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Brian Curran
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 January 21, 2007
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Housing Has Weathered The Storm
by Realty Times Staff
Many housing analysts were glad when 2006 was over. The year ended with existing-home sales 9 percent lower than in 2005 and home-price appreciation closing out the year essentially flat. The more cyclical new home sales are projected to finish the year 18 percent below that of last year, and post a reduction in prices.
But there is good news: the market has essentially already bottomed. The pace of existing-home sales is expected to rise in the first quarter of 2007 -- on a seasonally adjusted basis -- from its current 6.2-million-unit pace to 6.3 million. Home prices, which have been falling since August, will follow this positive sales trend and begin to strengthen by the second quarter. By this time next year, sales will be higher by 5 percent, with home prices rising 2 percent.
It is true that on a year-over-year basis - which is the preferred method of reporting by the media, particularly at the local level -- sales will continue to be negative well into the first half of 2007. In some hard-hit markets like Florida and Arizona, home sales have been compressed drastically in 2006. The constant reporting of 30 to 40 percent sales declines by local media has dissuaded many sideline homebuyers from making an actual purchase. Fortunately though, that same compression means a lower base with which to compare in 2007. more>
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Economic Calendar
Important economic indicators and release dates.
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For Some, It's Time To Appeal Property Tax Bills
by Broderick Perkins
Pay close attention to your next property tax bill. Your home may be worth less than the local tax assessor or taxing agency believes and that could mean a smaller property tax bill.
However, unless the assessor takes it upon himself or herself to perform a wholesale property tax reduction for all properties -- rare, but possible -- it's up to you to appeal your tax bill.
"An overvalued, over assessed property is one of the most common and successful grounds for challenging your tax bill," says Eric Cunliffe, a senior vice president with RealEstate.com.
Generally, when home prices rise, so do property taxes, which are tied to a home's value. Conversely, when home values fall, so do those same property taxes.
The problem is, many taxing more>
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National City Mortgage
5510 Six Forks Road, Ste. 107
Raleigh, NC 27609
(919) 848-2117 x225
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A division of National City Bank. All loans subject to credit approval and property appraisal. |
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Brian Curran
Apex,
NC
More about me…
National City Mortgage Company
Office Phone: (919) 848-2117 x 225
Cell Phone: (919) 538-1491
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