-rate mortgages decreased to 4.59 percent from 4.69 percent.
• 15-year fixed-rate mortgages decreased to 4.05 percent from 4.12 percent.
• 1-year ARMs decreased to 7.17 percent from 7.20 percent.

Source: Mortgage Bankers Association (07/21/2010)

Housing Statistics Published by National Association of Realtors

Stephen Harker — Mon, 26 Jul 2010 19:02:00 GMT

http://www.mdrealtor.org/LinkClick.aspx?fileticket=3kaFM9B8ehY%3d&tabid=161&mid=543

Existing-Home Sales Slow in June but Remain Above Year-Ago Levels

Stephen Harker — Mon, 26 Jul 2010 18:57:00 GMT

Existing-Home Sales Slow in June but Remain Above Year-Ago Levels

Washington, July 22, 2010 / National Association of Realtors (www.realtor.org)

With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.

Existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.

“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.

The national median existing-home price² for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value Realtors® bring to buyers and sellers in this market.”

A parallel NAR practitioner survey³ shows first-time buyers purchased 43 percent of homes in June, down from 46 percent in May. Investors accounted for 13 percent of sales in June, little changed from 14 percent in May; the remaining purchases were by repeat buyers. All-cash sales were at 24 percent in June compared with 25 percent in May.

Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply⁴ at the current sales pace, up from an 8.3-month supply in May.

“The supply of homes on the market is higher than we’d like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets,” Yun said. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008.

Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5 percent above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.

Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago while two were unchanged.

Existing condominium and co-op sales slipped 1.5 percent to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but are 20.5 percent higher than the 556,000-unit pace in June 2009. The median existing condo price⁵ was $180,100 in June, which is 1.4 percent below a year ago.

Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 960,000 in June and are 17.1 percent above June 2009. The median price in the Northeast was $244,300, down 1.2 percent from a year ago.

Existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009.

In the South, existing-home sales fell 6.5 percent to an annual level of 2.01 million in June but are 11.0 percent above June 2009. The median price in the South was $163,600, unchanged from a year ago.

Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.

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

# # #

NOTE: NAR also tracks monthly comparisons of existing single-family home sales and median prices for 20 select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.

¹Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month– and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

²The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

³First-time buyer, investor and distressed sales data are from a survey for the Realtors® Confidence Index, scheduled to be posted July 30.

⁴Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).

⁵Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for July will be released August 24. The next Pending Home Sales Index is scheduled for August 3; release times are 10 a.m. EDT.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.

DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020 I 1-800-874-6500

First-Quarter Market Share Report Complete July 6, 2010

Stephen Harker — Wed, 07 Jul 2010 16:24:00 GMT

First-Quarter Market Share Report Complete

American Land Title Association Article http://www.alta.org/news/news.cfm?newsID=11392

July 6, 2010

Complete Title Insurance Industry Market Share and Financial Statement compilations for the 1st Quarter of 2010 are now available on the ALTA website.

The first quarter of 2010 proved to be better than the first quarter of 2009. Operating Income increased $61 million (2.7%), Operating Expense decreased by $24 million (1.1%), Net Investment Gain increased by $75 million (331%) and Income Taxes decreased by $34 million. These positives were offset by an increase in Losses and Loss Adjustment Expenses of $76 million (53%), but still resulted in a small positive net income of $1.2 million, compared to a net loss in the 1st quarter of 2009 of $117 million.

Consequently, the industry remains in a strong financial position at March 31st, with Admitted Assets of almost $8.5 billion, including over $7.2 billion in Cash and Invested Assets. Also, Statutory Reserves were almost $5 billion and Statutory Surplus exceeded $2.4 billion.

After 13 consecutive quarters in which Title Premiums Written declined from the prior year’s equivalent quarter, the 3rd Quarter of 2009 ended this string with an increase of 1.4% over 3rd Quarter of 2008 and the 4th Quarter continued the trend with an increase of 17.2%. The 1st Quarter of 2010 now marks the 3rd consecutive quarter in which Title Premiums Written have increased over the prior year’s equivalent quarter, reporting a gain of 4.3% compared to the 1st Quarter of 2009.

Notable in the 1st Quarter are changes in title insurance underwriter family market share. The Fidelity Family leads the industry with 37% of the national market, but dropped 8% from their 45% in 2009. Meanwhile, First American increased .7% to 28.3%, Stewart increased 1% to 13.7% and Old Republic increased 4.2% to 10.5%. Regional Companies market share also increased significantly to 10.7%.

On a state-by-state basis, 30 states plus the District of Columbia showed 1st Quarter 2010 written premiums increasing over 1st Quarter 2009 and only 20 states recording decreases. Eight states were up over 30%, but only one state, Colorado (30.3%) is in the top 20. Of those reporting decreases, only one, Alaska (-31.4%) declined more than 30%. Of the twenty largest states, fifteen showed increases from 3.1% (Utah) to 30.3% (Colorado) and only five showed decreases, ranging from 4.2% (California) to 20% (Oregon). The top three states all declined - California down 4.2%, Texas down 7.4% and Florida down 7.9%.

HUD Releases 2009 American Housing Survey

Stephen Harker — Wed, 07 Jul 2010 16:21:00 GMT

July 6, 2010 American Land Title Association Article

http://www.alta.org/news/news.cfm?newsID=11392

Most families with young children live within a mile of a public elementary school. The most common home heating fuel in the U.S. is gas. Only a third of American homes have a working carbon monoxide detector. These are just some of the findings of a comprehensive national sample of the more than 130 million residential housing units released today by the U.S. Department of Housing and Urban Development.

HUD's 2009 American Housing Survey (AHS) is the most thorough look inside the homes of millions of Americans and reveals everything from the square footage of the unit to how many homes have front porches, garages or even usable fireplaces. First conducted in 1973, the survey's long-term design allows analysts to trace the characteristics of U.S. housing units and their occupants. For example, the 2009 survey reveals that significantly more American homes are larger and have more bedrooms and bathrooms than homes 37 years ago. In addition, homes of 1973 were significantly less likely to have central air conditioning and other amenities considered commonplace today.

"This important survey provides us a clear picture of the American home and its occupants," said Dr. Raphael Bostic, HUD's Assistant Secretary for Policy Development and Research. "The housing crisis makes clear the need for continued collection of high quality housing data to help us understand housing markets. The numbers behind this survey not only provide valuable information on the composition of our housing stock, but they also help us monitor the mortgage markets, measure worst-case housing needs, and inform our policy choices."

The 2009 AHS includes enhanced data for five metropolitan areas: Chicago, Detroit, Philadelphia, New York and Northern New Jersey. For the first time ever, the AHS also includes data on disability status of household members. The new AHS also includes two independent metropolitan surveys of New Orleans and Seattle. Last conducted in 2004, the New Orleans survey in particular will provide an in-depth progress report of the redevelopment of the metro area following the hurricanes of 2005.

There are 130,112,000 residential housing units in the U.S.; 86 percent of these are occupied. The median age of 'the American home' is 36 years, though the survey finds that homes newly constructed since the 2007 AHS are generally larger, more expensive, have more bedrooms and bathrooms, and are more likely to include amenities such as central air conditioning. Some of the other key findings of the 2009 AHS include: 68 percent of U.S. homes are owner-occupied; 51 percent are located in suburban areas; 29 percent in central cities; and 20 percent outside metropolitan areas; and 18 percent are located in the Northeast; 23 percent in the Midwest; 37 percent in the South; and 22 percent in the West.

Unit Size

The median size of a home is 1,500 square feet (compared to 1,610 square feet in 1973), with owner-occupied units being larger than renter-occupied ones. Newer homes are also usually larger, with median size of 2,300 square feet.
Median lot size for single-family homes, including mobile homes, is 0.27 acres (compared to .36 acres in 1973) with owner-occupied units generally having more land than renter-occupied ones.

Rooms

Most homes (53 percent) have six or more rooms, with owner-occupied units generally having more rooms than renter-occupied ones. In 1973, only 39 percent of homes had six or more rooms.
Newly constructed homes generally have more rooms - 65 percent have six or more rooms.
Most homes have three or more bedrooms (64 percent compared to just 48 percent in 1973). New homes generally have more bedrooms - 80 percent of them have three or more bedrooms.
More than half of U.S. homes (51 percent) have two or more bathrooms compared to just 19 percent in 1973. Again new units have more bathrooms, with 89 percent of them having two or more bathrooms.

Equipment

All units have a refrigerator and kitchen sink and almost all homes (99 percent) have a cooking stove or range. Overall 98 percent of units have a full kitchen.
The most commonly used cooking fuel is electricity (60 percent) followed by piped gas (35 percent).
Two-thirds of the homes (66 percent) have a dishwasher, 51 percent have a disposal in the kitchen sink and three percent have a trash compactor. New units are more likely to have these amenities.
More than eight in ten homes have a washing machine (84 percent) and clothes dryer (81 percent).
About two-thirds of U.S. homes (65 percent) have central air-conditioning and another 21 percent have window units - new units are more likely to have central air-conditioning (89 percent). By contrast, only 17 percent of U.S. homes had central A/C in 1973 although 30 percent contained window units.
About nine in 10 homes (93 percent) reported a smoke detector while 36 percent reported having a working carbon monoxide detector.

Heating

About two-thirds of U.S. homes use warm-air furnace for heating; 12 percent use an electric heat pump; and 11 percent use steam or hot water system.
The most commonly used home heating fuel is piped gas (51 percent) followed by electricity (34 percent), though new units are more likely to use electricity.

Plumbing

Almost all units (99 percent) have complete plumbing facilities.
The most commonly used fuel for heating water is piped gas followed by electricity.
More than eight in ten units (88 percent) receive water from a public system or private company, and the remaining units received water from wells.
More than nine in ten households rated their water as being safe.
Eight in 10 units use the public sewage disposal system and 20 percent use a septic tank, cesspool or chemical toilet.

Amenities

Most homes have a telephone (98 percent), porch, deck, balcony or patio (85 percent) and a garage or carport (66 percent).
About half (48 percent) have a separate dining room and three in ten units (30 percent) report two or more living rooms or recreation rooms.
About one-third (35 percent) have a usable fireplace.
New construction is more likely to have all these amenities.

Neighborhood

95 percent of units are located close to a grocery or drug store, and 97 percent of residents with access were satisfied with the stores near them.
Slightly more than half of U.S. homes (54 percent) are located near public transportation, with about seven in ten of the residents (71percent) living in these units saying that they live within a 10 minute walk to such transportation. However, just 17 percent of households living near public transportation report using it for commuting or school.
Most communities (90 percent) do not have secured entrances, though new construction is more likely to be in secured communities. Residents, overall, were satisfied with police protection in their communities (91 percent).
Most residents reported that their neighborhoods did not have vandalized buildings (88 percent), barred windows (84 percent), and trash, litter or junk (89 percent). However, 40 percent of residents said that their streets needed repairs.
Nearly half the households (45 percent) had access to community amenities such as a community center or clubhouse, trails, golf, daycare, shuttle bus or private beach or park area.
Noise from traffic was a problem reported by almost one-quarter of residents (23 percent), though fewer resident of new construction found this to be a problem (15 percent).
Six in 10 households with children under the age of 14 years (60 percent) said that there was a public elementary school within one mile of their homes.
Less than one in 10 households with someone 55 years or older (7 percent) reported living in an age-restricted community.

Price Reduced on 1423 Wabash Drive, Bel Air, MD 21015 in Cool Spring

Stephen Harker — Mon, 28 Jun 2010 18:15:00 GMT

Cool Spring, Bel Air - Announcing a price reduction on 1423 Wabash Drive, Bel Air, MD 21015, a 2,568 sq. ft., 3 bath, 4 bdrm 2 story. Now MLS® $289,999 - Recently Reduced to Sell!.

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Fed's Lacker Says Moderate U.S. Economic Growth Likely in 2010

Stephen Harker — Wed, 14 Apr 2010 18:10:00 GMT

Fed's Lacker Says Moderate U.S. Economic Growth Likely in 2010
BusinessWeek | April 14, 2010
Federal Reserve Bank of Richmond President Jeffrey Lacker said the U.S. economy will probably expand at a moderate pace for the rest of this year as spending by consumers and businesses picks up.

Home Prices Drop for Seventh Straight Month: IAS

Stephen Harker — Wed, 14 Apr 2010 18:09:00 GMT

Home Prices Drop for Seventh Straight Month: IAS
DSNews | April 13, 2010
Integrated Asset Services, LLC (IAS) said Tuesday that its benchmark for national house prices fell 0.6 percent in February. The drop marked the seventh straight monthly decline reported by the collateral valuation firm and pushed its home price gauge to April 2004 levels.

Single Story For Sale in Lynch Manor

Stephen Harker — Wed, 14 Apr 2010 16:05:00 GMT

Beautifully Renovated Rancher

• 3 bath, 3 bdrm single story "Rancher" - MLS® $259,999

Lynch Manor, Bel Air - Beautiful renovated brick rancher in Bel Air. Hardwood floors newly refinished. New carpet in bedroom and new ceramic tile on kitchen floor and countertop. Slider to deck off the dinning area with nice view of the back yard. The roof is 5 years young. Large two car garage with workshop, some tools and push mower convey.Beautiful view out the slider and bay windows. Close to shopping and 95.

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2 Story For Sale in Bowleys Quarters

Stephen Harker — Fri, 09 Apr 2010 15:33:00 GMT

"You Will Love This Place"

• 2 bath, 3 bdrm 2 story "Cape Cod" - MLS® $289,000 - Reduced

Bowleys Quarters, Middle River - This home has beautiful hardwood floors, granite kitchen counter-tops, glass tile backsplash, stainless steel appliances, crown mouldings, gas fireplace in living room, detached 28x12 garage with workshop, kitchen level laundry room with high efficiency clothes washer and dryer, custom detailed tile bathrooms and fixtures, LED countertop lighting, custom-built built storage areas throughout, quiet private office off the master bedroom suite, walk-in master suite closet, crafts room on the second floor, two story open hardwood staircase, cathedral ceiling in master bedroom suite, cozy rear deck for your warm summer night barbeques, large private exquisitely landscaped yard, relax and enjoy this homes full width front covered porch. This home is adjacent to a full service marina. Have a boat? Walk out your front door and step into your boat for a cruise down Frog Mortar Creek.

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Ranch For Sale in Howard Park

Stephen Harker — Fri, 09 Apr 2010 15:29:00 GMT

• 1,196 sq. ft., 2 bath, 3 bdrm ranch - MLS® $292,000 - Motivated Sellers!

Howard Park, Bel Air - Beautiful renovated rancher located in the heart of Bel Air! In ground pool with new pump and filter in 2006, 30 year liner in 2004. New roof in Feb. 2008. Lrg kitchen/dining room combo with new kitchen cabinets, stove, and dishwasherin 2007. Full finished basement with fireplace and large bar with ceramic tile. Excludes playhouse. Contingent on seller's settlement of new home.

Property information

Fed Researchers Say Housing Is Not Distorting Inflation Signal

Stephen Harker — Tue, 06 Apr 2010 14:59:00 GMT

Fed Researchers Say Housing Is Not Distorting Inflation Signal
BusinessWeek | April 5, 2010
Lower U.S. housing prices have contributed to a broader drop in the inflation rate since 2008, though they aren't "distorting" price signals, said researchers at Federal Reserve banks in San Francisco and New York.