RISMEDIA, March 4, 2010—Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38% of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.

A parallel NAR practitioner survey shows first-time buyers purchased 40% of homes in January, down from 43% in December. Investors accounted for 17% of transactions in January, up from 15% in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4% in January.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said. “Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03% in January from 4.93% in December; the rate was 5.05% in January 2009.

Single-family home sales fell 6.9% to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6% above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4% from a year ago.

Existing condominium and co-op sales dropped 8.1% to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1% above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 % higher than January 2009.

Northeast
Regionally, existing-home sales in the Northeast fell 10.9% to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009.

Midwest
Existing-home sales in the Midwest declined 6.9% in January to a level of 1.08 million but are 8.0% higher than January 2009. The median price in the Midwest was $130,300, which is 1.0% below a year ago.

South
In the South, existing-home sales dropped 7.4% to an annual pace of 1.87 million in January but are 12.0% above a year ago. The median price in the South was $140,200, down 2.0% from January 2009.

West
Existing-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago.

To get on the mailing list for RIS MEDIA, go to:

http://rismedia.com/2010-03-03/existing-home-sales-down-in-january-2010-but-higher-than-year-ago/

Jim & Joan Norbuta, Realtor®
ACCREDITED BUYERS REPRESENTATIVE

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the Greater Cleveland communities of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley.  Call us for referrals to outstanding RE/MAX agents in other communities.

In this coming weekend, more chili will be cooked than any other time this year.  That’s why we are sharing the AWARD WINNING CHILI RECIPES FROM THIS PAST WEEKEND’S CHILI COOK-OFF FUNDRAISER.

This fundraiser is to benefit Veronique Tucker and her 5 year old son Alex.  Their lives were forever changed when her husband Joe died suddenly on October 19, 2009.    Joe was a highly decorated Navy Veteran who served all of us in Desert Storm. Joe and Veronique were married for 16 years, and Joe was just beginning a new business after a lengthy period of being unemployed.

On January 23rd, we held a CHILI COOK-OFF to help Veronique and Alex remain in their home.   We are hoping to provide additional assistance.

There were approximately 50 volunteers and 160 attendees at the cook-off, including 20 chili cooks, 20 dessert & corn-bread bakers, a talented entertainer, and many others who helped with the event.  THERE WERE 20 BLUE RIBBON CHILIS PREPARED.

We are selling the AWARD WINNING CHILI RECIPES FOR A $5 DONATION.

Your $5 donation, along with sharing this website address with family and friends, will save this family another traumatic event.
Checks can be made out to The Tucker Family and mailed to:

Citizens Bank       8555 Tanglewood Square

Chagrin Falls, OH   44023

If you would like to share this information with family & friends, just e-mail this link:

http://www.findingclevelandhomes.com/2010/02/02/with-gods-blessing/

Too bad you missed the Chili Cook-off Fundraiser.  Island Jeff’s Carribean music was great.  However, if you need  an AWARD WINNING CHILI RECIPE FOR YOUR SUPER BOWL PARTY, the recipes are right here.

THANK YOU FOR YOUR DONATION.  HERE ARE THE

AWARD WINNING CHILI RECIPES

FIRST PLACE

The Patton’s SHAKE & BAKE Chili

½ cup flour                                                                 1 qt tomato juice

1 T  chili powder                                                                     1 ½ lbs. ground round

¾  tsp. cumin powder                                                  3 T. oil

¼  tsp garlic powder                                                     1 small onion chopped

¼ tsp. pepper                                                              ¼ tsp.Accent (opt)

1tsp. saft .                                                                   1 T. Hershey chocolate syrup

½ tsp. instant coffee powder                                      2 lb can red kidney beans, drained

¼  tap. powdered oregano

3 T. brown sugar, packed

Brown ‘/2 cup flour In a dry, heavy skillet until light brown. Remoye

at once and stir in next eight ingredients which have been sifted

together at least 3 times.  Transfer mixture to a 3-quart saucepan.

Add at once 1 quart tomato juice, stirring until thickened and

smooth; remove from heat and set aside. In orlginal skillet, .brown

the 1 ½  pounds ground round in 3 tablespoons of oil.  Add small

chopped onlon, stir until well browned. Drain off most of excessive

fat.   Add to tomato juice mixture along with chocolate syrup and

Accent.  Add kidney beans. Simmer on lowest heat about an hour

to permit flavors to blend well before serving. Freezes well up to

6 months.  Serves 6 to 8.

This is best when served the 2^nd day.  For the Chili Cook-off, this

chili was cooked 72 hours prior to the event and refrigerated

until the evening off the event.

SECOND PLACE

Sheryl’s Designer Chili

funny you should mention the name thing…………..crossed my mind, right after i hit send……..so, give credit to “#2’s Designer Chili”
thanks, jim!  looking forward to the chili compilations.

TOP 5 PLACEMENT

Simon Says You’ll Enjoy this BEEF, BACON, BEER, BBQ, BEAN, BAD BOY

Recipe?  What recipe?  You take 3 cans of 3 different kinds of beans,
some browned ground beef, cooked thick cut bacon, red and orange
peppers, celery and onions, throw it in the crock pot with chili powder
and Jack Daniels BBQ sauce.  I don’t think Simon used anything else, but
I believe even he would hard pressed to tell you how much he used of any
one thing.

TOP 5 PLACEMENT

‘THE BOMB’ BY MARK

2-3 lbs or so of ground beef some lean (95%) some not so lean (73%) also mix in some ground pork and veal if you can.

Brown that meat and then put in BIG ol pot.

In that pot mix in can of beef broth and like 20 or 30 shakes of no salt seasoning be generous with it and then sprinkle some more.

A packet of chili seasoning mix…..2 cans kidney beans 2 can lima beans.. 2 can red beans… 2 can black beans…get generous on some regular Tabasco sauce (like half a big bottle or a whole little one.  It’s not really that hot.

Then mix in some HOT peppers…cut up jalapeno and hot pepper rings.

Also add lots of the hot pepper juice from the jar. (when cutting up the peppers about 10-14 ounces, filling up a glass and a half with hot  peppers.)

Then add regular roasted green and red peppers, a minced  onion.

Cut up fresh garlic into little bitty pieces, or bigger if you like, but use at least 2-3 real cloves.

Then add a half cup chocolate sauce (dark is even better).

Add half cup of honey, a cup of bbq sauce (your favorite sauce will do).

Let simmer at least an hour or 2…..then go ahead and destroy the best chili you ever laid your hungry mouth on !!!

TOP 5 PLACEMENT

Erin’s Southwestern White Turkey Chili

Thank you all for your participation in this event.

May God Bless You and Your Family,

Jim & Joan

This fundraiser is to benefit Veronique Tucker and her 5 year old son Alex.  Their lives were forever changed when her husband Joe died suddenly on October 19, 2009.    Joe was a highly decorated Navy Veteran who served all of us in Desert Storm.  Joe and Veronique were married for 16 years, and Joe was just beginning a new business after a lengthy period of being unemployed.  

On January 23rd, we held a CHILI COOK-OFF to help Veronique and Alex remain in their home.  Although over $3,000 was raised, it will only temporarily allow Veronique and Alex to remain in their Auburn Township, Ohio home.

There were approximately 50 volunteers and 160 attendees at the cook-off, including 20 chili cooks, 20 dessert & corn-bread bakers, and many others who helped with the event.  THERE WERE 20 BLUE RIBBON CHILIS PREPARED.

We are selling the AWARD WINNING CHILI RECIPES FOR A $5 DONATION.

Your $5 donation, along with sharing this website address, will save this family another trauma of leaving their family home.
Checks can be made out to The Tucker Family and mailed to:              

Citizens Bank       8555 Tanglewood Square         Chagrin Falls, OH   44023 

Too bad you missed the Chili Cook-off Fundraiser.  Island Jeff’s Carribean music was great.  However, if you need  an AWARD WINNING CHILI RECIPE FOR YOUR SUPER BOWL PARTY, the recipes are right here.

You can also  help by forwarding this link to your e-mail friends who may have interest in the chili recipes, the fundraising, or both:

http://www.findingclevelandhomes.com/2010/01/31/how-to-save-a-home-from-foreclosure-for-5/

THANK YOU FOR YOUR DONATION.  HERE ARE THE AWARD WINNING

CHILI RECIPES

FIRST PLACE 

The Patton’s SHAKE & BAKE Chili

½ cup flour                                                                 1 qt tomato juice                                            

1 T  chili powder                                                                     1 ½ lbs. ground round

¾  tsp. cumin powder                                                  3 T. oil

¼  tsp garlic powder                                                     1 small onion chopped

¼ tsp. pepper                                                              ¼ tsp.Accent (opt)

1tsp. saft .                                                                   1 T. Hershey chocolate syrup

 ½ tsp. instant coffee powder                                      2 lb can red kidney beans, drained

¼  tap. powdered oregano

3 T. brown sugar, packed

Brown ‘/2 cup flour In a dry, heavy skillet until light brown. Remoye

at once and stir in next eight ingredients which have been sifted

together at least 3 times.  Transfer mixture to a 3-quart saucepan.

Add at once 1 quart tomato juice, stirring until thickened and

smooth; remove from heat and set aside. In orlginal skillet, .brown

the 1 ½  pounds ground round in 3 tablespoons of oil.  Add small

chopped onlon, stir until well browned. Drain off most of excessive

fat.   Add to tomato juice mixture along with chocolate syrup and

Accent.  Add kidney beans. Simmer on lowest heat about an hour

to permit flavors to blend well before serving. Freezes well up to

6 months.  Serves 6 to 8.

This is best when served the 2^nd day.  For the Chili Cook-off, this

chili was cooked 72 hours prior to the event and refrigerated

until the evening off the event.

SECOND PLACE 

Sheryl’s Designer Chili 

funny you should mention the name thing…………..crossed my mind, right after i hit send……..so, give credit to “#2’s Designer Chili” 
thanks, jim!  looking forward to the chili compilations. 

TOP 5 PLACEMENT 

Simon Says You’ll Enjoy this BEEF, BACON, BEER, BBQ, BEAN, BAD BOY

Recipe?  What recipe?  You take 3 cans of 3 different kinds of beans,
some browned ground beef, cooked thick cut bacon, red and orange
peppers, celery and onions, throw it in the crock pot with chili powder
and Jack Daniels BBQ sauce.  I don’t think Simon used anything else, but
I believe even he would hard pressed to tell you how much he used of any
one thing.

TOP 5 PLACEMENT 

‘THE BOMB’ BY MARK

2-3 lbs or so of ground beef
some lean (95%) some not so lean (73%) also mix in some ground pork and veal if
you can. Brown that meat and then put in BIG ol pot. In that pot mix in can of
beef broth and like 20 or 30 shakes of no salt seasoning be generous with it and
then sprinkle some more.  a packet of chili seasoning mix…..2 cans kidney
beans 2 can lima beans.. 2 can red beans… 2 can black beans…get generous on
some regular Tabasco sauce (like half a big bottle or a whole little one. Its
not really that hot. Then mix in some HOT peppers…cut up jalapeno and hot pepper
rings. Also add lots of the hot pepper juice from the jar. (when cutting up the
peppers about 10-14 ounces, filling up a glass and a half with hot  peppers.
Then add regular roasted green and red peppers, a minced  onion. 
Cut up fresh garlic into little bitty pieces, or bigger if you like, but use at least
2-3 real cloves. Then add a half cup chocolate sauce (dark is even better).  Add half cup
of honey, a cup of bbq sauce (your favorite sauce will do). Let simmer at least an hour or 2…..then go ahead and destroy the best chili you ever laid your hungry mouth on !!!

TOP 5 PLACEMENT

Thank you all for your participation in this event.

May God Bless You and Your Family in 2010.

Jim & Joan

An agreement reached yesterday by the Democrats would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years, according to Regan Lachapelle, an aide to Senate Majority Leader Harry Reid.

“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.

Lawmakers have said they want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression. The plan would extend the homebuyers credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.

The credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law, Lachapelle said.

Operating Losses

The amendment on the homebuyers credit is being packaged with a separate proposal to extend and expand a tax break for companies with net operating losses.

Any legislation would have to be reconciled with a House unemployment measure approved last month that omits the homebuyer tax provisions and extends jobless benefits only in states with the highest unemployment rates.

House Speaker Nancy Pelosi, a California Democrat, is waiting to see the final Senate agreement before deciding whether to support it, said spokesman Nadeam Elshami.

More than 1.2 million borrowers through Oct. 9 have claimed almost $8.5 billion of the $13.6 billion set aside for “first- time” homebuyer tax credits this year, according to U.S. Treasury data.

Realtors and mortgage bankers said the credits, which are available for taxpayers who haven’t owned a home in the past three years, have helped stabilize housing sales this year.

“Already we’ve seen the impact of this credit in jump- starting the housing sector,” Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, said on the Senate floor. He said it would be a “great mistake” to allow the break to lapse. Dodd estimated that more than 70 percent of current homebuyers would be eligible for the break.

Reid Cites Support

While the tax credit speeds demand for homes from next year to this year, it won’t necessarily increase overall sales, said Scott Buchta, head of investment strategy at Guggenheim Securities LLC in Chicago.

“They do need to expand the credit to get more people involved, but at the end of the day you are paying people tax dollars to do what they probably would have done anyway,” Buchta said. “If it is passed, home sales of lower-priced homes should continue to hold their ground. However, if it is not passed we will probably see home sales slow down as we wait for natural demand to build up again.”

Reid, a Nevada Democrat, said on the Senate floor yesterday that there is significant support among both parties for the homebuyers’ tax credit. He said the other amendments sought by Republicans are unrelated to the unemployment bill and are designed to embarrass his colleagues.

Republicans want to vote on amendments on immigration and to bar funding for the community activist group ACORN.

Not Far From Agreement

Senate Minority Leader Mitch McConnell, a Kentucky Republican, agreed that most lawmakers support the unemployment and homebuyer measures. “We’re not that far away from an agreement,” he said yesterday.

The $2.4 billion unemployment measure would extend jobless benefits by 14 weeks in all states and provide an additional six weeks of benefits in states with the highest unemployment rates.

About 1.9 million Americans will exhaust their unemployment benefits by the end of this year unless Congress acts, the Labor Department said.

To contact the reporters on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.com; Brian Faler in Washington at bfaler@bloomberg.net

REALTORS® are licensed professionals and this is what they do everyday.  REALTORS® subscribe to a stringent code of ethics and standards.  Most people buy and sell only a few homes in a lifetime.  Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Call us if we can help you with your home search or to assist you in finding a Buyers’ Agent.

Jim Norbuta, Realtor®

Accredited Buyers’ Representative (ABR)
website: http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients