Dear Mr. Johnson,
Thank you for your past correspondence. I'm writing to update you on a provision included in the American Recovery and Reinvestment Act, also known as the "stimulus" bill.
As a former realtor, I understand the benefits of homeownership. I also realize during this time of economic uncertainty, increasing incentives to purchase homes will increase consumer confidence in our economy. I have said for months now taking action on housing will immediately aid our economy. Providing a meaningful tax credit to homebuyers, I believe, would encourage homebuyers that are considering entering the market. I have consistently supported the idea of this type of tax credit and frankly, I believe a $15,000 tax credit to all homebuyers, without limits, is still not enough. This type of a credit should also be extended beyond one year and not contain any income limit caps. Earlier this week, I sent a letter to Speaker Nancy Pelosi and Republican Leader John Boehner, urging them to make housing a priority in the stimulus package. I've enclosed a copy of this letter for your review.
As of this afternoon, I still have not seen an official copy of the final legislation, although the Democratic leadership has told the media they have a bill. I have heard reports the Democratic leaders are reducing the amount of the credit from $15,000 to $7,500 and shortening the time homebuyers may receive the credit and limit it to first time homebuyers. If this is true, I strongly disagree with their actions. Again, we need more focus on housing if we are truly going get our economy back on track, not less.
Should you have questions about the tax credit, please feel free to contact my Legislative Assistant, Lindsay Vogtsberger. Although Lindsay works in my Washington, D.C. office, she may be reached through a local number at (614) 523.2555. Thanks again and I hope this update is helpful.
Sincerely,
Patrick J. Tiberi Representative to Congress
PJT/lv
Friday, February 13, 2009
Tuesday, February 10, 2009
Area housing steadily returning to normal, '08 figures show
Area housing steadily returning to normal, '08 figures show
(Jan. 22, 2009) While many markets struggled in 2008, central Ohio fared far better than Ohio and the nation, with inventory, sales and sale prices in keeping with pre-boom levels the Columbus Board of REALTORS® said today.
"Homes sold in 2008 were lower than the previous year, and the average sales price dipped a bit, but overall the local story was better than the national headlines would lead you to believe," said Gary Parsons, president of the Columbus Board of REALTORS®.
There were 13.5 percent fewer homes sold in central Ohio during 2008 - down from 24,445 sold in 2007 to 21,153 sold last year.
With 13,533 homes for sale last month, December marked the lowest inventory level since April 2005.
Record-high inventory significantly influenced home prices in 2008. Homes were priced more competitively and more homes sold in the lower price ranges, further skewing the average sales price.
The average sale price of a home in central Ohio last year was $163,732, down 5 percent from the 2007 average.
Lowering inventory levels is a key to returning the market to a balance between supply and demand, and ultimately bringing prices back up.
"Yes, 2008 was a challenging year, but when you compare a 5 percent average price drop to other parts of the country, not to mention Ohio, it's clear why Columbus is consistently considered a stable market," Parsons said.
"The declining inventory of homes, coupled with historically-low mortgage interest rates should prompt home price increases in 2009," Parsons added. "There's a reason we're telling our clients that now is a great time to buy is because the ability of buyers to stretch their housing dollar probably couldn't get much better."
Additional Statistics
To view residential properties for sale, visit www.Realtor.com.
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
(Jan. 22, 2009) While many markets struggled in 2008, central Ohio fared far better than Ohio and the nation, with inventory, sales and sale prices in keeping with pre-boom levels the Columbus Board of REALTORS® said today.
"Homes sold in 2008 were lower than the previous year, and the average sales price dipped a bit, but overall the local story was better than the national headlines would lead you to believe," said Gary Parsons, president of the Columbus Board of REALTORS®.
There were 13.5 percent fewer homes sold in central Ohio during 2008 - down from 24,445 sold in 2007 to 21,153 sold last year.
With 13,533 homes for sale last month, December marked the lowest inventory level since April 2005.
Record-high inventory significantly influenced home prices in 2008. Homes were priced more competitively and more homes sold in the lower price ranges, further skewing the average sales price.
The average sale price of a home in central Ohio last year was $163,732, down 5 percent from the 2007 average.
Lowering inventory levels is a key to returning the market to a balance between supply and demand, and ultimately bringing prices back up.
"Yes, 2008 was a challenging year, but when you compare a 5 percent average price drop to other parts of the country, not to mention Ohio, it's clear why Columbus is consistently considered a stable market," Parsons said.
"The declining inventory of homes, coupled with historically-low mortgage interest rates should prompt home price increases in 2009," Parsons added. "There's a reason we're telling our clients that now is a great time to buy is because the ability of buyers to stretch their housing dollar probably couldn't get much better."
Additional Statistics
To view residential properties for sale, visit www.Realtor.com.
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
Thursday, February 5, 2009
Have We All Lost The Ability to Think For Ourselves?
Have We All Lost The Ability to Think For Ourselves?
Published on Friday, January 23, 2009, 9:06 AM Last Update: 15 hour(s) ago by Randy Eagar
Tags: economy housing foreclosure unemployment government
Every time I read the paper or listen to the news, I get mad. Really mad. In the last 30 days, the New York Times published the following headlines: “Plunging Housing Markets . . . Down Again”“Home Prices Suffer Record Monthly Drop”“Bank Closures at All Time High in 2008”
“Credit Crisis Waves Roll On”“Growing Market in Foreclosures”“Foreclosure Rates Show No Sign of Slowing”“States Unemployment Funds Run Low”And the bad news goes on and on, causing panic and fear until we become our own worst self-fulfilling prophecy. Here’s my beef. It's media hype. No it's worse than media hype. It's a vast media distortion, used to sensationalize and sell the news. It's not the first time the media has done this, but now it has hit close to home. Close to your home, close to your client's home and your livelihood. The result is that the American homebuyer is naively buying the lie and hesitating to buy that home they need. Another beef I have is that perhaps even a few of you Realtors reading this artilce have been sitting in your own family rooms reading and watching those headlines, and you've believed the hype yourselves. Why? Because, like me and everyone else who reads the papers, watches it on the TV and hears it on the radio, we think that just because the mainstream media says it, then, by golly, it's gotta be true. Pundits know that if they repeat anything long enough, people believe it. Well I’ve got a few surprising facts here that were shared in a speech given by my good friend Utah Lieutenant Governor Gary Herbert. He and I worked together years ago to establish the Utah Chapter of the Council of Residential Specialists. OK, here's what he shared with us:“Bank Closures at an All Time High in 2008”. Hogwash!
In 1989 there were 1,004 bank closures.
In 2008 there were 30 bank closures
On average there are 94 bank closures per year
“Foreclosure Rates Show No Sign of Slowing”. Baloney!
During the Great Depression Foreclosure Rates were 50%
Nationally today our Foreclosure Rates are 3% (1.4% in Utah)
“States Unemployment Funds Run Low”. Ridiculous!
During the Great Depression Unemployment ran at 25%
Nationally today our Unemployment is 7.2%
As Realtors, I challenge you to join me in confronting the main stream media in your own locations. Spread this information on your blogs, and in all your social networking. It's the real truth. It's not hype. I say let’s fight back and take back the one industry that is at the heart of the American Dream -- the Real Estate Industry -- and bring this whole mess, this nation and the world back from chaos. The one best weapon that you have at your disposal is the truth! Are times right now bad? Yes. Do we have a shaky market? Yes. But FDR's famous statement applies: "The only thing we need to fear is fear itself." It's time to start looking at our glass as 93% full rather than 7% empty. We need to look at putting 15-20% down payment and say what’s wrong with that? That's been a standard in real estate for years - a safe standard. We need to look at qualifying procedures and make sure that we are selling homes to people who can afford them. We are the grass roots of the economy, and we can make a difference. We can take it back. All we need to do is to tell our buyers and sellers the truth about what is going on and stop the panic. If there is insanity going on it is in the pundits that look for all the bad news to make sensationalism sell their message.Our message should be: "America is good. America is strong. America is proud!"
Published on Friday, January 23, 2009, 9:06 AM Last Update: 15 hour(s) ago by Randy Eagar
Tags: economy housing foreclosure unemployment government
Every time I read the paper or listen to the news, I get mad. Really mad. In the last 30 days, the New York Times published the following headlines: “Plunging Housing Markets . . . Down Again”“Home Prices Suffer Record Monthly Drop”“Bank Closures at All Time High in 2008”
“Credit Crisis Waves Roll On”“Growing Market in Foreclosures”“Foreclosure Rates Show No Sign of Slowing”“States Unemployment Funds Run Low”And the bad news goes on and on, causing panic and fear until we become our own worst self-fulfilling prophecy. Here’s my beef. It's media hype. No it's worse than media hype. It's a vast media distortion, used to sensationalize and sell the news. It's not the first time the media has done this, but now it has hit close to home. Close to your home, close to your client's home and your livelihood. The result is that the American homebuyer is naively buying the lie and hesitating to buy that home they need. Another beef I have is that perhaps even a few of you Realtors reading this artilce have been sitting in your own family rooms reading and watching those headlines, and you've believed the hype yourselves. Why? Because, like me and everyone else who reads the papers, watches it on the TV and hears it on the radio, we think that just because the mainstream media says it, then, by golly, it's gotta be true. Pundits know that if they repeat anything long enough, people believe it. Well I’ve got a few surprising facts here that were shared in a speech given by my good friend Utah Lieutenant Governor Gary Herbert. He and I worked together years ago to establish the Utah Chapter of the Council of Residential Specialists. OK, here's what he shared with us:“Bank Closures at an All Time High in 2008”. Hogwash!
In 1989 there were 1,004 bank closures.
In 2008 there were 30 bank closures
On average there are 94 bank closures per year
“Foreclosure Rates Show No Sign of Slowing”. Baloney!
During the Great Depression Foreclosure Rates were 50%
Nationally today our Foreclosure Rates are 3% (1.4% in Utah)
“States Unemployment Funds Run Low”. Ridiculous!
During the Great Depression Unemployment ran at 25%
Nationally today our Unemployment is 7.2%
As Realtors, I challenge you to join me in confronting the main stream media in your own locations. Spread this information on your blogs, and in all your social networking. It's the real truth. It's not hype. I say let’s fight back and take back the one industry that is at the heart of the American Dream -- the Real Estate Industry -- and bring this whole mess, this nation and the world back from chaos. The one best weapon that you have at your disposal is the truth! Are times right now bad? Yes. Do we have a shaky market? Yes. But FDR's famous statement applies: "The only thing we need to fear is fear itself." It's time to start looking at our glass as 93% full rather than 7% empty. We need to look at putting 15-20% down payment and say what’s wrong with that? That's been a standard in real estate for years - a safe standard. We need to look at qualifying procedures and make sure that we are selling homes to people who can afford them. We are the grass roots of the economy, and we can make a difference. We can take it back. All we need to do is to tell our buyers and sellers the truth about what is going on and stop the panic. If there is insanity going on it is in the pundits that look for all the bad news to make sensationalism sell their message.Our message should be: "America is good. America is strong. America is proud!"
Thursday, January 29, 2009
“IT’S A CRUEL, CRUEL SUMMER LEAVING ME HERE ON MY OWN. From 80’s band Bananarama and that’s exactly what potential home buyers and refinancers who stay on the sidelines might be singing.
Although home loan rates are very attractive now, the picture could be quite different as some inflationary factors will likely come to light heading into summer. Oil prices may be on the rise as we approach the summer driving season, some of the economic stimulus might begin to take hold, corporate cost-cutting measures could start to bear fruit, and, perhaps most importantly, the Fed will no longer be a buyer of Mortgage Bonds. These are all ingredients in a recipe that could very easily result in significantly higher interest rates this summer...so if you have been thinking about acting on a home loan, do not delay.
But with no hint of inflation in the current market, why would Bond traders be fearful now? Are they listening to strange voices and what did they say? The forward looking markets got an earful from Fed Governor Frederic Mishkin last week….and he’s not the only one. Mishkin said that “inflation could come to the forefront, given all of the government programs”, and “once the economy recovers. Liquidity must be taken out of the markets”...meaning the Fed may need to rapidly hike rates down the road, to control the potential of inflation.
In other news, Stocks around the globe faced heavy selling pressure last week on renewed fears of the deepening worldwide economic slump….and this despite better than expected earnings from Google and IBM, as well as GE meeting earnings expectations. Even with the downward pressure on Stocks which can sometimes benefit Bonds, the mention of the “I” word left its mark, with home loan rates ending the week around .25% higher than where they began."
The proceeding article courtesy of Julie Vore via Fifth Third Bank Financial Markets update newsletter
Although home loan rates are very attractive now, the picture could be quite different as some inflationary factors will likely come to light heading into summer. Oil prices may be on the rise as we approach the summer driving season, some of the economic stimulus might begin to take hold, corporate cost-cutting measures could start to bear fruit, and, perhaps most importantly, the Fed will no longer be a buyer of Mortgage Bonds. These are all ingredients in a recipe that could very easily result in significantly higher interest rates this summer...so if you have been thinking about acting on a home loan, do not delay.
But with no hint of inflation in the current market, why would Bond traders be fearful now? Are they listening to strange voices and what did they say? The forward looking markets got an earful from Fed Governor Frederic Mishkin last week….and he’s not the only one. Mishkin said that “inflation could come to the forefront, given all of the government programs”, and “once the economy recovers. Liquidity must be taken out of the markets”...meaning the Fed may need to rapidly hike rates down the road, to control the potential of inflation.
In other news, Stocks around the globe faced heavy selling pressure last week on renewed fears of the deepening worldwide economic slump….and this despite better than expected earnings from Google and IBM, as well as GE meeting earnings expectations. Even with the downward pressure on Stocks which can sometimes benefit Bonds, the mention of the “I” word left its mark, with home loan rates ending the week around .25% higher than where they began."
The proceeding article courtesy of Julie Vore via Fifth Third Bank Financial Markets update newsletter
Wednesday, October 15, 2008
Fuzzy Facts make for Fuzzy thoughts.
Last week I wrote " Bail Out or Bust" referencing the statistics for one of my listings on Realtor.com. I copied the chart from realtor .com on Monday of last week. Today Wednesday I am copying the latest chart...Do you see what I see???...How is anyone suppose to know what is happening in today's market when even your own organization seems to have a major problem with the accuracy and reliability of its data...Back to the horse and buggy...
A great Real Estate lesson for all..
This is a great to the point article. A similar situation happened to me just recently. I had comped out a house more than 8 months ago. When you look at the current properties that were on the market we were now overpriced. When you looked at past sales from January 1,2008 through last week we were actually under priced..the market was falling right before our very eyes. It is very hard to tell the intensity of the storm when your standing in the eye of the hurricane.
This is from the Sunday Dispatch.
REAL ESTATE MATTERS
In a tough market, best-looking and best-priced house sells
Sunday, October 12, 2008 3:29 AM
By ILYCE GLINK
Q: What do you think of a Realtor who at first told me that my house shows well but now tells me to pack up my clutter and get it out of the house?
I've had my house on the market for five months and haven't had an offer. She also told me that the house I live in is the most frequently sold type in my area. Two couples came through the house and didn't like the floor plan. I think she lied to me. What do you think?
A: I think we're in the worst housing market in more than 30 years. Five months ago, your agent might have thought your house showed well and was priced competitively with other homes on the market.
But in a tough market, your home might show well but not as well as other homes for sale in your neighborhood. If you want to sell, your house has to look the best and be priced lower than comparable homes in the area.
Your house style also might have sold better than others in your subdivision. Just because two couples came through and didn't like the floor plan doesn't mean that your agent is lying to you.
In a tough market, you'll sell only if you stage your house so that it looks like a developer's model home -- then price it lower than just about everything else in the neighborhood.
This is from the Sunday Dispatch.
REAL ESTATE MATTERS
In a tough market, best-looking and best-priced house sells
Sunday, October 12, 2008 3:29 AM
By ILYCE GLINK
Q: What do you think of a Realtor who at first told me that my house shows well but now tells me to pack up my clutter and get it out of the house?
I've had my house on the market for five months and haven't had an offer. She also told me that the house I live in is the most frequently sold type in my area. Two couples came through the house and didn't like the floor plan. I think she lied to me. What do you think?
A: I think we're in the worst housing market in more than 30 years. Five months ago, your agent might have thought your house showed well and was priced competitively with other homes on the market.
But in a tough market, your home might show well but not as well as other homes for sale in your neighborhood. If you want to sell, your house has to look the best and be priced lower than comparable homes in the area.
Your house style also might have sold better than others in your subdivision. Just because two couples came through and didn't like the floor plan doesn't mean that your agent is lying to you.
In a tough market, you'll sell only if you stage your house so that it looks like a developer's model home -- then price it lower than just about everything else in the neighborhood.
Monday, October 6, 2008
Bail Out or Bust
Real Estate sales are dependent on consumer confidence..The bail out passing was said to boost consumers interest in the market place instilling confidence that money would be available to lend( btw... all of my clients and any realtor that I have talked to in the last month have had no problem securing loans for their clients), as part of an experiment I'm posting these stats..they are of a property that I have listed in The Victorian Village area, a market place in Greater Columbus that is thought to have not felt the market pressures as much as other areas due to its proximity to the downtown , the university and of course a plethora of great restaurants and clubs. Please view the stats from Realtor dot com week ending 10/05 total 53 and then look at the highest views week ending 08/03 that total 446...stay tuned for next weeks stats...and we will see if its Bail Out or Bust... JP
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