Homes and Real Estate Blog

Des Moines real estate is selling quicker these days.  Donnelle Eller of the Des Moines Register reported November 11, 2009, that “Des Moines-area home sales rose nearly 39 percent in October, and leaders hope an expanded federal tax credit will drive sales beyond the first-time homebuyer market.” Additionally, more good news was realized when the year-over-year figures were announced.  “The sale of homes priced between $100,000 and $175,000, typically the price range for first-time buyers, was 50 percent higher than a year ago.”  Real estate in Des Moines, unlike the rest of Iowa, has begun to flourish while the state as a whole continues to flounder.  “Iowa’s third-quarter home sales climbed 7.7 percent compared with a year ago. Iowa is on pace to sell 61,600 homes in 2009, but nationally, sales were nearly 6 percent higher.”

To minimize a massive inundation of foreclosures on the real estate market in Des Moines, “the state received $11 million in federal recovery funding to help Iowans keep or find affordable rental housing.”  The money comes from $1.5 billion in federal recovery funds to prevent homelessness, especially low-income families facing eviction or foreclosure.  “The program’s assistance ranges from budget counseling and case management to security and utility deposits, moving costs and 18 months of rental assistance, which includes up to six months’ back rent.”  Thousands of homeowners are applying for assistance in order to keep these homes.  Because of this initiative, Des Moines has less foreclosures than national averages although the number of foreclosures in the local market is beginning to rise.

New Des Moines homes for sale have suffered most due to the global recession.  In fact, the median price of new homes in the Iowa city dropped more than 13 percent between October and November of this year, according to Yahoo! Real Estate.  Unusually, foreclosures rose in price 7.5 percent to just under $84,000, based on about 550 listings.