There were 77 homes sold in June 2010. That's down 16% from the 92 sold the previous month. It's a decrease of 9% from June 2009, and down 14% from June 2008. There were 1571 homes on the market for sale in June 2010. That's up 8% from the previous month, down 1% from one year ago, and down 6% from the same month two years ago.

View my most recent report on Santa Fe home prices June 2010.

© 2010 Martin Wright, CRS^®, e-PRO^®, Realtor^®

Although rates have held below 5 percent since early May, Michael Fratantoni of the Mortgage Bankers Association notes that demand for purchase loans has fallen in six of the past seven weeks and now is at a 13-year low. "Consumers have grown used to low rates," he explains, adding that "they balk at buying because they are more concerned about stagnant wages and high unemployment."

Source: Washington Post, Dina ElBoghdady (06/25/10)

"If there is a sharp decline not only in housing sales but in housing prices, that could threaten a recovery," says Susan Wachter, a real estate professor at the University of Pennsylvania's Wharton School in Philadelphia.

"A tepid economic recovery - that's what we're going to get, because housing is only very slowly going to return to normal, says Edward Leamer, an economist at the University of California, Los Angeles, and director of the UCLA/Anderson Business Forecast. "We've had a medicated market because of the tax credit and the meds have been removed, so it's going to be difficult to sell homes in the next few months."

"This is a recession that was induced by housing, and housing is not going to carry us out like it has done in the past," says Diane Swonk, chief economist of Chicago-based Mesirow Financial Holdings Inc.

Source: Bloomberg, Kathleen M. Howley (06/23/2010)

Geithner said that banks have repaid about $21 billion, 75 percent of the bailout money they received. He said General Motors and Chrysler will repay the nearly $60 billion that they received. But he acknowledged that insurer American International Group Inc. is unlikely to be able to repay the entire $182 billion it received.

Geithner blamed banks and other loan servicers for the apparent failure of mortgage modification programs, which received about $75 billion in tax incentives to reduce borrowers’ monthly payments. "Servicers have done a terrible job of making sure they have done everything they can to help struggling home owners," Geithner said.

Source: Associated Press, Marcy Gordon (06/22/2010)
 

A 24 percent decrease in median home prices over the past two years has helped drag the price-to-income ratio in Santa Fe to 1.8 for the fourth quarter of 2009, which is below its 2.5 average for the 15 years ending in 2003. The article cited a number of reasons why seniors should consider taking advantage of this increased affordability and buy property in the area. Attractions include great skiing, hiking, medical facilities, arts, as well as a rich cultural history. What people come here for: the sun sets, the mild climate and the friendly people.

Source: US News and World Report (5/25/2010)

To provide for water in the river through downtown Santa Fe, the City will allow water flows varying from 2 to 7 cfs to bypass the City's reservoirs beginning April 1st. Up to 800 acre feet total will be bypassed this year, dependent upon the forecasted runoff from the Santa Fe River's upper watershed.

This initiative is part of the City's long-term strategy to revitalize the river and support a greenway corridor through town. As noted in the resolution passed by the City Council, river flows through town provide aesthetic as well as practical benefits such as wildlife habitat, shade and cooling, and support for plants that help control erosion. The stream flows will also compliment many planned community events such as commUNITY days, the Santa Fe River Festival and Fishing Derby on June 5th, 2010, the Santa Fe 400th Anniversary celebrations, the numerous blessings of the River such as San Isidro feast day celebrations in Agua Fria Village and at Cristo Rey Church, Spanish Market, Indian Market, and Fiestas.

According to Mayor David Coss, "City staff and the Governing Body have worked hard to balance providing water in the river with our water supply needs. Everyone enjoys seeing water in the river and it's great for our city parks and for the greenery and habitat that it supports."

Source: City of Santa Fe

To qualify for Tree City USA, a town or city must meet the following four standards which were established by The Arbor Day Foundation and the National Association of State Foresters. A City must have:

1. A Tree Board or Department.
2. A Tree Care Ordinance.
3. A Community Forestry Program with an Annual Budget of at Least $2 Per Capita.
4. An Arbor Day Observance and Proclamation.

These standards were established to ensure that every qualifying community would have a viable tree management plan and program.

"The City of Santa Fe is proud to have achieved this milestone during the same year the city celebrates the Santa Fe 400th Anniversary," commented Fabian Chavez, Parks Division Director.

"A community, its elected officials and its citizens that provide needed care for its trees deserves recognition and thanks," said John Rosenow, chief executive of the Arbor Day Foundation. "Trees are a vital component of the infrastructure in our cities and towns, and they also provide environmental and economical benefits. Cities that are recognized with a Tree City USA designation go to great lengths to plant and care for the community forest."

More information about Tree City USA can be found at www.arborday.org/TreeCityUSA.

About the Arbor Day Foundation
The Arbor Day Foundation is a nonprofit, environmental, an education organization of nearly one million members, with a mission to inspire people to plant, nurture, and celebrate trees. More information on the Foundation and its programs can be found at www.arborday.org.

Source: City of Santa Fe

The top places listed by AARP and explored on the show are:
 

1. Loveland/Fort Collins, CO 2. Las Cruces, NM 3. Rehoboth Beach, DE 4. Portland, OR 5. Greenville, SC 6. Sarasota, FL 7. Ann Arbor, MI 8. Tucson, AZ

9. Montpelier, VT 10. Honolulu. HI 11. Santa Fe, NM 12. Atlanta. GA 13. Charleston, SC 14. Northampton, MA 15. San Diego, CA

Source: CNBC, Paul Toscano (02/05/2010)

The Consumer Price Index average for the calendar year 2009 was -.4%. Many of the months in 2009 showed price declines with November and December showing increases of +1.2% and +2.2% respectively.

The Living Wage ordinance was adopted by the City Council to establish minimum hourly wage rates. All for-profit and non-profit businesses in the City are required to pay all employees, including part-time and temporary employees as well as city contractors, at least $9.85 per hour in 2010.

The change is among a number of major changes the FHA is making to ensure its long-term financial soundness. 

Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.

The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet to be announced.

For more information, read the National Association of Realtors Summary of FHA Changes.

Source: Reuters News, Corbett B. Daly (01/19/2010)

Source: Santa Fe County

Comment is still being heard at sross@santafecounty.org or 986.6279.  The public hearing followed several public workshops and hearings regarding the draft.  During the meeting, the CDRC heard comment from members of the public and development community regarding the draft and process used to vet those chapters.  The unanimous feedback was that the process has been a success and the CDRC should request that the Board of County Commissioners authorize publication of title and general summary of the first five chapters of the draft code.

A copy of the draft code is available at www.santafecounty.org.

Source: Santa Fe County

The following question appeared on the ballot: "Shall the City of Santa Fe impose on purchasers an excise tax on the use by purchasers of transfer services to effectuate and facilitate the transfer of certain real property in the amount of one percent (1%) of the portion of the purchase price in excess of $750,000 to be used exclusively for affordable workforce housing?"

Opponents of the home tax had argued that it was illegal and inequitable tax, pointing out that it would not apply to all areas equally, because some areas of the city with newer homes were exempted. In a statement from the Santa Fe Association of Realtors last Friday, the President said "the election proved that the people of Santa Fe were listening, and were not willing to accept a poorly conceived Ordinance."

Sperling's Best Places and Businessweek.com in a 2007 Survey named Santa Fe the second best place in the United States for artists and creatives. View the slide show of the top cities. Read why Business Week calls Santa Fe a great place to invest in real estate right now.