Home prices firming up.

[Nick Gromicko]

The national median existing single-family price was $176,900 in the second quarter, up 1.5% from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32% of second quarter sales, down from 36% a year ago.

NAR

[James A. Levy]

An upward trend is great news. If only people could get mortgages now, then we would be set. It seems as though loans went from too easy to get to now too hard to get.

[Dominic J. Maricic]

Their is an incredible amount of paperwork now. I'm in the middle of buying a house and compared to 6 years ago it's night and day. 3 years of taxes, the confirm that filings with the IRS (just submitting returns to them aren't enough), bank statements, W2 for 3 years, can't go off current bank statements for income but still want them, DNA test, urine sample, it's crazy!

[James A. Levy]

Originally Posted by dmaricic

Their is an incredible amount of paperwork now. I'm in the middle of buying a house and compared to 6 years ago it's night and day. 3 years of taxes, the confirm that filings with the IRS (just submitting returns to them aren't enough), bank statements, W2 for 3 years, can't go off current bank statements for income but still want them, DNA test, urine sample, it's crazy!

You didn't mention 30% down and over 700 FICO.

[Dominic J. Maricic]

I had well over 700, but I don't doubt that. Most of the loan officers I talked to were fine with 20% done. But that's a far cry from the 104% financing people were getting 5-7 years ago!

[Tim Spargo]

Activity seems to OK here. Cheap houses and spurts of inventory.

Some of the buyers shared prices with me this week... I was floored. I think some of the prices have fallen from this time last year.

If someone asked me last year if things were on the up... I'd have said "YEP!!" If I was asked right now... I'd say "DUNNO!!"

Not sure how much lower things can go... gut says we should be done now, but there has been so much intervention by GOVT, it's hard to know how much is still out there and still waiting to foreclose/short sell etc.

A friend of mine hadn't made a payment in 18 months and really tried to resolve... they gave up and moved out of state. The bank seemed to just stall and stall... how many more are out there like that?

Are the flood gates of REO's gonna open again.. I hope not! If the housing market were left alone, we wouldn't have had the "rush" for awhile, but the market could correct itself.

Just a thought.

[Gary Farnsworth]

There are buyers out there, but most cannot qualify due to the large parameters and demands of the mortgage companies and their investors. What is selling is mostly low end. Many banks who took over foreclosures are now asking for higher prices for the homes in their inventories; trying to drive up the market. Home inspection business here in KC is almost nill, for various reasons. It all depends upon the area of the U.S.

[Dominic J. Maricic]

The banks are definitely just sitting on the forclosures and most are not really trying to work with people to fix loans, they just want people to mow the lawn until they can foreclose and sell the place.

[Gary Farnsworth]

http://www.bizjournals.com/kansascit...l?ana=e_du_pub


Good info article just out today about foreclosures here in KC and nationwide.