202 Sunrise Hill Rd, a condo in Norwalk, CT just sold for $335,000!

This 3 BR, 1.5 Bath condo is in immaculate condition and went under contract soon after coming on the market.  The new owner is psyched to get in there and make it his own.

Questions about Norwalk condos or Norwalk real estate?  Send Todd an email by visiting: http://norwalkrealestatetodd.com/contact-me

 

Home prices are creeping up across the country, and are back to 2003 levels…  Norwalk prices tell a different story.

The same thing can’t be said for Norwalk real estate, which according to Zillow.com is down compared to this time last year.  The year over year “Zillow Home Value Index” is down 10.6% for condos in Norwalk, and down 7.1% for single family houses in Norwalk.  The list price for Norwalk condos is down 12.0% compared to last year, and the list price for Norwalk single family houses for sale is down 4.4%.

While it is good news that much of the country is starting to slowly rebound, the consensus is that the housing market is not going to take off anytime soon.  The market is balancing out a little bit, and showing modest improvements.  The pre-foreclosure inventory is still very high and the housing market won’t be able to make large strides until the “dead weight” of the foreclosures are cut off.

Imagine a hot air balloon ready for takeoff.  The balloon is the housing market, and the weights that are tied to the balloon’s basket to keep it on the ground are the properties that are in pre-foreclosure or delinquent on their mortgage payments.  Until those “weights” are cut free, the balloon can never really take off.  It might rise a few inches, or a couple of feet if the weights are trimmed back, but it still can’t take off.

To read the entire article from CNN, CLICK HERE.

There are many more foreclosures and short sales that need to go through the system before this market can really rebound.

Questions on Norwalk real estate?  Todd has answers!  Visit www.NorwalkRealEstateTodd.com and email Todd.

14 Ferris Ave. # 10, a condo for sale in Norwalk, CT, was just reduced to $224,900!

This 2 BR, 1.5 Bath condo offers and updated kitchen with new appliances, and a 2 car garage that is hard to find in this price range.  This Norwalk condo is in move-in condition!  It is also conveniently located in the center of Norwalk with quick access to shopping, dining, transportation, and highways.

To view the listing for this Norwalk condo, CLICK HERE.

Questions? Feel free to visit www.NorwalkRealEstateTodd.com and email Todd with any of your questions!

 

150 Main St # B4, a Norwalk condo, just sold for $120,400!

This 1 BR was a Freddie Mac foreclosure property.  This condo will make a great rental property, and is conveniently located within walking distance of many restaurants and shops.

For more info about this specific Norwalk, CT condo, CLICK HERE.

For information on other condos for sale in Norwalk, CT, visit www.NorwalkRealEstateTodd.com and email Todd!

Mortgage rates on a 30 year fixed loan are currently near record lows, however news today from the Federal Reserve may mean they will go even lower.

According to an article published by CNBC.com:

The Fed said it will buy $40 billion of mortgage-backed securities per month in an attempt to foster a nascent recovery in the real estate market.

The move is aimed at boosting the economy, but should also keep rates near their current lows.  Rates might even drop off a little bit in the wake of the buy back.  Investors may also see this as a good time to pull some money out of the bond market and inject it into the stock market, which might make rates creep back up a little.

To read the entire article from CNBC.com, CLICK HERE.

There are many variables at play and it is hard to predict exactly what will happen, only time will tell.

For information or questions about local Norwalk real estate and real estate in Fairfield County, visit www.NorwalkRealEstateTodd.com

 

Norwalk foreclosures and foreclosures around the country have been slow to move.  Our current system provides a lot of rights to the delinquent borrower including weeks and sometimes months to get current with their mortgage.  Obama’s “Making Home Affordable” plan gives delinquent borrowers even more time to get back on track.

All of these benefits may actually be hurting housing prices and slowing the recovery down, according to article today Housingwire.com.  The article is about a working paper by the National Bureau of Economic Research.  Their findings went on to say that keeping distressed owners in their properties is hurting local housing markets.  The paper specifically says:

Our results suggest that the key to minimizing the costs of foreclosure is to minimize the time that properties spend in serious delinquency and in REO. On one hand, this implies putting pressure on lenders to sell properties out of REO quickly.

On the other hand, and perhaps much less palatably, it implies minimizing the time a borrower spends in serious delinquency, which means accelerating the foreclosure process.

 

To read the entire article from Housingwire.com, CLICK HERE.

Part of the problem with programs and laws that allow distressed owners to stay in their houses longer is that these owners abuse the rights given to them.  In theory, these owners are given time to get current on their mortgage and back on their feet.  In reality, many of these owners just stay in their homes for more time and still don’t pay anything.  When the lender puts pressure on them to make them vacate, the owner can hire an attorney to drag out the eviction in court, buying them months and sometimes years in the house (for free) for only a small attorney fee.

Who is at fault here?

Don’t misunderstand me, there are certainly good and well-meaning people who use the programs and their rights under foreclosure the way they were intended, and don’t abuse the system.  However, in my experience, they are the exception.

In order to arrive at possible solutions, we need to look at the incentive behind the system.  What is the incentive to an owner to move out of their house that is in foreclosure?  If they don’t have to pay, and they are basically being allowed to stay for free (or for a small attorney fee), then why would they move?  The answer is they won’t.  The problem with them staying in the house, is that the condition of their house is likely to deteriorate very quickly in the foreclosure process.

This about it, if you are going to lose your house to foreclosure, you probably aren’t going to keep the landscaping up very much.  You will probably let the grass grow longer and the bushes grow higher.  You probably won’t hire the pool company, and soon your pool will be a swampy looking green pond.  If there is water getting into the basement every time it rains, you will probably just find a way to deal with it, and not fix the leak properly.  In a few months you will end up with mold spores all over the basement that can work their way into the walls.

What does this mean for your property?  It probably will become the eye-sore of the neighborhood, and when it sells (with all of its issues) it will sell for a lower price than the houses in the neighborhood bringing down the average of comparable properties whenever your neighbor goes to sell his own house.  The longer that owner is allowed to stay in their house, the more likely it will need a lot of work when it sells.

Part of the solution to the problem is allowing lenders and banks to foreclosure in less time with less effort.  I am not suggesting that they be able to foreclose in just a week, but a specific amount of time should be established that both the lender and owner must adhere to.  The sad fact is that owners who go into foreclosure, don’t get back on top of their mortgages.  Those houses need to go through the foreclosure process and come out as REO listings on the market.

The fact is that these distressed properties have to go the REO route and get back on to the market.  The housing inventory has to be threshed out if we want to increase the long term health of the market.  Owners cannot be allowed to stay in their houses for years for free if we expect a housing recovery to happen any time soon.  Will it be easy and painless?  Of course not, but most worthwhile things aren’t easy and pain-free.

Thoughts?  Questions?  Feel free to post your ideas on www.Facebook.com/NorwalkRealEstate or email me by visiting www.NorwalkRealEstateTodd.com

 

 

Buyers looking to purchase real estate in Norwalk and other towns in the area must be pleased to see interest rates hovering near record lows.

Rates on a 30-year fixed mortgage are currently hovering around 3.55% which is down from about 4.12% this time a year ago.  It is hard to see rates go much lower, but that is what a lot of people thought when rates dropped to 4.5%.  Low interest rates have played a part in stabilizing the housing market.  So far, analysts aren’t in agreement that the housing market has hit bottom and is headed back up.  If it hasn’t, it is hard to believe interest rates will go much lower in order to help the recovery.  If interest rates rise, that will put downward pressure on price.  Sellers, or those thinking about selling are hoping to see prices creep up, but it might be years before we see any consistent price gains in lower Fairfield County.

To read an article on current rates from Housingwire.com, CLICK HERE.

Keep an eye on interest rates, and see how long they can stay at their current levels.  They will certainly play a part in deciding on which direction the housing market goes from here.

Questions about Norwalk real estate?  Email Todd by visiting www.NorwalkRealEstateTodd.com

 

54 Stuart Ave, an apartment for rent in Norwalk was just listed for $1,750 per month!

This 2 BR, 1.5 Bath townhouse is ready to go!  It features hardwood floors, a finished basement, vaulted ceilings in the master bedroom, washer / dryer, and 2 reserved 0ff/street parking spaces.

For more information about this Norwalk rental, CLICK HERE.

To search every Norwalk rental on the market, visit www.NorwalkRealEstateTodd.com

 

Most Americans welcome news that points to a stabilizing housing market.  As the topic of much debate in the past few years, the housing market can use all the good press it can get.

DSNews.com reports that the rate of mortgage delinquencies declined in the second quarter.  This is a small positive sign to the housing market as it suggests fewer potential foreclosures on the horizon.  The article also suggests that the numbers indicate that Americans are doing a better job managing their finances and staying on top of their bills.

To read the entire article, CLICK HERE.

For more information on Norwalk real estate, visit www.NorwalkRealEstateTodd.com

 

32 Oakwood, an apartment for rent in Norwalk, was just reduced to $1,900 per month.

This 2 BR, 1.5 Bath townhouse apartment was built in 2001, and is in great condition.  It features HW floors, laundry in unit, and a huge loft off of the master bedroom.  It is also located near Route 7 for convenient access to the Merritt, I-95, and local destinations.  For more information about this specific unit, CLICK HERE.

You can search every listing on the market by visiting www.NorwalkRealEstateTodd.com!