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Annual Press Conference - NVAR Presentation
 

Annual Press Conference - NVAR Presentation

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Presentation by the Northern Virginia Association of Realtors at the Annual Press Conference - held at the National Press Club in Washington DC on December 15, 2009.

Presentation by the Northern Virginia Association of Realtors at the Annual Press Conference - held at the National Press Club in Washington DC on December 15, 2009.

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    Annual Press Conference - NVAR Presentation Annual Press Conference - NVAR Presentation Presentation Transcript

    • 2009 Year-end press conference
      Northern Virginia Association of Realtors®
    • Susan Mekenney
      2009 Chairman of the Board
    • Home Buyer Tax Credit
      Tax Credit Extended to April 30, 2010
      1.8 million Families Used Tax Credit
      Estimated Additional 2.6 million thru April
    • National Factors
      Unemployment Appears to Be Slowing
      Low Borrowing Rates Continue
      Trial Loan Modifications Being Considered
    • Renewed Job Growth Slows
    • Today’s Realities
      Home Prices Stabilizing
      < $500k Homes Sell Quickly, Multiple Offers
      Loan Defaults Continue Affecting Region
    • 3 Factors Sustaining Foreclosures
      Ongoing Resets of Payment Terms
      Loss of Borrower Income
      Depressed Home Values
    • Unemployment (October 2009)
      Virginia rate: 6.6 %
      National rate: 10.2 %
      Northern VA rate: 4.7 %
    • Price Stabilization & Recovery
    • Sold Listings (NVAR Region)Nov. 2006 – Nov. 2009
    • Home Sales 1999-2009
    • Home Sales 2007-2009
    • Avg. Sales Price (NVAR Region)
      Nov. 2006 – Nov. 2009
    • What It All Means
      Higher Absorption Rates Compared to 2008
      Slow, Steady Improvement Throughout 2010
      Tax Credit Will Launch Spring 2010 Market
    • Where Are We Going?
    • OPTIMISM IN THE MARKET
      Better Mortgages
      Home Values Stabilize
      Value-Priced Inventory
      Strong Local Fundamentals
      Rail to Dulles
      Low Interest Rates Predicted
      Breathing New Life into the Economy
    • NVAR.com Market Statistics
    • NVAR.com Helps Catch Thieves
    • Thank You
      Spring Forecast – March 25, 2010
      Economic Summit – September 2010