Northern Virginia Association of Realtors®
2010 Chairman       of the BoardNorthern Virginia Association of Realtors®          2010 Year-End Press Conference
   $8,000 – First-time buyers   $6,500 – Long-time buyers   Economy Contributed – nearly $24 billion                   ...
Number of Claims        Housing Act                                        45,684        Recovery Act                    (...
Northern Virginia Association of Realtors®          2010 Year-End Press Conference
Northern Virginia Association of Realtors®          2010 Year-End Press Conference
   Decline in Sales Volume in 3rd Quarter   Increased Inventory   Home Prices Stabilizing at New Levels   Smaller, App...
Oct/Nov - 2009 vs. 20101,8001,600         1,604            1,5671,4001,200                                                ...
Pending Homes vs. Home Sales          Month of November 2009 & 2010180016001400       Sales      Pending           1,534  ...
2,5002,0001,5001,000 500   0   JAN 08   JAN 09                 JAN 10                       Northern Virginia Association ...
Nov. 2007 to Nov. 20102007200820092010       $0   $100,000 $200,000 $300,000 $400,000 $500,000 $600,000                   ...
 Nov.   2010 – 63 days Nov.   2009 – 50 days                 Northern Virginia Association of Realtors®                 ...
MBA Mortgage Finance Forecast                                  November 24, 2010  6                                       ...
Source: Mortgage Bankers Association (MBA)           Virginia Mortgage Loans in Foreclosure15,00012,500                Sub...
   Metro area added 43,700 new jobs   Northern VA rate: >/= 5% for each jurisdiction   Arlington rate:   3.9%   Nation...
 Easy access to              global markets             Excellent              quality of lifeNorthern Virginia Associat...
Northern Virginia Association of Realtors®          2010 Year-End Press Conference
   A new normal   Consumer uncertainty   No sense of buyer urgency                      Northern Virginia Association o...
 Expect 2011 to look like 2010 All real estate is local,  sometimes hyper-local Sustainable lending practices Average ...
   Oct. – 77 Home Sales < $900,000     3 - $2,500,000 – 4,999,999     1 - $5,000,000 & Over   Nov. – 80 Home Sales < $...
Loudon County, VA            $110,643Fairfax County, VA           $106,785Howard County, MD            $101,710City of Fai...
Northern Virginia Association of Realtors®          2010 Year-End Press Conference
Northern Virginia Association of Realtors®          2010 Year-End Press Conference
   Spring Forecast – March 24   Economic Summit – September 15                     Northern Virginia Association of Real...
For more information, visit NVAR.com   or contact NVAR at 703.207.3200                  Northern Virginia Association of R...
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2010 Year-End Press Conference

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2010 Year-End Press Conference

  1. 1. Northern Virginia Association of Realtors®
  2. 2. 2010 Chairman of the BoardNorthern Virginia Association of Realtors® 2010 Year-End Press Conference
  3. 3.  $8,000 – First-time buyers $6,500 – Long-time buyers Economy Contributed – nearly $24 billion Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  4. 4. Number of Claims Housing Act 45,684 Recovery Act (49%) 11,758 (12%) Assistance Act 31,409 (First-time) (34%) 4,459 Assistance Act (5%) (Long-time) Total: 93,310Source: GAO analysis of IRS data. Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  5. 5. Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  6. 6. Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  7. 7.  Decline in Sales Volume in 3rd Quarter Increased Inventory Home Prices Stabilizing at New Levels Smaller, Appropriately-Priced Homes Sell Quickly Strong Market for Investors w/Cash All-Cash Offers Accepted Over Financing Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  8. 8. Oct/Nov - 2009 vs. 20101,8001,600 1,604 1,5671,4001,200 1,260 1,2291,000 800 600 400 200 0 Oct. 2009 Nov. 2009 Oct. 2010 Nov. 2010 Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  9. 9. Pending Homes vs. Home Sales Month of November 2009 & 2010180016001400 Sales Pending 1,534 1,53812001000 800 600 400 200 0 Nov. 2009 Nov. 2010 Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  10. 10. 2,5002,0001,5001,000 500 0 JAN 08 JAN 09 JAN 10 Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  11. 11. Nov. 2007 to Nov. 20102007200820092010 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  12. 12.  Nov. 2010 – 63 days Nov. 2009 – 50 days Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  13. 13. MBA Mortgage Finance Forecast November 24, 2010 6 5.7 5 5.4 5.5 5.1 5 5.2 5 5.1 5.2 4.9 4.9 4.7 4.8 4.9 4 4.4 4.5 3.8 4 3 3.3 3.5 3.5 3.7 3.5 3.5 3.7 3 3.1 3.3 2.7 2.8 2.8 2.9 2 1 30-Year Fixed Rate Mortgage % 10-Year Treasury Yield % 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2012 Northern Virginia Association of Realtors®Source: Mortgage Bankers Association (MBA) 2010 Year-End Press Conference
  14. 14. Source: Mortgage Bankers Association (MBA) Virginia Mortgage Loans in Foreclosure15,00012,500 Subprime10,000 Prime & Govt. ARM 7,500 Prime & Govt. Fixed Rate 5,000 2,500 High and Low Scenarios 0 20 -2 20 -3 20 -4 20 -1 20 -2 20 -3 20 -4 20 -1 20 -2 20 -3 20 -4 20 -1 20 -2 20 -3 20 -4 20 -1 20 -2 20 -3 20 -4 20 -1 20 -2 20 -3 20 -4 20 -1 20 -2 20 -3 -4 Northern Virginia Association of Realtors® 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 20 2010 Year-End Press Conference
  15. 15.  Metro area added 43,700 new jobs Northern VA rate: >/= 5% for each jurisdiction Arlington rate: 3.9% National rate: 9.8 % Virginia rate: 6.8 % Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  16. 16.  Easy access to global markets  Excellent quality of lifeNorthern Virginia Association of Realtors® 2010 Year-End Press Conference
  17. 17. Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  18. 18.  A new normal Consumer uncertainty No sense of buyer urgency Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  19. 19.  Expect 2011 to look like 2010 All real estate is local, sometimes hyper-local Sustainable lending practices Average and median prices rise modestly Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  20. 20.  Oct. – 77 Home Sales < $900,000  3 - $2,500,000 – 4,999,999  1 - $5,000,000 & Over Nov. – 80 Home Sales < $900,000  3 - $2,500,000 - $4,999,999 Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  21. 21. Loudon County, VA $110,643Fairfax County, VA $106,785Howard County, MD $101,710City of Fairfax, VA $98,133Arlington County, VA $96,390Montgomery County, MD $93,999Stafford County, VA $89,536Calvert County, MD $89,049Prince Williams, VA $88,675Charles County, VA $86,586City of Alexandria, VA $85,135 Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  22. 22. Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  23. 23. Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  24. 24.  Spring Forecast – March 24 Economic Summit – September 15 Northern Virginia Association of Realtors® 2010 Year-End Press Conference
  25. 25. For more information, visit NVAR.com or contact NVAR at 703.207.3200 Northern Virginia Association of Realtors® 2010 Year-End Press Conference

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