Keith Manson

There were 75 sales in August 2009 with an average price of $199,652 with 119 days on the market with a list price to sales ratio of 96.42 %. The list to sales ratio from the original list was was 91.72%.

The sales in Waukesha were down 26 properties or 26.3% in August 2009 when compared to August 2008. In addition the new added listings were only down 3.4% or 5 properties during the same perods.

The current listing inventory is 707 properties with an average list price of $247,662 with an average time on the market of 199 days.

There were 43 sales in August 2009 with an average sales price of $286,435 on the market 129 days with a list to sell ratio of 95.06%. The list to sales ratio from the original list price was 91.66%.

In August 2009 there were 2 additional sale or a 4.9% increase compared to 2008. The new listings added stayed consistant with the new adds in 2008 with 81 new listings.

The current listing inventory is 520 properties with an average $367,686 list price and an average time on the market of 255 days

There were 62 sales in August with an average sales price of $220,895 with 118 days on the market an average list to sales ratio of 96.86%. The list to sales price from the original list price was 94.40%.

August 2009 results were consistent with the activity in August 2008. There were 61 sales in 2009 and 62 sales in 2008. However, the new listings added in August 2009 declined 17.6% or 18 properties less than in 2008 added.

The current inventory is 335 properties with an average list price of $228,440 with an average time on the market of 179 days.

In august there were 537 sales with an average price $105494 and a list to sale ratio of 96.86%. The list to sale price from the original list price of 90.09%. There were 950 new listings added in August to add to the supply of homes.

In August 2009 there was a increase in activity when compare to August 2008. There was a increase of 13.9% or 65 more sales in 2009 than in 2008 during same period. In August 2009 there were 950 new listings added compared to 1229 listings added in August 2008. These two trends are good for the market, a increase in sale and a decrease in new inventory.

The current listing inventory is 4919 with an average list price is $181,705 and average days on the market of 201 days. As can be seen the focus of the market has been in the lower to mid range of the market. The properties listed over $150,000 have had less activity.

Last year I help lots of people stay in their home! This year the lenders are not cooperative or willing to help. The following the making homes affordable guidelines and either the lenders do not understand the process or process is so difficult tht they can not explain why the decision was made.

Recently I work with a mortgagor that really wanted to stay in his home, even though he understood that he owed a lot more than the property was worth. He was approved by a mod back in January but did not get the funds in timily and thus was rejected. (Even though he was working the lenders and lender vendors when funds were due). When dealing no one indicated that funds needed to be sent, it was all done by mail. Then they indicated that he would have to apply through Obama's making homes affordable and he did that. They then placed him on a trail program after 5 months of follow up. The plan looked to be acceptable so he signed the documents and sent the funds in directly.

At this point he thought he had saved his home. But he was wrong!

After the first payment the lender than changed their mind and increased the payment by $600 a month ( almost 33% increase for agreed plan). He and I both agreed with the lender to understand why and how they made there decision. The decision they made, they said they made was done on verbal information, even though they had 3 packages and a qualified written request to ask the lender to review the situation!

When discussion the situation with loss mit and VP's from different departments they indicated that they were using the correct formula's for income and following the policies and procedures outlined for handling these cases. After sending 18 emails and additional phone calls the owner has given up! The income formula made no sense indicating that he was making $5200 per monthly even though his tax ret urn only reported $55,000 and his bi weekly gross income was $1700. However, he had seasonal income of $3000 in the first three months because of snow plowing. So they calculated that he was making $62,400 even though the documentation supported only $55,000.The lender did not want to save the home except if borrower pay amounts he could not afford. So it appears that mortgagor may try to do a short sale or let it go to foreclosure! I believe this is happening more and more!

I talked to other lenders they are indicated the restrictions set on making homes affordable mods are not happening because people are not qualifying the requirements.

I am not sure why the mods are more difficult, but believe that the incentives for the lenders are not the same as they were last year. The making homes affordable pay incentives but with lots more documentation and most likely not equal to incentives in prior years. Last year fnma and fhlmc were functioning arms that created incentives for lenders to complete modifications , by grading them , and pay the lenders that performed the best more when loans were originated.

The only thing accomplished through transactions like this is the foreclosure is delayed, mortgagors get frustrated, and more foreclosed properties hit the market and effect market values.

The lenders and the Government needs to address how to evaluate and save homes and really make homes affordable! I hear about how the stimulus program is helping everyone but do not see it!

Hopefully we will see the government or some other group stand up to really address this issue!