Sorry Jim I just couldn't resist
Tuesday, December 11, 2007
Nashville-area home prices rise as sales fall - Nashville, Tennessee - Tuesday, 12/11/07 - Tennessean.com
Nashville-area home prices rise as sales fall - Nashville, Tennessee - Tuesday, 12/11/07 - Tennessean.com:
By GETAHN WARD Staff Writer
"Buyers of Nashville-area homes in November paid a median price nearly 3 percent higher than a year earlier, a rebound from the previous month that observers said reflects the stability of the local market.
The median price of a single-family home — the point at which half sold for more and half for less — rose to $179,900 from $174,900 in November 2006, according to figures released on Monday by the Greater Nashville Association of Realtors.
The gain came despite a 21 percent decline in sales of residential properties and the 16th consecutive month of year-over-year weaker single-family home sales. Inventories of homes on the market also continued to increase.
'It's a pretty good indicator of strength of the market,' said Richard Exton of Manier & Exton, a local real estate appraisal firm. Exton, however, said the median price still could fall in coming months as increased competition leads some sellers to make concessions, although he said results could fluctuate depending on how many sellers pull homes off the market rather than take a lower price.
More than 22,300 properties were on the market at the end of November, up from 17,175 a year earlier."
MORE
By GETAHN WARD Staff Writer
"Buyers of Nashville-area homes in November paid a median price nearly 3 percent higher than a year earlier, a rebound from the previous month that observers said reflects the stability of the local market.
The median price of a single-family home — the point at which half sold for more and half for less — rose to $179,900 from $174,900 in November 2006, according to figures released on Monday by the Greater Nashville Association of Realtors.
The gain came despite a 21 percent decline in sales of residential properties and the 16th consecutive month of year-over-year weaker single-family home sales. Inventories of homes on the market also continued to increase.
'It's a pretty good indicator of strength of the market,' said Richard Exton of Manier & Exton, a local real estate appraisal firm. Exton, however, said the median price still could fall in coming months as increased competition leads some sellers to make concessions, although he said results could fluctuate depending on how many sellers pull homes off the market rather than take a lower price.
More than 22,300 properties were on the market at the end of November, up from 17,175 a year earlier."
MORE
Friday, December 7, 2007
New York Times - On Mortgage Relief, Who Gains the Most?
By EDMUND L. ANDREWS
WASHINGTON, Dec. 6 — At least one thing is clear about President Bush’s plan to help people trapped by the mortgage meltdown: it is an industry-led plan, not a government bailout.
Although Mr. Bush unveiled the plan at the White House on Thursday, its terms were set by the mortgage industry and Wall Street firms. The effort is voluntary and it leaves plenty of wiggle room for lenders. Moreover, it would affect only a small number of subprime borrowers.
The plan was the target of criticism from consumer advocates who said its scope was too narrow, and from investment firms, who said it went too far. Others warned that the plan, by letting some stretched homeowners off the hook, could encourage more reckless borrowing in the future.
“The approach announced today is not a silver bullet,” said Treasury Secretary Henry M. Paulson Jr., who hammered out the agreement. “We face a difficult problem for which there is no perfect solution.”
The heart of Mr. Bush’s plan is a cautious attempt to help troubled homeowners by persuading financiers to freeze mortgages at low introductory rates for five years, but without actually forcing the hands of lenders and investors who hold the mortgages.
One of the financial industry’s lead negotiators estimated that at most 20 percent of subprime borrowers whose payments will increase sharply over the next 18 months — 360,000 out of 1.8 million people — would qualify for rapid consideration of a special five-year freeze on interest rates.
The number of people who actually obtain help would be smaller, because each borrower would face tests aimed at weeding out those considered too hopelessly in debt and those who make too much money to justify relief.
In one curious twist, the plan could eliminate many who have good credit scores or managed to improve their credit scores, because the good ratings would be a sign they do not need help.
More
WASHINGTON, Dec. 6 — At least one thing is clear about President Bush’s plan to help people trapped by the mortgage meltdown: it is an industry-led plan, not a government bailout.
Although Mr. Bush unveiled the plan at the White House on Thursday, its terms were set by the mortgage industry and Wall Street firms. The effort is voluntary and it leaves plenty of wiggle room for lenders. Moreover, it would affect only a small number of subprime borrowers.
The plan was the target of criticism from consumer advocates who said its scope was too narrow, and from investment firms, who said it went too far. Others warned that the plan, by letting some stretched homeowners off the hook, could encourage more reckless borrowing in the future.
“The approach announced today is not a silver bullet,” said Treasury Secretary Henry M. Paulson Jr., who hammered out the agreement. “We face a difficult problem for which there is no perfect solution.”
The heart of Mr. Bush’s plan is a cautious attempt to help troubled homeowners by persuading financiers to freeze mortgages at low introductory rates for five years, but without actually forcing the hands of lenders and investors who hold the mortgages.
One of the financial industry’s lead negotiators estimated that at most 20 percent of subprime borrowers whose payments will increase sharply over the next 18 months — 360,000 out of 1.8 million people — would qualify for rapid consideration of a special five-year freeze on interest rates.
The number of people who actually obtain help would be smaller, because each borrower would face tests aimed at weeding out those considered too hopelessly in debt and those who make too much money to justify relief.
In one curious twist, the plan could eliminate many who have good credit scores or managed to improve their credit scores, because the good ratings would be a sign they do not need help.
More
Wednesday, December 5, 2007
Home prices start to feel economic pinch - Triangle Business Journal:
Home prices start to feel economic pinch - Nashville Business Journal:
Home prices are rising in most areas of Nashville, but some pockets are taking a hit from high inventory and showing falling prices.
Nine out of 38 ZIP codes in the Nashville area reported price declines in the last six months. The same study a year ago showed only one ZIP code with a price decline, says Jeff Jolly, a Crye-Leike Realtor who did the study.
The ZIP codes that cover Belle Meade and Germantown were the only two areas where sales increased. Those areas had the highest price jump of 27 and 20 percent respectively.
Overall, sales are down 16.6 percent in the six-month time frame.
Agents maintain the numbers show the market is slow, but remains strong when compared to other U.S. cities.
Wealthier buyers in areas such as Belle Meade are less affected by economic downturns, and Germantown has become a hot new spot to live in the downtown area, says Shirley Zeitlin, owner of Zeitlin & Co.
But new homes going up in Germantown which command higher prices and a few high-priced home sales in Belle Meade could have helped bring up the average, says Richard Exton, principal appraiser at Manier & Exton Real Estate Appraisers.
Rural Joelton reported a 9 percent drop, the highest of the 38 areas, and one Franklin ZIP code, 37069 - the most expensive with an average price of $550,300 this year - saw a 3 percent drop in average price from $567,344 last year. MORE
Home prices are rising in most areas of Nashville, but some pockets are taking a hit from high inventory and showing falling prices.
Nine out of 38 ZIP codes in the Nashville area reported price declines in the last six months. The same study a year ago showed only one ZIP code with a price decline, says Jeff Jolly, a Crye-Leike Realtor who did the study.
The ZIP codes that cover Belle Meade and Germantown were the only two areas where sales increased. Those areas had the highest price jump of 27 and 20 percent respectively.
Overall, sales are down 16.6 percent in the six-month time frame.
Agents maintain the numbers show the market is slow, but remains strong when compared to other U.S. cities.
Wealthier buyers in areas such as Belle Meade are less affected by economic downturns, and Germantown has become a hot new spot to live in the downtown area, says Shirley Zeitlin, owner of Zeitlin & Co.
But new homes going up in Germantown which command higher prices and a few high-priced home sales in Belle Meade could have helped bring up the average, says Richard Exton, principal appraiser at Manier & Exton Real Estate Appraisers.
Rural Joelton reported a 9 percent drop, the highest of the 38 areas, and one Franklin ZIP code, 37069 - the most expensive with an average price of $550,300 this year - saw a 3 percent drop in average price from $567,344 last year. MORE
Saturday, December 1, 2007
Deal in the Works To Freeze Rates on Subprime Loans - washingtonpost.com
Deal in the Works To Freeze Rates on Subprime Loans - washingtonpost.com:
"Mortgage rates for homeowners with spotty credit histories would be temporarily frozen under a nearly completed agreement between top Bush administration officials and a broad alliance of Wall Street's biggest banks, mortgage investors, nonprofits and consumer groups.
The plan, which could be announced next week, is designed to prevent soaring mortgage delinquencies from escalating into a full-blown foreclosure crisis that would threaten the broader economy, according to several people involved in or familiar with the discussions. " MORE
"Mortgage rates for homeowners with spotty credit histories would be temporarily frozen under a nearly completed agreement between top Bush administration officials and a broad alliance of Wall Street's biggest banks, mortgage investors, nonprofits and consumer groups.
The plan, which could be announced next week, is designed to prevent soaring mortgage delinquencies from escalating into a full-blown foreclosure crisis that would threaten the broader economy, according to several people involved in or familiar with the discussions. " MORE
Thursday, November 8, 2007
Thursday, November 1, 2007
North to Step Down - Rooker to Run
Tennessean.com Blogs » Blog Archive » North decides to move on: "by Michael Cass Davidson County Property Assessor Jo Ann North has decided not to seek re-election to a fifth term, she announced today. North, who has held the office since 1992, said she’ll endorse her top deputy, George Rooker, and serve as his campaign treasurer. The election will be held in February. “After consulting with my family, and great deliberation, I decided it was time to turn the reins over to someone else,” North said in a news release. “I can do so with great pride in the accomplishments achieved during my 15 years as assessor and with the knowledge that the office can be placed in good hands with George Rooker Jr. ready to step up and continue the progress.” The release said North implemented “numerous new technologies which have improved the accuracy of property appraisals.” North was the first woman ever elected to countywide office in Davidson County when she won an at-large seat on the Metro Council in 1979. She served in the council until 1991. She is married to Steve North, an attorney and former Circuit Court judge who serves on the Metro Sports Authority. Their son Mark is a member of the Metro school board. This entry was posted on Thursday, November 1st, 2007 at 12:42 pm and "
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