Still, it being Spring and "the season," people are looking. And there are anecdotal/data reports of properties around the $240K and "under $300K" price points that are selling right now (see Related Reading below, and go to links that indicate the post includes comments; look for Pavel Dovgalyuk and Greg Slater). This makes sense, as a buyer who qualifies for a mortgage of this amount will also be able to qualify for the first-time homebuyers tax credit of $8k, which has a salary limit of $75K for an individual, $150K for a couple.
But nationally, the news remains bleak. Yesterday, Chase, Wells Fargo, and other large banks announced that they would no longer delay foreclosures, which they'd done so borrowers could take advantage of the Obama Making Home Affordable program.
Bloomberg reports that despite the moratorium,
U.S. foreclosure filings rose to a record in the first quarter as employers cut jobs in the recession and temporary programs to delay action on defaults came to an end.
- A total of 803,489 properties received a default or auction notice or were seized, 24 percent more than a year earlier
- A flood of bank-owned properties is hitting the housing market as the U.S. recession deepens
- Mortgage applications declined last week for the first time in a month [11% decline--BB], a sign that even with borrowing rates below 5 percent may not be enough to spur a housing recovery.
What does this mean for this area? Time will how national data might impact sales...will local buyers continue to expect area prices to drop? And how much will foreclosures rise and impact pricing? The VA Housing Development Authority has said it expects foreclosures filing to rise in this area, at all price points, through 2011....
Meanwhile, here are some numbers, which despite sales, increase daily:
Area Housing Inventory - Currently listed on MLS
Cville: 202 single family homes
Albemarle: 695 single family homes
For the area, combined single family, townhouses, condos: 2430+/- (doesn't include Nelson, Staunton, Waynesboro, "The Valley," Buckingham, etc.)
Foreclosure Filings Climb to Record High in First Quarter 2009 - Bloomberg
Six Banks to Receive up to $9.9B for Mortgage Mods - CalculatedRisk
No End Yet For Downturn in Housing, New Data Suggest - NYT
VA Housing Development Authority on Cville Economic Outlook
The DP on CAAR's Q1 Report (Many comments from buyers and Realtors)
CAAR First Quarter Market Report (Many comments from buyers and Realtors)
Area Sales Significantly Down (Many comments from buyers and Realtors)
Median Home Prices in Cville, Alb, compared to 20 Other Markets
Gen Y Priced Out of Cville Market