Proud to introduce Syndey Renee McWilliams, Stacey and Jessy's beautiful new baby girl!
Born Saturday am, 8/14/2010, 7 lbs 5 oz, 19 inches, so so adorable with loads of dark hair (with highlights!)
Everyone is healthy and happy, life is so good!
WRA: Wisconsin Home Sales Up, Prices Stable in Second Quarter
Date: August 11, 2010
MADISON, WI – For the second straight quarter, Wisconsin has seen robust growth in existing home sales combined with stable median prices, according to data for the second quarter of 2010 released by the Wisconsin REALTORS® Association (WRA). Sales of existing homes rose 19.4 percent during the second quarter of 2010 as compared to that same quarter last year. Wisconsin outperformed the nation, which increased 17.3 percent, and was only slightly lower than the Midwest region, which grew 20.9 percent during the second quarter. In addition, median sales prices were essentially unchanged, falling just 0.1 percent in the second quarter of 2010 compared to the second quarter of 2009.
“These sales figures are very encouraging since they represent the fourth straight quarter of growth in Wisconsin home sales,” said John Flor, Chairman of the WRA Board of Directors. Flor attributed the strong market to the now-ended federal tax credit program and the ongoing favorable interest rates for mortgages. “There’s no doubt the federal homebuyers’ tax credit motivated buyers and accelerated sales,” said Flor, “but historically low interest rates below five percent certainly helped and will continue to spur markets across Wisconsin.”
Flor noted that the state’s labor market is improving, but at a modest rate. “The seasonally adjusted Wisconsin unemployment rate improved to 7.9% in June, and since the beginning of the year, we have added over 32,000 jobs, including 8,700 jobs in the manufacturing sector,” said Flor. “This helps with consumer confidence.”
WRA President Bill Malkasian cautioned that while the second quarter numbers were solid, much of that was anticipated. “We expected a bounce in the second quarter with the expiration of the federal tax credit program. Looking ahead, we need to see healthy job growth continue in the second half of the year,” said Malkasian. He also pointed out that prices appear to have stabilized after several years of modest decline. “Comparing median prices in the second quarter of 2010 to second quarter 2007, we are down 12.2 percent or just over four percent a year on a compounded basis,” Malkasian said. “The good news is over the last two quarters, the median home price in Wisconsin has essentially remained constant.” Malkasian pointed out that homes are quite affordable now, especially given the ample supply across most price points and record low mortgage rates. “Interest rates will surely rise,” Malkasian said, “so now is an excellent time for families with good credit to get the home of their dreams.”
For more information, contact: David E. Clark, Economist, C3 Statistical Solutions Inc. Office phone: 414-803-6537
WRA Legal Hot Tips
Q. The client wrote an offer on a foreclosed property and the offer was accepted. The seller (bank) failed to close on time. The buyer submitted an amendment to extend the closing. The seller did not sign the amendment. The buyer is still willing and able to close. The seller (REO administrator) says the file is “busted” and the only way to “unbust” the file is to submit a new offer. The buyer's agent and the listing agent both feel that a valid contract is in place and there is no need for a new contract. Please advise.
A. The offer to purchase does not automatically become null and void because the closing date has passed. The parties may agree to amend the offer to extend the closing date and close the transaction or they may, per the default provisions of the offer, terminate the offer based on the other party having failed to meet his or her contractual obligations. Without a fully executed Cancellation Agreement and Mutual Release, the parties retain rights and obligations under the contract.
However, REO property transactions usually have an addendum that significantly modifies the terms of the offer. Hence, the broker should refer the client to an attorney for a legal opinion on the status of contract if an amendment extending closing can not be reached.
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