The housing market recovery continues to grow stronger, but the economy remains “fragile,” according to the Obama administration’s latest Housing Scorecard for January. The Obama Administration’s Housing Scorecard is released monthly, providing a snapshot of the nation’s housing market.
typical Tudor home
"The housing market has clearly bottomed out nationally and is turning a corner with new home construction increasing to a level not seen since June 2008 and home prices showing strong annual gains,” says Kurt Usowski, deputy assistant secretary for economic affairs with the U.S. Department of Housing and Urban Development. “But with so many households still struggling, we have important work ahead.”
Government efforts to help struggling home owners avoid foreclosure are improving. Nearly 1.5 million homeowner assistance actions have taken place through the Making Home Affordable Program, and the Federal Housing Administration has offered more than 1.5 million loss mitigation and early delinquency interventions.
"Every foreclosure avoided has positive impacts for families, communities, and our economy,” says Tim Massad, Treasury assistant secretary for financial stability.
Also, the number of underwater borrowers continues to fall while home prices improve. Home owners who owe more on their mortgage than their home is currently worth account for 10.67 million borrowers, which is down from 10.78 million in the previous quarter, according to CoreLogic.
The inventory of existing homes for sale continues to drop, reaching a 4.4 months’ supply, according to National Association of REALTORS®’ data. In November, the supply of housing averaged 5.3 months.
Fewer homes are being sold due to limited inventories. Existing home sales fell to 411.7 million in January from 415.8 million in December.
Source: U.S. Department of the Treasury and “Obama Scorecard Warns Economy Remains Fragile,” HousingWire (Feb. 8, 2013)
Julie Nesbitt
Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.
Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
Lyon Village is located in Arlington VA
Of course as a homeowner you’ll be responsible for maintenance and repairs on the house. As a condo owner, many of these responsibilities are handled by the condo association. Either way, if you commit to buying a home you've identified yourself as the type of person who has taken charge of his or her life. A homeowner can paint the wall any color. A home owner doesn’t need the landlord’s permission to get a cat.
As a homeowner you’re more likely to be a part of the neighborhood watch and the garden club. According to some studies, home owners are more likely to vote, and more likely to participate in local government activities. As a condominium owner you have become one of America’s landed gentry. According to the Rossi and Weber National Survey of Families, home owners possess significantly higher levels of self-confidence than renters.
Tax advantages are one of the biggest financial benefits of home ownership. The typical home owner that pays a $1,000 house payment will realize tax savings of about $120 each month. (As a general rule, most homeowners can deduct most or all of their interest payments on their home loan, property taxes and loan points, but check with your tax adviser about your situation.) What this means is that next year your rent won’t go up, but your liability will go down. Generally if you can afford the cash flow, it’s cheaper to buy than to rent. Because you’re a homeowner, you know what this means.
This increase confidence and wealth will have an impact on your family life as well. According to Boehm & Schlottmann, University of Tennessee, “Children of home owners are 59% more likely to become homeowners. Their children are also 25% more likely to graduate from high school and 116% more likely to graduate from college.”
Palazzo is located near King St. and I-395.
As an owner, you’ll stop paying rent and you’ll start building ownership equity. A survey of consumer finance by the Federal Reserve Board found that the median net worth of most modest-income owners is almost $60,000 compared to less than $10,000 for renters in the same income group.
In many cases, your home will provide you with more privacy than rental living. For some, this means a quieter living environment, for others it’s the ability to have a grow garden, have a backyard barbecue or a build a garage. You’ll have the freedom to make whatever changes or improvements you like. Now that you control your living environment, you can make adjustments as your family changes or just as your personal taste dictates.
Ronald Reagan National Airport
Ronald Reagan Washington National Airport (also called Reagan National Airport) is located in Arlington County Virginia in close proximity to the neighborhoods of Crystal City and Aurora Heights. Reagan National is a metro rail stop on both the Yellow and Blue lines. The runway is a short at Reagan National and it launches planes up over GW Parkway and at the Washington Monument, requiring a steep climb and a hard left on take off. Reagan National is open 24 hours a day 7 days a week, although many ticket counters and restaurants in the airport close during off-hours. Reagan National is located within the Commonwealth of Virginia, but it has a Washington DC address to identify the airport's location more easily for travelers.
Reagan National as seen from the Metro Station
The airport is most easily accessed from the George Washington Parkway. There are a good many condos and homes in the Crystal City area and they're all just a metro stop away from Reagan National. The take-off and approach to Reagan National is down the Potomac, so that area residents get very little noise or fly-over from the jets at Reagan National.
West Village is only a few blocks from the heart of Shirlington.
A condominium is usually a housing unit or apartment in a multi-unit building in which each unit is individually owned, while common areas and the property in general are jointly owned by the residents and the owner of the building, or all of the residents together. Some people choose to purchase and live in a condominium because some condos are less expensive than a traditional single-family house. Additionally, many condos have added amenities and facilities.
Most condominiums have amenities you won't find on a similarly priced single family residence. A typical condo has a pool, a work-out room, and party room. Typically all or some of the exterior maintenance and lawn care is provided by the condo association. Many condos have utilities included in the price of the condo fee. These and many other luxuries are standard in a condominium community but are beyond the reach of those who reside in single family homes. In short, condo owners choose condo life because they love life and they don't want to be bogged down with maintaining a lawn or cleaning gutters. They want to walk out the back door and enjoy a dip in the pool while the other guy is spending time writing checks to pay his utilities.
The best part about owning a condo is that your condominium sets you on the path to financial freedom. Buying a condo costs more monthly cash flow than renting an apartment. But, in most cases, all that money comes back to you at the end of the year in the form of tax refunds. Best of all, next year your mortgage will be the same amount and your debt will be reduced. With an apartment your money is gone and your rent will surely have a cost of living increase.
Before deciding to purchase a condominium, it is important to do your research into both the legal and practical aspects of owning a condominium. As with any home purchase, location, size and price are important. With a condominium you'll also want to understand the ownership scheme. This type of information is found in the "condo docs" or condominium documents. Most states, and the Commonwealth of Virginia, require condo doc disclosure before any purchase contract is finalized. The condo docs will contain detailed information on the ownership and property rights of the condo and its owners. The rules of the homeowners association are generally explained in the condo docs in plain English (and not in legal jargon)? It's important to read the condo documents to understand the annual maintenance and upkeep fees, as well as to obtain a full understanding of exactly how much control the association have over the regulation of the property?
Carlyle Towers is a luxury condo located near the King Street Metro in the Carlyle area of Alexandria VA
Condominiums can be found all over the country, with more being developed each year. Condominiums are quite common in Northern Virginia and the National Capitol area. Some condos are new construction, and a few are apartment buildings that were rental apartments before making the switch.
In newly constructed condos, it's common to find a sales office onsite at the condominium. And whether your buying from a condominium owner or a condo office, it's a good idea to take a guided tour of facilities and the units that are available for purchase. Of course, many new condominium offices have staff that act as sales agents. Potential condominium owners can make an appointment to meet with a staff sales agent to discuss interest in condo ownership; However, when you're in the market for a condo, it's a good idea to employ your own Condo Alexandria real estate agent rather than rely on the services of the condominium staff. Your real estate agent will have an understanding of the condominium ownership structure and the condominium documents and the real estate agent can explain what this means to you.
Although there are various types of condominiums, the most common legal arrangements involve individual ownership of each unit, with joint ownership of the communal or common areas by all of the residents in the building. You might be surprised to learn the variety of sizes found in condominiums. Condos range from studios and one bedroom apartment, to a four bedroom penthouse apartment. Even condominiums with the same number of bedrooms can have different floor plans and different numbers of bathrooms and half-baths.
While some condominiums are located in large multi-unit buildings, others may be detached form each other and be located in a gated or planned community. Some condominiums may be located in resort or vacation destinations. Besides total cost of the property, you should also inquire as to the annual homeowners association costs. These fees are usually charged in order to pay for the upkeep and maintenance of the common areas. Owning a condominium can be one of the largest investments you make, so make sure that the one you choose can accommodate your specific needs. Purchasing a condominium can be a great way to buy a property in the location you really want with all the amenities you seek.
