Let’s face it, the housing market will struggle as long as potential home buyers are concerned over job stability and the state of the economy. Mortgage rates may be low, and incentives like the first-time home buyer tax credit seem good on the surface, but the fact remains that until the economy gets on its feet, many are not willing to get into what they may consider a risky investment.

That’s where energy efficiency comes in. That’s right — green homes, sustainable energy, home improvements and renovations that are good for the environment — these things can actually improve the housing market (not to mention climate change). How so you ask? For starters, today’s buyer’s are more interested in homes that are energy efficient. A home with a lower utility bill is important when faced with uncertainty. Not to mention, buyers may be inclined to invest knowing there are tax breaks if they engage in green improvements in their new home. More indirectly, and perhaps more positively, energy efficiency creates green jobs, and that is just plain good for local economies.

The U.S. Conference of Mayors commissioned the “Green Jobs in U.S. Metro Areas” report, which documented the impact green jobs have had and can have on major U.S. cities. It only stands to reason that these same effects would be seen in smaller metro areas as well.

Some of the benefits to the economy cited in this study are:

• Improved tax rolls and sales as people gain stable employment in good green jobs.
• Carbon reductions that benefit city governments, homes and businesses in communities that concentrate on carbon reduction.
• Improvements to the balance of trade as we stop importing so much fossil fuel and start to export new energy efficient technologies.
• Improvement in the air and water quality surrounding communities that choose to reduce emissions and the impact that these savings have cumulatively on the earth by reducing the rate of climate change.

Some green home improvements include:

• Install solar powered water heaters and energy-efficient appliances
• Replace older heating and air conditioning units with high efficiency systems
• Use sustainable materials in new construction
• Replace insulation and tighten air ducts
• Seal windows, doors, fireplaces, and cracks in the exterior of the home

Learn more about creating a green home at The Green Home Guide.

In the August 2009 eppraisal.com National Real Estate Market Analysis report, released today, 76 percent of the markets tracked saw an increase in the median home value, which was up from 50 percent in the prior report (July). In the current report, the trend continues with 80 percent of the markets tracked by eppraisal.com showing positive gains in home values. Even larger markets that have taken substantial hits in the past are showing continued recovery. For example, San Francisco, Los Angeles, and San Diego markets all saw over a 5 percent increase in the median home value with 17.8 percent, 6.7 percent, and 7.7 percent increases.

The full list of all 138 markets can be found in our market report. However, here are some of the most notable highlights.

• Santa Cruz-Watsonville, Calif., jumped 32 percent to a median value of $515,000.
• The Orlando-Kissimmee, Fla., area has stopped the decline and has increased by 1.6 percent to a median value of $152,900.
• Bend, Ore., and Sherman-Denison, Tex., were the only areas (tracked by eppraisal.com) that saw double digit declines in home values. Bend, Ore., dropped by 11.6 percent to a median value of $175,000, and Sherman-Denison, Tex., decreased by 11.2 percent to a median value of $86,568.
• Honolulu, HI, had a modest decrease of 1.6 percent to a median value of $555,000.
• Salt Lake City, UT, also had a modest decrease, with a 1.4 percent drop in value to a new median of $227,992.

The National Real Estate Market Analysis report tracks median sales price of residential homes in 138 markets across the continental U.S. compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009. This report compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009.

See the full list of national home value rankings.

Through August 2009, 47 loan service providers have offered more than 570,000 homeowners loan modifications through the Home Affordable Modification Program (HAMP) initiated by the Obama Administration. Of these, 47 service providers have successfully converted over 360,000 modifications, a number that Assistant Secretary for Financial Institutions Michael S. Barr is optimistic about. However, in a testimony before the House Financial Services Committee, Barr said he wants to see more conversion of trial offers from loan service providers — namely 500,000 by November 1.

Let’s see which providers top the list:

While Wells Fargo & Co. and Bank of America Corp. improved the number of modifications in August over July, they still come in near the bottom at 11% and 7% respectively.

See the full Service Provider Report through August 2009

Other programs initiated by the Obama Administration to address the housing crisis include:

Assistant Secretary Barr says, “Our progress in implementing these programs to date has been substantial, but we recognize that much more has to be done to help homeowners.”

What do you think?

Today eppraisal.com released its National Real Estate Market Analysis report for 183 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in the first quarter of 2009 with homes sold in the second quarter of 2009.

In this comparison of the first quarter with the second quarter, there are signs that most markets have hit bottom and are showing signs of recovery. In the last eppraisal.com report, only 50 percent of the markets tracked saw increases in median home values. In the current report, 76 percent of the markets tracked saw increases, while less than 20 percent saw a decline in median home values. Only two markets on the entire list saw a double digit decline in median home values.

Overall, the gains are spread across the U.S, but there are a few hot spots, with areas in Ohio and Michigan seeing the biggest increases. These areas have had some of the steepest declines in past reports and have the greatest potential for growth. For example, in Springfield, Ohio, the median home value jumped 36.4 percent to $75,000. Lima, Ohio, increased by 46.9 percent to a median home value of $78,000. In Michigan, the Lansing area saw a 31.6 percent increase to a median value of $75,000. The Saginaw area increased 47.2 percent to a median value of $44,000, and Battle Creek increased by 17.2 percent to a median value of $45,000.

The full list of all 183 markets can be found in our market report. However, here are some of the most notable highlights:

• Markets in Ohio accounted for half of the top 10 markets that saw the greatest increase, with Akron leading the list followed by Sandusky and Cleveland areas.
• At a median home value of $151,000, Orlando-Kissimmee, Fla., remains an affordable area with the median still less than the median a year ago when it was over $210,000. However, the decline has slowed from 8.5 percent in the previous eppraisal.com market report to 3.2 percent in the current report.
• Other notable affordable areas include: Las Vegas-Paradis, Nev., down 6.2 percent to a median value of $140,900; Cape Coral-Fort Myers, Fla., down 1 percent to a median value of $85,100; and the Tampa-St. Petersburg area up 3.3 percent to a median value of $129,000.
• The San Francisco-San Mateo areas of California had the highest median home value on the list at $673,000, which is up 18.1 percent over the first quarter.
• Detroit-Dearborn, Mich., area had the lowest median home value on the list at $14,000, which is up 12.9 percent.
• Of the 139 markets showing increases in median home values, only 24 of those markets remained under $100,000.

See a complete list of real estate market rankings from eppraisal.com

If you’re selling your home, or thinking of selling your home, you probably are facing a fierce competitor — that foreclosed home down the street.

The bank is eager to get rid of it. So the biggest challenge you’ll face is price, and price is something you’ll have to come to grips with early in the process.

However, there are ways you can set your property apart from foreclosures and give yourself an edge when sellers are comparing properties.

1. First, see if your neighborhood has foreclosed properties — if you can, you might want to wait until they are sold before listing your home.

Next, figure out a suitable price. Appraisers no longer take into account if a home next to yours is a foreclosure — a comp is a comp. Simply put, the risk factor of buying a foreclosure is no longer considered as high. Also, buyers can still do due diligence on the home — they have the time to do an inspection of the home, and they can still back out of a deal if something risky arises in the process.

2. The one factor where your home will stand out is its livability. A vacant home feels cold and sterile, while one that’s occupied has a cozier feel that’s more attractive to would-be buyers. Exercise this advantage when showing your home, and put extra effort into staging.

3. With all of the foreclosures on the market, many of these homes are being seen at their worst. Keep your home nice and clean and well-maintained. If people can see clearly that it’s a well-cared-for home — and will have fewer potential headaches for them — it will attract more positive attention.

4. Keep a vivid paper trail and photos of work, like any remodeling work, that you’ve done on your home to show potential buyers. This kind of information can be hard to track down on a foreclosure. This will increase buyers’ confidence about considering your home for purchase.

5. Finally, get real about the new market. Things are getting better, but there are still challenges for buyers, including the challenges of nailing down home loans. Be respectful of that.

And buyers themselves are very aggressive about getting a good deal. So don’t be insulted by a low offer; work with any offer to see if you can meet halfway. You know the bank will be doing the same with its foreclosure.

Source: Relocation.com

A few interesting observations appeared on the National Association of REALTORS® website regarding the distressed real estate market. In their commentary, they divide property sales into two categories:

• Distressed – discounted properties in need of repair or facing foreclosure/short sales.
• Non-Distressed – market value properties.

Estimating that the market for distressed sales ranges between 35-50% of existing home sales recently, they cite buyer confusion over the expectation of low prices. NAR members point out that buyers think:

• They can get deep discounts on the listing price.
• All sellers are in financial trouble.

Offering further explanation of this phenomenon, the commentary concludes that this gap between buyer and seller perceptions of the market is temporary and is already healing.

Get the full story at the National Association of REALTORS® website.

Today eppraisal.com released its National Real Estate Market Analysis report for 179 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in the fourth quarter of 2008 with homes sold in the first quarter of 2009.

143 markets across the U.S. saw decreases in the median home value from the 4th quarter of 2008 to 1st quarter of 2009. This represents 80 percent of the markets tracked by eppraisal.com. Although this is still a high percentage, this number has remained fairly consistent from the prior report (covering the six months ending February 2009). Smaller markets continue to dominate the positive side of the report with most of the top markets on the list having a population of 400k or less. A few of the smaller markets that saw increases were Missoula, Mont., which is up 9.6 percent to a median value of $228,750; Midland Tex., up 1.8 percent to $166,000, and Fayetteville, N.C., up 6.2 percent to a median value of $138,000.

Of the 179 markets tracked, only two markets – San Francisco-San Mateo, Calif., and Honolulu, HI – had a median home value more than $500,000. Honolulu’s median in the first quarter was $567,000, which is down 2.7 percent from the 4th quarter of 2008. The San Francisco area is down 13.2 percent to a median home value of $590,000. In the $400,000 to $500,000 group, only Santa Cruz, Calif., Santa Ana-Anaheim, Calif., and San Jose-Sunnyvale, Calif., exists with a median value of $435,000 (down 3.1 percent), $437,000 (down 3.6 percent), and $426,500 (down 12.1 percent) respectively. Though most of the markets are seeing continued declines, 8 percent of the markets tracked by eppraisal.com had a median value between $300k and $400k, and 90 percent had a median value of less than 300k.

In the major markets, declines continue. For example in California, San Diego-Carlsbad saw a 3.8 percent decrease to a median home value of $330,000, and Los Angeles dropped 10.3 percent to a median value of $305,000. In Florida, Jacksonville decreased by 1.2 percent to a median value of $169,000, and the Orlando-Kissimmee area declined 5.4 percent to a median home value of $175,000.

See a complete listing of real estate market rankings from eppraisal.com.

As the national housing market continues to crunch, first time home buyers have a unique opportunity to capitalize on the American Dream of owning a home at a rock-bottom price. While this is an unfortunate situation for the homeowner in distress, first-time home buyers have a solid chance at buying desirable homes for massively reduced prices.

There are actually a few different ways for home buyers to take advantage of the record amount of foreclosures deals available on the market right now. Let’s review each scenario individually.

Preforeclosure
Homes in preforeclosure have not been foreclosed on. This type of home or property has a Notice of Default (NOD) (also referred to as Lis Pendens) filed against it. The NOD is filed by the lender anywhere between three to six months of non-payment on the loan. NODs are filed with the County Recorder’s Office.

Homeowners in preforeclosure typically are trying to sell before the home is foreclosed on and sent to auction. In certain situations, a first-time home buyer can pick up a nice home for an incredible value by buying the home for the amount remaining on the home loan.

For example, if a borrower had a piece of property in preforeclosure with a market value of $150,000, but only owes $100,000 on the loan, the real estate buyer could pay the $100,000 for the home and come out ahead.

Foreclosure
After the NOD has been filed against a home, an additional three months usually passes before for the home is scheduled for public auction. At this point, the borrower has just several days before the foreclosure auction to correct the situation or sell the property. After that, the home is considered in foreclosure and sold at auction.

This again presents an opportunity for first-time home buyers. When the property is processed through a foreclosure auction, anyone can attend and bid at the event. Buying a home at auction is considered a bit risky in comparison to other methods of purchasing a foreclosed home. However, if the bidder does his or her homework, it can be done.

Some things to keep in mind when purchasing at an auction are as follows:

Don’t go into the situation blind. Research the home to determine if there are any unpaid taxes, construction debts or liens. This can be done by ordering a title search on the land prior to the day of the auction.

• Review how the auction process works and what rules you must follow.
• Visit the area before the auction and look for any existing problems such as toxic waste issues or zoning challenges.
• Attend a handful of foreclosure auctions to see how they work.
• Determine a maximum bid and stick to it.
• Make arrangements for financing before the auction. Winning bids are typically due just days after the auction ends.

Purchase After Foreclosure
When a home is not sold to an outside party at the foreclosure auction, it ends up in the bank’s hands. Banks are not in business to be homeowners.  So as one can imagine, a foreclosed home is a lot like a hot potato.

Typically, the bank will pay for miscellaneous debts associated with the home, including IRS taxes, property taxes and so on. Banks also have the ability to negotiate price of the property, down payment, and closing costs with the first-time home buyer. Because it is ideal to sell the home, the buyer has a better chance at snapping up a dream home for an ideal price.

Purchase a HUD Home
When a federal Housing and Urban Development (HUD) or Federal Housing Administration (FHA) mortgage forecloses, the home is sold through a HUD program. HUD homes are pre-approved for an FHA mortgage, which means they are appraised and ready for sale.

Additionally, HUD homes can be purchased for less than market value, saving the first-time home buyer money. The downfall to HUD homes is they are sold on an “as is” basis. Real estate shoppers must also navigate the HUD program with the assistance of a HUD agent or broker who can submit an offer on behalf of the buyer.

Whether it is shopping preforeclosures or bidding on a HUD home, there are several ways for first-time buyers to realize the dream of owning a home without breaking the bank.

To find a home at an affordable price, search for foreclosure listings in your area.

ORLANDO, Fla., March 5, 2009 —Today eppraisal.com released its National Real Estate Market Analysis report for 182 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in August 2008 through October 2008 with homes sold in November 2008 through January 2009.

There are no surprises in the data with 89 percent of the markets tracked by eppraisal.com seeing a drop in the median sales price of homes sold between November ‘08 and January ‘09. The hardest hit areas were in Ohio, Michigan, and South Carolina where some cities saw more than a 20 percent drop in the median sales price. In Akron, Ohio, Toledo, Ohio, Sandusky, Ohio, and Dayton, Ohio, home prices were down 37 percent, 26 percent, 24.4 percent, and 23.6 percent respectively. In Michigan the Warren-Troy-Farmington Hills area saw a 29.4 percent decline to a median home price of $60,000. In South Carolina, Florence saw a 22.6 percent drop in the median sales price to $82,036. Sumter declined by 21.2 percent to $85,000.

A few smaller markets in North Carolina, Pennsylvania, and Georgia saw increases in median sales price. For example, the Burlington, N.C., market saw the greatest increase of all the markets with a 13 percent increase in the median sales price to $130,000. Another double digit increase in the median sales price occurred in State College, Penn., which saw a 12.5 percent increase to $180,000. Outside of those two markets there were no other double digit increases in median sales price; however, Rome, Ga., and Gainesville, Ga., came close with increases of 9.7 percent to $214,000 and 9.3 percent to $107,100.

See a complete list all areas tracked by eppraisal.com.

Freddie Mac launched an initiative to allow qualified tenants and former owners to rent bank-owned properties after foreclosure.  They will continue to suspend evictions until April 1, 2009 to ensure there is ample time for current occupants to learn about the options available to them under the new initiative.

To qualify for a lease, the tenant or former owner must occupy the property and show they have adequate income to pay the monthly rental amount established by the property management company based on market rents for the area in which the home is located. Occupants must agree to allow the home to be shown to potential buyers as it will be marketed for sale during the lease period.

Additionally the home must be in safe, habitable condition and meet all local codes for rental properties to qualify.