About Polk County, IA

Good news from data just released from CoreLogic. Check out the decreases in foreclosure rates and delinquent mortgages for the Des Moines-West Des Moines area:

Foreclosure rate:Nov. 2011: 2.48%Nov. 2010: 2.69%

• Year-to-year rate dropped 12.48%
• National average was 3.41% in Nov. 2011

Mortgage delinquency (90+ days):Nov. 2011: 4.71%Nov. 2010: 4.81%

• Year-to-year rate decreased 7.27%%

September 2011's home sales for the greater Des Moines area including Ankeny, Adel, Bondurant, Carlisle, Clive Cumming, Indianola, Johnston, Urbandale, West Des Moines, Windsor Heights rocketed 36% ahead of last year's and were up approximately 5% month on month as well.

The average sales price remained essentially flat at $169,920, a .4% rise from the prior year. Days on market remained eseentially unchanged year on year, but fell eight days from 109 in August to 101 for the month of September.

Sales in September compared to the prior year were still skewed by the effect of the Home Buyer Tax Credit which expired May 1 2010 but allowed buyers to close by September 30th 2010. October 2011 will mark the first month whereby meaningful comparisons can be made to the year prior. The Des Moines MLS had 5,375 homes on the market in September, 159 homes fewer than in August and 489 units fewer than a year earlier.

The top selling price categories were as follows:

1. $200,000 - $249,900 102 units
2. $140,000 - $159,900 86 units
3. $120,000 - $139,900 74 units
4. $160,000 - $179,900 68 units

The top means of financing used were:

1. Conventional 344 units
2. FHA 199 units
3. Cash 168 units
4. VA 33

24 homes sold priced $400,000 or higher out of an approximate inventory of 360 units, indicating a 15 months supply.

134 condo-townhome units sold out of an approximate inventory of 960, indicating a seven months supply.

Data provided courtesy of the Des Moines Area Association of REALTORS covering the period 09/01/11~09/30/11. All rights reserved.

A good thing just got better! The good people at the IFA, or Iowa Finance Authority have upped the amount of the incentive for qualifying first time homebuyers buying homes in Iowa to $3,500 from $2,500. According to the IFA's website "The IFA's mission is to finance, administer and preserve affordable housing and to promote community and economic development for Iowans. IFA is a self supporting agency."

The Iowa Finance Authority grant can be used for closing costs, down payments or for minor repairs. Currently, it is one of the few subsidies available for first time buyers, but it must be used for with an IFA loan product.

The IFA issued this press release on the program today:

Effective Thursday, October 13, the Iowa Finance Authority's FirstHome Plus down payment assistance grant will increase from up to $2,500 to up to $3,500 until December 31 or until funds are expended.

Affordable homeownership is vital to providing young professionals and working families with a safe place to call home and in turn stimulates neighborhoods and communitites throughout the state.

The Iowa Finance Authority strives to make our homeownership programs as accessible and affordable as possible. The $1,000 in bonus down payment assistance will address one of the biggest barriers Iowa home buyers face, which is finding the funds necessary for down payment and closing costs.

Attention Lenders:
Important $3,500 Down Payment Dates to Remember:
For a home buyer to be eligible to receive the $3,500 in FirstHome down payment assistance, the following deadlines must be met.
October 13: $3,500 FirstHome Plus reservation period begins
December 31, 2011: Final reservation deadline
February 29, 2012: Closing deadline
March 9, 2012: Delivery of program compliant and secondary market eligible mortgage
Please note that there are no extra steps to apply for the $1,000 in additional down payment assistance. All FirstHome Plus reservations made between October 13 - December 31 will automatically be applying for the $3,500 until funds are expended.

For your convenience, a home buyer flyer announcing the $1,000 in additional down payment assistance is available here and information is available on the Iowa Finance Authority web site.

If you'd like more information about Iowa Finance Authority FirstHome Plus Downpayment Assistance grant please call me at 515-271-8999. The IFA program is administered through a numbered of local lenders.

Two Rivers REIA (Real Estate Investors Association) of Central Iowa holds its regularly scheduled meetings on the 4th Tuesday of each month, at the Urbandale Golf and Country Club. This month, our featured speaker is Jamie Papian, Lead Instructor with Iowa Lead Safety, to help our members and guests to better understand the requirements for renovations in Iowa, following the inception of new laws in April 2010.

Jamie is both the LBP certification instructor and a contractor, so he is not only knowledgeable of the text and testing requirements, but he's field savvy as well.

There is still much confusion in the rehab and construction industry regarding who needs to be certified, or at what point a Lead Certified Renovator or Certified Contractor needs to be involved in a renovation project. We expect that Mr. Papian will clarify and inform, thus putting much of this confusion behind us.

Please see the website and Calendar at Two Rivers REIA for more information.

Andrew Lietzow, MBA, CRS, GRI

Executive Director

Two Rivers REIA of Central Iowa, LLC

(Licensed to Sell Real Estate in Iowa w/CENTURY 21 Signature Real Estate)