FOR IMMEDIATE RELEASE: June Housing Sales Take Step in the Right Direction

July 22, 2009

Source: Frank Mortl, III
Job Title: Chief Executive Officer
Phone: (269) 382-1597
Email: FrankM@gkar.com

Kalamazoo, Michigan - July 20, 2009 - The Greater Kalamazoo Association of
REALTORSŪ (GKAR) announced their response today to the Monthly Cumulative
Sales Report for June.
The data presents encouraging news for Kalamazoo area
homebuyers and homesellers alike.

Residential sales went up since May, representing a 22% increase in the last month alone.
In fact, up until May, residential sales had displayed a positive trend upward every month
this year to date. June's uptick is a welcome sign of good news for the local real estate
industry which continues to hope for a bump in activity as a result of governmental
economic mechanisms including the qualified first-time homebuyer tax credit of $8,000.

While local REALTORSŪ are experiencing a great deal of activity in the markeplace, they
are not closing on homes at a rate they are accustomed to in past years because of a
significant increase in the time it takes to process the sale of a home.

"On average, the transaction period to purchase a new home in the greater Kalamazoo
area has significantly increased, which is generally due to lenders who are taking a much
more cautious approach to the entire buying and selling process," said Nancy Fish, a
REALTORŪ member of GKAR who owns Park Place Real Estate of Kalamazoo.
"Closings may be taking longer from start to finish, but the comfort level that is attained
with placing people in affordable homes they will enjoy for years to come makes the
additional time and energy well worth the effort."

In addition to the first-time homebuyer tax credit found within the national Stimulus
Plan, the Michigan State Housing and Development Authority recently announced the
expansion of a $7,500 loan available to qualified buyers. It has no interest or monthly
payments, and needs to be paid back when the home is sold or when the mortgage
comes to maturity. The loan can be used by someone who makes less than $95,000, and
hasn't owned a home in three years, on homes worth up to $224,500.

GKAR encourages anyone interested in the purchase of a home to contact a local greater
Kalamazoo REALTORŪ for more information on homebuying opportunities and the
advantages available to both new and trade-up buyers. For more information on the
many reasons to consider the purchase of a home in the greater Kalamazoo area, visit
gkar.com or contact the GKAR office at 269.382.1597.

Contact:
Frank Mortl, III
Chief Executive Officer
Greater Kalamazoo Association of REALTORSŪ
5830 Venture Park Drive
Kalamazoo, MI 49009
269.382.1597
FrankM@gkar
www.gkar.com
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