HBA Newswatch
February 22, 2008
FRENCH CREEK TOWNHOMES, A BIG VALUE
DEVON — If you’ve been thinking about buying a new home with tremendous value and builder incentives, now’s your best opportunity! A limited number of homes remain at “French Creek,” a collection of townhomes by S&S Development Company, priced from the $200s. Located in the Borough of Phoenixville, French Creek offers a charming setting amid Victorian homes, quaint covered bridges and walking trails. Philadelphia Magazine’s Annual Real Estate issue highlights Phoenixville as one of the top three up and coming places to live in Chester County, and demand has never been higher than now. Several homes are available for quick delivery.
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NEW HOME SALES SHOWS SIGNS OF LIFE
WEST CHESTER — Members of the Home Builders Association of Chester and Delaware Counties, (HBA) are seeing increased sales in the New Year.
While some areas across the country are being hit by a downturn in the market, Southeastern Pa. appears poised for a rebound. Several builders in both Chester and Delaware counties have had better than expected sales in the January and February months. “This spark in sales is just another indication that the national housing market does not dictate the regional market.” said Michael McGee, Executive Vice President of the HBA.
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AREA HOUSING PRICES CONTINUE THEIR DOWNWARD TREND
ACCORDING TO REPORT, EVEN THOUGH SALES CONTINUE TO FALL, LOCAL REGION FINDS ITSELF NOT AS BAD OFF AS OTHER PARTS OF THE COUNTRY
By BRIAN McCULLOUGH, Special to The Phoenix
Trend, the multiple listing service for more than 32,000 real estate agents in the Philadelphia region, on Tuesday released its fourth-quarter report that found house prices and sales volume continue to fall in the region, albeit not as dramatically as in other areas of the country.
In Chester County, the average price for a house sold in the fourth quarter of 2007 was $361,300, down 6.3 percent from the $385,700 average sales price in the third quarter.
The number of houses sold also was down 31.6 percent, from 1,715 in the third quarter to 1,172 in the fourth quarter.
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SMALLER BANKS SHOW MORTGAGE OPTIMISM
By MARCY GORDON, AP Business Writer
WASHINGTON — Smaller banks nationwide were “mildly optimistic” a few months ago about increasing mortgage lending this year because they have largely avoided the high-risk loan business, a survey released Thursday shows.
When community bankers voiced that hopeful view in October and November, the government had yet to announce extended relief for borrowers facing foreclosure, big banks had yet to report massive mortgage-related declines in profit for the fourth quarter, and the full extent of foreclosures last year — about 1.3 million U.S. homes — wasn’t yet known.
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