According to Radar Logic Inc.'s newly released October 2008 RPX Monthly Housing Market Report, home prices and sales volumes decreased more in October 2008 than in any other October since the firm started tracking such data in January 2000. However, for the fourth consecutive month, Milwaukee placed at the top of the 25-MSA (Metropolitan Statistical Area) ranking. Home prices in M
The earlier post this week looked at the annual performance of South Pasadena real estate prices and to what degree did the market change in 2008 compared to 2007. The results were somewhat surprising considering the current market and economic conditions. The data indicated the median price of a single family home actually increased in [...]
Professor Karl Case joins Bloomberg to discuss the latest results of the S&P/Case-Shiller home price indices.I’m still WAY more bearish than Dr. Case.The single most important data-point at this point is unemployment (unemployment rate and non-farm payroll level) which will, in all likelihood, continue to soar and severely weigh on the nation’s housing markets.Now that the regions that Dr.
The two most prominent and long running monthly U.K. housing price indices continue to register accelerating year-over-year declines resulting in the largest peak decline seen in at least 17 years.The “Nationwide” series, which reported data through November, indicated that U.K. home prices declined 13.9% on a year-over-year basis while the “Halifax” series, which reported data through Nov
Today, I had a conversation with Natalie Pausch, a local appraiser who specializes in Dr. Phillips and Windermere, and she happened to mention that many of her appraisals are now showing that homes in SW Orlando are priced below replacement cost using the cost approach which Natalie describes as the easiest to understand of the [...]
Do any similarities exist between the real estate and stock markets?
In stock market jargon it is referred to as testing the bottom or testing the lows. If prices hover around the previous lows without establishing a new benchmark it can be recognized as a positive sign. It may be perceived that price stabilization will [...]
That appears to be the setup being written about by Hubble Smith in an article in the Las Vegas Review Journal. He's reporting that home sales have doubled from year ago figures for the third straight month, and that inventory continues to shrink. The article also states that while median home prices have fallen, for the last 2 months it's been less than 3%. This was based on statistics provided b
Chart Courtesy of TFS Derivatives Corp. - Click Image To Enlarge-->Home Prices Plunge 17.4% record in past year: Case Shillerby MarketWatch - snips:September's prices were down in all 20 cities, compared to both August 2008 and September 2007, the data showed. The largest decline in September was found in the San Francisco metropolitan area, where prices fell 3.9%. In the past year, Phoenix has
Home prices in record decline
A Case-Shiller survey shows a 16.6% annual decline in the summer months as the housing picture continues to deteriorate.
By Les Christie, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — The home price plunge stayed on a record pace this summer, according to a widely watched gauge of national real-estate markets released Tuesday.
The S&P [...]
U.S. home prices have dropped a record 17.4 percent nationally while locally Portland is still feeling the pain, yet still not suffering as badly as other major cities.According to the Case Shiller report released this morning, Portland home prices fell 8.6 percent. The time period for the report was from September 2007 to September 2008. With an 8.6% decline, Portland ranks 7th best. In August
(Isn't it naive to ask a builder about reducing the property rate?)Why?: 1) The prices have already reached the bottom. 2) High interest costs 3) Charges levied by Pune and Pimpri-Chinchwad municipal corporations 4) High input costs Means - Pune builders are desperate to cut property prices! The official quote is always opposite of what PBAP actually means. Remember, the statement about p
What's Your Market's Median Home Price? Realtor.com provides you with metro statistical area mapping to provide you with the latest median home pricing in your area of the world! It also provides changes from previous quarter.Visit Interactive Home Pricing Map for more detail.
Two of the most closely watched barometers of U.S. home prices are the Office of Federal Housing Enterprise Oversight home-price index and the S&P/Case-Shiller home-price index. Read more about these indices at the Wall Street Journal Real Time Economics Blog:...
If you are new to an area, there is another tool you can use to gauge home values to possibly help narrow your search. You want to also feed the inner Capitalist or Investor in you and attempt to maximize your return. Trulia Heat Maps allow you to compare prices and popularity by neighborhood (in larger metro areas), city, county, and state. This can allow you to gauge market trends based on lis
According to the S&P Case-Shiller Home Price index, home prices fail by another 1.1 percent in August. This is the 25th consecutive month in a roll that home prices have dropped, and in the past twelve months home values have sunk 17.7 percent.
From BloggingStocks: The decline in U.S. home values continues. Home prices in 20 top U.S. cities declined at the fastest pace ever, on a year-over-year basis, as foreclosures increased and banks sought to unload homes by selling at cut-rate prices.
Home prices in a 20-city sample plunged 16.6% in August, on a year-over-year basis in, according [...]
The most recent Case-Shiller numbers for August 2008 are out, and they're continuing to show sharp pricing declines from last year. But what's interesting to me is that the price declines -- at least so far -- have been far sharper for homes priced under $380,000 (-39%) than for those priced in the top third, or over $573,000 (-19% decline).So can these higher-priced homes continue to hold their
Reuters - Prices of U.S. single-family homes plunged a record 16.6 percent in August from a year earlier and plummeted more than 30 percent in Las Vegas and Phoenix, Standard & Poor's said on Tuesday.
The Standard & Poor’s/Case-Shiller 20-city housing index was released today showing and it shows declines of 16.6%. Las Vegas is down 30.6% and Los Angeles is down 28.1%. All I can say is: Ouch!!!
Obviously, states like California, Florida, Arizona, and Nevada are suffering the most.
This is how the media reported the news:
USA Today:
NEW YORK (AP) [...]
I wrote last Friday what a seller should expect in terms of time on the market, listing in order the fastest and slowest selling areas for real estate in Portland metro.What I noticed is that four of the six areas where it’s taking the most time to sell also make up four of the most expensive areas. They are Lake Oswego/West Linn, SW Portland, Northwest Washington County and Tigard/Tualatin/She
I've not been a big fan of the California Association of Realtors' (CAR) ability to forecast market trends over the past few years, mostly because they've been so off the mark. When the market changed on a dime from boom to bust -- something I'd predicted in early 2006 -- their economist, Leslie Appleton-Young, basically begged for more time to think of some new terms to describe what was happeni
The two most prominent and long running monthly U.K. housing price indices continue to register accelerating year-over-year declines resulting in the largest peak decline seen in at least 17 years.The “Nationwide” series, which reported data through September, indicated that U.K. home prices declined 12.4% on a year-over-year basis while the “Halifax” series, which reported data through Au
Last Tuesday, the housing index as monitored by Standard &Poor’s/Case-Shiller showed a significant drop in home prices for the month of July as compared to the same period last year. The 16.3 percent decline is believed to be the biggest drop since the index was created in 2000.
In addition, the 10-city index also dropped by 17.5 percent, the largest decline recorded in 21 years of its exi
Singapore Private home prices ease after 4 years
Strength in HDB resale prices in Q3 anchors market overall while private residential prices dip 1.8%, flash estimates show
By EMILYN YAP
(SINGAPORE) Third-quarter private property prices fell for the first time after 17 straight quarters of growth.
And with financial and economic headwinds working their way through, market watchers [...]
The U.S. home prices for August hit the lowest decline since 1999 this year, dropping 9.5 percent to a median sales average of $203,100. As the prices continue to drop, buyers are taking advantage of the discounts of today’s real estate market.
The inventory of unsold homes has also declined by seven percent. If the [...]
I always enjoy reading Lawrence Yun’s columns from Realtor magazine. He is the chief economist for NAR (National Association Realtors) and has an above average record in advice and market predictions. His latest column is about hedging inflation by simply owning a home. It’s no mystery unless you have been asleep for the last three [...]
The data used to make the chart is gathered from the MLS. The data in the MLS is deemed reliable but not guaranteed. This data is for August 2008 for single family homes which includes condos. Homes that are pending...
Yes, it is true that we've constantly been hearing false predictions of when the housing market will hit bottom, both in terms of sales, but more importantly in terms of price. I always tend to consider the source of such predictions, and generally discount those from trade groups such as the NAR or the MBA and give greater credence to universities and private data companies.But at a recent forum
The Federal government keeps bailing out the financial system and trying to artificially keep home prices high but long term, the market dictates what homes prices will be all around the country.
CNNMoney has this article:
Fannie, Freddie rescue won’t end housing woes
NEW YORK (CNNMoney.com) — The federal government’s takeover of Fannie Mae and Freddie Mac may [...]
According to First American CoreLogic's Home Price Index, monthly home prices fell 10.7% in the month of June led by steep declines throughout California.Social Bookmarking Add to OnlywireAdd to: | Technorati | Digg | del.icio.us | Yahoo | BlinkList | Spurl | reddit | Furl |
The following article appeared in the Triangle Business Journal recently:
Raleigh's home prices stay strong
Triangle Business Journal
Home prices grew by 4.8 percent in the Raleigh area between the second quarter of 2007 and the second quarter of this year, new federal data say.
The figures, from the Office of Federal Housing Enterprise Oversight, tend to overstate the actual growth
Billionaire Sam Zell made an interesting housing market prediction last week, saying that he expected home prices to bottom-out at the end of March 2009, but some economists believe otherwise. One such economist, Michelle Meyer with the Lehman Brothers Holdings Inc. in New York, does not feel so confident that housing market prices will [...]
It would seem that buyers are no longer holding back on their decision to enjoy the great opportunities offered by these foreclosure homes in San Francisco’s Bay Area. With home prices declining even further for the month of July, foreclosed properties have become even more affordable.
Far and away, Lake Oswego and West Linn are Portland’s most expensive areas. The suburbs, with the reputation for strong schools, boast the area’s most expensive average sales prices and median sale prices too.Here are the 2008 year-to-date prices for homes in Portland metro, per the RMLS:Average & Median = Area$561,200 & $455,000 = Lake Oswego, West Linn$487,200 & $399,000 = West Portland$40
Weber County real estate continues to do amazing things. Despite the fact that home sales in July were down by 25% compared to last year, home prices rose by almost 5%. The average price of Weber County homes was $193,015. This doesn’t necessarily mean that home values are up, it just shows that the average [...]
Canadian new home prices grew 3.5% Year or Year according to Bloomberg Canada. The slowest Year over Year increase since 2002.
Prices increased 3.5 percent from June 2007, the smallest gain since March 2002, Statistics Canada said today from Ottawa. The slower pace, which compares with a year-over-year gain of 4.1 percent in May, was “a [...]
We have not been hearing much from the Mailtribune in Southern Oregon so I did a little digging and I see why. Here is the median home price for Jackson County.28% lower than the same month a year ago. I think June 2007 was the market peak so I’ll start keeping an eye on Medford to see how this shapes up.
North Portland used to be the least expensive area in Portland metro, but this decade has seen an explosion in people wanting to live in some of its neighborhoods such as Arbor Lodge, University Park, Mississippi, and Kenton.So with that desire, prices have gone up and North Portland no longer holds the “least expensive” title. That now belongs to the Gresham-Troutdale area.Here are the avera
San Diego Real Estate Blog
Chula Vista 91915 – July 16 2008.
I just ran the stats for the number of homes sold in Chula Vista 91915 and the average sales price of homes sold in Chula Vista zip code 91915 from January 1 to June 30 in the years 2004, 2005, 2006, 2007, and 2008. This [...]
Simon says: Home prices have hit floor Head of property developer SC Global still bullish on the local real estate market Thursday • July 10, 2008CONRAD RAJ editor-at-large conrad@mediacorp.com.sg JUDGING from recent transactions, property prices appear to have hit or are near the floor, according to Mr Simon Cheong ,the president of the Real Estate Developers’ Association of Singapore (Redas)
The two most prominent and long running monthly U.K. housing price indices continue to register accelerating year-over-year declines, the largest seen in at least 15 years.The “Nationwide” series, which reported data through June, indicated that U.K. home prices declined 6.3% on a year-over-year basis while the “Halifax” series, which reported data through May indicated that U.K. home pric
U.S. home prices fell 0.8 percent on a seasonally-adjusted basis from March to April, according to OFHEO’s monthly House Price Index. For the 12 months ending in April, U.S. prices fell 4.6 percent. As April 2007 was the peak of the monthly HPI, 4.6 percent is also the total fall from the peak.
For the nine [...]
Ever wondered why your house isn’t selling?
Think your house should be more money than your neighbors?
In today’s Real Estate market, it is key to have your house priced correctly from the start.
Don’t make the mistake of over pricing your home. That’s what we call in the real estate business, “chasing the market.”
Running after the market
During the month of May, 2008, UK home prices dropped 2.4%, according to a report from Halifax, the nation’s largest mortgage lender. Over the past 12 months, prices have dropped 3.8%, after seeing prices rise substantially for several years. The average home price during May was £184,111. The Nationwide building society found that prices fell 2.5% during May in its latest study on housi
June 14, 2008Home prices in mid to low tier expected to stay stable: CapitaLandPROPERTY giant CapitaLand expects prices of mid- to low-tier homes to remain largely stable this year despite signs of a weaker market.Chief executive Liew Mun Leong reportedly said in Beijing on Thursday that demand for homes in Singapore is still holding up well.Prices of lower-end homes will be 'marginally up or down
Les Christie, a CNN Money staff writer, talked about U.S. home prices this afternoon and spoke of Nicholas Perna, of the economic consulting firm Perna Associates. According to Perna, the smart money is betting on U.S. home prices to keep on falling. Christie wrote:
He finds it especially significant that the smart money, investors [...]
“America’s house prices are falling even faster than during the Great Depression.” Talk about a headline that would make any American homeowner stop dead in his or her tracks. According to the May 29 online edition of The Economist (UK):
The latest S&P/Case-Shiller national house-price index, published this week, showed a slump of 14.1% in [...]
First, to all U.K. readers I want to properly and whole heartedly welcome you the housing malaise!How’s that for an U.S. export! Take that you Redcoats!Recently, the two most prominent and long running monthly U.K. housing price indices registered the largest year-over-year declines in at least 15 years.The “Nationwide” series, which reported data through May indicated that U.K. home prices
Home prices decline largest in two decades - MSNBCNEW YORK - U.S. home prices dropped at the sharpest rate in two decades during the first quarter, a closely watched index showed Tuesday, a somber indication that the housing slump continues to deepen. Standard & Poor’s/Case-Shiller said its
20-city home-price index shows record decline [...]
I’m about to reveal an extraordinary secret, one that rivals the coordinates for the lost city of Atlantis. As experts and government officials are now in their second year of scrambling for housing solutions it appears that we have found one that works. Here it goes; when you lower prices you actually move [...]Related Posts:■About■Putting Home Sellers on the Couch: The Psychology of
Data through March 2008, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, shows continued broad based declines in the prices of existing single family homes across the United States, a trend that prevailed throughout 2007 and has continued into the first quarter of 2008.
“The [...]
The latest S&P/Case-Shiller Home Price Index released today has nothing bad horrible news.
With the only exception of Charlotte, all the other 19 cities showed huge year over year declines. Some examples: Las Vegas -25.9%, Miami -24.6%, Phoenix -23%, Los Angeles -21.7%.
This is how the media reported the news.
USA Today:
Home prices tumble a record 14.1% in [...]
According to the Office of Federal Housing Enterprise Oversight (OFHEO), home prices fell faster during the first quarter of 2008 than they've fallen in the 17 years the group has been tracking the market. From a USA Today story:The government says U.S. home prices posted a first-quarter decline bigger than any in the 17-year history of the data. The Office of Federal Housing Enterprise Oversight
The Office of Federal Housing Enterprise Oversight(OFHEO) just released their seasonally-adjusted purchase-only house price index. The index fell 1.7% in the first quarter compared to Q4 of 2007. Over the past year, home prices fell 3.1%. This is the largest decline in the purchase-only index’s 17-year history.
Significant findings:
1. Prices fell in the latest quarter in [...]
New homes, rising vacancy rates, unsold condos and fewer rental deals cited as reasons By Fiona Chan, Property Reporter THE slowdown in the Singapore housing market has prompted two banks to predict a dramatic plunge in home values in the next two years. In two starkly bearish reports, Barclays Capital and Credit Suisse have forecast drops of up to 40 per cent in home rents and prices, as demand a
During the first quarter of 2008, home prices suffered a decline averaging 7.7 percent compared to that of 2007. This is probably the greatest decline since 1982 when the National Realtors Association began gathering data. Average median sale price nationwide also dropped by 4.8 percent to $196,300 for the same period.
According to NAR, the steep [...]
"California luxury home prices fell for the second consecutive quarter as banks required higher credit scores and down payments, reducing the number of potential buyers in the state's wealthiest communities."
In Marketplace
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Singapore Luxury home prices down 2.1%, says report
Number of foreign purchases fall; many buying homes in suburban areas
By Fiona Chan, Property Reporter
HIGH-END homes have become the first to buckle under the pressure of volatile market conditions and gloomy buyer sentiment.
Prices of luxury developments dipped in the first three months of this year, even as foreign [...]
My tulips are blooming and I just had to take a picture of them. When the yellow blossoms are finished the orange will start blooming and then the pink and the red. I thought they would look nice with this...
Home Prices in U.S. Fall 12.7%, Most Since 2001 by Bloomberg - snips:Home prices in 20 U.S. metropolitan areas fell in February by the most on record, pointing to an imbalance between supply and demand that shows no sign of ending. The S&P/Case-Shiller home-price index dropped 12.7% from a year earlier, more than forecast and the most since the figures were first published in 2001. The gauge has fallen every month since January 2007... "This is just one more strain for consumers, in addition to high energy prices and tight credit," said Michelle Meyer, an economist at Lehman Brothers Holdings Inc. in New York, which forecast a price decline of 12.4%. "Prices are going to continue to fall, probably through the end of next year"... The group's 10-city composite index, with a history bac
This is a chart from RealtyTrac's Q1 2008 Foreclosure Report. It is misleading. A common conclusion that people make from charts like this is that foreclosures are the cause of falling home prices. That's false. There may be a relationship...
Read the...
Unfortunately, the bad housing numbers keep coming almost on a daily basis. Today, the S&P/Case-Shiller Home Prices Index was released and, as expected, the news are grim. The index shows declines in the prices of existing single family homes across the United States worsened in February 2008, with 17 of the 20 now reporting MSAs [...]
That market downturn, however, was caused by problems in the banking system, the report noted, while the current problems are driven by the mounting number of foreclosures, which show no sign of abating."It might be a while before we pull out of the current housing slump," concluded Timothy Warren, CEO of The Warren Group.Barnstable County experienced a slightly steeper drop in prices over the same period. The median sales value of a single family home on the Cape last month was $345,000, down nearly 12 percent from the March 2007 price of $369,000.
Interesting article in The Wall Street Journal showing how there is a bright side in the bursting of the housing bubble.
This is another reason why the government should stay out of the way and let the housing market correct itself.
Michelle Dudley for years commuted 50 miles each way to her job as a civil servant [...]
April 26, 2008 Home prices rise more slowly in quiet market Lower-than-forecast 3.7% growth could signal start of decline By Fiona Chan THE property market may have gone quiet, but home prices continued their steady climb in the first three months of this year, albeit at a much weaker pace. Private home prices rose 3.7 per cent between January and March, down from the 6.8 per cent growth in the previous three months. It was also notably lower than the 4.2 per cent rise that had been predicted early this month, based on sales in the first 10 weeks. This suggests prices may have started declining last month, dragging down the whole quarter. 'Price growth is starting to weaken severely and the volume of transactions has halved,' said Mr Chua Yang Liang, Jones Lang LaSalle's head of South-eas
Las Vegas Home Prices Return to 2004 Levels Las Vegas home prices return to 2004 levels have opened the Las Vegas real estate market for homes priced under $200K. The market has now seen Las Vegas new home prices below...
Las Vegas Home Prices Return to 2004 Levels Las Vegas home prices return to 2004 levels have opened the Las Vegas real estate market for homes priced under $200K. The market has now seen Las Vegas new home prices below...
NO, NOT EVERY HOME, JUST SOME HOMES (about 8.3 % of the inventory).
And you’d laugh if you went to see the brand new “$150,000” home. Especially compared to Vintage Vegas’ charm, character, history, yard size, tree size and square footage. The “vintage” homes under 200 are typically pretty crappy, and need lots of TLC and money [...]
This from Courant.com:
NEW HAVEN - Robert J. Shiller began a talk Tuesday by joking about his reputation for bearing bad news. Then he offered some: Housing prices nationwide could plunge more than the 30 percent fall from 1925 to 1933, the Yale economist said, invoking the dark days of the Great Depression.
“I think there’s a [...]
April 21, 2008 S'pore luxury home prices surge 31% WHEN it comes to luxury homes in prime locations, Singapore had the eighth-most expensive properties in the world last year, ahead of cities such as Tokyo, Hong Kong and Paris. Average prices of top-end properties in the Republic rose by 31 per cent to £1,197 (S$3,232) per sq ft (psf), the sixth-biggest price jump globally, according to a survey by Knight Frank and Citi Private Bank. Their 2008 Annual Wealth Report found that the prices of luxury homes around the world increased, on average, by 11 per cent last year. The sub-prime credit crisis led to 'falling prices, restricted financing and declines in sale volumes', which spread from the United States to Europe, but the report also noted the emergence of a new breed of super rich. 'Com
Singapore luxury home prices surge 31%
WHEN it comes to luxury homes in prime locations, Singapore had the eighth-most expensive properties in the world last year, ahead of cities such as Tokyo, Hong Kong and Paris.
Average prices of top-end properties in the Republic rose by 31 per cent to £1,197 (S$3,232) per sq ft (psf), the [...]
Fortune Magazine interviewed Princeton economist Paul Krugman:
How far do you think home prices will fall?
My preferred metric is the ratio of home prices to rental rates. By that measure, average home prices nationally got way too high. We’ll probably basically retrace all that. So that’s about a 25% decline in overall home prices. Only a [...]
Greenspan: US home prices may stabilise this yearWednesday • April 9, 2008— BloombergFormer US Federal Reserve Chairman Alan Greenspan said the drop in American home prices will probably end "well before" early next year as the number of houses on the market diminishes, aiding an economic rebound."It will not be until early 2009 that we will be close to having eliminated most of this home inventory," Mr Greenspan said yesterday. "But it is very likely that home prices will stabilise well before that."Mr Greenspan said the health of the United States housing market is tied to broader financial markets that rely on bundling mortgages to sell as securities.His successor, Mr Ben Bernanke, and other Fed officials highlighted declining home prices as a major economic risk that may hurt house
Bloomberg has a story about Greenspan's take on US home prices: Greenspan Says U.S. Home Prices May Stabilize in 2009Former Federal Reserve Chairman Alan Greenspan said the drop in U.S. home prices will probably end well before early next year as the number of houses on the market diminishes, aiding an economic rebound.It will not be until early 2009 that we will get close to having eliminated most of this home inventory, Greenspan told a conference in Tokyo today sponsored by Deutsche Bank AG and co-hosted by Bloomberg LP. But it is very likely that home prices will stabilize well before that.Greenspan added that the extent of damage stemming from the collapse of the subprime-mortgage market won't be known for months. He described the credit crisis as the worst in 50 years, echoing the as
Click on the chart to make it larger. These numbers were made using data from the MLS*, for homes sales for the month of March 2008. The data includes all homes and condominiums sold through the MLS in the city...
This weekend Pulte will be dropping the prices of homes at Flagstone Manor on all models. Some prices will be dropped by over $100,000! In addition, all home buyers will get $10,000 toward closing costs and an additional 10 to 20k in options. Home sizes range from 3,263 sf to 4,270 sf, prices will be lowered to the mid $400,000's.
Call me at 702-493-8033 to schedule a tour of Flagstone Manor. All homes are single story on a half acre lot. As a home buyer, my services to you are free.
This Tuesday, Kevin G. Hall of the San Luis Obispo Tribune wrote that one of the nation’s top housing economists is predicting home prices in the United States will not recover until at least 2010. Hall wrote:
Speaking to the National Economists Club, Frank Nothaft, the chief economist for government-sponsored mortgage buyer Freddie Mac, painted [...]
According to CNBC:
Treasury Secretary Henry Paulson said Wednesday that housing prices need to be allowed to continue to drop while every effort is made to ensure the adjustment does not cause excessive harm to the economy.
“A correction was inevitable and the sooner we work through it, with a minimum of disorder, the sooner we will [...]
I sure am glad that they spelled this one out for us. We as American’s already know that the economy is getting bad. We have stopped purchasing so much because we are broke. People are being layed off, gas prices are killing us, and how about those taxes? They wonder why U.S. home prices are [...]
The Standard & Poor’s/Case-Shiller index was released today and the news couldn’t be worse.
Record Declines in Home Prices Continued in 2008 According to the S&P/Case-Shiller Home Price Indices
New York, March 25, 2008 – Data through January 2008, released today by Standard & Poor’s for its
S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, [...]
More bad housing numbers in Florida. Even as the National Association of Realtors reported a little bit better numbers at a national level, home prices in Florida continued to fall and fewer homes were sold in February.
According to the Miami Herald:
South Florida home prices continued to fall in February, bringing the average price closer to [...]
Existing home sales down 1.1% in the West but up in the rest of the country.
According to the National Association of Realtors:
The national median existing-home price (2) for all housing types was $195,900 in February, down 8.2 percent from a year earlier when the median was $213,500.
Total housing inventory fell 3.0 percent at the end [...]
Fannie Mae’s CEO Daniel H. Mudd told CNBC the following:
As for how long the housing slump will go on, Mudd noted that, from peak to trough, average home prices typically go down 13 to 17 percent. There was about a 3 percent drop last year, and a 5 to 7 percent decline projected for this [...]
For as long as you could remember, years, North Portland was the area’s least expensive place to live.In terms of home prices, North Portland was least expensive for average and median equations.But at least so far in 2008, that distinction lies east- in the eastern suburbs of Gresham and Troutdale.Here are the average and median sales prices of homes in Portland and the suburbs, year-to-date, listed from most expensive to least expensive:Average & Median = Area$576,800 & $504,000 = Lake Oswego, West Linn$503,200 & $397,000 = West Portland$393,800 & $370,000 = Northwest Washington County$376,700 & $345,000 = Tigard, Tualatin, Sherwood, Wilsonville$371,200 & $311,000 = Milwaukie, Happy Valley, Clackamas$311,900 & $260,000 = Northeast Portland$306,300 & $286,000 = Oregon City, Canby$292,80
Property records show that foreclosures are growing as a proportion of the home sales market. About one-third of Southern California homes sold in February had been foreclosed since January 2007, up from 3.5% of sales a year earlier, according to La Jolla-based research firm DataQuick Information Systems.DataQuick said the median price for a Southern California home last month was $408,000, down 17.6% from a year earlier and 19.2%, on average, from peaks reached last year. The median price is the price at which half of all homes sold for more and half for less.
One month after reaching a record high, housing inventory in Portland has dropped a good margin.Despite the drop, Portland metro remains in a strong buyers’ market.Housing inventory, reflecting February 2008 home sales, is now at 10.4 months. This means that if no other homes were listed for sale, it would take 10.4 months for the supply to dry up.The 10.4 month supply is a drop from January’s record level of 12.8 months. So while the drop is significant, the amount of homes for sale today is still double the amount from this time in 2007.Why the drop and what does this mean?Typically January is the month with the highest inventory. The traditional home buying and selling season begins around spring time. So February’s drop is keeping along traditional “seasonal” trends- one
Click on the chart to make it larger. These numbers were made using data from the MLS*, for homes sales for the month of February 2008. The data includes all homes and condominiums sold through the MLS in the city...
There were 1,892 residential closings in February 2008 as opposed to 2,575 in February 2007. Of those 1,892 closings, 1,488 were single family homes, 256 were condos, 121 were land, and 27 were multifamily.As of the end of February, there were a total of 22,473 properties on the market as opposed to 17,824 in 2007. Of those 22,473 properties, 14,344 were single family homes, 5,375 were land, 2,374 were condos, and 380 were multifamily.Inventory has increased fairly significantly due to the sub prime financial mess and there are many meaningful choices for buyers. More importantly, there are very few foreclosures, pointing towards a healthy market that has backed off of 2007 highs, the second best year in Nashville real estate history.
