The Market in SIMPLE English

Eagles,

The Mortgage Bankers Association (MBA) just released its weekly index of home mortgage applications. Last week, this index SURGED 12.8 percent, to its highest level since the week ending on May 22nd.

In the news release from the MBA go on to say, not only were consumers clamoring to refinance their current home loan, applications for new purchases were also robust.

Borrowing costs on a 30-year fixed-rate mortgage, excluding fees, averaged 4.97 percent, down 0.11 percentage point from the previous week. It was the first time since the week ending May 22 that the rate on this most widely used home loan was below 5 percent.

The all-time low for this index of 4.61 percent was set in the week ending March 27.

Interest rates one year ago was at 6.08 percent.

This is all GREAT news for our Fall real estate market. Now is the time to focus in on your business - SALES ARE BEING MADE NOW! I had tremendous reports on up calls and sales activity over last weekend! One Eagle reported to me she has ratified over $1.4 million in sales this past weekend. The Manassas office had eight cold up calls, including both buyer and sellers, over the weekend.

I think we are about to experience a second "Spring Market" this year.

Please let me know how I can help.

Thanks,

Chuck

Eagles,

The Federal Reserve is currently in a scheduled two day Open Market Committee Meeting. This meeting is expected to wrap up with an announcement from the Fed on monetary policies at around 2:15pm today.

There is no expectation that the Fed will announce any change in its target Discount Interest rate, which is currently set at 0 to .25%, but their is an expectation that the Fed will set the stage to begin withdrawing from the many programs they have had to put in place from the financial crisis that hit last September.

While I am not an economist, I do see what typically happens upon the announcement from these Fed meetings, higher mortgage rate, at least for a short term.

When I get the announcement from today's meeting, I will get the word out to you all.

Thanks,

Chuck

Eagles,

I just caught this news article on the "incentive" on mortgage servicers to negotiate on a mortgage. Please go to this URL:

http://www.cnbc.com/id/32217443

Chuck

Eagles,

Check out this article from Realty Times on new short sale and loan modificaton options with 2nd trusts.

http://realtytimes.com/rtpages/20090625_newloan.htm

Thanks,

Chuck

Real Estate Market Update

Fairfax County, Virginia

June 2009

Overall Residential Real Estate Market conditions:

Median List price - $450,000

Pricing trend – Increasing

Supply – SELLERS Market – 2.1 Months supply

Multi-Family Residential Market Conditions:
(Townhomes, Condos, Coops)

Median List price - $285,000

Pricing trend – Increasing

Supply – SELLERS Market – 1.5 Months supply

Single Family Residential Market Conditions:

Price Range - $0 to $500,000

Supply - SELLERS Market - 1.5 Months supply

Price Range - $500,000 to $1,000,000

Supply - SELLERS Market - 2.8 Months supply

Price Range - $1,000,000+

Supply - Buyers Market - 10.2 Months supply

For more information, visit us on the web
www.TeamRegency.com
What's new on the market in Fairfax County TODAY
www.fairfaxproperties.net
or contact Chuck Cornwell - RE/MAX Regency
e-mail - chuckcornwell@remax.net
540-341-1075

Information deemed reliable but not guaranteed.  Information provided in part by Terradatum and Metropolitan Regional Information Systems, Inc.  Not all real estate activity is reported.

Real Estate Market Update

Fauquier County, Virginia

June 2009

Overall Residential Real Estate Market conditions:

Median List price - $399,000

Pricing trend – Increasing

Supply – Balanced – 5.9 Months supply

Multi-Family Residential Market Conditions:
(Townhomes, Condos, Coops)

Median List price - $150,000

Pricing trend – Stable

Supply – SELLERS Market – 2.3 Months supply

Single Family Residential Market Conditions:

Price Range - $0 to $500,000

Supply - SELLERS Market - 4 Months supply

Price Range - $500,000 to $1,000,000

Supply - Buyers Market - 24.8 Months supply

Price Range - $1,000,000+

Supply - Buyers Market - NO properties Under Contract

For more information, visit us on the web
www.TeamRegency.com
or contact Chuck Cornwell - RE/MAX Regency
e-mail - chuckcornwell@remax.net
202-540-5600 - Washington DC
703-656-4675 - Manassas, VA
703-840-4380 - Leesburg, VA
540-341-1075 - Warrenton, VA
540-423-3750 - Culpeper, VA

Information deemed reliable but not guaranteed.  Information provided in part by Terradatum and Metropolitan Regional Information Systems, Inc.  Not all real estate activity is reported.

I was recently in attendance at a National Association of REALTORS course, entitled "Surround Sound".  What a great training course on interacting with media outlets.  I would suggest that all REALTORS in leadership roles find their way to take this training.

During this training, there was one analogy I loved.  I understand this statement came from a broker in the mid west, and I think it sums up some of the issues we face in our industry.

"It takes a pretty sorry dog that won't wag his own tail".

You're probably like me right now, just what does this mean???

We REALTORS should be proud to be a member of our great Association, and we should show our pride.  We also should work together for our common interest.  This same analogy holds true for the companies we are affiliated with.  We should and MUST be proud of the banner we stand in front of!

How many REALTORS do you know who do not show these prides?  How many do you see where they make their company names and/or logos to be as small as the law will allow in their advertising?  Do you know a REALTOR who thinks their success is all about themselves?  Funny thing, these same people will blame everyone else for their failures.

Are YOU one of them?

Another great individual in our industry also sums it up this way.......

"A single log makes a horrible campfire" - Dave Liniger

Let's work together, and be PROUD of who and where we are.  We need now more than ever, for us all to unite our voices and be heard by everyone in our nation.  Our industry is on a great track for recovery.  We have some issues, and together, we can overcome them.

WAG YOUR TAIL! 

My name is Chuck Cornwell - I am a proud member of the National Association of REALTORS now for nearly 25 years.  I am also proud to be an Associate with RE/MAX International and an EAGLE with RE/MAX Regency.  I abide by not only our REALTOR Code of Ethics, and the laws to which I am bound, but more importantly, to the Golden Rule we all learned in the formative years of our lives.  I will tell everyone I can about the great programs and incentive affecting our industry, and I will follow NAR's "Surround Sound" training!

NOW - WHO ARE YOU?????