Below is a press release from the National Association of Home Builders.

December 18, 2012 – Builder confidence in the market for newly built, single-family homes rose for an eighth consecutive month in December to a level of 47 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. This marked a two-point gain from a slightly revised November reading, and the highest level the index has attained since April of 2006.

“Builders across the country are reporting some of the best sales conditions they’ve seen in more than five years, with more serious buyers coming forward and a shrinking number of vacant and foreclosed properties on the market,” observed NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Fla. “However, one thing that is still holding back potential home sales is the difficulty that many families are encountering in getting qualified for a mortgage due to today’s overly stringent lending standards.”

“While there is still much room for improvement, the consistent upward trend in builder confidence over the past year is indicative of the gradual recovery that has been taking place in housing markets nationwide and that we expect to continue in 2013,” noted NAHB Chief Economist David Crowe.

Derived from a monthly survey that NAHB has been conducting for the past 25 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor.

Two of the HMI’s three component indexes are now above the critical midpoint of 50. The component gauging current sales expectations rose two points to 51 in December, while the component gauging sales expectations in the next six months slipped one point, to 51. The component measuring traffic of prospective buyers increased one point, to 36. Editor’s Note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be found at www.nahb.org/hmi. More information on housing statistics is also available at http://www.housingeconomics.com.

Even more great news for the Ann Arbor area!  Norfolk Homes is so proud to be serving the communities in Ann Arbor, Saline,  Chelsea, Dexter, Jackson, and Grass Lake.  Now is the time to build your new home with Norfolk Homes!   Below is an article from the Wall Street Journal from 12/6/12.

A Town Packed With Classrooms

With a host of top learning programs, Ann Arbor, Mich., is a magnet for the 50-plus crowd

By JULIE HALPERT

Jean and Flip Connell fell for each other while attending the University of Michigan in Ann Arbor in the late 1940s.

As it turns out, they fell for the town, as well.

Fifteen years ago—after careers in the nonprofit world (hers) and marketing (his), and after watching their two daughters attend the university—the Connells settled in Ann Arbor.  Today, they often take in productions of the school’s musical theater program, attend football and basketball games, and hear lectures from visiting dignitaries, including the president of the Czech Republic, Vaclav Klaus. The Connells also are facilitators for a lifelong-learning program for individuals age 50-plus. In the past year they discussed Middle East realignment, cybersecurity and energy geopolitics, among other topics.

“We feel fortunate to be part of this fabulous college community,” says Jean Connell, age 83.

That sentiment is heard frequently among the area’s retiree population. Take one of the country’s top public universities, add an eco-friendly environment (with 24 miles of on-road bike lanes and 60 miles of park bicycle paths), a vibrant arts community and a leading medical facility (the University of Michigan Hospitals and Health Centers), and it’s little wonder that Ann Arbor is attracting transplants like the Connells.

Focus on Learning

Situated in southeastern Michigan, Ann Arbor takes its name from the abundance of trees in the area. The city, the sixth-largest in the state, is compact and easy to navigate—except during University of Michigan home football games.

Ann Arbor Area CVB

Like all cities, Ann Arbor has some downsides. Real-estate prices and property taxes tend to be high. Major department stores are in short supply (though downtown features a good number of small shops). And winters are harsh; gusty winds, in particular, make heading outdoors a challenge.

On the bright side, the city has “no floods, hurricanes or earthquakes,” says Wendy Mead, 60, who moved to Ann Arbor with her husband in 2000 and writes a blog titled “Retired in Ann Arbor.” (She solves the weather problem by spending winters in warmer climes such as New Zealand.)

Ms. Mead and her husband regularly take an 11-mile bike ride along a path from Ann Arbor to nearby Ypsilanti, which is often deserted on weekdays. They also canoe on the Huron River and take walks in the picturesque Nichols Arboretum and Gallup Park.

The city’s learning programs are a big attraction. The Osher Lifelong Learning Institute at the University of Michigan has 120 study groups that focus on topics such as philosophy, history, social science and the performing arts. Instructors are volunteers; many are retired or current professors at the university. About 700 people age 50-plus take classes each year, paying $20 for a membership and $40 for a 15-week class.

A similar program, called Elderwise, has attracted about 300 students. The 50 classes this fall included “How the Supreme Court Changed America” and “Ancient Greek and Roman Theater.” Membership is $30, and each course is $5.

Residents also flock to the city’s many artistic events. The University of Michigan’s School of Music, Theater and Dance puts on 10 staged performances a year and hosts about 500 free events, including concerts by students, faculty or guests.

Similarly, downtown is the stage for the city’s major attraction: the Ann Arbor Art Fairs, which take place every July. Many downtown streets are open only to pedestrians over a span of four days when artists from four separate art fairs display their wares. The event routinely attracts 500,000 visitors.

The Tax Debate

Voters usually support eco-friendly initiatives in this town, which leans liberal. The mayor, John Hieftje, in office since 2000, is a Democrat, as are all the members of the City Council except one, Jane Lumm, who is an independent. Ms. Lumm says her colleagues tend to show less fiscal restraint when it comes to the “more sexy, discretionary initiatives” but are reluctant to approve spending for basic city services.

Last month, voters defeated two millage requests. The first would have funded a major library reconstruction; the second, backed by most council members, would have supported public art in the city.

Christopher Taylor, a council member and Democrat, had said before the election that the art and library spending would make the city even more attractive to visitors and would-be transplants, far outweighing “the modest marginal costs to the individual taxpayer.”

Ms. Lumm, however, had said, “I do believe there’s a growing sentiment among some residents that Ann Arbor is becoming increasingly unaffordable as a result of the high and escalating tax and fee burden.”

Kate Kelly, 71, who retired to Ann Arbor four years ago from Portland, Ore., says she prizes the city’s “progressive-minded population” and the ability to walk to nearby cultural events. (She’s also a fan of organic food; a boisterous farmers market in Ann Arbor’s Kerrytown district is one of the outlets providing ample supplies of locally grown fare.) But she’s less enthusiastic about housing prices and high property taxes, which could strain her budget.

Janice Stickney, 71, paid almost $6,000 in property taxes in 2011 for the condo she purchased downtown in 2008. That figure, she says, might have dissuaded her from settling in the city—had she not moved from New Jersey, where taxes for the same property would have been closer to $8,000 or $9,000.

In the end, she says, the taxes—as well as the brisk winters—are a small price to pay for living in an otherwise ideal setting. “There are so many different types of things to do,” Ms. Stickney says. “You have an opportunity to find a niche.”

Ms. Halpert, a writer in Ann Arbor, can be reached at next@wsj.com.

This is a great article from CNNMoney Magazine.  Now is not just a great time to purchase a new Norfolk Home… It is a SMART time!!

NEW YORK (CNNMoney) — In another sign of a turnaround in the long-battered real estate market, average home prices rebounded in July to the same level as they were nine years ago.

According to the closely watched S&P/Case-Shiller national home price index, which covers more than 80% of the housing market in the United States, the typical home price in July rose 1.6% compared to the previous month.

It marked the third straight month that prices in all 20 major markets followed by the index improved, and it would have been the fourth straight month of improvement across the full spectrum if not for a slight decline in Detroit in April.

The index was up 1.2% compared to a year earlier, an improvement from the year-over-year change reported for June. While home prices have been showing a sequential change in recent months, it wasn’t until June that prices were higher than a year earlier.

The July reading matched levels last seen in summer 2003, when the market was marching toward its peak in 2006. The collapse of the market after that led to the financial crisis of 2008.

“The news on home prices in this report confirm recent good news about housing,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Single-family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing.”

Record low mortgage rates and a tighter supply of homes available for sale have helped to lift home prices. Lower unemployment also has helped with home prices, although job growth in recent months has been slower than hoped.

Earlier this month, the Federal Reserve announced it would buy $40 billion in mortgage bonds a month for the foreseeable future. This third round of asset purchases by the central bank, popularly known as QE3, is its effort to jump start the economy through even lower home loan rates.

Related: Best home deals in Best Places

Mike Larson, real estate analyst with Weiss Research, said part of the improvement in the housing market is due to investors using the low mortgage rates to buy up homes that are in foreclosure and renting them in a strong rental market.

But he said that he doesn’t think there’s much chance of housing prices forming any kind of new bubble in the foreseeable future.

“Clearly the worst is behind us for this market., but this is not a market that is going to take off again,” he said. “While you have a firming up, you still have tight lending standards and people who have been burned are reluctant or unable to get back in the market.” He predicts it will take several more years before housing prices can gain more than 1% to 2% a year.

Related: Buy or rent? 10 major cities

But that is good news for a housing market that was plagued by plunging home values and high foreclosure rates for much of the last six years. And the good news has the potential to build on itself, said Joseph LaVorgna, chief U.S. economist for Deutsche Bank.

“Housing remains a rare bright spot in an economy that is otherwise muddling through,” he wrote in a note to clients Tuesday. “The price trend for housing is significant, because it provides economic stimulus via stronger household balance sheets.”

Norfolk Homes in conjuction with Marketplace Homes has a fantastic program that is perfect for those of you who want a new home and have a home to sell!  Buy a new home from Norfolk Homes and Marketplace Homes will agree to Lease your home for up to 6 years! You receive a payment every month even if the tenant doesn’t pay, even if there isn’t a tenant! In addition, utilities, maintenance and repairs are handled by Marketplace Homes. Marketplace Homes’ exclusive 6-Year Guaranteed Lease provides your family peace of mind about the old home, so you can enjoy life in your new home! This program includes:

• » All Rents Handled
• » Gas and Electric Handled
• » All Tenant Repairs Handled
• » Lawn and Snow Removal Handled

Plus-If Marketplace Homes sells your home during the lease you get: 100% of your asking price! To see if your home qualifies contact Marketplace Homes at 800-331-0646 7 days a week between 9 am and 8pm Eastern Standard Time or click here for more information!

Yes – it is that easy!

This is an excerpt from an article in today Detroit News.  This is GREAT NEWS!!!  Click here to go to the full article.

Michigan’s recovery outpaces rest of U.S.

Confidence rises along with home, retail sales

Michigan fell the hardest during the recession, but it’s bouncing back better than the rest of the country.

While economic uncertainty in Europe is creating a cloud over the U.S. economy, and the state’s unemployment rate has ticked up two-tenths of a percentage point to 8.6 percent in the past two months, existing home sales and retail sales in Michigan are doing better than elsewhere in the country.

“We’ve been telling our clients since late 2011 that Michigan is turning the corner faster economically than any other state in the country,” said Patrick Anderson, founder and CEO of the East Lansing-based consulting firm Anderson Economic Group.

Home sales are up 10 percent through June in the Great Lakes State compared with the nation’s 5 percent growth rate, according to the National Association of Realtors. And the state’s retail sales surged in April and May, while the national figure fell 0.2 percent.

The ongoing recovery of Detroit’s three automakers has paved the way for the uptick, with a resurgence in jobs and profitability. Michiganians figure the state has weathered the worst and are feeling more secure in their jobs, said Grosse Pointe Woods real estate agent Michael LeVan.

From his vantage point, “most people feel significantly better about their jobs than they did five years ago.”

The new confidence can be seen in the upswing in home sales in the four-county Metro Detroit region. Sales increased 5.1 percent through the first half of the year and have risen 11 of the past 12 months, according to Realcomp II Ltd., a Farmington Hills multiple listing service. Home prices in the Detroit area jumped for 10 straight months through April, according to Standard & Poor’s Case-Shiller index.

Homeowners are more confident in their ability to sell their homes, LeVan said, and are “reasonably sure that they’d be able to sell theirs, and not pay two mortgages for 10 or 12 months.”

“We’re now getting multiple offers on houses on a regular basis” for the first time in a decade, LeVan said, echoing the experience of many real estate agents.

Norfolk Homes would like to welcome Rebecca to the Chelsea Fairways community!  Rebecca is looking forward to moving into her beautiful new Briarhaven home, on lot #68.  She is returning to the area from Boston, and is looking forward to settling back into the area where she grew up.  She told us that she’s most excited about cooking & baking in her amazing new Kitchen!  Welcome home Rebecca!

Rebecca is pictured with our sales agent Lisa Markwardt in a beautiful
Norfolk kitchen.

SOLD OUT!

Norfolk Homes of Michigan is pleased to announce that the  Creekside community located in Chelsea, MI is officially SOLD OUT.  The last home in this tight knit community closed early this month.  Sales were solid and steady in this community and sales agent Lisa Markwardt contributes this swift pace to the great subdivision location in the ever popular City of Chelsea.

Lucky for Lisa she only needed to move her sales gear 1 mile down the road to Norfolk’s newest offering, Chelsea Fairways.  With three homes already sold in this community, Chelsea Fairways already speaks for itself with its desirable price, diverse home designs and central location.

It’s always a great feeling to help create and finish communities like Creekside and Chelsea Fairways!

Norfolk Homes of Michigan is excited to announce our first sale in the Chelsea Fairways Subdivision, since taking over the project.  Chelsea Fairways is located in the quaint community of Chelsea, about 10 miles west of Ann Arbor.  The City has much to offer its residents, including Art Galleries, The Purple Rose Theatre, Nationally known Common Grill and many local artists and fair trade shops.  The subdivision is nestled perfectly along the fairways of the Pierce Lake Golf Course, and is within walking distance of the downtown shopping district, schools, and a hospital.

With the help of our Sales Agent Lisa Markwardt, Terri fell in love with our completed spec home on Lot #93 (The Cambridge).  Terri and her guard dog Thor will be moving in soon.  We look forward to giving her many more neighbors and playmates for Thor.