New Home Sales Rise 7.3% in April!

Nashville Business Journal - by Jeff Clabaugh

Nashville 54th for real estate searches
U.S. existing-home sales dipped in April
Most expect housing recovery in two years, report says
U.S. housing starts plunge 24% in April
Database: Statistics on U.S. new-home sales since 1963
Sales of new houses rose to the highest level of the year in April, and prices were up from a year ago, according to data released Tuesday in Washington by the U.S. Commerce Department.

The report shows new home sales rose 7.3 percent from the previous month to an annual pace of 323,000. The median price rose 4.6 percent from April 2010 to $217,900.
Regionally, the biggest gain in month-over-month sales was in the West, where purchases jumped 15.1 percent in April. New home sales were up 4.3 percent in the South.
The new home market also tightened last month, with inventory falling to a 6.5 month supply, down from a 7.2 month supply in March.

April was not nearly as strong for existing homes in April, when sales dropped 12.9 percent, according to the National Association of Realtors.
In Nashville, existing-home sales plunged 18.5 percent in April, according to the Greater Nashville Association of Realtors. The median price for a home in Nashville stood at $159,070, down from $164,950 a year ago.

3 Financial Reasons to Buy Now

By The KCM Crew

Here are three great financial reasons why you should not wait before taking the plunge into homeownership.

1. The 30-Year Mortgage May Disappear

There has been much debate regarding government's role in providing support for homeownership. There are several experts who believe if Fannie Mae and Freddie Mac's roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate's, Is it curtains for the 30-year mortgage?

2. QRM Requirements Could Be Much More Stringent

Here are proposed changes to the requirements for a 'qualified residential mortgage':
• Certain mortgage types would be eliminated
• You would need to put a minimum of 20% down
• You would need a minimum 690 FICO score
• The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)
There would be loans available to purchasers who don't qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).

3. Rents are Expected to Increase

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal recently quoted a report by Reis, Inc in which it states, "Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace."

Bottom Line

You may be waiting on the sidelines to see if prices will continue to depreciate before you purchase a home. The mortgage expense is a major piece in the overall financial picture of homeownership. Make sure you consider it when timing your decision.

Reprinted with permission. All Contents ©2011. Steve Harney. KCMBlog.com.

Most Interesting Piece of Real Estate: Bin Laden's $1million Mansion Compound

Bin Laden's hiding place: a $1 million compound

Unquestionably, the most interesting piece of real estate on the entire planet today is the "mansion" compound where Osama bin Laden was found.

As the New York Times reported, "It was hardly the spartan cave in the mountains that many had envisioned as bin Laden's hiding place. Rather, it was a mansion on the outskirts of the town's center, set on an imposing hilltop and ringed by 12-foot-high concrete walls topped with barbed wire.

"The property was valued at $1 million, but it had neither a telephone nor an Internet connection," the Times wrote. "American officials believed that the compound, built in 2005, was designed for the specific purpose of hiding bin Laden."

The Los Angeles Times has published a graphic showing property details, as well as satellite images from before and after the compound was built.

Taylor Swift Buys her Parents a $1.4million Dollar Home in Nashville!

Taylor Swift has gone and bought her family a million dollar-plus mini-mansion in Nashville's historic Whitland neighborhood.

Property records reveal it was sold, way back in September 2010, for $1,400,000.

The residence Miss Taylor is rumored to have purchased for her parents, according to listing information, was built in 1925, measures 4,929 square feet and has 4 bedrooms and 5 bathrooms–or 3 bedrooms and 3.5 bathrooms depending where online one looks–including a main level master suite with dual en suite facilities.

A circular drive rolls by the front of the house that at first glance reads a bit plain if pleasantly distinguished, solid and trustworthy. The arched driveway continues around the house to an original concrete-reinforced two-care garage on the basement level. Still waters sometimes run deep and the pretty-ish but mostly banal exterior hints little of the exquisite architectural detailing on the interiors that include wonderfully patinated original hardwood floors, custom woodwork and several magnificently ornate hand-crafted plaster ceilings. In the formal dining room, plaster pilasters line the walls and a shallow barrel-vaulted ceiling is thick with hexagonal plaster rosettes that resemble the surface of the moon.

The original 1925 architecture and the exquisite plaster work installed after the home was built have successfully been married to and integrated with the upscale and up-to-date luxuries and conveniences installed in a recent expansion and renovation. The lavishly long kitchen has a large eating area with a bank of extra-tall windows that offer private and pastoral views of the rear terrace and backyard. A vaulted ceiling with exposed trusses unites the breakfast area with the commodious kitchen well-equipped with white Shaker-style cabinetry, high quality commercial-grade stainless steel appliances, marble counter tops and back splash and an over-sized copper exhaust hood.

A flat lawn plenty wide and long enough to toss a big stick for a large-sized pooch extends from the back of the house but the main outdoor entertaining area is actually located off the side of the house where a large walled garden has blue stone terracing, a water feature and a free-standing outdoor fireplace.

The Swift clan's new Nashville residence is no less luxurious but far smaller than the family's long-time homestead in historic Hendersonville, TN. Property records we accessed indicate that Mom and Pop Swift purchased the 8,396 square foot lake front mansion about 20 miles northeast of downtown Nashville in March of 2004 for $790,000.

Previous to moving to suburban Nashville, property records also show that Mom and Pop Swift owned plain looking but well-located water front residence in the beachy community of Stone Harbor on New Jersey's Cape May that they sold in February of 2005 for $2,425,000, five-times the $485,000 they paid for the place in June of 1997.

Some of the children may recall that in late 2009, at the dewy and tender age of 20, whip-thin and curly-tressed Miss Taylor forked out around two million clams for a glassy penthouse bachelorette pad of her very own at the Adelicia, a newly-constructed luxury apartment complex in downtown Nashville. Her 4,062 square foot crib features a double height living room, four bedrooms each with private pooper, a second level media room, an open plan kitchen and a narrow balcony with city lights view that wraps around two sides of the penthouse's lower level.

Article from :

http://realestalker.blogspot.com/2011/04/your-mama-hears.html