The jobless numbers have dropped across many counties in the Cincinnati area during April and May, as reported in the Cincinnati Business Courier.

Here’s a rundown of numbers from March to April of this year:

• Butler County: 10.5% (March) → 10.2% (April)
• Clermont County: 11.3% → 10.4%
• Hamilton County: 10.2% → 9.9%
• Warren County: 10.1% → 9.6%
• City of Hamilton: 12.1% → 11.8%
• City of Cincinnati: 10.6% → 10.3%

Overall in the State of Ohio, the March to April unemployment rate fell from 11.5% to 10.7%. Clinton and Highland Counties have had it the toughest, due to the closing of a DHL facility, but their unemployment rates also fell from March to April.

In May, despite hearing “dismal job reports” in the national media, unemployment nationally and in the area is still creeping down. In May, a huge chunk of jobs were attributed to temporary Census workers, not permanent jobs. But the upside is that those workers can contribute to the economy while employed. Nationally, private sector employment added 41,000 jobs. Manufacturing (+29,000), temporary help services (+31,000), and mining (+10,000) added jobs, while construction employment (-35,000) declined.

The Business Courier reports construction employment down, with most construction work attributed to Federal Stimulus projects that have already started and not as much private sector construction.

These numbers could indicate that we will see overall employment rise in Cincinnati this summer.

Read more from the Business Courier:

National jobless rate drops to 9.7% in May.

Jobless rate drops below 10% in Hamilton, Warren Counties.

Forecast: Cincinnati-area employment to rise this summer.

Unemployment falls in Cincinnati, Ohio Metros.

Construction jobs fall in Ohio, Cincinnati.

Related...

• February 12, 2010 -- Cincinnati’s Romantic Spots
• September 29, 2009 -- What the Stimulus is Doing
• July 1, 2009 -- Helping you choose a Cincinnati School
• June 18, 2009 -- Financial Reforms

Median Price for homes in CINCINNATI, OH 45244 as of May 21, 2010 is $299,900

Inventory for homes in CINCINNATI, OH 45244 as of May 21, 2010 is 285

Average Days on Market for homes in CINCINNATI, OH 45244 as of May 21, 2010 is 173

Median MAI for homes in CINCINNATI, OH 45244 as of May 21, 2010 is 11.93

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Median Price for homes in CINCINNATI, OH 45227 as of May 21, 2010 is $114,950

Inventory for homes in CINCINNATI, OH 45227 as of May 21, 2010 is 178

Average Days on Market for homes in CINCINNATI, OH 45227 as of May 21, 2010 is 136

Median MAI for homes in CINCINNATI, OH 45227 as of May 21, 2010 is 20.72

Read more about Mariemont Market Statistics or sign up to get reports about all the Cincinnati areas.

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Median Price for homes in CINCINNATI, OH 45242 as of May 21, 2010 is $299,900

Inventory for homes in CINCINNATI, OH 45242 as of May 21, 2010 is 213

Average Days on Market for homes in CINCINNATI, OH 45242 as of May 21, 2010 is 169

Median MAI for homes in CINCINNATI, OH 45242 as of May 21, 2010 is 12.67

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Median Price for homes in CINCINNATI, OH 45226 as of May 21, 2010 is $297,450

Inventory for homes in CINCINNATI, OH 45226 as of May 21, 2010 is 96

Average Days on Market for homes in CINCINNATI, OH 45226 as of May 21, 2010 is 226

Median MAI for homes in CINCINNATI, OH 45226 as of May 21, 2010 is 15.81

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Median Price for homes in CINCINNATI, OH 45208 as of May 21, 2010 is $329,900

Inventory for homes in CINCINNATI, OH 45208 as of May 21, 2010 is 238

Average Days on Market for homes in CINCINNATI, OH 45208 as of May 21, 2010 is 133

Median MAI for homes in CINCINNATI, OH 45208 as of May 21, 2010 is 17.46

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Median Price for homes in CINCINNATI, OH 45226 as of April 30, 2010 is $284,900

Inventory for homes in CINCINNATI, OH 45226 as of April 30, 2010 is 97

Average Days on Market for homes in CINCINNATI, OH 45226 as of April 30, 2010 is 263

Median MAI for homes in CINCINNATI, OH 45226 as of April 30, 2010 is 6.37

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Related...

• May 5, 2010 -- Hyde Park Real Estate Market Conditions (April 30, 2010)

As in every aspect of life, I believe attitude is everything. The way you think and behave can determine what happens. This is true in Real Estate as in life — I believe properties will continue to be bought and sold. And they will.

Time has proven again and again that a good agent can flourish in the most difficult of markets. In fact, my business has never known a “up market” and yet I prove each winter that sales happen during the snow and cold. Its all about attitude.

If you don’t believe that, let me throw something else at you.

No matter the economy, or the market we are in, people still live life. The best part about that, is that living life means having a home. Every single day, regardless of the current state of the economy, people will do the following things (for better or worse):

• Get pregnant, have babies, have twins
• Get married, buy homes together
• Get a job promotion, or become relocated with their company
• Get divorced, and need to buy new smaller homes
• Retire and downsize
• Become newly employed from college, law school or become doctors
• Are gifted monies and or inheritances, or accumulate savings

All of these circumstances are great catalysts for creating a purchase or sale of Real Estate. It will happen regardless of a tax incentive.

The best time in history to buy a home is still NOW. 2010. Prices haven’t yet “bottomed out” and rates are still at record lows. People will need to buy houses, and people will need to sell houses. (And even when those circumstances aren’t in place, people will still need to buy and sell.)

The best thing you can do if you are going to be in the market to either buy or sell, is to choose a REALTOR you trust, someone that was recommended by a friend or family member. MOST importantly, chose a Realtor who has experience working in this unique market we are in today. In Cincinnati, most agents sell an average of 3.5 homes a year. The AmyBSells Team is on track to sell more than 60 homes in 2010. Our team knows what to look for in a home, how appraisals work, inspection pit falls, and title issues. We do this more than 6 times a month and 60+ times a year. Experience isn’t expensive, it’s priceless!

Related...

• November 5, 2009 -- Breaking News: The Homebuyer Tax Credit Passes Congress
• July 15, 2010 -- Tax Credit Closing Deadline Extended for Buyers Who Purchased by April 30
• June 21, 2010 -- Missed the Tax Credit? You Can Still Save.
• April 12, 2010 -- Will the Tax Credit Get Extended?

Commentary

The economic recovery continues to slowly but steadily deepen its roots.  Consumer sentiment ticked up in March and it appears businesses are feeling more positive as well. According to a CEO Economic Outlook Survey, America’s top CEOs are expecting an increase in sales, along with increased or stabilized capital spending and employment.

Over the past several months, the hot topic of health care reform took much of Congress’s attention.  Now, with the bill passed into law, the government is turning its attention to other matters to help bolster the economy including the job bill and financial reform.

High unemployment and elevated levels of foreclosures and distressed homeowners continue to be two of the biggest factors in preventing a robust recovery.  The government’s attentive attitude toward these obstacles is seen as a positive sign by industry and economic experts.

The Housing Market

Existing Home Sales

Existing home sales softened in February. According to Lawrence Yun, NAR chief economist, the widespread winter storms during the month may have masked underlying demand as “buyers couldn’t get out to look at homes in some areas and that should negatively impact near-term contract activity.” February sales of 5.02 million remained 7 percent above the 4.69 million-units last year.

Median Home Price

The median price for an existing home was $165,100 in February, a 1.8 percent drop from February 2009. Distressed homes, which accounted for 35 percent of sales last month, continued to skew prices downward as they typically were discounted in comparison with non-distressed homes.

Inventory

Total housing inventory rose 9.5 percent to 3.59 million, representing an 8.6-month supply at the current sales pace. Compared to the previous year, there were 5.5 percent fewer homes on the market.

Mortgage Rates

Mortgage rates dipped to 4.99 percent in February from 5.03 percent in January. During the first week of April, rates crossed the 5 percent threshold but still remained near historically low levels. While the full effect of the Federal Reserve mortgage-backed securities purchase program’s expiration at the end of March is yet to be seen, the Fed echoed its accommodating policy to support the economy.

Affordability

Affordability remains at record levels, supported by the lowest mortgage rates in decades, low home prices, and the first-time home buyer tax credit. The home price-to-income ratio continues to remain well below the historical average of 25 percent. The ratio now stands at 14.2 percent.

Sources: National Association of Realtors, Freddie Mac

Government Action

Mortgage Relief for Unemployed

Attempting to overhaul its foreclosure prevention program, the Obama administration took noteworthy steps to help the unemployed stay current on their mortgage through tough times.

While the trouble in the housing market stemmed originally started with loose lending practices, high unemployment and underwater homeowners are now the major factors contributing to foreclosure.

The program will now:

• Require lenders to “slash” payments for the unemployed for 3-6 months. In some cases, payments could be deferred entirely.
• Cut payments to at least 31 percent of previous income, about the same amount that unemployment insurance pays.
• Become effective over the next 6 months.
• Not require new taxpayer funds.  The program has only used a
  small portion of its $75 billion allocation.

Source: The Washington Post

Helping Underwater Homeowners

Underwater borrowers are one of the major driving forces behind foreclosure.  It’s estimated that one in four homeowners owes more than their home is worth. Economists categorize these borrowers as “high risk” because they can’t sell or refinance.

The government is taking the following steps to address underwater borrowers:

1. Principal Reduction. Lenders will be asked to reduce the principal loan balance if it is 15 percent or greater than what the home is worth. This will only be available to borrowers who are current on their mortgage payments and they will need to stay current to “earn” the full reduction over three years.
2. FHA Refinancing. The Federal Housing Administration (FHA) offers refinancing alternatives for borrowers who are underwater and offering incentives for lenders who reduce the principal on primary mortgages by at least 10 percent.
3. Second Mortgages. The government will double the incentive amount paid to lenders who help modify second mortgages. Half of all troubled homeowners have second mortgages, which have been an obstacle in providing modifications.
4. Short Sales. Incentives to lenders who help troubled borrowers that don’t qualify for the program, most commonly a short sale, have been increased.

Source: The Washington Post

Topics For Buyers & Sellers

Energy Efficient Tax Tips

Three Things You Need to Know About Home Improvements to Help Slash Energy Bills and 2010 Taxes

1. Simple qualifying improvements include increasing insulation or insulating items such as door and windows, roofing, skylights, etc. These qualify for a 30 percent credit on the cost of the item, not installation,  up to a maximum credit cap of $1,500.
2. Certain big-ticket items have no maximum credit cap. The credit is still 30 percent of the cost of the item. These items include furnace, air conditioning, tankless water heater, heat pump, geothermal system, solar or wind installation.
3. It’s a tax credit, not a deduction.  That means it reduces the actual taxes you owe, not your taxable income.  Use IRS Form 5695, and hang onto receipts and product labels.

Other Posts

• October 2, 2009 -- Volunteer Opportunity with Freestore Foodbank
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