Great Open House planned this weekend at 508 Sunderland Terrace. 1:00-4:00

Take a look at our Hot Buys page for home pictures and details. Virtual Tour coming soon.

Existing-home sales continued to recover in the first quarter with gains recorded in 49 states and the District of Columbia, while 22 percent of the available metropolitan areas saw prices rise from a year ago, according to the latest survey by the National Association of Realtors®.

Total state existing-home sales, including single-family and condo, rose 8.3 percent to a seasonally adjusted annual rate1 of 5.14 million in the first quarter from 4.75 million in the fourth quarter, and are only 0.8 percent below a 5.18 million pace during the same period in 2010.

Also in the first quarter, the median existing single-family home price rose in 34 out of 153 metropolitan statistical areas2 (MSAs) from the first quarter of 2010, including four with double-digit increases; one was unchanged and 118 areas showed price declines.

Come April 18, the FHA will increase its annual mortgage insurance premium by 25 basis points on 30- and 15-year mortgages.

This move, announced in February in HUD’s Mortgage Letter 11-10, stated that the move will “ensure that FHA will continue its historic role of providing a home financing vehicle during during periods of economic volatility and its mission of helping under-served borrowers.”

A Certified Distressed Property Expert® is a Real Estate Professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales. Don’t settle for less. Contact Steve Southerland for more details.

Nearly one in four homeowners in Hampton Roads are underwater on the mortgages.

New research from Corelogic (via WAVY10), a California-based research company, shows that 24 percent of borrowers in Hampton Roads owe more money on their homes than they’re currently worth.

Another 6.8 percent are on the edge of being underwater.

It may sound bad, but some places are doing worse.

In Nevada, 65 percent of people owe more than their homes are worth, followed by Arizona, Florida, Michigan, and California.

Nationally, 23.1 percent of all homes with a mortgage were underwater at the end of the fourth quarter of 2010. This was up from 10.8 million or 22.5 percent in the third quarter.

According to CoreLogic, the small increase reflects the price declines that occurred during the fourth quarter and led to lower values.

Negative equity can occur because of a decline in value, an increase in mortgage debt, or a combination of both.