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Kay McArdle’s Toledo Real Estate Looking More Positive in 2013!

The real estate market in Toledo, Ohio may be looking more positive in 2013 than in other areas of the country. The National Association of Realtors’ chief economist Lawrence Yun predicted recently that home values could rise 15% and number of homes sold 20% this year. And he said the Toledo area should be leading the numbers because it has been a bit behind in the general national recovery.

Some other developments that point towards a healtier market are…

Local City of Toledo and suburban areas housing inventory is down making for more competition, multiple offers, quicker sales and putting some upward pressure on prices. We’re especially seeing some shortages of high end homes in Sylvania and Perrysburg.

We are finally seeing more 1st time buyers enter the market creating the snowball effect of helping current home owners move to other more desired homes.

Federal regulators have reached yet another agreement with 10 large banks who wronged homeowners in the foreclosure process and will make modest payments to those people. How much help this will have for the housing market is debateable. But, $5.2 million of that settlement will be available for banks to do loan modifications for people at risk of foreclosure and keeping families in their homes will certainly help the housing market.

New rules by the Consumer Financial Protection Bureau to take effect in 2014 are going to require that lenders only make loans that borrowers can afford. Banks and Mortgage Brokers will have to verify and inspect borrowers financial records (odd that hasn’t been regular practice) and lend only an amount that keeps the borrowers’ total debt including credit cards, student debt and car payments to 43% of their total income. And finally “interest only” loans and “no doc” loans are being banned.

There was an extension of the Mortgage Cancellation Relief through January 1, 2014 as part of the fiscal cliff deal just reached. This has to do with the amount forgiven by mortgage holders in short sales not being taxed as income to the poor people losing their homes. It is good for the housing market because short sale homes are generally in better condition and sell for more than foreclosed homes.

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The IDX Data on this site was last updated on Feb 22 2015 6:00AM Eastern Standard Time. All Information is deemed reliable but not guaranteed. The data is updated on a daily basis. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. For the most current information, contact Welles Bowen Realtors at 1-800-533-7692 or email us at mail@wellesbowen.com. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the NORIS MLS. Real estate listings held by brokerage firms other than Welles Bowen Realtors are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © Copyright 2015 NORIS. All rights reserved. Broker Reciprocity information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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