According to Real Trends- Zillow first gave the White House a Zestimate in January 2009.  At that time, Zillow estimated it was worth $308 million, based on the home’s physical attributes (132 rooms, 55,000 square feet), historical value and housing performance in the local Washington, DC market.  Today, as the President prepares to mark his first anniversary in office, Zillow estimates put the White House at a bit less: $292.5 million, a drop of $15.6 million, or 5.1 percent from last January.  But it’s not all bad news for the country’s most famous home. Just like most homes across the U.S., the White House’s decline in value over the past year was not as dramatic as it was the previous year. In 12 months from January 2008 to January 2009, the White House lost almost $24 million in value, or 7.2 percent.

Zestimate of the White House:

 
Thankfully, the President will not have to deal with lenders sluggish handling of Short Sales or Foreclosure.

Recently FHA announced updated guidelinesfor financing which become effective spring. In an effort to beef up their dwindling reserves- FHA added new costs in order to obtain an FHA loan. Home-buyers with a credit score less than 580, the minimum down-payment will be 10% and for credit scores above 580, the down-payment is still 3.5%.

Up front mortgage insurance premiums will be increased from 1.75% to 2.25% for all FHA borrowers.

Seller concessions will be capped at 3%, instead of 6%.This will impact a lot of buyers who have relied on the seller to cover all the closing costs. Since the premium is increasing and seller concessions are reduced, buyers will need to bring some money to the closing table.

The changes will effect the initial cost of all FHA financed homes and will be costlier for those with a lower credit score.

Stay tuned for more details about changes.

Good news for property owners around greater Cincinnati- we’re not listed in the recent Forbes Magazine article naming U.S. cities with the fastest-falling housing prices.

In order to compile the list Forbes used Altos Research-the January market update, which looks at asking prices, inventory and days on the market for single-family homes–but not condominiums–in 27 of the country’s closely watched real estate markets.The basis for Altos Research is analyzing homes for sale in each city’s Metropolitan Statistical Area.

The top 10:
1. San Diego-Carlsbad-San Marcos, Calif.
2. Salt Lake City, Ut.
3. Charlotte-Gastonia-Concord, N.C.-S.C.
4. Denver-Aurora, Co.
5. Portland-Vancouver-Beaverton, Or.-Wa.
6. Atlanta-Sandy Springs-Marietta, Ga.
7. San Jose-Sunnyvale-Santa Clara, Calif.
8. San Francisco-Oakland-Fremont, Calif.
9. Austin-Round Rock, Texas
10. Seattle-Tacoma-Bellevue, Wash.
 

Even though Housing Predictor projects over 8% increase in area sales prices-we need to remember that if it happens -it’s 8% over last year’s average prices.  And the 2009 average sale price was lower than 2008 and so on.

Stay tuned or subscribedto get the latest real estate news and stats.

  
The past week listing prices on single family homes decreased slightly or remained the same.  Buyers still control the marketplace and will continue to control the market until the excess inventory numbers decrease.

Below is the Market Action Reports for 6 zip-codes in the greater Cincinnati area:

45011

45014

45040

45069

45208

45233

This is the short version of the detailed information available for the zip-codes- call or email if you would like the details.

Related Articles: Last Week’s Stats

Fairfield and Fairfield T0wnship ended 2009 with slightly higher sales volume than 2008

According to the Multiple Listing Service of Greater Cincinnati real estate activity is shown below:

Data from Greater Cincinnati Multiple Listing Service

Data from Greater Cincinnati Multiple Listing Service

Sellers in Fairfield sold/closed 20 single family homes and 5 condos during December while Fairfield Township sold/closed 15 single family homes and 1 condo. Both the City and Township had fewer closings than the previous month.  Sold prices for single family homes in Fafield declined(slightly) while the Township’s home sale prices increased (slightly). 

Comparing 2008 to 2009 single family home sales increased by 20 units in Fairfield and 16 units in Fairfield Township.  Condo sales in Fairfield increased by 2 and the Township remained the same as 2008. However as sales pick up-prices have not.  Stay tuned during the first quarter of 2010 to see if the trend changes.

Email with questions or if you need more detailed information.