US Home Prices Falling Real Estate USA
Real Estate - Renting a Foreclosed Home Leasing
Several factors can explain the snail-like behavior of the real estate market. An important one is that sales of existing homes are mainly by people who are planning to buy other homes. So even if sellers think that home prices are in decline, most have no reason to hurry because they are not really leaving the market.
"US Home Prices Falling Real Estate USA"
Hipotecas Prestamos 05:43 PM | The Real Estate Market
Falling Home Real Estate Prices USA
Real Estate - Home prices in the United States have been falling for nearly three years, and the decline may well continue for some time.
Even the federal government has projected price decreases through 2010. As a baseline, the stress tests recently performed on big banks included a total fall in housing prices of 41 percent from 2006 through 2010. Their “more adverse” forecast projected a drop of 48 percent suggesting that important housing ratios, like price to rent, and price to construction cost would fall to their lowest levels in 20 years.
"Falling Home Real Estate Prices USA"
Hipotecas Prestamos 05:38 PM | The Real Estate Market
State and Local Foreclosures Prices and Short Sales
Learn About Real Estate Market - The largest first-quarter sales gain from a year ago was in Nevada, up 116.8 percent, followed by California which rose 80.6 percent; Arizona, up 50.2 percent; and Florida with a 25.0 percent increase. Virginia and Minnesota also experienced double-digit sales increases.
The largest single-family home price increase in the first quarter was in the Cumberland area of Maryland and West Virginia, where the median price of $114,900 rose 21.1 percent from a year ago.
Next was the Davenport-Moline-Rock Island area of Iowa and Illinois at $100,300, up 13.8 percent from the first quarter of 2008, followed by Columbia, Mo., where the median price increased 6.0 percent to $152,600.
Median first-quarter metro area single-family home prices ranged from a very affordable $30,300 in the Saginaw-Saginaw Township North area of Michigan to $570,000 in Honolulu. The second most expensive area was the San Jose-Sunnyvale-Santa Clara area of California, at $450,000, followed by the Anaheim-Santa Ana-Irvine area of California at $435,800. Other affordable markets include Akron, Ohio, at $50,100, and the Youngstown-Warren-Boardman area of Ohio and Pennsylvania at $51,200.
Hipotecas Prestamos 06:32 PM | The Real Estate Market
Prices for Foreclosures and Short Sales
Learn About Real Estate Market - The median home price for U.S. metro areas posted a year-over-year decline in the first quarter of 2009, reflecting a high volume of foreclosures and short sales, which typically sell for 20 percent less than traditional homes, the NATIONAL ASSOCIATION OF REALTORS® reports.
The national median existing single-family price was $169,000, which is 13.8 percent below the first quarter of 2008 when conditions were closer to normal. Foreclosures and short sales accounted for nearly half of transactions in the first quarter.
Hipotecas Prestamos 06:29 PM | The Real Estate Market
No Administrative Fees at Closing
Learn About Real Estate Market - No Administrative Fees at Closing
Administrative fees tacked onto settlement charges violate a federal real estate settlement statutory ban against “unearned” fees, a U.S. District Court Judge in Birmingham, Ala., ruled recently.
The case involved RealtySouth, a unit of HomeServices of America Inc., the second-largest realty firm in the U.S. A buyer sued the company over a $149 administrative brokerage commission. The court found no evidence that the brokerage company performed any services beyond those covered by the commission and thus, violated the federal statutory ban.
"No Administrative Fees at Closing"
Hipotecas Prestamos 06:27 PM | The Real Estate Market
For-Sale Housing Inventory
Learn About Real Estate Market - The supply of properties on the market at the end of April declined 3.6 percent from the previous month, according to an analysis compiled by ZipRealty Inc.
ZipRealty looked at information from multiple listing services in 29 major markets. Typically, the housing inventory rises in April an average of 4.8 percent, according to Zelman & Associates research firm.
The unknown factor that keeps this from being unquestionably good news is the number of foreclosures held by banks that aren’t listing them. For instance, Fannie Mae and Freddie Mac list only about 35 percent to 50 percent of the homes they hold.
Noted housing economist Thomas Lawler discounts the foreclosure concerns, saying that the decline in listings means "the bottom in home prices is much closer than many pundits believe."
Hipotecas Prestamos 06:26 PM | The Real Estate Market
Top 10 U.S. Towns for Living Well 2009
Learn About Real Estate Market - Small cities can be comfortable places to live and great spots to operate a business, according to a new report from Forbes magazine.
They identified 10 cities and towns with fewer than 100,000 people, favorable business environments, and well-educated workforces. Their study also took into account natural beauty, high salary levels, and local restaurants and cultural attractions.
"Top 10 U.S. Towns for Living Well 2009"
Hipotecas Prestamos 05:31 PM | The Real Estate Market
Lose Home to Foreclosures
Foreclosures - More borrowers are expected to lose their homes to foreclosure as the nation's largest mortgage companies lift their internal moratoriums on home repossessions and start to determine which troubled borrowers cannot be helped.
The mortgage companies say the Obama administration's housing plan has given them a better idea of which borrowers they should assist, but their actions could be politically sensitive because some lenders received funds from the federal government's financial stimulus program.
An increase in foreclosures could lead to a further decline in residential prices and put more pressure on the earnings of banks as they write off troubled loans.
Hipotecas Prestamos 11:30 AM | The Real Estate Market
Buyers Flock to Retirement Properties
Real Estate - Younger Buyers Flock to Retirement Properties - Baby boomers are seeing good deals and purchasing retirement properties, according to a survey of Coldwell Banker real estate professionals.
More than 50 percent of Coldwell Banker practitioners, who work in popular retirement havens, report increased interest and home purchases from retirees and near-retirees ages 60 and younger.
“Over the past couple of years, home prices have declined significantly in the majority of markets with traditional appeal to retirees,” said Jim Gillespie, president and CEO of Coldwell Banker Real Estate LLC. “Younger retirees are taking advantage of these desirable prices and turning the economic downturn into an opportunity.”
Other results of the online survey conducted in March include:
* 53 percent of Coldwell Banker associates have observed an increase in retirees who plan to downsize from their primary residences into smaller properties.
* 37 percent are seeing an increased number of retirees who own more than one property sell their primary residences to move to their secondary homes.
* 23 percent are seeing more people buy different homes for retirement, or move into their previously purchased retirement properties earlier than expected.
"Buyers Flock to Retirement Properties"
Hipotecas Prestamos 11:28 AM | The Real Estate Market
The 2009 Foreclosure Home Sales
Foreclosure Prevention Program - Foreclosure
Jan & Feb 2009 HOPE NOW loan servicers reported making more than twice as many loan modifications for subprime borrowers in February (91,333) than they did for prime borrowers (42,503). More prime borrowers got repayment plans -- 64,605 were negotiated last month, compared with 46,033 for subprime borrowers.
Not all homes that enter the foreclosure process end up being sold by lenders, some borrowers are able to refinance their loans, or negotiate short sales or loan workouts with lenders. The HOPE NOW alliance said it helped 244,000 borrowers avoid foreclosure in February by instituting workouts including loan modifications and repayment plans
Hipotecas Prestamos 09:17 AM | The Real Estate Market
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Hipotecas Prestamos 08:08 PM | The Real Estate Market
The Future of Mortgage and Real Estate Blogging Videos
"The Future of Mortgage and Real Estate Blogging Videos"
Hipotecas Prestamos 07:32 AM | The Real Estate Market
Mall Shopping Center Vacancy Rates 4Q 2008
Mall, Shopping Center Vacancies at 10-Year High - Vacancies at U.S. malls and shopping centers approached a 10-year high in fourth quarter 2008 and are likely to rise further, according to real estate research firm Reis Inc.
Regional mall vacancies rose to 7.1% last quarter from 6.6% in the third quarter. The vacancy rate at neighborhood and community shopping centers rose to 8.9 percent in the fourth quarter from 8.4 percent in the third quarter.
Asking rents at malls fell 0.2% from the third quarter, but rose 0.3% from a year earlier. Asking rents at shopping centers fell 0.3% from the third quarter and were up 0.4% from a year earlier.
Until the economy stabilizes, vacancies are likely to continue to increase, predicted Victor Calanog, director of research for Reis. “So much of consumer spending depends on the wealth effect,” he said.
In 2009, 12,000 retail stores will close, reported Howard Davidowitz, chair of retail consulting and investment-banking firm Davidowitz & Associates Inc.
Hipotecas Prestamos 03:55 PM | The Real Estate Market
2008 Foreclosures 2.2 Million
About Foreclosure Prevention Advice - A record one in ten home loans were delinquent or in foreclosure at the end of September, some 2.2 million homes are expected to enter the foreclosure process in 2008, and with the economy deteriorating the outlook for next year is worse, the Mortgage Bankers Association said today.
"2008 Foreclosures 2.2 Million"
Hipotecas Prestamos 07:14 AM | The Real Estate Market
Foreclosure Prevention Counseling
About Foreclosure Prevention Advice - A report from the U.S. Department of Housing and Urban Development found a 55 percent increase in the number of families receiving foreclosure prevention counseling between 2006 and 2007, with growth expected to be much higher in 2008.
Hipotecas Prestamos 10:31 AM | The Real Estate Market
ZipRealty Real Estate Web Site Earnings 2Q 2008
Real Estate Web Site - ZipRealty, a real estate brokerage company that offers service discounts to sellers and rebates to buyers, on Thursday reported a net loss of $1.7 million, or 8 cents per share, in the second quarter ended June 30, 2008. That compares to a net loss of $1 million, or 5 cents per share, in the same quarter last year.
The company continues to grow its pool of agents, and agent count increased by 274 from March 31 to June 30, the company reported. Agent count also grew from 2,070 agents at the end of second-quarter 2007 to 2,559 agents at the close of second-quarter 2008.
"ZipRealty Real Estate Web Site Earnings 2Q 2008"
Hipotecas Prestamos 11:07 AM | The Real Estate Market
