Mortgage Market Good and Home Sales are Up

In today’s Washington Post Kenneth Harney wrote: Loan terms and credit underwriting standards have been toughened up, but you can still put down 3 percent (3.5 percent after Jan. 1) on an FHA-insured mortgage and 5 percent on certain Fannie Mae and Freddie Mac loan programs with private mortgage insurance. The FHA’s credit standards are generous and forgiving — the agency exists to help people …

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Northern Virginia Real Estate Market Update

The housing rate in Northern Virginia (defined as Arlington, Alexandria, Fairfax County, Fairfax City, and Falls Church City) sold at a rate of 19.5% in September.  This number is down slightly from the previous month, but almost double the 10.5% rate from September of 2007. The statistics continue to show an improving market.  The real test for this market will come next month when the …

Fairfax City Market Update

Below is a spreadsheet with the number of sales and listings in the City of Fairfax each month for the las 2.5 years.  The September numbers show that 18% of the homes on the market in Fairfax City sold.  This implies a 6 month market for the city.  I always hesitate to say that for the Fairfax City numbers because it is such a small …

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Can you Win in this Real Estate Market?

As I write this the whole world is going through an economic crisis.  Congress just passed a bill to “bail-out” Wall Street.  Stock markets all over the world have tumbled, and some have closed their markets to avoid further losses.  The main issue in the presidential debate has become the economy.  Voters want to know which candidate can get us out of “this mess we’re …