More Great Housing Data!

As the final days of summer start to wane, Twin Cities home buyers posted their 14th consecutive week of double-digit, year-over-year gains. For the week ending August 13, there were 47.4 percent more purchase agreements signed than during the same week last year. A total of 952 buyers entered contract.

Sellers continued their slowdown, introducing only 1,387 new properties to the marketplace. That's 13.7 percent fewer than last year at this time. Slowed listings and comparatively strong sales figures have helped inventory levels post their largest weekly decline on record. The 24,232 active listings for sale were down 19.7 percent from last year. That record will likely be broken next week.

Renewed economic uncertainties combined with the Fed's announcement to maintain low interest rates could motivate some buyers to postpone their purchases. Though apparent in financial markets, the trepidation has yet to show up in local housing numbers. July's monthly data actually brought relief to some critical market indicators. Price declines are shrinking along with seller concessions, and absorption rates are finally moving in the right direction – toward balance.

This is all good news as those that want to sell have less competition. Those that are buying still have enough to choose from and rates are at historic lows! Now is a great time to buy or sell. Fill out this form if there is anything I can do for you.

Twin Cities homes sales in June rose 33%

Sales are up for the 12th straight month, but a sizable chunk of the sales were from foreclosures and other "distressed" deals.

Expect more decline

Homes prices should decline another 15 to 20% through 2010. Defaulting is shifting from low-end to middle and upper-end homes which is distorting average home price data but is extremely bad news. Expect housing inventory to surge later this year as various stop-gap solution run their course ($8000 homeowner tax credit, ultra-low interest rates) and the economic situation continues to deteriorate. Email me for more information!

There was at least some good news for homeowners in the June housing report from Twin Cities Realtors groups. But the timing of a housing recovery still depends on when the influx of foreclosed homes into the market subsides.

Pending home sales in the metro area in June were up 33.7 percent from this time last year, to 5,183. That number was the highest for the month of June since 2005, and marked 12 consecutive months of year-to-year increases, the Minneapolis Area Association of Realtors said Friday.

In another favorable trend, the number of properties for sale at the end of June dropped 21.6 percent from a year ago, to 26,204, the Realtors association said. The more scarce property is, the higher the price is likely to be.

"Sellers still face a challenging market, but things look better for them than they have in a while," said Brad Fisher, president-elect of the Realtors association.

In the Twin Cities, the housing market is showing slow improvement. Closed sales for June were up 20 percent, but more than 40 percent of those sales were the result of foreclosures or "short sales," where the lender agrees to a sale for less than the amount of the mortgage.

Still, the percentage of home sales that were the result of foreclosures or short sales was down from 59.7 percent in January.

"The fact that short sales and foreclosures are coming down as a percent of total home sales is a good sign that could lead to at least a short-term bounce in housing values," said Scott Anderson, vice president and senior economist at Wells Fargo & Co. in Minneapolis. "But some economists worry that there could be another flood of foreclosures because of the rising unemployment rate and the weak labor market."January.

"The fact that short sales and foreclosures are coming down as a percent of total home sales is a good sign that could lead to at least a short-term bounce in housing values," said Scott Anderson, vice president and senior economist at Wells Fargo & Co. in Minneapolis. "But some economists worry that there could be another flood of foreclosures because of the rising unemployment rate and the weak labor market."

Greg Sax, a spokesman for the Minneapolis Area Association of Realtors, agreed.

"It's hard to say when we'll get to the end of the foreclosure crisis, because there may be more coming that we don't know about yet," Sax said. "That's why we don't want to paint too rosy a picture."

Greg Sax, a spokesman for the Minneapolis Area Association of Realtors, agreed.

"It's hard to say when we'll get to the end of the foreclosure crisis, because there may be more coming that we don't know about yet," Sax said. "That's why we don't want to paint too rosy a picture." Email me for more information!

Who's Your President?

www.go2joe.com

Well it's finally here! A new President? A new Senator? No! The marathon of campaign ads are finally over! The day has come where we can finally turn on the television and watch our favorite shows without listening to all the fighting!

Recently we have been so pounded by political ads many people are afraid to turn on the TV! It's he said, she said, and then some! Hollywood has too much money so they vote for fun. We the working stiffs hope we vote for the person that eases the pain our family and friends feel.

So who do you vote for to change our country? If only we could vote for Fonzie. Aurthur Fonzerelli from Milwaukee Wisconsin. Imagine Fonzie meeting with Mahmoud Ahmadinejad the president of Iran. "You got Nukes?" President Fonzie says HEEEEEEEY thats not cool. The peace talks at Arnold's are over with a sock hop and chocolate shake to celebrate!

We all are hoping for the best for everyone as we cast our vote tomorrow. I have heard people complaining they have to get up early and make it to the polls before work to vote. They have to skip lunch or leave work early to vote. As we contemplate this great expense, we need to remember a simple but important point. Thousands and thousands of people have given their lives selflessly for us to stand in line and cast our vote to determine our next leaders. This is a gift most of the world does not get.

If only it was as simple as voting for Fonzie. It's unfortunately not. Vote true to your heart and those that have sacrificed to give us this right, will deam the cost justified. Appreciate this great gift, and get out and vote! Joe Koltes

go2joe first blog!

www.go2joe.com

Some time ago my wife and I were looking for someone to stain our new deck. I had woked my tail off on it and wanted it to look great! I asked around friends and family and nobody could come up with somebody to refer me to. I looked in a local paper and answered an ad "Great painting, great rates."

Me of course being raised very conservative "cheap" my friends would say, wanted a great deal. I remember my dad teaching me to be frugal, not wasteful! I still contend I'm frugal. Nonetheless my painter showed up and did the job. My wife had picked out a wonderful color; a very light shade of grey that would accent our home to a tee. It was a perfect weekend as we left for her folks place and enjoyed the weekend on Lake O'brien. I had finished the deck and we would leave it to the painter to put on the finishing touches.

Arriving at home late in the afternoon on Sunday, we noticed the neighbors in the yard hangin' out laughing uncontrollably. We thought nothing of it as we had a great neighborhood full of kids and laughter! We were excited to see our new deck. We turned the corner and looked in horror as our new deck was the most hideous color of "battleship gray" we had ever seen!

We of course called the painter and after several arguments, he repainted the deck with the color we originally picked. We were finally happy, but it took several weeks and conversations to get there! This was a life lesson we would never forget. Get a referral, and do not hire the "cheap guy!"

I have personally been involved in new construction for over 18 years. I have run into some of the best people working in the field you could ever find. It has always been my thought to create a site where the public could go to to find the skilled hard working guy that goes unnoticed.

Which brings me to my new site http://www.go2joe.com dedicated to all the people I trust, and would highly recommend to anybody looking for a highly skilled professional, at a very reasonable price. There are 4 simple yet important, qualities of everyone listed on this site. Professional, hardworking, honest, and their service will come at a fair price.

Thank you for visiting our site, and using the highly skilled workers on it.