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The Virginia Association of Realtors posted the article, “Q4 2011 Home Sales: Steady As She Goes” on January 24, 2012

As we conclude 2011 and head into 2012, Virginia’s housing market will likely continue to stabilize, due to factors like low interest rates, rising residential rental rates, and an improving household balance sheet based on increases in household saving habits.

Highlights:

• Home sales increased in nearly every region of Virginia when comparing the fourth quarter of 2011 to the fourth quarter of 2010. Despite a 9% decline in Northern Virginia, five of Virginia’s seven regions experienced a sizable increase in home sales, the most substantive in Hampton Roads / Chesapeake Bay area with a 12.9% increase.
• After slightly inching upward in the third quarter of 2011 to a median price of $235,000, home values declined to a median price of $220,000 in the fourth quarter of 2011. It is important to note, however, that a decline between the third and fourth quarters is the normal trend in Virginia.
• The Commonwealth witnessed a remarkable 26% decline in foreclosures when comparing the fourth quarter of 2011 to the third quarter of 2011. The Roanoke / Lynchburg / Blacksburg region was the only area of the Virginia to experience an increase in foreclosures during the fourth quarter of 2011.
• Virginia has experienced a slight decline in its unemployment rate from 6.5% in third quarter to 6.2% in fourth quarter 2011.

The word is out!  Wealthy foreigners have targeted the Washington Metro Area as a market too good to ignore.  Foreign investors are increasingly coming to Northern Virginia to buy homes.

In an annual survey released Tuesday, January 3, 2012, the Association of Foreign Investors in Real Estate (AFIRE), named the top five cities for foreign investment in 2012 as New York, Washington, D.C., San Francisco, Boston and Los Angeles.  The investors who took the survey collectively hold more than $874 billion of real estate globally, including $338 billion in the U.S.  Sixty percent of them say that they plan to increase their U.S. investments this year.  Fifty-nine percent of respondents said that the U.S. offers the most stable and secure real estate investments worldwide — the highest level of respondents’ confidence in the U.S. since 2006.

Multifamily complexes remain the most popular investment property type for foreign buyers, according to the survey.  The survey was conducted in the fourth quarter of 2011 by the James A. Graaskamp Center for Real Estate, Wisconsin School of Business

A report by the National Association of Realtors also identifies foreign investors as a force to be reckoned with.  NAR says that a “significant share” of home purchases are made by people whose primary residence is outside of the U.S.  Internationally oriented sales amounted to $82 billion for the year ending in March 2011, according to the most recent data from the National Association of Realtors, about 8 percent of total U.S. sales and $16 billion more than the same period last year.  These figures are part of a growing trend: for the 12 month period ending April 2010, purchases of residential homes by foreigners totaled $64B, compared to $36B for the 12 month period ending April 2009.

Why Northern Virginia is a Magnet for Foreign Investor

There are many reasons why these investors have targeted our area:

The U.S. real estate market is one of the safest and most stable markets in the world.  It offers growth-oriented tax laws, a consumer-friendly judiciary, and strong private property rights.

Changes in the value of the dollar have also made US real estate more attractive to foreign vendors. The declining value of the dollar relative to their home currencies, combined with declining residential real estate prices in the US, has made US real estate a deal too good to pass up.  These investors know that as the market rights itself, this advantageous situation cannot last and they are snapping up real estate bargains at a furious pace.

Our area’s economy has recovered faster than the rest of the country.  The unemployment rate in Fairfax County is 4.2% as compared to a rate of 4.5% for Northern Virginia and 8.6% for the nation as a whole.  Fairfax County was featured as one of America’s richest counties in a recent issue of Forbes Magazine.  This year the metropolitan area added 18,600 jobs and half of them are located in Northern Virginia.  Unsold housing inventories are low and the figure for average days on the market for Northern Virginia homes is only 60 days.  Because the Washington, DC area offers proximity to U.S. government policymakers and international organizations such as the World Bank and International Monetary Fund, Northern Virginia will remain a favored location for diplomats and the businesses that cater to their upscale lifestyle.

Our region’s popularity with foreign investors is yet another proof that our market is well on the way to recovery.  Additionally, there is a great deal of pent-up demand in our area due to population growth, employment levels and the “doubling up” phenomenon (the tendency for people to live with parents or in group houses during hard times).  As this pent-up demand translates into home buying, prices will rise dramatically.

What all this means for you is that the appeal of our market has gone global and those who sit on the sidelines and continue to wait for the market to “bottom out” will miss the biggest and best deal of the century.

The time to buy is RIGHT NOW while you still can take advantage of historically low interest rates and incredibly low prices.

Linton Hall Realtors is the area expert in distressed properties.  Our agents can show you a wide variety of foreclosed and short sale properties that will appeal to every taste and budget.  We have close working relationships with every mortgage lender in the area and have extensive experience in quickly and successfully negotiating and closing foreclosures and short sales.  You can start your hunt for the bargain property of your dreams right now by visiting the buyers section of the Linton-Hall Realtors’ web site.  There you will find up-to-the-moment information including a prequalification service so that you will know exactly how much you can borrow and at what rate, a homes by e-mail service so that you can get e-mail alerts for homes that meet your specific criteria, community videos, first time homebuyer information, mortgage information and more.

To get involved in this promising market, you need a local expert to guide you.  The local community expert is Ashley Leigh at Linton Hall Realtors.  He has sold over 4,500 homes.

Ashley is optimistic about the Year 2012 real estate market.  “Now is the time for all buyers to get into the marketplace. This is an excellent market not just for investors, but also first time buyers, as well as move-up and move-down buyers.  Interest rates are extremely low and I expect them to be low throughout Year 2012,” states Ashley.

Overall, the local market has bounced up nearly 30% in appreciation from its bottom in Year 2007.  Prices are trending upward in most price ranges.  It really is the time to buy!

Contact Ashley Leigh at Linton Hall Realtors, Phone: 703-485-4663, Email: ALEIGH@LintonHallRealtors.com , website: www.LintonHallRealtors.com.

by ANDREW SCOGGIN

HousingWire.com

Wells Fargoand Citigroupcontinue on pace to score high marks for foreclosure prevention in 2011, according to Fannie Mae.

The government-sponsored enterprise released its third-quarter list of top servicers Thursday. Ally Financialand Everhome Mortgage joined Wells Fargo and Citi among the largest servicers on track to perform at or above a median level.

Bank of America, JPMorgan Chaseand PHH Corp.did not make the projected year-end list, but Fannie said JPMorgan and PHH made progress in the third quarter.

Click Here For the entire article

HouseLogic, the consumer website for the National Association of Realtors® has released the results from their latest survey. They found that when it comes to the upcoming 2012 election, jobs and housing are at the forefront of voters’ minds.

Their research indicates that almost one-third of those surveyed reveal housing is the top issue. It’s no wonder why. Millions of homeowners across the country are currently in foreclosure or are at risk of entering this state. Many others have experienced a dramatic loss of equity in their homes as prices shrank back to 2003 levels.

Perhaps one of the biggest issues is the large number of homeowners who are now upside down in their mortgages, meaning they owe more to the bank than their home is currently worth. What should be one of their biggest assets is now one of their biggest liabilities. Many don’t have the option to sell or move if the need arises. Is there a new job being offered in the neighboring state? May homeowners may have to forgo a move in order to keep good credit and a roof over their heads.

The pent-up demand has left a considerable mark on the construction market. Millions of workers are out of jobs as builders find it difficult to obtain credit and are wary of beginning new projects. Building permits have been down across the entire country.

For the entire article, CLICK HERE

Source: RealEstate Business Intelligence

The Northern Virginia Association of Realtors® reports on October 2011 home sales activity for Northern Virginia. The complete report can be seen here.

A total of 1,134 homes sold in October 2011, about 12 percent fewer than the 1,288 home sales in October 2010.

Active listings are down by about 12 percent from last year, with 4,553 active listings in October, compared with 5,185 homes available in October 2010. The average days on market (DOM) for homes in October 2011 was up by about 8 percent to 65 days, compared with 60 days in October 2010.

Sales prices remained steady compared with this time last year. The average sale price in October was up by less than 1 percent from October 2010, at $469,454, compared with last October’s average of $470,391.

The median price of homes sold in Northern Virginia was $395,000, 1 percent lower than the October 2010 median of $399,000.

Declining Interest Rates Spur Mortgage Applications

“Mortgage applications increased 10.3 percent this past week as more homeowners refinanced existing mortgages or took advantage of lower interest rates to buy homes,” states Kerri Panchuk in a Nov. 9, 2011 HousingWire.com report.

A response to renewed turmoil in Europe led to a drop in 30-year mortgage rates to their second lowest level of the year, according to Mike Fratantoni, the Mortgage Bankers Association vice president of research and economics. “Refinance applications jumped more than 12 percent to their highest level in a month and some lenders experienced even larger increases. As has been the case all year, many refinance applicants are opting to deleverage by choosing 15-year mortgages,” Fratantoni said.

NAR Q3 Data Show Steady D.C. Metro Median Sales Price

The third-quarter median sales price of existing single-family homes in the D.C. metropolitan area (Washington-Arlington-Alexandria, DC-VA-MD-WV) was $340,900 – unchanged from the second-quarter median, as reported by the National Association of Realtors® in its November 9 release. This represents an increase of less than one percent over the 2010 Q3 number.

Nationwide, metro area values generally were lower than those from one year ago.