Housing Scorecard Shows Some Progress in Mercer County

Even with the gloomy economic news, and even gloomier real estate news released this week, Mercer County, and Hamilton specifically, are showing some progress.  For a complete report of recent sales numbers, read my Active Rain blog on Mercer County July Sales Report.  While numbers of sales have declined, prices have climbed over the past few months.  And nationwide, there has been some improvement.

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury have released the August edition of the Obama Administration’s Housing Scorecard (www.hud.gov/scorecard), a comprehensive report on the nation’s housing market. In July, housing prices remained level after 30 straight months of decline, while some price predictions have improved. In addition, historic low interest rates continued to promote home affordability and refinancing options for the nation’s families. However, the market remains fragile with foreclosure starts showing a slight increase and serious delinquencies continuing to work through the pipeline.

Some key data from the report include:

• Stabilizing housing prices drive improving expectations in some regions. After 30 straight months of decline, home prices have leveled off in the past year; futures indices have shifted upward since January 2009 as signs of recovery continue, although overall housing outlook measures remain mixed.
• More than 4.2 million families have benefited from housing counseling since April 2009. Working with a HUD-approved housing counselor can help borrowers manage debts apart from a mortgage – car payments, credit cards and personal loans, for example – and help them avoid falling into default.
• Data in the scorecard show that the recovery in the housing market continues to remain fragile, with some measures suggesting recovery will take place over time. For example, foreclosure starts went up slightly in July from the previous month, but remain well below July 2009 levels.

We have our share of short sales and foreclosures and bank-owned properties overwhelming our Mercer County housing market.  Until these are absorbed, and folks can get back to work and bring their mortgages current, the housing market here will remain "fragile." 

I'm experienced in representing buyers and sellers in short sale situations, so if you are having trouble making your mortgage payment, call or email me now.  You have options to foreclosure if you don't wait too long.

Joe Giancarli, SA
Short Sale Specialist
Real Estate Advisor
jgiancarli@remax.net
609-658-2612
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli