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IN THE NEWS Connecticut Home Sales Fall After 13 Months of Increases Markets around the country suffered from inventory shortage in February, and Connecticut was no exception, according to data from the Warren Group. The real estate data provider's February report shows single-family home sales dropped 7.7 percent year-over-year in the Constitution State, decreasing to 1,149. The decline puts an end to a 13-month streak of year-over-year sales improvements. "Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales," said Timothy M. Warren Jr., CEO of the Warren Group. "Even so, I'm still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up." Year-to-date, single-family home sales are down almost 2 percent from the same period in 2012. Statewide, a total of 2,542 transactions were completed in January and February, down from 2,577 last year. However, the current state of inventory does have one upside. "With such low inventory, we're seeing bidding wars—homes selling above the asking price," Warren said. "As prices rise, more sellers begin to list their property, which, in turn, pumps up sales volume." According to the Warren Group, the median price for a single-family home in Connecticut rose to $225,000 from $210,000 in February 2012—a 7 percent increase. The year-to-date median home price is up about the same amount. Condominium sales also experienced a decrease in February, dropping to their lowest level in two years. There were 306 condo sales throughout Connecticut in February, down almost 11 percent year-over-year. While single-family prices got a boost as a result of low inventory, the same was not true for condominiums. The median price for condos sold statewide in February decreased nearly 10 percent in $139,516, down from $155,000 in the same month last year. KNOW THIS There were 237 pending foreclosure sales in Connecticut as of April 19, 2013, according to state records. 86 IN THE NEWS Delaware rank: 19 90+ Day Delinquency Rate Foreclosure Rate January 2013 3.86% Unemployment Rate 3.16% 7.2% year ago 3.29% 3.66% 7.1% year-over-year change 17.1% -13.7% 1.4% Top County KenT CounTy 90+ Day Delinquency Rate Foreclosure Rate January 2013 5.50% 4.08% year ago 4.24% 4.51% year-over-year change 29.9% -9.7% Top Core-Based Statistical Area Dover, De 90+ Day Delinquency Rate Foreclosure Rate January 2013 5.50% 4.08% year ago 4.24% 4.51% year-over-year change 29.9% -9.7% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the January 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary January 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. District of Columbia rank: 28 90+ Day Delinquency Rate 3.4% Foreclosure Rate February 2013 Unemployment Rate 2.4% 8.6% year ago 3.1% 2.9% 9.3% year-over-year change 9.4% -18.8% -7.5% Top County DisTriCT of Columbia 90+ Day Foreclosure Delinquency Rate Rate February 2013 3.4% 2.4% year ago 3.1% 2.9% year-over-year change 9.4% -18.8% Top Core-based statistical area WashingTon-arlingTon-alexanDria, DC-Va-mD-WV 90+ Day Foreclosure Delinquency Rate Rate February 2013 3.0% 2.2% year ago 1.7% 1.6% year-over-year change 82.8% 40.8% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the February 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary February 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. GSE Finds Fiscal Policy Concerns Fading for Consumers Recent upticks in consumer confidence suggest Americans may not be too concerned about the pending impacts of fiscal policy, but Fannie Mae predicts they will nonetheless feel some financial tightening over the next few months. Several economic indicators are trending positive, but the March economic forecast from the D.C.-based GSE warns pending sequestration cuts and the effects of higher social security taxes may dampen some of the current progress. On the other hand, Fannie Mae continues to see housing as a bright spot in the economy—one that is not likely to darken in the near future. Jobs, consumer confidence, and the stock market have also improved, and the manufacturing and service industries are experiencing growth "at a healthy pace," according to Fannie Mae. All of this has led the GSE to believe "the first quarter will be stronger than we originally thought" and furthermore led the enterprise to abandon any prediction of a recession "anytime soon." Recent job growth may be impacted by the government sequester as some employees are laid off or incur furloughs, and incomes and consumer spending—both of which dipped at the start of the year—may remain slow in the next few months. However, Fannie Mae predicts economic growth will expand in the second half of 2013, reaching 2.1 percent for the year overall. "[W]e see some improvement in our outlook for growth this year, primarily because of continued strength in the housing market," Fannie Mae said. The sector continues to improve with rising prices "helping to boost household net worth and providing support to consumers amid ongoing fiscal tightening," according to the GSE. AmeriBid Opens New Office in D.C. Area AmeriBid LLC grew its operations with the opening of a second office in the Washington, D.C. area. The company's new office is located in Reston, Virginia and will help the company serve the need for residential, commercial,