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Archive for July 2009
Baton Rouge Real Estate Appraiser Professionals On Twitter
07/28/2009 | 
Author http://www.batonrougerealestateappraisers.net/ - Baton Rouge Real Estate Appraiser Professionals On Twitter
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Baton Rouge Business Report Offers A Teasing Glimpse Of Downtown Baton Rouge Living
http://www.batonrougerealestateappraisal.com/ – Baton Rouge Business Report Offers A Teasing Glimpse Of Downtown Baton Rouge Living
The Baton Rouge Business Report Reporter, Bonnie Bauman, just published a fascinating article on Downtown Living entitled, “Work, live, play, grow”. The article features comments from Downtown / Spanish Town Realtor Specialist, Darrell Gissell. The article can be found here. It’s highly recommended reading.
Here’s a snippet as directly quoted:
“Derek Fitch walks out of his condo in the Kress at Third and Main building with Blue, his Scottie, in tow. Fitch heads to the State Capitol for an early morning stroll, then to the Red Stick Farmers Market at Fifth and Main streets, where he loads up on groceries for the week. He picks up some field-grown tomatoes, an assortment of lettuce and cartons of locally grown strawberries.
To top it off, Fitch treats himself to what he considers to be the breakfast of champions—a miniature chocolate chip pecan pie washed down with a cold bottle of Smith’s Creamery chocolate milk. After going home to drop off the groceries and Blue, he walks the few blocks to the YMCA and hops on an elliptical machine to work off the pie and milk.
From there, Fitch walks to the Irene W. Pennington Planetarium at the Louisiana Art and Science Museum to catch Mystery on the Nile. Then it’s back home to freshen up for the evening. He and his wife have planned a date night, which kicks off at his favorite neighborhood restaurant, Stroube’s Chop House at Third Street and North Boulevard. All day his mouth has been watering at the thought of Chef Justin Ferguson’s signature dish, seared duck with sage grits.”
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Economic News, Baton Rouge FHA Appraisers, Baton Rouge Home Appraisers, Baton Rouge Real Estate Appraisal, Baton Rouge Real Estate Appraisers, Baton Rouge Real Estate News, FHA Appraisers Baton Rouge, Greater Baton Rouge Subdivision Video Tours | 
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First American CoreLogic Reports Baton Rouge Home Prices Down Slightly In May 2009
http://www.westbatonrougeappraiser.com/ – First American CoreLogic Says Baton Rouge Home Prices Down Slightly In May 2009
The Baton Rouge Business Report @ http://www.businessreport.com/archives/daily-report/2009/jul/22/1095/ is reporting on a First Amercian CoreLogic study. Here’s a snippet:
“Home prices in Baton Rouge were down 1.6% in May compared to a year earlier, a significantly smaller drop than the national average. According to First American CoreLogic, national housing prices were down an average of 9.2% compared to May 2008. First American notes that the year-over-year decline of home prices peaked at 11.9% in January and has improved every month since.”
LA Realtors Report Good News For Baton Rouge Real Estate In July 2009
http://www.batonrougefhaappraisers.com/ – LA Realtors Report Good News For Baton Rouge Real Estate In July 2009
LA Realtors reports Pending Home Sales Record Fourth Straight Monthly Gain, as directly quoted:
“Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the latest survey. The Pending Home Sales Index increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.
Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.” For more information, see the complete NAR news release.”
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Economic News, Baton Rouge FHA Appraisers, Baton Rouge Home Appraisers, Baton Rouge Real Estate Appraisal, Baton Rouge Real Estate Appraisers, Baton Rouge Real Estate News, FHA Appraisers Baton Rouge, Greater Baton Rouge Subdivision Video Tours | 
Tags: April, Baton Rouge Real Estate News, Chief Economist, Clarification, Contract Activity, Contracts, Economy, Existing Home Sales, First Time Buyer, Housing Affordability, Housing Market, La Realtors, Last Time, Nar, News Release, Pending Home Sales Index | No Comments »
Greater Baton Rouge Real Estate News: RealtyTrac Ranks Louisiana 39th For Foreclosures
http://www.gbrreocount.info/ – Greater Baton Rouge Real Estate News: RealtyTrac Ranks Louisiana 39th For Foreclosures
RealtyTrac and Baton Rouge Business Report are reporting that Louisiana ranks 39th for Foreclosures, meaning there are 38 more states in the U.S. that have more foreclosures than we do. BR Business Report stated:
“But rate of home seizures may be outstripping national average: Louisiana ranked 39th among all states and the District of Columbia for the percentage of homes facing foreclosure in the first half of the year. According to RealtyTrac, which tracks foreclosures nationally, one out of 360 homes in the state faced foreclosure during the first six months of the year, compared with the national average of one foreclosure filing per 84 U.S. homes. The state saw a 34% increase in the number of foreclosure filings over the first half of 2008, ahead of the national increase of nearly 15%. But RealtyTrac cautions that the Louisiana increase may not be as high as advertised due to changes and improvements in how the foreclosure information is collected locally.”
Greater Baton Rouge Home Sales Decline 19% First 6 Months Of 2009
http://www.batonrougerealestateappraisal.com/ – Baton Rouge Business Report is Reporting Greater Baton Rouge Home Sales Decline 19% First 6 Months Of 2009
The Baton Rouge Business Report is reporting this morning that area home sales were down 19% for the first 6 months of 2009. The link to the news on 7/13/2009 is at: http://www.businessreport.com/archives/daily-report/2009/jul/13/1077/ and here’s a snippet as directly quoted:
“Baton Rouge area home sales are down 19% through the first six months of 2009 as the effects of the national recession continue in the area. According to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service, there were 3,298 homes sold in the metro region through June, compared to 4,083 through June 2008. The average sale price was down 6.5%, from $207,072 in 2008 to $193,548. Local real estate officials say the housing market remains fairly strong because employment remains high locally. But tight credit markets and consumer unease are causing a slowdown in sales. The number of houses sold in East Baton Rouge Parish was down 21%, from 2,500 through the first half of 2008 to 1,965 through the end of last month. Livingston Parish saw a bigger drop in overall sales, with 509 homes sold as of June, compared with 670 through the first half of 2008. Ascension Parish had the smallest drop, with the number of houses sold falling by 4.8%, from 670 to 627. In the other category, which includes MLS sales in West Baton Rouge Parish and the Felicianas, there were 197 homes sold as of June, compared to 254 through the first six months of 2008.”
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Economic News, Baton Rouge FHA Appraisers, Baton Rouge Home Appraisers, Baton Rouge Real Estate Appraisal, Baton Rouge Real Estate Appraisers, Baton Rouge Real Estate News, FHA Appraisers Baton Rouge | Tags: Association Of Realtors, Baton Rouge Area, Baton Rouge Parish, Business Report, Credit Markets, East Baton Rouge, Greater Baton Rouge, Housing Market, Livingston Parish, Local Real Estate, Metro Region, Mls Sales, Multiple Listing Service, National Recession, Realtors Multiple Listing, Realtors Multiple Listing Service, Snippet, West Baton Rouge, West Baton Rouge Parish | No Comments »
Baton Rouge Homes Mortgage Rates Drop This July 2009 Week
http://www.batonrougerealestateappraisal.com/ – Baton Rouge Homes Mortgage Rates Drop This July 2009 Week
According to the Friday NAR Realtor Email, Mortgage Rates Dropped This Past Week.
“Interest on 30-year fixed mortgages, 15-year fixed loans, five-year adjustable-rate mortgages, and one-year ARMs all fell this week, according to Freddie Mac.
The average on 30-year financing slipped to 5.2 percent from 5.32 percent a week ago.
The 15-year mortgage declined to 4.69 percent, down from 4.77 percent.
Five-year ARMs were down to 4.82 percent from 4.88 percent.
One-year ARMs fell to 4.82 percent from 4.94 percent.
Source: Los Angeles Times (07/10/09)”
The Link is at: http://www.realtor.org/RMODaily.nsf/pages/News2009071004?OpenDocument
Baton Rouge Business Report: Baton Rouge Foreclosure Rate Is Lower Than Rest Of Louisiana
http://www.batonrougerealestateappraisal.com/ – Baton Rouge Business Report: Baton Rouge Foreclosure Rate Is Lower Than Rest Of Louisiana
Here’s a snippet as directly quoted from http://www.businessreport.com/archives/daily-report/2009/jul/08/1071/:
“Foreclosure and delinquency rates remain lower in Baton Rouge than in the rest of Louisiana, according to a new report. The study by First American CoreLogic found that local foreclosures and delinquencies are also increasing at a slower rate than the national and Louisiana averages. The foreclosure rate in metro Baton Rouge was 1.4% in May, while the number of home payments that were more than 90 days late was 4.6%. The foreclosure rate in May 2008 was 1.2%, while delinquencies were 3.2%. Statewide delinquencies were 5.1% in May, while foreclosures were 1.6%. The year before, the Louisiana delinquency rate was 3.6% and foreclosures were 1.2%. First American says the nationwide delinquency rate was 6.5% and foreclosures were 2.5% in May.”
Baton Rouge FHA Real Estate Appraisers Report On Mortgage Rates At 7- Month Low – Week 2 July 2009
http://www.batonrougerealestateappraisal.com/ – Baton Rouge FHA Real Estate Appraisers Report On Mortgage Rates Being At A 7-Month Low – Week 2 July 2009
According to CNN.com, there is a mixed bag of mortgage rate news. While mortgage rates have fallen to 7-Month lows, down to 5.34%, mortgage refinancing has fallen 18.9% last week as borrowing costs have increased. According to the article for the National Economic Picture, “The drop does not bode well for the hard-hit U.S. housing market, which has been showing some signs of stabilization, with sales rising and home price declines moderating in many regions of the country. Rising unemployment, concerns about job security, potential buyers’ inability to sell their existing homes and problems with appraisals coming in too low are all weighing on demand, he said.”
Rates Need To Fall Below 5%. According to the article, the sweet spot for both home purchasing and refinancing is at or below 5% range and hints at more Government involvement to take further action to lower mortgage rates to this level.
This is an interesting read on mortgage rates and the national economic situation. Thankfully, we know from our local economy, news and forecast that the Greater Baton Rouge market is still doing well.