Scott Deaton

Nearly Eight in 10 Americans Still Believe Buying a Home Makes Good Financial Sense

RISMEDIA, October 15, 2010-Nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That's according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors. The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70% of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.

"The real issue facing the nation's economy right now is that many Americans can't find meaningful work to support their families," said NAR President Vicki Cox Golder, owner of a real estate company in Tucson, Ariz. "While a job recovery is what's needed right now to get the economy and housing market back on the right track, owning a home continues to be part of the American Dream and one of the best long-term investments in your future."

Despite economic uncertainty, 68% of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75%), it's up from 2008 (66%) and 2007 (59%). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market-more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40% said it was one of their highest priorities.

Lower home prices have improved affordability. In fact, the percentage of renters who are worried that the cost of housing is getting so unaffordable that they will never be able to buy a home has decreased steadily since 2007, from 63% to 57%.

Despite improved affordability, 79% of respondents still consider having enough money for down payment and closing costs to be among the biggest obstacles to buying a home. Another obstacle is a lack of confidence in their ability to be approved for a loan, reported by 73% of respondents.

The good news is that Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.

While more than half (51%) say foreclosures are a problem in their area, the rate of foreclosures is also seen as stabilizing; 51% say the rate is about the same as last year. Thirty-six percent of respondents cite the recession, loss of jobs and the poor economy as the main reason for the ongoing foreclosure problem. This has also led to a slight increase in the number of people who believe the federal government should take a more active role overseeing loans and mortgages (44%, up from 43% last year).

While nearly seven out of 10 say it's harder to sell a home in their area today than it was a year ago, it's less of a concern from last year when the number was 10 percentage points higher. This is most likely the result of lower home inventories.

The 2010 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR's Housing Opportunity Program. The telephone survey was among 1,209 adults living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.

Arkansas home sales down in August

Posted on 28 September 2010

Arkansas News Bureau

LITTLE ROCK - Homes sales in Arkansas were nearly 15 percent lower in August than the same month a year ago, the Arkansas Realtors Association reported today.

Lawrence Yun, chief economist for the National Association of Realtors, said the housing market in Arkansas is still adjusting to the end of the home buyer tax credit.

"The housing market is trying to recover on its own power without the home buyer tax credit," Yun said in a news release. "Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty."

In Arkansas, despite the decline from 2009 to 2010, sales so far this year are up slightly by .84 percent, according to state Realtors association.

Statewide, 1,897 homes sold in August, the last month for which totals were available, compared to 2,223 in August 2009, a 14.66 percent drop.

The total value of homes sold in August was $289 million, down 10.74 percent from $324 million in August 2009. The average sale price across the state dropped 4.6 percent to $152,466.

Of the 41 counties included in the report, Pulaski County had the most home sales in August with 304, followed by Benton County with 284, Washington County with 165, Saline County with 111 and Faulkner with 102. Sebastian County ranked 7th with 94 homes sold and Jefferson and Crittenden counties tied for 14th with 37 homes sold in August.

Sharp County had the highest average sale price in August at $225,000, up 166.35 percent from a year earlier. Next were Garland County, up 15.22 percent to $188.968; Benton County, up 12.78 percent to $188,836; Pulaski County, up 3.52 percent to $187,465; and Cleburne County up 4.6 percent to $152,466.

Sebastian County was ranked 6th with an average sale price of $158,552, up 25.83 percent from a year earlier. Jefferson County was 35th at $79,3261, down 9.95 percent from August 2009.

"Local EXIT Agents Giving Back"

Agents Donate Time & Knowledge to Community

Pine Bluff, Arkansas (Grassroots Newswire) September 29, 2010 -- Floretta Scott represented EXIT Realty Deaton Group-Pine Bluff as a volunteer at a new home under construction by Habitat for Humanity. Floretta has clocked 8 hours over the past two Saturdays working on the home.

In addition to the actual construction project for Habitat for Humanity, Floretta Scott, Kanekalon Kindle, Hosetta Holmes and Joyce King provided breakfast for the family and the volunteer workers on Saturday, Sept. 25th. This home is located on the corner of 8th and Gum.

"Thanks to Floretta for bringing this effort to the forefront," states Joyce King, Executive Broker for EXIT Realty Deaton Group - Pine Bluff. "We are glad to be involved and encourage other volunteers to assist in this project."

Jeff Merritt, also an agent with EXIT Realty Deaton Group - Pine Bluff, was invited to appear on a new talk show called "Coffee with Monica". This show interviews successful business people in the Pine Bluff area. Jeff's program will air Monday, October 4 at 9am on UAPB's channel 24.

"Jeff has been a very successful real estate agent, and has provide a great deal of support to the Pine Bluff area. We are proud of his accomplishments. Way to go, Jeff! Keep up the good work," commented King.

EXIT Realty began in 1996 and has become the fastest growing real estate company in history. EXIT Realty has over 1,300 offices spread among all 50 states and Canada, supporting more then 50,000 agents system wide. "Without a doubt, we are the fastest growing real estate company in the history of the industry because of the residual compensation program and the caliber of the training our agents receive. They have the tools to do the job right," states Scott Deaton, Broker/Owner of EXIT Realty Deaton Group.

For more information about EXIT Realty Deaton Group, please call 866-751-3948. EXIT Realty Deaton Group is located at 3120 S Hazel, Suite C, Pine Bluff, AR 71603. EXIT Realty Deaton Group has offices located in Pine Bluff and Little Rock. For more information go to www.WeAreExit.com or check out Scott's Blog at www.ScottDeaton.com.

10 Market Facts for Uncertain Times

NAR September 2010

Although the economy is soft and consumer confidence remains low, new data from the National Association of REALTORS® shows positive signs for the future. To help interpret current economic data and address clients' concerns, here are 10 key facts to understand about today's market.

1. The economy is growing, though slowly.
2. The private sector is finally creating some jobs.
3. Consumer confidence remains low, though clearly off bottom.
4. The 30-year mortgage rate is at generational lows.

5. The national median-home price is stabilizing.
6. Other home-price measurements also are showing price stabilization.
7. Home price-to-income ratios have returned to fundamentally justifiable levels.
8. Economists expect price increases in upcoming years
9. Delinquencies are high but recent loan originations are performing well.
10. The long-term path to self reliance may be helped from long-term housing-wealth gains.

This information was provided by the National Association of REALTORS, and shows that there are positive actions taking place in the national economy and concerning the housing market.