There are a few National Real Estate stories I wanted to lump together, none were worth a post by themselves, but overall the information is worth a quick read.
According to the National Association of Realtors, 84 percent of buyers now use the Internet to search for properties. The shift in technology is has loosened Realtors' long-standing control of vital information and cutting into their sales commissions. For more than 100 years, Realtors have guarded the details of homes for sale via their multiple listing services, looking at homes on the Internet has been about 10-years with the first few had big restrictions. Over 900 regional MLS systems exist nationwide. . .
NAR has called on Congress and the Obama administration to expand the first-time home buyer tax credit to all home buyers, regardless of income. In addition, it is imperative to maintain mortgage interest rates below 5 percent. The Association is pushing for a $15,000 tax credit that could be used by anyone. Congress last year approved a 10% tax credit up to $7,500 for first-time homebuyers, and in February boosted the credit to $8,000 and extended it until Dec. 1. The current credit phases out for buyers with incomes exceeding $170,000 for married couples and $95,000 for individuals . . .
The Wall Street Journal reported the supply of homes available for sale in 28 major metropolitan areas at the end of May was down 3.9% from a month earlier, according to figures compiled by ZipRealty. The ZipRealty data cover all single-family homes, condominiums and town houses listed on local multiple-listing services in metro areas where the firm operates. The inventory listed is now three consecutive months. . .
The foreclosure crisis continues to spread like the flu as it migrates from subprime to prime mortgages. The pace of prime borrowers going into foreclosure is accelerating, especially in states with mounting unemployment or property values that saw a big run-up during the housing boom. Through the Mortgage Bankers Association (MBA) reported almost half of the overall increase in the start of foreclosures was due to the increase in prime, fixed-rate loans. . .
More on foreclosures, LA Times reporter Peter Hong is reporting that Southern California may not have seen the light at the end of the tunnel. "In April, 7.16% of Los Angeles County mortgages were in default, up from 4.67% in April 2008, according to First American, which reports on foreclosures as a percentage of active mortgages, rather than as a share of total households as some other firms do." Which means? "That means a whole lot of distressed inventory is on its way to being resold on the open market, putting more downward pressure on home prices . . .
These national stories have local impact and I thought it was worth a read.
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