News

Hey, don’t look at me — it’s CNN saying it.

In a survey of 1,000 single people, more than a third of women and 18% of men said they would much rather date a homeowner than a renter.

Only 2% of women said they preferred to date a man who rents, while only 3% of men said they would choose a woman who rents over one that owns her home, according to the survey, which was conducted by Harris Interactive for real estate site Trulia.

Virginia Association of Realtors® released its 2011 Pieces of Home Housing Report today including housing market data, trends, and comparisons. Articles by real estate experts from across the state can be read as well as commentary on each data illustration. An American Housing timeline centerfold providing integral milestones in the development of this country’s real estate market as well as interest rates, cultural dates and legislative decisions decade by decade, is a highlight.

Highlights of Pieces of Home: 

• Virginia homes sales in 2011 exceeded home sales levels in 2010 despite the lack of a stimulus.  Note the peaks and valleys over the past four years on page 3.

• The Central Valley regions experienced the greatest increase in sales and the Northern Virginia region experienced the only decline.

• The median sales price in Virginia began the year at $205,000, peaked at $244,800 in June and closed the year out at $225,000.  The year over year change however, showed a 3.3% decline.

• Home sales under $100,000 increased by 33% between 2010 and 2011.  See all price distribution on page 6.

• Median home prices have declined in both Virginia and the U.S. over the past year, although Virginia’s median sales price remains above our nation’s.  See VA Vs. U.S. graphs on page 9.

• Foreclosure data gets some light shed on it thanks to Theodore Koebel, Ph.D. on page 11.

• American housing timeline:  see decade by decade beginning in 1930, what major political and cultural events have shaped and built American housing.  Note the effect these events had on interest rates throughout the timeline.

• Low mortgage interest rates and what it means for 2012.  Pages 18-20

• Baseball card-like stats on each region of the state relating it its own economy and housing. Page 21-22.

• Virginia is about to face and age-shift.  Are individuals and businesses prepared?  Page 24.

Dan Green over at The Mortgage Reports does the math on mortgage rates. We all know that they’ve been going down like a [insert metaphor here]. But Green shows just how much a difference even a year makes.

“Last February,” he writes, “the 30-year fixed rate mortgage averaged 5.05 percent nationwide.” Today they’re at an average of 3.87 percent.

Sez Green:

If you’re among the many U.S. households that bought or refinanced a home around that time, refinancing to today’s rates at 3.87 percent would lower your mortgage payment by 13%.

Saving 13% saved on your mortgage payment is huge. Take a look at the math:

Yesterday we told you about banks beginning to offer cash and principal reductions for delinquent homeowners to do short sales rather than go into foreclosure. It seems like short sales are getting more and more press all of a sudden.

Earlier this week Freddie Mac said it will begin to offer larger incentives for mortgage servicers to complete short sales, as part of the Home Affordable Foreclosure Alternatives program. (HAFA is designed for homeowners who are in trouble, but who don’t qualify for a loan modification. It’s goal is to get them and their lenders to do short sales.)

 “Borrowers and servicers may receive incentives for successfully closing a HAFA Short Sale or HAFA Deed-in-Lieu,” says Freddie. And soon those incentives will increase. By how much? To whom? Freddie hasn’t said. But the message is clear: Short sales are better than foreclosures.