My New Blog

As of April 1, 2008 Campensa Realty merged with Howard Hanna Smythe Cramer R.E. To see the full story, click on this link: http://www.ohio.com/news/break_news/17225249.html

Tom's new office number is 330-836-9300. His new email is tomcampensa@howardhanna.com

He is happy to continue serving you in all your real estate needs.

Look for my blog on Monday and I'll update you on the current housing situation in Akron, Bath, Copley and surrounding areas.

Dr. Fred Flick, PHD, states in his article in the Ohio REALTOR® magazine, that “Ohio ranked 8^th in the country with 81,517 foreclosures in 2006, or one default/foreclosure for every 59 households.”

That’s a very large and alarming number. But you should note that one in 59 is only 1.7 percent of all households in Ohio. That leaves 98.3 percent of the households paying as agreed. Yes, Ohio is working through the housing correction.

Research states that over 50 percent of the defaults would not occur if the homeowners just took action. If you or someone you know is part of that 1.7 percent of the households having trouble meeting their obligations, assistance is available. Call your mortgage holder or a consumer credit counseling agency. They are there to help. Do it today! You may contact the Summit County Office of Consumer Affairs for more information about foreclosure prevention at 330.643.2879, consumeraffairs@summitoh.net, or visit them on the web at www.summit.oh.us/conaffairs.htm.

Dr. Flick states that all indicators point to 2007 running at the same pace as 2006 in home sales, which was our third best year. He bases his predictions on two main points. First, the Federal Reserve will probably be keeping the interest rate at, or near, the current 6.7 percent. The second point is based on the Ohio economy. He states, “The good news is that the income growth has been solid and prices are relatively stable,” and, “manufacturing is coming back except for auto.”

The vice president of research for the National Association of REALTORS®, Lawrence Yun, goes a step further as he predicts, “existing home sales will improve markedly by the fourth quarter.”

He bases his prediction on a foundation of facts, such as 4 million new jobs since mid 2005, a 7 percent increase in the typical worker’s wages, plus an accumulated household wealth of $56.2 trillion the first quarter. People have money to buy.

Other factors were that the formation of households has been only 33 percent of the normal 1.5 million in equal comparison. This indicates that people have been holding back due to the uncertainty in the news. This creates a pent up demand. Combine that with the rising cost of renting and better quality mortgages, such as improved FHA loans, and we have all the ingredients for that soft landing and faster turn around. Mr. Yun further states, “Buyers who make the commitment now could be smiling next year.”

Isn’t it time for you to smile? Akron has homes in all price ranges. Give your neighborhood REALTOR® a call. They can help with everything from qualifying for the loan to handing you your keys. They are dedicated to working for you, professional and knowledgeable. Call your REALTOR® today.