Real Estate Tracks Newsletter February 2011

In this issue:
Historically high housing affordability is boosting sales activity and making today’s housing market an opportunity of a lifetime! RISMEDIA, January 3, 2011, http://rismedia.com/2011-01-02/pending-home-sales-continue-recovery/ “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” said Lawrence Yun, NAR chief economist, National Association of REALTORS®. The 30 year fixed-rate mortgage is forecast to rise gradually to 5.3% around the end of 2011; at the same time, unemployment should drop to 9.2%. “All the indicator trends are pointing to a gradual housing recovery” Yun said.
New at FirstWeber.com View South Central and Southeastern Wisconsin SOLD Properties and data as you search for listings. Try it now	Where does Money Leak Out of Your House? Try this Quiz! Find out with National Geographic’s Green Guide Whole House Quiz. It’s fast, fun, and informative. Try it now
Economic and Housing Outlooks Brighten for 2011  Improvements in consumer spending and consumer confidence, increased demand for goods and services and falling unemployment claims are all positive factors for a brighter outlook as we move into 2011. Read more
Reminder: As of Feb. 1, 2011 Carbon Monoxide Detectors are Required to be in all Wisconsin Homes Read more	First Weber is Positively Committed to Green! No trees were killed in the sending of this newsletter

Economic and Housing Outlooks Brighten According to Fannie Mae Analysis Group

RISMEDIA, December 28, 2010

http://rismedia.com/2010-12-28/economic-and-housing-outlooks-brighten-according-to-fannie-mae-analysis-group/

Improvements in consumer spending and consumer confidence, increased demand for goods and services, and falling unemployment claims are all positive factors for a brighter outlook as we move into 2011, according to the December 2010 Economic Outlook released by Fannie Mae’s (OTC Bulletin Board: FNMA) Economics & Mortgage Market Analysis Group. Downside risks still exist, however, including a weaker than expected employment report, the ongoing economic turmoil in Europe, and potential inflation problems in China.

For 2011, forecasted growth was upgraded from 2.9 percent to 3.4 percent based on the positives in the recent reports. The forecast anticipates improving labor market conditions, despite the huge disappointment from the November employment report. The housing recovery should gain momentum going into 2011 if the expected stronger labor market materializes.

“Despite rising mortgage rates, our forecast for home sales is stronger than previous forecasts, given our brighter economic growth and labor market outlook,” said Fannie Mae Chief Economist Doug Duncan. “We expect modest increases in home sales, despite recent interest rate rises, due in part to modest additional declines in home prices, and we expect people to take advantage of affordability as their employment and income outlook brightens.”

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New Law Requires Carbon Monoxide Detectors in All Wisconsin Homes

Wisconsin Real Estate Magazine Ouline Edition, Public Affairs, by Tom Larson, April 7, 2010,

http://news.wra.org/story.asp?a=1302

On March 10, 2010, Governor Doyle signed into law Senate Bill 415, legislation that requires all homes to have carbon monoxide detectors beginning on February 1, 2011. Carbon monoxide is a dangerous, poisonous gas which cannot be detected by human senses. Dubbed the “silent killer,” carbon monoxide claims more than 2,000 lives each year and sends more than 40,000 people to the emergency room in the U.S. alone. At high concentrations, carbon monoxide can be fatal within minutes. Twenty-three other states already have laws requiring carbon monoxide alarms in residential properties.

This new law expands the current carbon monoxide detector requirements to all one-and two-family homes and parallels requirements for smoke alarms for ease of installation. Specifically, this new law requires carbon monoxide alarms to be installed in the basement of the dwelling and on each floor level except the attic or storage area of both newly constructed and existing homes. For new construction, the alarms must be hard-wired in order to be current with national model safety code. For existing homes, the alarms can be battery operated and can be multi-purpose (smoke and carbon monoxide). Dwellings with no attached garages, no fireplaces and no fuel burning appliances are exempted from this requirement.

Similar to the smoke alarm law, the new carbon monoxide detector law does not have a fine or penalty associated with non-compliance. However, all home inspectors are required to check for carbon monoxide alarms.

Since April 1, 2010, carbon monoxide detectors have been required in all new and existing multi-family units. Plug-in alarms are acceptable to comply with this new law in existing multi-family units.

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