Housing Prices and Sales Increase in First Quarter

According to statistics released today by the Rhode Island Association of REALTORS®, the state's housing market showed strong signs of rebounding in the first quarter. Sales of single family homes were up 8.5 percent from first quarter of 2009 and median price rose 7.2 percent, from $180,000 last year to $193,000 this year. The number of distressed sales decreased to 36 percent of all sales, down from 48 percent the year prior. The price of single family properties not selling through short sale or foreclosure was $225,000.


"We're pleased with what we've been seeing. Consumer confidence is growing and the tax credit has helped as well, especially in March when sales increased almost 20 percent. It's still critically important for sellers to be realistic in pricing in order to keep this sales momentum going and achieve a balanced market," commented Karl Martone, President of the Rhode Island Association of REALTORS®..

FLOOD ASSISTANCE

Federal-State Disaster Recovery Centers (DRCs) will open in Washington and Providence Counties on Tuesday, April 13, the Federal Emergency Management Agency (FEMA) announced. Hours at both DRC locations are 8 a.m. to 7 p.m. daily.

 Washington County                                        Providence County

Wakefield Mall                                               500 Mendon Road                                        

160 Old Tower Hill Road                               Cumberland, RI 02864

South Kingston, RI 02879

Representatives of state, federal, voluntary agencies and the U.S. Small Business Administration will be available to answer questions and provide recovery information. Written materials about various assistance programs are also available to individuals and business owners. No cash, checks, debit cards or vouchers are distributed at DRCs. Centers are for the dissemination of information to assist in disaster recovery.
Those affected by the disaster are encouraged to register for assistance before they visit a DRC by calling 1-800-621-FEMA (3362) or TTY 1-800-462-7585 for hearing- or speech-impaired. Registration can also be done online at www.fema.gov . FEMA's mission is to support our citizens and first responders and to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.

SURVEY: AMERICANS PREFER OWNING OVER RENTING

REALTOR MAGAZINE REPORTS:
DESPITE THE CHALLENGES FACING THE HOUSING MARKET, 65 PERCENT OF AMERICANS WOULD STILL PREFER TO OWN A HOME RATHER THAN RENT, ACCORDING TO A FANNIEMAE NATIONAL HOUSING SURVEY. IN ADDITION, 43 PERCENT OF RESPONDENTS CITE SAFETY AS A KEY REASON TO BUY, WHILE 33 PERCENT ARE MOTIVATED TO BUY BECAUSE THEY PERCEIVE SCHOOLS TO BE BETTER IN NEIGHBORHOODS WHERE MOST HOMES ARE OWNED BY THEIR RESIDENTS. THE SURVEY RESULTS RELEASED TUESDAY SHOW THAT BOTH BUYERS AND RENTERS ARE MORE CAUTIOUS THAN THEY USED TO BE. ABOUT 23 PERCENT OF RENTERS SAY THEY WILL BUY A HOME, BUT LATER THAN THEY ONCE HOPED. A FULL 70 PERCENT SAID THEY BELIEVE BUYING A HOME CONTINUES TO BE ONE OF THE SAFEST INVESTMENTS AVAILABLE. THIS COMPARES TO 74 PERCENT WHO THINK PUTTING MONEY INTO A BANK ACCOUNT IS SAFE. ONLY 17 PERCENT BELIEVE BUYING STOCKS IS A SAFE INVESTMENT. ALSO, 60 PERCENT BELIEVE THAT IT WILL BE HARDER FOR THEM TO GET A MORTGAGE TO PURCHASE A HOME THAN IT WAS FOR THEIR PARENTS.

TAX CREDIT DEADLINE COMING FAST

IF YOU ARE THINKING OF GETTING THE $8,000 TAX CREDIT FOR BUYING A HOME, YOU BETTER MOVE FAST. THE DEADLINE TO BE IN A CONTRACT IS SET TO EXPIRE ON APRIL 30, AND TO CLOSE BY JUNE 30TH. IF YOU ARE LOOKING FOR A HOME, IT WOULD BE A SHAME TO MISS OUT ON THE CREDIT BY A COUPLE OF DAYS OR WEEKS. FOR MORE INFORMATION ON THE CREDIT, VISIT MY WEB SITE, SERVICES PAGE.