MAINE REAL ESTATE SALES UP 39 PERCENTSOUTH PORTLAND (November 23, 2009) — For a fifth consecutive month, sales of singlefamilyexisting homes increased dramatically in the state of Maine. Realtors sold 1,247 homesacross Maine’s 16 counties – a jump of 39.02 percent since last October. According to theMaine Real Estate Information System, the median sales price dipped 3.51 percent in the past12 months to $165,000. The median sales price indicates that half of the homes sold for moreand half sold for less.The National Association of Realtors today reports a nationwide home sales increase of 21.4percent since October 2008. The national median existing sales price of $173,100 reflects adip of 6.8 percent. In the regional Northeast, sales rose 27.7 percent. The regional mediansales price declined 2.6 percent to $235,400.REALTOR Sharon Millett of Coldwell Banker Millett Realty in Auburn says, “It’s veryencouraging to see strong continued growth in sales for the past five months in Maine. Buyersare responding positively to the first time homebuyer tax credit of $8,000 and now that it hasjust been expanded to $6,500 for all buyers, we expect this trend to continue and grow.”With the current uptick in activity, Millett says, “Buyers really want to find a home now,which makes it the perfect time for sellers to list their property for sale.”
A double or single-wide manufactured home is now eligible for RD (Rural Developement) financing only when purchased from one of their approved dealers. The manufactured home requirements are:
Rural Development – Manufactured Homes
Units must be new
Placed on a private lot (not in a park)
Put on a permanent, approved foundation
Purchased through approved dealer-contractor
No furniture, including drapes, beds, chairs, sofas, lamps, tables, televisions, etc.
Furniture does not include refrigerators, ovens, ranges, washers and dryers, etc.
Certification and Inspection Requirements:
Must be stamped by a Maine Registered Professional Engineer
Must be approved/stamped by State Office
Must transfer all loads below the established frost line
Home must be permanently anchored to foundation
Manufactured Housing Unit:
Unit must have a properly affixed certification label indicating the construction of the unit is in accordance with Federal Manufactured Home Construction and Safety Standards (FMHCSS):
Must meet agency thermal requirements:
Comfort Heating and Cooling Certification
FMHCCS Uo Value Zone 3 for all of Maine
Required Contractor Statements:
Statement by dealer-contractor that any cash payments/rebates will be deducted from price of unit and not paid to applicant
Statement by dealer-contractor that the proposed cost is the full price of the unit and all development activities
If the applicant is purchasing furniture with other funds, a lien will not be filed against the Agency/Lender’s security property
Required Inspections for Manufactured Homes:
Stage 1 Inspection: Prior to or during placement of permanent foundation, but prior to backfill
Stage 2 Inspection: Final inspection when construction is complete, unit is in place but prior to occupancy
-Comfort Heating & Cooling Certificate for Zone 3
Approved Dealer/Contractor to provide:
Lien Release for all materials or labor furnished
Manufacturer’s Certificate of Origin indicating that the unit is free and clear of all encumbrances
All manufacturer’s warranties to the applicant
Recertification or Satisfactory Completion Certificate
Water Test, where applicable
Septic System Approval, where applicable
For a list of approved manufactured home Maine dealers, call our office at: 207-784-2525 or email – firstname.lastname@example.org
Maine has received $19.6 million in federal funds to help communities buy and resell homes in foreclosure, according to the Portland Press Herald.
The funds are part of an effort to prevent communities and neighborhoods hardest hit by foreclosures from deteriorating. Which communities will benefit from the program is not known yet, but Michael Baran, acting director of Maine’s Office of Community Development, told the newspaper that Sanford will be a likely beneficiary.
The program is expected to help more than 150 moderate-income Maine families buy homes from the municipalities, which in turn will stabilize real estate values by taking properties off the market.
MREIS PRESS RELEASE: In a press release to the media today, MREIS reports 928 homes were sold statewide in September 2008 statewide compared to September 2007’s statistic of 1,028 homes, a decrease of dipped 9.73 percent. Maine’s median sales price for a single-family existing home is $177,750 in September 2008, down 6.45% from one year ago. The median sales price indicates that half of the homes were sold for more and half sold for less. Nationwide, NAR reports single-family existing home sales were up 3.8% in September compared with the prior year; and the national median sales price of $190,600 represents an 8.6% decline. Regionally, sales in the Northeast are 7.7% lower than a year ago. The regional median sales price was $246,800 – a decrease of 5.4 percent.
Here’s a look at the year-over-year change in median sales price (MSP) in Maine’s 16 counties during the three month period between July and September.
|County||MSP 2007||MSP 2008||% change|
MaineHousing yesterday closed its sale of tax-exempt bonds to Maine investors, pulling in $38.7 million to finance its homebuyer program.
The agency put the bonds on the market last week exclusively for Maine investors, with a goal of selling $23 million, according to the Kennebec Journal. The bonds are exempt from state and federal income taxes, and the interest rates ranged from 3.5% on a two-year bond to 6.25% on a 15-year bond. MaineHousing plans to put longer-maturing bonds on the national market in about three or four weeks, according to the paper.
The money will fund the agency’s first-time homebuyers program, which provides low fixed-rate mortgages and other assistance to people who qualify.
In a press release to the media today, MREIS reports sales of single-family existing homes in Maine slowed by 17.24% last month — 1,032 in July 2008, down from 1,247 homes sold in July of 2007. The statewide median sales price dipped 3.52% to $192,000 in July. The median sales price indicates that half of the homes were sold for more and half sold for less. Real estate sales across the country were down 12.4%. Statistics released by NAR indicate a national median sales price of $210,900 – a decrease of 7.7% over the past 12 months. NAR reported a regional sales decrease of 11.8% for the Northeast. The regional median sales price was down 4.9% to $278,700. The complete press release is posted at mainerealtors.com
One in every 2,710 Maine single-family homes was in at least one stage of foreclosure in July, an almost two-fold increase from the same month last year.
During July, there were 255 foreclosure filings — default notices, auction sale notices and bank repossessions — reported in Maine, a 104% increase from July 2007, according to RealtyTrac, a California company that tracks foreclosures. July’s foreclosure filings, however, represent a 7.6% decrease from June.
Nationally, there were foreclosure filings reported on 272,171 U.S. properties during July, an 8% increase from the previous month and a 55% increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.
Source – Mainebiz.biz
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