Kudos to Eden Prairie who was named #1 in Money Magazines as the best place to live for 2010.  Also notable mentions #11 Plymouth, #13 Woodbury, #15 Eagan, #20 Apple Valley.

While that’s steady compared to last week, it’s anemic compared to last year at this time when the market posted 1,156 signed contracts. If you’re keeping track of percentages, that means we’re down 44.2 percent from a year ago—the sixth consecutive week of year-over-year declines exceeding 30 percent.

New listings are also down from a year ago, posting a drop of 8.4 percent from a year ago to 1,712 for the most recent reporting week. Any sort of "return to normalcy" is going to take some time.

Click here for the full Weekly Market Activity Report.

Courtesy of Minneapolis Area Association of Realtors

Phoebe is also wondering, where are all the showings?

Here we are in June a little over a month since the tax credit has expired and many of you are asking what has happened to the real estate market?  First the tax credit did increase sales at record numbers, with many homes going in multiple offers.  Then May 1st came around and bam the market stopped and throughout May pending sales took a nose dive.  It is now the May tax credit hangover, but just like a greasy burger, orange juice and time work for a human hangover the same holds true for the market.  Time will work it’s magic and we will get back to some normalcy in the market place. Yes showings were down in May, but come June 1st they started to rise again.  To see all the statistics for May check out the monthly report from MAAR.  

Also check out the monthly skinny report for June and the weekly market report.

Stay tuned to see will happen this summer with the housing market.  My prediction is that we may see a small lull in May then the market will heat back up this summer, thanks to great interest rates and fabulous deals out there for the taking!

Weekly Market Activity Report for April 26th, 2010

New legislation to speed up short sales?  I am not typically a negative Nancy, but having dealt with many banks during the short sale process has made me a skeptic.  It has me wondering if lenders were able to speed up/stream line the process they would have already done so.  I was talking with Bank of America yesterday and asked how long would it take for us to get assigned a negotiator once all the sale paperwork had been submitted.  The customer service rep told me 10-15 business day.  I asked why it took so long and he reminded me that we are in a recession (yeah really) and many people have lost their jobs and their department is very busy.  I understand the economic crisis we are in, but we have been in this mess for 3-4 years, more than enough time to figure out how to process a short sale in a timely matter.  Don’t get me wrong many lenders have figured it out, but many are still dragging their feet to get one done.  Realtor.org has even more info about Home Affordable Foreclosure Alternatives Program (HAFA). 

HAFA please prove me wrong and turn me into a positive Patty! 

Good luck to all sellers and buyers who are working with a bank on a short sale.  Patience and persistence go a long way. 

Also there are still first time homebuyer programs out there:

If you buy in the city of Minneapolis or St Paul City Living Program or the Dakota County Bond Program for purchases in Dakota County. 
Great website for homeownership and first time homebuyers.  Home Ownership Center. 

If you have any questions about the tax credit or would like to get in contact with a lender who is able to do the first time homebuyer programs please give me a call. 

Newborn picture                  Phoebe at baptismal in her bonnet, too cute            

Ok enough baby talk let’s get back to real estate.  When I left the market in October it was crazy busy with the first time homebuyer money set to expire November 30th.  John Gladis was filling in for me while I was gone and was working long days to get it all done.  Thanks John for all your hard work!  Then December came……….screeeeech, a true holiday slow down.  This isn’t too uncommon for the month of December, but people continue to buy and sell in December, see my previous post. 

Now fast forward to March 2010, the market has heated up to a rapid boil.  There are now tax credits for repeat buyers along with first time homebuyers.  New listings and pending sales are on the rise.  Currently there is a 6 months supply of homes (which indicates we are in a balanced market), for more stats click on the Weekly Market Activity Report.  I will be taking time to blog in between feedings, diaper changes and writing offers so check back often.