The Lawton Fort Sill Chamber of Commerce announces December 4, 2009 that the Comanche County jobless rate is less than the State of Oklahoma and the nation.

According to the most recent Oklahoma Employment Report provided by the Oklahoma Employment Security Commission, Comanche County has a 5.8% unemployment rate for the month of October which is 1.3% lower than the state and 4.4% lower than the national unemployment rate.

“Lawton has weathered the national economic downturn far better than much of the U.S. and many areas within the State of Oklahoma,” cited Dana Davis, Lawton Fort Sill Chamber of Commerce President and CEO.

Comanche County’s unemployment rate raised a slight 0.6 percent over September.  A year ago, Comanche County’s unemployment was 4.2 percent.  Of the 46,370 available labor force in Comanche County, 43,660 are employed leaving 2710 jobless.

Lawton has a strong manufacturing sector which has avoided layoffs.  Strategic investment in product diversification by many of our manufacturers has allowed them to maintain market share and employment levels. 

Lawton also has a strong military structure.  Base Realignment and Closure movements to Fort Sill represent a significant investment by the Department of the Army (DA) in the Lawton Fort Sill Community.  DA announced that by the year 2020 they will have invested $4.4 billion to upgrade facilities at Fort Sill.

“Lawton is poised to gain thousands of new citizens by 2011.  The community, the Chamber and other organizations are involved in downtown redevelopment and beautification along with the development of a 480-acre business park and I am excited to be a part of it”, said Ed Cole, Lawton Fort Sill Chamber of Commerce Vice President of Economic Development.

P.S. Don't forget that United Country Lawton Real Estate Group is connecting buyers and sellers and adding value others can't.  We are the market experts!  

According to a local news media outlet in a story they ran last week, the worst is yet to come.  Well at least their innumerate real estate expert would attest.    

An ironic timing issue was the day after the local media outlet ran their less than factual report, Richard Mize with the Oklahoman ran a story on foreclosure statistics in the state of Oklahoma.  He reminded everyone that although you don’t want to ignore the numbers; you just have to realize that most sets of statistics are close indicators but not Gospel, especially those from sources that claim to be saying something about “the national housing market” – because there is no such thing, just thousands of local markets!

Take my Market Snapshot numbers, those numbers are pulled directly from our local MLS and are reported as correctly as the members report them.  So the members that are lazy or just don’t care and decide they don’t feel like reporting the status of the properties to the MLS in a timely manner can skew the numbers.

Mize talks about the reporting of foreclosures through a reliable internet source, RealtyTrac, as they boast that the FBI, Federal Reserve, Treasury Department and state agencies have used the numbers it crunches. 

Actually, when Mize asked, he found that RealtyTrac only reported on 33 of the state’s 77 counties, primarily the most populous ones.

Richard Mize’s article is good and you should check it out –

Most Housing statistics need some seasoning

I guess the point I am trying to get across is that you have to pay attention to local statistics from local people that are in the trenches every day working their butts off and gathering the facts the best they can.

The facts are this – Foreclosed homes (Bank owned, HUD, and VA Acquired) that are reported through Paragon MLS consist of 8.5% of our active inventory, new construction is 14.3%.  I will repeat that, Foreclosed homes (Bank owned, HUD, and VA Acquired) that are reported through Paragon MLS consist of 8.5% of our active inventory, new construction is 14.3%.

Lawton foreclosure rate is the same as it was in 2004, interesting fact is that five years ago Lawton ranked in the top five cities with the highest percentage of VA foreclosures, now we are not even in the top 15.

Over the last six months we are averaging 164 sold homes per month, $131,118 average sold price and 92 days on the market average.  Foreclosed homes consist of 15.7% of the sold homes and new construction is 19%.  Compared to the same 6 month date range in 2008 we averaged 134 sold homes per month, $123,879 average sold price and 138 days on the market average.  Foreclosed homes consisted of 14% of the sold homes and new construction was 17.1%.

So yes, sold foreclosed homes have gone up 1.7%, but new construction is up 1.9%, total market closed sales price is up 5.9% and homes are selling 46 days faster.  We have less than 5.5 months of inventory and new construction is right at 4....unbelievable!

In a recent article in the Lawton Constitution, Stephen Robertson reported on Lawton new home permits.  He stated that builders purchased permits for 18 new homes valued at $3.5 million in October, bringing the year’s total to 185, well within range to reach 200 new homes for the year for the first time since 2006; only 164 permits were issued in 2008.

To the guys and gals in the trenches every day - getting the facts right is a big deal.  So with the help from people like Steve Barnes and the other “A” Team Realtors, we will keep doing our part to make sure we keep spreading the truth and exposing your real estate market.

If you want more information on your real estate market conditions or have any information that would be helpful to share, just shoot me an email or give me a call!

Sure most of you have seen this and curious to hear what you think.  Not really sure this will work or even come close to working.  If someone cannot make their mortgage payment, not able to get a loan modification, then how is someone going to be able to afford to lease their home? 

Another question to be answered is what happens to the second lien holder if there is one?  Do you think they will not go down without a fight?    

The bottom line is if you don't pay your mortgage it's impossible that you can live in a place for free.

Check out the story By Tami Luhby, CNNMoney.com senior writer, and let me know what you think…

NEW YORK (CNNMoney.com) -- Giving troubled borrowers yet another way to avoid foreclosure, Fannie Mae said on Thursday it would allow eligible homeowners to rent their own homes.

The Deed for Lease program lets homeowners transfer the deed back to their lender and then sign a lease to remain in the home. The effort is aimed at borrowers with mortgages owned or guaranteed by Fannie Mae who do not qualify for or cannot sustain a loan modification. Borrowers must live in the home as their primary residence and must be released from any subordinate liens.

The program aims to reduce the number of foreclosed properties being abandoned because they often fall into disrepair and hurt the surrounding homes' values. Also, it keeps a roof over troubled borrowers' heads and a steady stream of income coming from the property. Tenants of homeowners may also be eligible for leases.

"This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," said Jay Ryan, vice president of Fannie Mae, a mortgage-guarantee firm under federal government control.

Homeowners must show they can afford market rent, but that payment cannot be more than 31% of the borrower's pre-tax income. Leases may be up to 12 months, with the possibility of renewal or month-to-month extensions. If the property is sold, the new owner picks up the lease.

"It really buys them time," said Paul Habibi, real estate professor at UCLA's Anderson School of Management.

But in the long-run the program only delays the inevitable sale of the distressed properties.

While this initiative is not part of the Obama administration's loan modification program, the White House is leaning heavily on Fannie Mae and its sister firm, Freddie Mac, to assist in stemming the foreclosure crisis.

Freddie Mac launched a program in January that allowed borrowers to stay in their homes on a month-to-month basis after they go through foreclosure.

Despite the government and financial industry initiatives, foreclosures hit an all-time high in the third quarter. During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, according to RealtyTrac.

Last month, Treasury officials announced that 500,000 troubled borrowers have been put into trial modifications under the president's plan. The program calls for eligible homeowners to pay no more than 31% of their pre-tax income toward their mortgages.

At the same time as it tries to ramp up its loan modification program, the administration is looking for ways to help those not eligible for adjustments. In May, officials unveiled a program to incent borrowers and loan servicers to participate in short sales and deeds in lieu. Under that initiative, borrowers get up to $1,500 to assist with relocation expenses and Treasury pays servicers $1,000 when the deal is completed.

Short sales, in which the home is sold for less than the mortgage balance and loan servicers may forgive the difference, and deeds in lieu, in which borrowers voluntarily forfeit the deed and the debt may be erased, are faster and cheaper than foreclosure. 

RISMEDIA, November 6, 2009—President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

The following details apply to the homebuyer tax credit expansion:

Who is Eligible
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
-For married couples filing a joint return, the combined income limit is $225,000.
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

Tax Credit is Refundable
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
-For example:
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit.

For more information, visit www.nahb.org.

You have probably heard or read many tips for getting your home ready to go on the market.  Suggestions such as placing fresh flowers on the table, baking cookies, turning on the lights and removing family photos sound like good advice.  These suggestions do not take into consideration that most people work and are not home to turn on the lights, flowers die quickly and most of the buyers (80 to 90%) are looking online before they ever decide to visit your home in person.  We have 15 awesome tips we'll share with you that cover staging techniques for today's buyers and explain the "why" behind all you have heard for years.

First Things First

The first thing you need to know about selling your home is that in every market it takes the same 3 things to sell a home.  They are:  exposure, condition and the right price.  Many sellers wonder why their home does not sell.  If your home fails to sell, it is because something is missing....exposure, condition or the right price...

Exposure is our responsibility when you hire us to represent you.  Condition and price are in your total control as the seller.  All three working together is the only way to guarantee a sale for your home.  You may have the very best exposure in the world, but if your home is not priced right and in good showing condition, it will never sell.  You may have a home in perfect condition and priced competitively, but if you lack exposure, your home will not sell.

Our job as your REALTOR is to expose your home to every buyer in the world and counsel you wisely on correct pricing, market changes and how to achieve the best showing condition for the lowest cost to you.  Our primary goal is to get your home sold, in the time period you desire, and at the highest net price to you.

Shoot us an email if you would like to get those 15 awesome tips sent your way…

Email us at Info@LawtonRealEstateGroup.com, log on to www.LawtonHomeValue.com, or give us a call at 580.248.HOME (4663).

While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.

Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan are in full support of the Senate’s proposal to both extend and expand the first-time homebuyer tax credit and called on Congress to approve key housing measures that include the tax credit. "We welcome efforts taken by Congress to extend the First-Time Homebuyer Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," said Secretaries Geithner and Donovan. "In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners.”

The current tax credit did little for the new-home market in September, the Commerce Department recently reported—news that took many industry analysts by surprise. Sales fell 3.6% from August and 7.8% from September 2008. Industry observers had expected a fifth consecutive monthly increase in new-home sales, believing that the tax incentive for qualified first-time buyers—credited with 357,000 sales of previously owned homes so far this year—would do the trick. Instead, sales of typically more expensive newly built houses slipped. "The decline in new-home sales seems to us to be more a function of the attractive pricing available on resales in the current environment than a reflection of weakening demand," said Michael Feder, president of Radar Logic in New York, which tracks the market.

"Since hitting rock bottom in March, demand is up 20 percent," said Joel L. Naroff of Naroff Economic Advisers in Holland, Pa. For Naroff, the robust rise in existing-home purchases—9.2% year over year in September—indicated that the housing market was not faltering. "Maybe the issue is supply, which fell to its lowest level in 27 years," he said. "Builders, at least those left standing, have been making sure they don't have any houses sitting around, and they have been very successful in controlling inventories."

IHS Global Insight economist Patrick Newport echoed that, noting new-home inventories "sank for the 29th straight month to their lowest level since November 1982." Naroff maintained housing has recovered enough to stand without the tax credit, but Newport said that if the credit were not extended and expanded, housing demand would take a hit, and home sales would drop.

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real estate market a bigger boost while preventing real estate investors from benefitting. While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor.

(c) 2009, The Philadelphia Inquirer.
Distributed by McClatchy-Tribune Information Services.

For more information, visit www.wsj.com.

The goal of the Market Snapshot is to educate you on our current market conditions and should help all the bankers see where the good and soft markets are as well as help the builders get a solid look at what is going on and make their business plans as educated as possible.  
 
If you know of anyone that would benefit from this snapshot please let me know and I will add them to the mailing list.  Remember that this information is obtained from Paragon MLS and deemed reliable but not guaranteed.

If there is anything we can do to help, please do not hesitate to give us a call!  
 
Have a scary and frightful Halloween weekend, and Please be careful with the little ghosts and goblins running around! 
 
Trick or Treat!
  
P.S. Don't forget that United Country Lawton Real Estate Group is connecting buyers and sellers and adding value others can't.  We are the market experts! 

	Active Listings	Actual New Const	Pendings	Expireds Last 6 Months	Solds Last 6 Months	Sold / Month	Months of Invent.	Average Sold Price	Days on Market
0 - 49,999	102	0	58	38	155	25.8	4	$      30,279.00	98
50,000 - 99,999	303	0	99	106	243	40.5	7.5	$      76,559.00	84
100,000 - 149,999	209	17	88	68	222	37	5.6	$    127,114.00	91
150,000 - 199,999	123	31	66	65	190	31.7	3.9	$    173,968.00	82
200,000 - 249,999	68	23	18	26	96	16	4.3	$    223,747.00	91
250,000 - 299,999	50	26	15	21	39	6.5	7.7	$    273,225.00	122
300,000 - 349,999	24	6	4	6	20	3.3	7.3	$    327,619.00	156
350,000 - 399,999	15	10	0	4	3	0.5	30	$    379,666.00	189
400,000 - 449,999	8	3	1	2	2	0.3	26.7	$    412,750.00	15
450,000 - 499,999	4	0	0	0	2	0.3	13.3	$    492,250.00	223
500 +	3	0	0	3	2	0.3	10	$    730,000.00	12
Market Totals	909	116	349	339	974	162.3	5.6	$    131,075.00	91
4 Wks Prior	896	116	370	336	942	157	5.7	$    131,521.00	94

BY STEPHEN ROBERTSON STAFF WRITER SROBERTSON@LAWTON-CONSTITUTION.COM

The value of Lawton construction permits topped $8.2 million last month as steady new home construction augmented some large commercial and nonprofit projects.

Builders purchased permits for 18 new homes valued at almost $3.1 million last month, down slightly from 21 in August but well ahead of the pace last year — only six permits were issued in August 2008.

    For the year, builders have purchased 167 permits for single-family homes, well ahead of the totals for 2008 and 2007.

    Lawton Steve Barnes said the real estate market has improved over the past several months: Closings have averaged 157 a month the past six months, an improvement from March, when the six-month average was just 106.8.

    On top of that, he said, the average price rose 13 percent over that period, and homes are on the market fewer days before selling.

    The improvement has carried over into new construction. Barnes said 181 new homes were sold in the last six months, up from 149 in the same period last year.

    Sales prices are up slightly, and time on the market was cut almost in half.

    Barnes said the improvement has allowed builders to clear their inventories, which was reflected in the recent Tour of Homes. Last year builders had 46 houses to show, while this year only 17 were open.

    The upper end of the market has been particular affected by the upturn, he said. The $300,000-and-over market was “pretty dormant for over a year,” he said, and availability of new lots in the Enclave and Wyatt Acres has helped boost that segment of the market.

    Barnes credits the improvement to improved consumer confidence in the Lawton area, attractive interest rates and arrival of new families because of the move of the Air Defense School to Fort Sill from Fort Bliss, Texas.

    He thinks the area will continue to see growth at about today’s rate. The influx of soldiers may not have the immediate effect on home construction that had been assumed earlier, he said, because repeated deployments have made many wary about buying homes immediately. That means the area could see another construction boost in two to three years, he said. 

The goal of the Market Snapshot is to educate you on our current market conditions and should help all the bankers see where the good and soft markets are as well as help the builders get a solid look at what is going on and make their business plans as educated as possible.  
 
If you know of anyone that would benefit from this snapshot please let me know and I will add them to the mailing list.  Remember that this information is obtained from Paragon MLS and deemed reliable but not guaranteed.
 
If there is anything we can do to help, please do not hesitate to give us a call!   
 
P.S. Don't forget that United Country Lawton Real Estate Group is connecting buyers and sellers and adding value others can't.  We are the market experts!

	Active Listings	Actual New Const	Pendings	Expireds Last 6 Months	Solds Last 6 Months	Sold / Month	Months of Invent.	Average Sold Price	Days on Market
0 - 49,999	107	0	59	40	147	24.5	4.4	$    29,438.00	99
50,000 - 99,999	299	0	94	111	246	41	7.3	$    77,236.00	96
100,000 - 149,999	195	16	104	70	206	34.3	5.7	$  126,977.00	95
150,000 - 199,999	127	38	68	65	174	29	4.4	$  174,245.00	77
200,000 - 249,999	69	20	20	18	99	16.5	4.2	$  224,637.00	91
250,000 - 299,999	49	23	14	20	43	7.2	6.8	$  272,563.00	115
300,000 - 349,999	24	8	5	7	19	3.2	7.5	$  323,853.00	155
350,000 - 399,999	16	9	2	2	3	0.5	32	$  377,034.00	118
400,000 - 449,999	6	2	2	1	1	0.2	30	$  401,501.00	13
450,000 - 499,999	1	0	0	0	2	0.3	3.3	$  492,250.00	223
500 +	3	0	2	2	2	0.3	10	$  730,000.00	12
Market Totals	896	116	370	336	942	157	5.7	$  131,521.00	94
4 Wks Prior	932	110	363	324	946	157.7	5.9	$  129,734.00	99

The goal of the Market Snapshot is to educate you on our current market conditions and should help all the bankers see where the good and soft markets are as well as help the builders get a solid look at what is going on and make their business plans as educated as possible. 
 
If you know of anyone that would benefit from this snapshot please let me know and I will add them to the mailing list.  Remember that this information is obtained from Paragon MLS and deemed reliable but not guaranteed.
 
If there is anything we can do to help, please do not hesitate to give us a call!  We are here to help! 

P.S. Don't forget that United Country Lawton Real Estate Group is connecting buyers and sellers and adding value others can't.  We are the market experts!

	Active Listings	Actual New Const	Pendings	Expireds Last 6 Months	Solds Last 6 Months	Sold / Month	Months of Invent.	Average Sold Price	Days on Market
0 - 49,999	107	0	57	37	154	25.7	4.2	$      29,211.00	102
50,000 - 99,999	296	0	97	117	240	40	7.4	$      76,743.00	95
100,000 - 149,999	203	14	97	67	206	34.3	5.9	$    126,647.00	98
150,000 - 199,999	139	42	73	62	165	27.5	5.1	$    174,455.00	83
200,000 - 249,999	68	20	24	17	94	15.7	4.3	$    224,650.00	96
250,000 - 299,999	52	21	13	17	45	7.5	6.9	$    271,898.00	117
300,000 - 349,999	26	8	6	7	18	3	8.7	$    323,177.00	136
350,000 - 399,999	15	8	2	2	3	0.5	30	$    377,034.00	118
400,000 - 449,999	6	2	2	1	2	0.3	20	$    409,750.00	119
450,000 - 499,999	1	0	1	1	1	0.2	5	$    495,000.00	300
500 +	4	0	1	2	2	0.3	13.3	$    730,000.00	12
Market Totals	917	115	373	330	930	155	5.9	$    129,964.00	97
4 Wks Prior	937	108	358	334	918	153	6.1	$    127,439.00	106

 
If there is anything we can do to help, please do not hesitate to give us a call!
 
--
John Kitchens
United Country Real Estate
www.LawtonRealEstateGroup.com
580.248.HOME (4663)
No one knows the country like we do that's why no one is better at helping you Find Your Freedom!

Things are still looking good around the Lawton Fort Sill area.  Home sales are moving and our average closed sales price continues to climb.  Over the last six months our number of closed properties is averaging 157.7 per month with an average closed sales price of $129,734.00  During the same six month time period in 2008 the number of closed properties averaged 148.2 and an average closed sales price of $125,698.00.  That is a 6% increase in closed homes and 3% increase in average closed sales price.  A reason Lawton is a bright spot in the state and a solid investment.

The goal of the Market Snapshot is to educate you on our current market conditions and should help all the bankers see where the good and soft markets are as well as help the builders get a solid look at what is going on and make their business plans as educated as possible. 
 
If you know of anyone that would benefit from this snapshot please let me know and I will add them to the mailing list.  Remember that this information is obtained from Paragon MLS and deemed reliable but not guaranteed.
 
If there is anything we can do to help, please do not hesitate to give us a call!  We are here to help! 

P.S. Don't forget that United Country Lawton Real Estate Group is connecting buyers and sellers and adding value others can't.  We are the market experts!

	Active Listings	Actual New Const	Pendings	Expireds Last 6 Months	Solds Last 6 Months	Sold / Month	Months of Invent.	Average Sold Price	Days on Market
0 - 49,999	108	0	63	37	157	26.2	4.1	$    29,503.00	105
50,000 - 99,999	305	0	86	119	242	40.3	7.6	$    76,949.00	96
100,000 - 149,999	202	13	94	67	218	36.3	5.6	$  126,271.00	103
150,000 - 199,999	140	45	76	57	160	26.7	5.2	$  174,638.00	86
200,000 - 249,999	73	16	21	15	97	16.2	4.5	$  224,256.00	96
250,000 - 299,999	50	18	12	16	46	7.7	6.5	$  272,443.00	116
300,000 - 349,999	25	8	8	7	18	3	8.3	$  323,032.00	124
350,000 - 399,999	17	8	1	2	3	0.5	34	$  377,034.00	118
400,000 - 449,999	7	2	1	1	2	0.3	23.3	$  409,750.00	119
450,000 - 499,999	1	0	1	1	1	0.2	5	$  495,000.00	300
500 +	4	0	0	2	2	0.3	13.3	$  730,000.00	12
Market Totals	932	110	363	324	946	157.7	5.9	$  129,734.00	99
4 Wks Prior	917	96	374	327	897	149.5	6.1	$  126,013.00	109

Wow!  Things sure have been looking good around the Lawton Fort Sill area.  Homes sales are moving and our average closed sales price continues to climb.  Over the last six months our number of closed properties is averaging 154.8 with an average closed sales price of $129,730.00  Back on March 2, 2009 our closed number of properties average was 106.8 and on March 30, 2009 our closed average sales price was $116,549.  We have had a 45% increase in closed homes and 11% increase in average closed sales price since those dates earlier this year.  Could be one of the reasons Lawton is a bright spot in the state and a solid investment.
 
The local MLS Statistics for the second quarter of 2009 have been reported by the Oklahoma Association of Realtors.  Below are the links for Lawton MLS and I have also included the Duncan MLS.  Both markets look to be solid for the state. 
 
Lawton, OK MLS 
 
Duncan, OK  MLS  

The goal of the Market Snapshot is to educate you on our current market conditions and should help all the bankers see where the good and soft markets are as well as help the builders get a solid look at what is going on and make their business plans as educated as possible.
 
If you know of anyone that would benefit from this snapshot please let me know and I will add them to the mailing list.  Remember that this information is obtained from Paragon MLS and deemed reliable but not guaranteed.

If there is anything we can do to help, please do not hesitate to give us a call!  We are here to help!  
  
P.S. Don't forget that United Country Lawton Real Estate Group is connecting buyers and sellers and adding value others can't.  We are the market experts!

	Active Listings	Actual New Const	Pendings	Expireds Last 6 Months	Solds Last 6 Months	Sold / Month	Months of Invent.	Average Sold Price	Days on Market
0 - 49,999	100	0	67	37	153	25.5	3.9	$      29,595.00	106
50,000 - 99,999	312	0	94	111	231	38.5	8.1	$      76,951.00	97
100,000 - 149,999	201	13	92	69	218	36.3	5.5	$    126,160.00	108
150,000 - 199,999	141	41	78	62	158	26.3	5.4	$    174,276.00	89
200,000 - 249,999	70	15	22	14	101	16.8	4.2	$    223,456.00	100
250,000 - 299,999	47	17	14	17	45	7.5	6.3	$    271,898.00	118
300,000 - 349,999	26	11	7	7	16	2.7	9.6	$    322,005.00	113
350,000 - 399,999	17	9	1	2	3	0.5	34	$    377,034.00	118
400,000 - 449,999	8	3	0	1	2	0.3	26.7	$    409,750.00	119
450,000 - 499,999	1	0	1	1	1	0.2	5	$    495,000.00	300
500 +	4	0	1	2	1	0.2	20	$    775,000.00	24
Market Totals	927	109	377	323	929	154.8	6	$    129,730.00	102
4 Wks Prior	935	99	383	322	870	145	6.4	$    125,118.00	111

Real Estate Market Improving in Lawton

USDA will fund 100% of the purchase price of a property with no down payment. This loan product is only eligible for areas not located in metropolitan areas. USDA has broken all areas down into eligible or non-eligible areas based on population density. This product also is only available for clients that fall in the median income level for those designated areas. Main purpose of this product is to promote affordable home ownership. In terms of qualifying for this loan product a borrower must have close to a 620 credit score to be eligible for this product. If you have a prior bankruptcy you may have problems being eligible for this loan product until the bankruptcy is discharged for 3 years. Non occupant co-borrowers cannot help borrowers qualify for this loan. If you have a prior foreclosure you may be ineligible for this product. This product is completely backed by USDA so it does not have MORTGAGE INSURANCE equaling a lower monthly payment for the borrower. In a purchase transaction this product allows the sellers to pay up to 6% toward the buyers closing cost. USDA allows borrowers to have their application and income documents be underwritten and approved for home loans before identifying an exact property. This means that the borrower’s income and credit is completely underwritten and approved before they even search for a home with a realtor. This assures the USDA client will be able to buy the right home with certainty. Rates for USDA and FHA are the same and generally put on a 30 year term. USDA IS ONLY USED FOR PURCHASE TRANSACTIONS. All government backed loans need appraisals, title work, termite, well and septic if applicable to fund transaction.

FHA financing will fund only 96.5% of the purchase price of a property equaling a 3.5% down payment (all of which can be gifted from a family member equaling NO MONEY DOWN from borrower). This product is eligible in both rural and metropolitan areas. This product is not driven by median income for area (no income limit). The main purpose of the product is to promote affordable home ownership. In terms of qualification for this loan product a borrower can have as low as a 500 credit score and be eligible for this product (much less strict than USDA). You can apply for this loan product just 2 years after filing, not discharging, a bankruptcy. If you have had a foreclosure you can apply for this product just two years after being foreclosed upon. This product is backed by private banking groups and federally chartered investment vehicles so it does require PRIVATE MORTGAGE INSURANCE. This insurance can be calculated by multiplying the loan amount by .55 percent (139,000 times .55 equals $764). This insurance continues to be paid by the borrower pays on the loan until the 181st payment is made on a 30 year mortgage (15 years!). FHA allows non occupant co-borrowers to help borrowers who cannot qualify with their own income and credit to help them buy a home. In a purchase transaction this product also allows the seller to pay up to 6% toward the sellers closing cost. FHA can be used for purchase, construction, debt consolidation and refinance loans, not specifically for purchases. This product also will not underwrite or review a file until a ratified contract has been signed so a seller/realtor/bank or relocation company cannot truly know they are approved until after a contract is ratified by both the seller and the buyer. This means they are solely relying on a pre-approval for their stake in the transaction. Rates for USDA and FHA are the same and generally put on a 30 year term. All government backed loans need appraisals, title work, termite, well and septic if applicable to fund transaction.

Blane Stewart, SLS Mortgage, bstewart@slsmortgage.com

I read a really good quote the other day and I think it is fitting - "There is a time to let things happen and a time to make things happen."  What are you doing to spread the word about Lawton Fort Sill?

The goal of the Market Snapshot is to educate you on our current market conditions and should help all the bankers see where the good and soft markets are as well as help the builders get a solid look at what is going on and make their business plans as educated as possible.
 
If you know of anyone that would benefit from this snapshot please let me know and I will add them to the mailing list.  Remember that this information is obtained from Paragon MLS and deemed reliable but not guaranteed.

If there is anything we can do to help, please do not hesitate to give us a call!  We are here to help!  
 
P.S. Don't forget that United Country Lawton Real Estate Group is connecting buyers and sellers and adding value others can't.  We are the market experts! 
 
National marketing, Local expertise!

	Active Listings	Actual New Const	Pendings	Expireds Last 6 Months	Solds Last 6 Months	Sold / Month	Months of Invent.	Average Sold Price	Days on Market
0 - 49,999	104	0	59	34	163	27.2	3.8	$    29,162.00	111
50,000 - 99,999	305	0	95	121	229	38.2	8	$    76,892.00	102
100,000 - 149,999	192	9	94	67	211	35.2	5.5	$  125,197.00	118
150,000 - 199,999	144	38	71	61	143	23.8	6.1	$  174,459.00	93
200,000 - 249,999	72	11	34	13	86	14.3	5	$  223,500.00	111
250,000 - 299,999	46	17	13	18	42	7	6.6	$  271,955.00	129
300,000 - 349,999	28	13	7	8	14	2.3	12.2	$  320,289.00	144
350,000 - 399,999	15	7	1	1	3	0.5	30	$  377,034.00	118
400,000 - 449,999	4	0	0	1	3	0.5	8	$  409,833.00	107
450,000 - 499,999	3	1	0	1	1	0.2	15	$  495,000.00	300
500 +	4	0	0	2	2	0.3	13.3	$  662,500.00	134
Market Totals	917	96	374	327	897	149.5	6.1	$  126,013.00	109
4 Wks Prior	948	115	382	325	824	137.3	6.9	$  123,577.00	112