Fishers, IN Real Estate News

By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Home sales drop 7.2% According to the National Association of Realtors (NAR), existing-home sales fell in January but are above year-ago levels. Economists polled by Thomson Reuters had forecast that completed sales last month rose almost 1% to a seasonally adjusted annual rate of 5.5 million, up from 5.45 million in December. Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2% to a seasonally adjusted annual rate1 of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009. Total housing inventory at the end of January ...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Home prices falling According to Fiserv, a division of Moody's Economy.com, the average home price in the United States will fall by about 6% by September 2011. Most of the projected home price decline will occur during the usually slow summer months of 2010. After that, prices should begin to stabilize, according to Fiserv, and stay almost flat through fall of 2011. The main reason for continued decline, according to Mark Zandi, economist and co-founder of Economy.com, is foreclosures -- the same thing that's plagued markets for the past three years. He figures there are at least 4.5 million mortgage loans either in foreclosure or clearly head...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi NAR - Short sale help On April 5, 2010, the U.S. government will implement the Home Affordable Foreclosure Alternatives Program. Part of the Home Affordable Modification Program, HAFA helps homeowners who are unable to retain their home under HAMP by simplifying and streamlining the use of short sales and deeds-in-lieu of foreclosures. Homeowners must meet certain requirements to participate and incentive payments are provided to homeowners and servicers. To help Realtors understand HAFA and its guidelines, NAR has released a brochure about the Home Affordable Foreclosure Alternatives Program and additional resources online, including governmen...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Fed raises discount rate The Federal Reserve said yesterday it is raising the rate it charges banks that borrow from the central bank when they run short of funds by a quarter percentage point, or 25 basis points, to 0.75%. The central bank said in a statement it made the move in response to improving financial market conditions. Don't everyone panic here, because the move is largely symbolic - banks do little borrowing at the discount window and the discount rate has no effect on the more widely watched federal funds rate, which measures the rate banks charge each other for overnight loans. That rate is expected to remain between 0% and 0.25% ...
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By Cindy Marchant, "Cindy in Indy" , Realtor, Fishers Real Estate
(Keller Williams Indy NE 317-290-7775 www.marchantteam.com)
In about a month when the temperatures start to warm up and the snow melts away, many people will enter the first time home buyer's market.  The interest rates were below 5% last week and the inventory is still strong.  Add to that the $8,000 first time buyer tax credit sunsets for contracts written after 4/30/10 and a perfect storm awaits.  There usually are a lot of questions for the first time home buyer such as: What is PMI? Should I buy an older resale or build new construction? How do I find the best deals? Do I really need to use a Realtor? How much do I need to put down? How much can I afford? The list is endless depending on how much you have researched or perhaps even who you know.  I have a First Time Home Buyer's Class on the last Thursday of each month from 7:00 to 8:00.  R...
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By Indianapolis Realtor
(ICON Realty Partners, LLC - Indianapolis)
Fishers Indiana home builders pulled 18% more permits in January 2010 that they did in Janaury 2009. This is great news for builders and the market as buyers continue to take advantage of the first and second time buyer tax credit. In January 2009, which seems to be around the bottom for builders in Fisher, builders pulled 22 new homebuilding permits. That compares to 26 new permits pulled last month.  These numbers don't really compare to Carmel by comparison.  In Carmel, they pulled 280% more permits. Most production builders and a few custom builders had the ability to sell a new (from the ground up) home in Janaury and have it finished before the tax credit expires in June. Some builders still say they can sell and complete a new home in Carmel house in enough time. If you are consi...
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By Pat Haddad, ABR, CRS, ePRO, GRI, Carmel, Fishers, Westfield IN Real Estate Expert
(Keller Williams Indianapolis Metro NE)
I learned something about myself during a visit last weekend to the newly-opened Fishers Tasting Room & Wine Bar. The revelation is stunning: I'm not much of a wine connoisseur.  I pretty much enjoy one kind of wine, and one alone. Pinot grigio is my beverage of choice, whether the accompanying meal is bouillon, bouballaise, or bratwurst. It's an admission that probably shoots shivers of revulsion straight up the spines of true wine lovers, but it's the truth and I'm not embarrassed to say so! My less than daring wine preference didn't stop me from enjoying Fishers' newest entertainment venue, though. My husband and I had fun challenging each other to identify the flavors advertised in the wines we sampled. He claimed to savor the cherries, chocolate, olives (really!) and anything else ...
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By Cindy Marchant, "Cindy in Indy" , Realtor, Fishers Real Estate
(Keller Williams Indy NE 317-290-7775 www.marchantteam.com)
The Fishers Blog is meant to educate both buyers and sellers on the reasons to use a Fishers Realtor, create information about Fisher Neighborhoods, specifically appreciation rates and summaries and also address more global issues such as today.  This is a You-Tube video from the Keller Williams office that profiles a first time buyer nationally.   The first time home buyer credit of $8,000 expires for contracts not written by 4/30/10; they must close by 6/30/10.  This is the same deadline for the "repeat buyers" credit of $6,500.  Remember that "repeat buyer" does not mean you have to move up.  A "repeat buyer" just has to move from one residence to another. Keep in mind that the Marchant Team provides monthly First Time Buyer classes on the last Thursday of every month. We have a home...
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By Pat Haddad, ABR, CRS, ePRO, GRI, Carmel, Fishers, Westfield IN Real Estate Expert
(Keller Williams Indianapolis Metro NE)
When I blogged not long ago about the many reasons residents love Fishers Indiana, I included the trail system as both a positive and a negative.  Positive in that pedestrian trails run throughout the town and connect many Fishers Indiana neighborhoods and amenities.  Negative in that those trails often end abruptly, forcing pedestrians to brave traffic or dash across busy streets.  So, I'm thrilled to report that this year the Town of Fishers will add approximately 5 miles of trails around town!  The new trails will primarily link the 60-plus miles of existing trails found along most major roads and subdivisions.  I can already hear the cheers of Fishers' frustrated walkers, runners and cyclists!  This is the sort of improvement that will ensure Fishers continues to be ranked as one of...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Mortgage delinquencies continue to climb According to credit reporting agency TransUnion, 6.89% of mortgage payments were 60 or more days past due in Q409 - up from 4.58% in the final three months of 2008. The previous record delinquency rate was 6.25% in the third quarter of 2009. FJ Guarrera, vice president of TransUnion's financial services business unit, says the fourth-quarter uptick was due in part to normal seasonal spending shifts. Consumers are more likely to have trouble paying bills during the last few months of the year as they run low on cash because of holiday spending. But he says that even accounting for normal season patterns, ...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Home ownership lowest in a decade According to US Census Bureau data, the homeownership rate dipped in Q409, bringing the rate of homeowners at its lowest point since the second quarter of the year 2000. The Q409 rate of 67.2% is down slightly from Q309’s rate of 67.6%, and is also down from Q408, when the homeownership rate was 67.5%. Seasonally adjusted, the Q409 rate was 67.3%, down from the seasonally adjusted rate of 67.4% in Q309 and 67.6% in Q408. The seasonally adjusted homeownership rate is also at its lowest level since Q200. Regionally, The biggest drop was in the South, where the rate declined to 69.1% from 69.7% in Q309 and 69.8% i...
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By Michael Taylor
(Red Door Real Estate)
Here is a look at the first installment of the market reports for the Fishers real estate market for 2010:   2008 2009 % Change Active N/A 592 Homes Sold 67 58 -13% Average Selling Price $205,432 $226,622 10% Days on Market 78 69 -12% Price Per Square Foot $87 $93 7% Sales Price / List Price 95% 97% 2%   January saw some mixed numbers with a 13% decrease in the number of homes sold and a 10% increase in the average sales price. They days on the market were down and the price per square foot was up. I sort of expected a lackluster January because of the upcoming tax credit expiration. We still have a few months for this and people’s nature will be to procrastinate. We should see steady increases as this draws nearer in April. If you are thinking about buying or selling Fishers real esta...
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By Cindy Marchant, "Cindy in Indy" , Realtor, Fishers Real Estate
(Keller Williams Indy NE 317-290-7775 www.marchantteam.com)
It doesn't look like good news for the Fishers Real Estate market as we begin 2010, the number of units sold is down 12% from last year at this time.  The percentage of distressed property or new home construction in Fishers is consistent at about 20% of the inventory sold for these categories in both 2009 and 2010. I can provide some good news though in analyzing this data.  The average price per sq ft and the days on market both saw significant improvements.  When I do this analysis, I look at everything that sold that was less than $500,000 because those properties can skew the numbers somewhat. In 2009, the average price per sq ft for homes sold in Fishers (both Delaware and Fall Creek) was $86 and the DOM were 80. In 2010, the average price per sq ft was $93 which is an 8% increase...
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By Pat Haddad, ABR, CRS, ePRO, GRI, Carmel, Fishers, Westfield IN Real Estate Expert
(Keller Williams Indianapolis Metro NE)
Beautiful and unique neighborhoods abound in Fishers Indiana, which may be one of the many reasons it's consistently named a top place to live in the United States!  One of my favorite Fishers neighborhoods is Saxony.  A modern take on an old-fashioned neighborhood, Saxony is a refreshing departure from typical suburbia. Architecture reminiscent of the mid-1800s, wrap-around porches and antique-style street lamps all lend to the vintage feel of the neighborhood, which includes luxury townhomes, cottages, and executive homes. The residential section is part of the larger Saxony campus concept which includes restaurants, shops and businesses. Home prices range from the low 200s to the high 600s. Saxony is conveniently located off I69, exit 10. The Hamilton Town Center with outdoor shoppin...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Permanent Modifications Showing Slight Improvement According to a report from Barclays Capital, modification rates picked up over December and January as servicers converted more trials into permanent modifications under the Home Affordable Modification Program (HAMP). According to the latest HAMP progress report from the Treasury, servicers provided more than 66,000 permanent modifications through December. Participating servicers receive more than $35 billion in total capped incentives, but the program could reach as high as $50 billion. Modification rates “turned a corner” in October 2009, according to BarCap analysts, congruent with the ris...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Home loans delinquencies at 10% According to Lender Processing Services, home-loan delinquency rates in the US reached 10% in December, up from the record-high 9.97% in November. Accounting for foreclosures in the pipeline, the total non-current rate stands at 13.3%, according to the data in the LPS database. When extrapolated for the entire mortgage industry, 7.2 million mortgage loans are behind on their payments. Earlier in January, Fitch Ratings reported the delinquency rate among prime jumbo residential mortgage-backed securities (RMBS) almost tripled to 9.2% in December 2009. For the amount of loans current at the end of 2008, 4.64% fell ...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Fannie and Freddie failing Freddie Mac and Fannie Mae were among the first big financial institutions to receive massive federal bailouts after the financial crisis hit in 2008. Government officials have been racing to fix bailed-out car makers and banks and are pushing to reshape the financial-services industry. But Fannie and Freddie remain troubled wards of the state, with no blueprints for the future and no clear exit strategy for the government. Nearly a year and a half after the outbreak of the global economic crisis, many of the problems that contributed to it haven't yet been tamed. The U.S. has no system in place to tackle a failure of...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi 20% of homes underwater Real estate website Zillow.com says one of every five U.S. home owners owed more on their mortgage than their home was worth in the fourth quarter. The percentage of American single-family homes with mortgages in negative equity rose to 21.4% in the fourth quarter from 21% in the third quarter, according to the Zillow Real Estate Market Reports. U.S. home values declined again in the fourth quarter, as the Zillow Home Value Index fell 5% year-over-year and down 0.5% quarter-over-quarter, to $186,200. It was the 12th consecutive quarter of year-over-year declines, the reports showed. "The prevalence of markets in or near ...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Foreclosures down - but not for long Foreclosure rates fell in January compared with the previous month, but remained sharply higher than a year ago, according to a new report by the foreclosure tracking Web site RealtyTrac. The month-to-month decrease in foreclosures is most likely a temporary improvement, said Rick Sharga, vice president of marketing at RealtyTrac, and has to do with the holiday season. “Because of the holiday season, offices that do the processing are closed,” said Sharga. “The drop in foreclosures [in January] is something we’ve seen a couple of years now. I don’t think this the beginning of a downward trend.” The number of...
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By Jason Lucchesi
(Global Fortune Solutions, LLC)
Also you can follow us on Twitter by clicking Twitter.com/JasonLucchesi & add us as a friend on Facebook by clicking Facebook.com/Jason.Lucchesi Moody's - Short sales will rise 50% Federal and mortgage industry officials are increasingly looking for ways to get distressed borrowers to leave their homes voluntarily, without going through the expensive foreclosure process or a messy eviction. Citigroup, for instance, plans to announce a pilot program on Thursday that would allow delinquent borrowers who don't qualify for or decline mortgage relief the opportunity to stay in their homes without making payments for up to six months before turning over the keys, in return for keeping the property in good condition. Other initiatives have also emerged for borrowers likely to lose their homes....
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