Good Morning America offers a “What You Should Know” primer.

New home sales dropped almost 33 percent in May, according to a report from the Commerce Department. Mellody Hobson, “Good Morning America’s” personal finance contributor and president of Ariel Investments, appeared on the show this morning to talk about what the dive in home sales means for buyers and sellers.

For a look at the Question & Answer with Mellody, link directly to the story by following this link to the Good Morning America website.

At least, that’s what CNNMoney.com has to say in their recently published article. With the Federal Tax Credit for home buyers behind us the big question is: What happens to homes sales in the coming months. According to the article “Bipolar” is an apt desciption for the most recent predictions.

“On one hand, sales and prices are rising, indicating recovery. On the other hand, so are interest rates and repossessions, which most certainly do not.”

The good news is that while we do see some of the foreclosures/repossessions here in northeast Cincinnati, our marketplace is not overcrowded by the national trends in these areas (i.e., repo’s). The numbers show that our local area has been somewhat insulated from the national scene, but we have not been wholly immune.

In other words, do we face challenges? Yes. Are there still great opportunities for home buyers and home sellers here in our metorpolitan area? Yes.

Visit CNNMoney for the complete article.

The time is running short for buyers to leverage the extended Federal Tax Credit available to many home buyers through the end of April 2010. The National Association of REALTORS® has produced this video to help re-enforce the opportunity. If you would like more information about the tax credit, click here.

Or, contact me, if I can help explain the Tax Credit, help you find a home, or help you sell a home.

It seems that the trend down for home values is coming to an end. After a bumpy ride down, which began nationally in 2006, the residential real estate market is showing increasing signs of stabilizing. According to Fiserv and Moody’s Economy.com, some parts of the country will even see prices increasing slightly in the next twelve months.

As we head into this calmer market, CNNMoney.com is offering a deeper look in to what will shape the housing market in the coming months. An interesting and detailed review, this article provides worthwhile info for home owners, buyers and sellers.

Six Housing Trends

1. Distressed properties will keep prices under pressure.
2. Big homes are lagging small ones in the recovery.
3. Mortgage rates will rise as Uncle Sam exits the market.
4. Financing for condos, second homes, and jumbo loans are especially tough to get.
5. Buyers, rushing to beat the tax-credit deadline, will set off a flurry of spring deals.
6. Going green this year can save you more money.

See the entire article at CNNMoney.com

The National Association of REALTORS® (“NAR”) has created a website to help first time and repeat home buyers research the many benefits of home ownership. With a well-designed website, NAR presents various levels of information including, Tax Credit Info, Market Research Data, and the Financial Benefits of Home Ownership.

Under the category, “Housing Market Facts” the website presents four market statistics that provide interesting data. The first two facts presented are:

1. The home buyer tax credit has been extended to April 30 and expanded to current home owners.
2. 8 out of 10 economists believe home prices will rise in the next five years.

If you would like to see the other two facts, or look through the other information on the NAR site, please follow this link