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Local Address: November 1, 2009 - November 7, 2009

Washington home sales and The Weekend Poll

How much did the $8,000 first-time buyer tax credit boost local home sales? By about 1,900 deals that otherwise would not have occurred, according to local real estate analysts Delta Associates. The area's high prices and high number of transients makes our market less influenced by first-timers than most other parts of the country, Delta analysts say in a report released with Metropolitan Regional Information Systems Inc., the local multiple listing service.

By Elizabeth Razzi  |  November 6, 2009; 6:00 AM ET  |  Permalink  |  Comments (1)
Categories:  Buying , Foreclosure , Poll , Taxes , The economy , The market , Weekend Poll  
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Fannie Mae to allow some troubled owners to rent back

Fannie mae announced a new program Thursday that will allow some homeowners facing foreclosure to hand the deed back to their lender but remain in the home as a renter. The idea behind their new "Deed for Lease Program" is that allowing rent-backs will minimize family displacement and stanch the deterioration of neighborhoods plagued by vacant foreclosures, according to Fannie's announcement.

By Elizabeth Razzi  |  November 5, 2009; 2:39 PM ET  |  Permalink  |  Comments (3)
Categories:  Foreclosure , Mortgages , Neighborhoods , The economy , The market  
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Now you can get closed-sale prices as fast as a real estate agent

Starting this morning, Redfin is posting closed-sale prices and photographs for all homes on the multiple listing services serving the Washington area (and about a dozen other metro areas) as soon as the listing broker marks the sale as final.

By Elizabeth Razzi  |  November 5, 2009; 6:00 AM ET  |  Permalink  |  Comments (1)
Categories:  Buying , Neighborhoods , Selling , Statistics , The economy , The market  
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Refinancers save $3 billion in a year

People who refinanced during the July-September quarter cut their interest rate by an average of 1.1 percentage point, and they stand to save $3 billion, all together, over the first 12 months of their new loan, according to Freddie Mac. Another telling statistic: The median appreciation of the refinanced property was 0 percent during the third quarter. Zero.

By Elizabeth Razzi  |  November 3, 2009; 6:00 AM ET  |  Permalink  |  Comments (0)
Categories:  Mortgages , Statistics , The economy , The market  
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