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
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
Can you smell a conflict of Interest? The S&P Case Shiller Home Price Index is the benchmark the financial press uses in telling the people how much doom & gloom there is with the housing market. In 2007, nationwide home prices went down for the first time in decades (Miami was one of the first [...]
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.
March 4 (Bloomberg) -- Luxury-home prices in London, the world's most expensive city for prime real estate, rose in February at the slowest rate in four months as the prospect of smaller bonuses at financial firms deterred some buyers.The average price of houses and apartments costing more than 2 million pounds ($4 million) climbed 0.6 percent from January, Knight Frank LLC said today in a statement. The annual increase was about 24 percent, the smallest since September 2006.``Uncertainty continues to circle around the financial markets on which London's prime market relies,'' said Liam Bailey, head of residential research at Knight Frank.
Declines during the fourth quarter erased earlier gains, pushing U.S. housing appreciation into negative territory for the year for the first time in 17 years, according to the Office of Federal Housing Enterprise Oversight. Follow the link and see how your area is doing.
Final 2007 housing data continues to trickle in from the RMLS…Here are the average sales prices and appreciation rates for the counties making up Portland metro:County = Sale Price = AppreciationClackamas = $400,800 = 3% appreciationMultnomah = $336,300 = 9% appreciationWashington = $333,900 = 6% appreciationYamhill = $284,400 = 6% appreciation
Experts linked the slowdown to a tightening in subprime lending, combined with consumer jitters about a possible recession, an uncertain presidential election and a national real estate crisis.Some would-be home buyers are "taking a bit of a wait-and-see approach," said Mike Gray of Exit Complete Realty. "They think they may get a better deal or that rates are going to go lower."Single-family home sales in the Houston area fell 12 percent last month compared with a year earlier, the Houston Association of Realtors reported Tuesday. Realtors sold 3,620 homes through the Multiple Listing Service.
Real estate is local. We know that. We are experiencing a down market in Daytona Beach, but overall US markets are about equal for up markets versus and down markets. The overall Daytona Beach decline for residential home sales was an estimated 8.2% by the National Association of Realtors (NAR) for 2007.
If there are small children or LA/OC homeowners in the room, you might want to have them leave before you have a close look at this chart: I think we've covered the methodology for interpreting this kind of chart frequently enough that we can dispense with any explanation. The net-net is that the S&P futures market is predicting that real estate prices are set to drop in the an additional 16-17% in 2008 in the LA/OC market.With the current median selling price at just under $600,000 for the median existent SFDU in OC, that means that we can expect to see prices drop an additional $100,000 for a median EOY 2008 price of just under a half-million dollars.I will write more on this topic later, including the fact that these S&P number align very-closely with reader-poll-derived predict
Park City’s niche as a spectacular year round resort destination with easy access from an international airport has insulated us from many of the problems facing other real estate markets.
One challenge we face as realtors in Park City, Utah is helping our buyers who live in other states understand that our market has not slowed down the way many [...]
I met with some new clients from the Midwest recently and they have Lake Oswego on their mind.Even though this Portland suburb has an outstanding reputation for its' school district, these clients are more interested in Lake Oswego because it just feels right. They like the First Addition neighborhood and the nearby "village" (shops & stores). These house hunters also like Lake O's proximity to Portland which is 8 miles.For these reasons and more Lake Oswego is popular and there's a price to pay for living in this suburb. Combined with West Linn, which is also a draw, LO is the most expensive city in the Portland metro area. Here are the current year-to-date average and median sales prices of homes in the area:Average & Median Prices = Area$562,200 & $465,000 = Lake Oswego, West Linn$464,000 & $379,700 = West Portland$418,700 & $385,000 = Northwest Washington County$375,100 & $339,900 = Tigard, Tualatin, Sherwood, Wilsonville$336,500 & $300,000 = Milwaukie, Clackamas, Hap
The latest housing market statistics show the average Fraser Valley house price has declined for the second month in a row, reaching $511,176 in November.That price is the lowest for detached homes since March, reported the Fraser Valley Real Estate Board.Realtors look at the shift as nothing more than a seasonal slump, and economists are uncomfortable calling it a price trend other than to say it follows evidence of the market slipping into equilibrium.
It seems like Alphabet Soup doesn’t it? Everyone has a study or a finding or a report about the Portland real estate market.So one more can’t hurt, right? The National Association of Realtors (NAR) reports that home prices in the Portland metro area are up 5.2% in the 3rd Quarter 2007 compared to the 3rd Quarter 2006. During this same time span, home values were down 2.0% in the U.S.NAR says the median price of a Portland home this 3rd quarter was $299,700. In the 3rd quarter 2006, the price was $285,000.The median is a typical market price where half of the homes sold for more and half sold for less.Here’s a NAR report for just about every market in the U.S. Good stuff.
Moody’s Economy.com released a report that paints a very grim picture of the future of the housing market in the US. This was reported by CNBC this morning.
On a national level, the housing market recession will continue through early 2009, said the report, co-authored by Mark Zandi, chief economist, and Celia Chen, director of housing economi
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Yes, more bad news for the housing market. Now, it is Freddie Mac’s turn to report the horrible news. I remember Realtors saying “all Real Estate is local”. Well, it looks like this housing crash is national because it is the first time that home prices go down for the whole country since the Great Depression.
According to CNBC
U.S. home prices dropped the most in a quarter century in the three months to the end of September on an annualized basis as inventories, restrictive lending and a credit crunch yanked support from the market, a Freddie Mac index showed.
The Freddie Mac Conventional Mortgage Home Price Index Classic Series fell an annualized 1.3 percent last quarter, compared with appreciation of 0.5 percent in the second quarter, the No. 2 home funding company said in a statement.
Year-over-year, prices rose 1.9 percent, a sharp retreat from the 7.8 percent growth seen a year earlier, it said.
7% reduction in OC home prices - Priceless.Shaving roughly $40K off the price of the typical OC home - Priceless. Saving nearly $100,000 in PIT over the life of a 30-year loan - Priceless. For increasingly cheaper housing there's the implosion of the OC RE Market, for everything else there's MasterCard. Regular readers will recognize this format of chart as being sourced from our friends at http://www.paperdinero.com/. The chart shows the S&P Case-Shiller price index for by month for the last few years as well as the monthly predicted index value as derived from futures prices traded on the index. The line of demarcation between historic values and predicted value is the left-most of the vertical dashed lines on the right-hand side of the chart.This chart is pretty easy to understand given that each of the predicted values is at roughly -7%. That means for the futures market expects prices to be off 7% on a year-on-year basis at least for the next 12 months. At the current price
Hopes that 2008 will bring a rebound in the Bay State’s battered real estate market are fading, with new numbers showing another big drop in home sales and prices.Massachusetts single-family home sales plunged last month by 17.1 percent, the Warren Group reported.And median home prices also fell beneath the $300,000 mark for the first time since March 2004. The state’s median home price in October was $290,000, a 6.5 percent decrease.
Very good article in the Los Angeles Times shows you how most experts (including the chief economist for the National Association of Realtors) believe that home prices will continue to fall in 2008.
No one knows how severe the slump will be, but economists and real estate experts interviewed by The Times, and who were willing to make predictions, said prices could fall 15% to 25% before turning back up.
Most said values would continue falling through at least next year, and some thought the market wouldn’t reverse course until 2010.
That could translate to big declines for home buyers who bought at the peak of the market, which various measures place in late 2006 or early 2007.
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Nov. 19 (Bloomberg) -- U.K. home values dropped this month in every part of the country except London and sellers shouldn't hesitate to reduce prices further because a more protracted slowdown is on the way, Rightmove Plc said.The average asking price dropped 0.7 percent to 239,986 pounds ($491,000) from October, Britain's most-used property Web site said in a statement today. From a year earlier, the cost of a home rose 7.9 percent, the least in 17 months. Rightmove conducted its survey from Oct. 7 to Nov. 10.
Heres the latest news as to what is going on at Martha Stewart Deer Creek Community!
KB Home in Deer Creek just rolled back deals to unbelievable pricing. Prices have been slashed – over $100,000 off the original pricing in 2 months.
Imagine a 2757 living sq. ft. home in Ormond Beach, in Hunters Ridge, a brand named community for only $225,000! That’s $82. per square ft., WITH THE LOT INCLUDED!
As you know, KBHome teamed with Martha Stewart to design homes in the Deer Creek community in Ormond Beach, Florida, the first Martha Stewart community in Florida!
Deer Creek’s Martha Stewart project consists of 42 one and two-story homes priced now from $188,900 for a 3 bedroom home up to $251,900 for a 4 bedroom 2.5 bath home.
These Martha Stewart homes are absolutely fabulous, so be prepared to be impressed. In checking the MLS for comps under 5 years old in the Ormond Mainland areas, Martha Stewart at Deer Creek is “ABSOLUTELY THE BEST VALUE” in town.
Contact me for more infor
Nov. 5 (Bloomberg) -- Luxury-home prices in London rose last month at the slowest pace since July 2005 as the prospect of job cuts and smaller bonuses deterred investment bankers and other buyers, Knight Frank LLC said.The average price of houses and apartments costing at least 2.5 million pounds ($5.2 million) increased 0.3 percent in October from the previous month, according to an index compiled by the London-based property broker. Prices gained about 34 percent from a year earlier.
U.K. house prices fell for the first time in two years in October, and mortgage approvals dropped to a 26-month low, signs the country's decade-long housing boom is coming to an end.The average cost of a home in England and Wales dropped 0.1 percent to 176,100 pounds ($361,462) from September, research group Hometrack Ltd. said today. Central London led the declines. Separately, the Bank of England said banks granted 102,000 loans for house purchase in September, the fewest since July 2005.
ECONOMIC REPORT
Home prices falling at record pace in August
Down 4.4% over the past year in 20 major cities, Case-Shiller says
By Rex Nutting, MarketWatch
Last Update: 11:29 AM ET Oct 30,...
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Since we aren’t on Lake Erie, I doubt it. Despite cheap Skybus fares, it will still be quite some time before Columbus, Ohio becomes the vacation mecca of the Midwest. The Columbus, Ohio weather has been pretty wacky lately though. It’s practically mid-October and Columbus is hitting 90 degrees for the third consecutive day, a record for October 8.
In case you’re considering moving to Columbus, Ohio and wonder what the Columbus Weather holds in store for you, see the charts below. One of the biggest questions I get is in regard to snowfall. Maybe two to four snows a year of 3–plus inches. It just doesn’t snow like it used to. The game time temperature tonight in Yankee Stadium will be 76 degrees as the Cleveland Indians attempt to win the series. Hopefully, the only storms in New York will be the Tribe’s Offense raining hits all over the field.
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In the east Toronto neighbourhood of Riverdale, a former working-class enclave spotted with Victorian homes, a standard two-storey house could be purchased for about $340,000 in the third quarter of last year. This year, it's $500,000, a dramatic 47 per cent increase, according to a survey by Royal Lepage Real Estate Services released yesterday. The quarterly study reveals some of the steepest price jumps in recent memory, particularly in older neighbourhoods that are not necessarily the most prestigious, but are established and welcoming to buyers looking to settle with young families.
In the third quarter of this year, the biggest story in real estate was the Mortgage Crisis. And while the majority of the attention was given to sub-prime loans, the rates for jumbo loans (mortgages over $417,000) spiked up during this time period. And with the majority of homes in Loudoun County priced in the Jumbo category, we are wondering what impact it will have on prices in Loudoun County.
So the Thursday Poll this week asks the question:
We will publish a post giving the actual change in median prices in the beginning of January.
And yes, we forgot to publish the poll yesterday (Thursday). But better late than never.
If you are looking to buy a new construction home, now is the time! Lennar has just slashed home prices up to $50k in their Gladden Farms community. These homes will not last long, please contact me if you would like more information or are interested in purchasing a new home.
Below are the three floorplans currently available.
Chesapeake, 1601 sqft, 3bedroom 2 bath, September closing - $187,000
Included Features:
* Corian kitchen courntertops with “double roundover” edge and Corian integral sink
* Maple cabinets with raised panel doors in toffee finish
* Corian Vanity top with backsplash and integral Corian vanity bowls at master bath and bath 2
* General Electric appliance package in Bisque finish
* GE “Spacemaker” over-the-range microwave oven with exterior venting
* GE Built-in dishwasher with “Quiet Power” sound insulation package
* GE self cleaning smooth top electric convecion oven or self cleaning gas range (gas may not be available at all c
“How much should I expect to spend in Lake Oswego?”That’s a question I hear often. Because of its’ school system, Lake Oswego remains a strong draw for people relocating to the Portland area. But there is a price to pay to live in this Portland suburb.It is, after all, the most expensive area in Portland metro as far as real estate is concerned. Here are the current 2007 average and median prices of homes for Portland:Average & Median = Area$559,200 & $465,000 = Lake Oswego, West Linn$463,300 & $379,000 = West Portland$418,800 & $385,000 = Northwest Washington County$379,600 & $340,500 = Tigard, Tualatin, Sherwood, Wilsonville$339,100 & $301,000 = Milwaukie, Clackamas, Happy Valley, Damascus$327,900 & $304,000 = Oregon City, Canby$322,300 & $283,000 = Northeast Portland$298,100 & $270,000 = Hillsboro, Forest Grove$290,700 & $262,500 = Beaverton, Aloha$289,100 & $251,700 = Southeast Portland$281,700 & $260,000 = Gresham, Troutdale$266,200 & $251,300 = North Portland
Record US house price falls predicted by Financial Times - 8/30/07 snip:The median price of American homes is expected to fall this year for the first time since federal agencies began keeping records after the second world war, according to an FT/Thomson Financial poll. Economists said continuing turmoil in financial markets had significantly worsened their outlook and that they now expected a drop in the value of homes in each of the next three years, in what would be the worst downturn for house prices since the government began keeping records...Home Price Decline to Accelerate - Count On It by Jim Kingsland - 8/30/07 snip:It won't be pretty folks. If Goldman and Shilling are right, and historically housing bubbles have always deflated back to about where they started, consumer spending will die out and we'll see a recession by early next year. Gary Shilling, who I chatted with today for this piece for CNBC and who is quoted below, thinks we will see a recession due to the housin
There was an interesting article in today's Sarasota Herald Tribune about the decline in real estate prices and sales volume across the state of Florida. The report indicates that Charlotte County-North Port's median price was 21 percent below July 2006 while Sarasota-Bradenton's was 12 percent below the comparable month last year. These two figures marked the biggest declines statewide among
