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Newport News home values down about 4.5%

Citywide, single-family homes in Newport News dropped in value by 4.49% from last year, and condominiums fell 4.70%. That's the first time in 30 years the city has seen a drop in home values.

Port Warwick, a popular mixed-use development, fared the worst, with a 13.4% loss in value. The community currently has about two years' worth of inventory on the market, with listings priced well below assessed values.

The news isn't all bad. In Newportowne, an affordable townhouse community in Denbigh with homes priced at about $125,000, assessed values went up 3.05%, the highest increase for neighborhoods with more than 50 homes.

Economist: Northern Virginia economy recovering

For Northern Virginia, the worst is over, according to George Mason University economist Stephen Fuller. Economic indicators are on the rise, and he said that unemployment figures will soon improve as well. Job growth typically lags up to 18 months behind the start of economic recoveries.

That's good news for homeowners, who may want to sell but fear timing the market wrong. As the economy strengthens, so will the housing market.

Christine Todd, CEO of the Northern Virginia Association of Realtors, hopes Fuller's message spreads. “Perhaps buyers and sellers are confused and misinformed about the economy,” she said. “I’m concerned they’re not digging deep enough, getting the facts and putting their houses on the market. They’re not getting the real news and taking advantage of the sweet spot in the market.”

Making Home Affordable program can help -- within limits

Homeowners hoping to take advantage of the federal Making Home Affordable program should look carefully before they sign up. Factors that can make it harder to participate in the program include:

second mortgages or private mortgage insurance
loans not backed by Fannie Mae or Freddie Mac
lenders with out-of-date systems that can't work with the new program

And don't forget to check the cost of refinancing -- will it be worth the lower interest rates?

Good news for unemployed homeowners struggling to pay the mortgage

The Obama administration on Friday will announce changes to its Home Affordable Modification Program (HAMP) that will provide financial aid for unemployed homeowners with emphasis on writing down the principal of troubled loans.

With the jobless rate still near 10%, more homeowners are falling behind on payments and risk falling into deliquency. The new measures would help by giving unemployed homeowners three months of forbearance, giving them much-needed breathing room. Reducing the principal of the loan, rather than simply reducing the mortgage interest rate, will also be considered.

Keeping people in their homes, and holding down foreclosures, is key to helping the housing market recover.

Northern Va. homeowners looking to sell may benefit from looming tax credit deadline

The federal homebuyer's tax credit deadline is just a month away, and Realtors say buyers know it. Properly priced homes are being snatched up.

February homes sales data for the Washington region show price increases over the same month in 2009, according to Metropolitan Regional Information Systems. Every county in the Virginia suburbs of Washington showed an increase in the average price of homes priced at $100,000 to $5 million. The outer suburbs that were hit the hardest by the mortgage crisis showed the biggest increases, with prices up 25% in Prince William County and up 13.5%in Loudoun County. Alexandria prices rose 17.5%, Fairfax County 7.3%, and Arlington County 3.4%.

Opinion: Housing 'Balance' Will Soon Be Restored

"Being president of the Virginia Peninsula Association of Realtors, a professional trade association representing property owners and real estate professionals throughout the region, gives me a unique perspective on our industry. I especially see through a different lens the importance of public policy and the decision makers who enact public policy.

From legislative and regulatory issues to media relations and contacts with elected officials, it is critical that Realtors and other business groups have a seat at the table. It is through effective public policy initiatives by Realtors that we are seeing some positive changes in the current market."

Real the full article by Tom Sullivan...

Posted on Sunday, January 31, 2010 - 4:59pm