Oklahoma City Home Sales Didn't Stop With the Tax Credit

Oklahoma City home sales have not stopped by the end of the federal tax credit.

When the home buyer tax credit incentive ended on April 30th, for most parts of the country, that meant home sales ended with it, but not in OKLAHOMA! Although real estate sales slowed some, Realtors and Builders are both reporting that the buyer enthusiasm that was sparked is still lingering through the summer. And the numbers show they're right.

In this second quarter of the year, homes have been spending approximately 2 weeks less time on the market. The average days on market in June was 75 days, compared to 86 days in June 2009.

Another sign of strength is the average sales price. The average sales price this second quarter hovered around $138,000. In June of 2009 it was $135,000. This is about a 2.2% increase.

In construction of new homes, OKLAHOMA has been steadily rebounding from 2009 levels all year. So far, we are at a 25.3% increase for building as compared to 2009.

Now, we are seeing an influx in home sales in the higher brackets, between $200,000 - $300,000. This may be due in part to the Sellers that sold to their homes to first time homebuyers making a move up and buying in those ranges.

Aren't you glad you're in Oklahoma!

(Contributing sources from NEWSOK.com)

Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Visit The VIP Team website for everything Real Estate.

Nearly 50% have left the Obama mortgage-aid program.

Of the 1.3 million homeowners that enrolled in the Obama administration's mortgage-relief program, nearlt half of them have dropped out.

The program was designed to assist those owners who were at risk for foreclosure by lowering their monthly mortgage payments. In a report last Friday by the Treasury Department, they indicate that the $75 billion designated to help slow the pace of foreclosures is failing. Approximately 32% of those homeowners that started the program have received permanent loan modifications and are making their payments on time.

You can also read more about this topic here:
Nearly 50% leave Obama mortgage-aid program

Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty

For everything Real Estate....
www.TheVIPofOKC.com

Cities at Risk for Double-Dip Recession

In a report on Tuesday by economist Andrew Gledhill at Moody’s Economy.com, 22 markets were identified to have the biggest chance of a double-dip recession, mostly because of the national decline in manufuacturing which primarily holds up their industrial economies.

"With chances of a national double-dip recession now estimated at about one in four, several metro areas will probably experience their own downturns in the first half of 2011," said Gledhill.

The 22 cities identified:

1. Missoula, Mont.
2. Salem, Ore.
3. Idaho Falls, Idaho
4. Lake County-Kenosha County, Ill.-Wisc.
5. Lafayette, Ind.
6. Wichita, Kan.
7. Hot Springs, Ark.
8. Pine Bluff, Ark.
9. Little Rock, Ark.
10. Wichita Falls, Texas
11. Akron, Ohio
12. Charleston, W.Va.
13. Macon, Ga.
14. Gadsden, Ala.
15. Gulfport-Biloxi, Miss.
16. Mobile, Ala.
17. Utica-Rome, N.Y.
18. Lebanon, Pa.
19. Springfield, Ohio
20. Wilmington, N.C.
21. Anderson, S.C.
22. Athens-Clark County Ga.

Aren't you glad you're in Oklahoma?!

Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
www.TheVIPofOKC.com

Government rethinks homeownership policies

For 70 years (and especially the last 15) the government has stepped in to help Americans buy their own homes, doing "Whatever it takes". Now, policymakers are reconsidering their role. Over the next few months, they'll weigh whether there can be too much of a good thing, when it comes to helping families finance the American Dream. What do you think? Read the article and give your opinion...

http://www.usatoday.com/money/economy/housing/2010-08-11-housing11_cv_N.htm
(If the link is not working, please copy & paste it into your browser.)



Natalie Flaming
Realtor- Broker Associate
The VIP Team
Metro First Realty
www.TheVIPofOKC.com

Fannie Mae launches New Website

Fannie Mae has launched a new website that explains in lamens terms (or so they say) the alternatives to foreclosure and how to pursue those alternatives.

KnowYourOptions.com™, is a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.

They say the online resource will offer reliable and easy-to-understand information in both English and Spanish, and expands on Fannie Mae's ongoing efforts to help struggling borrowers find alternatives to foreclosure. Key features of the website include:

-an interactive Options Finder to help homeowners identify options that might be right for their situation;
-calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
-videos featuring real homeowners discussing how they received help and housing counselors providing advice;
-a virtual assistant to walk homeowners through key areas of the site; and
-next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor (The VIP Team).

The VIP Team provides homeowners who are having trouble paying or recognize they can no longer afford their mortgages with detailed information on:

-refinancing,
-repayment plans,
-forbearance,
-loan modifications,
-short sales,
-deeds-in-lieu; and more.

Please do not let foreclosure happen to you! It will ruin your credit! You are not alone. In this economy, thousands of families are struggling. Don't put it off another day. Explore your options by consulting with The VIP Team today!

For more information or to consult a real estate expert today about your alternatives to forclosure, call or email us directly. As always, your privacy is guaranteed.

Natalie Flaming
Reator - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
Email: Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com

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