via the Boston Globe this a.m.
Falling home prices are drawing out bargain hunters.
New housing data show a healthy pickup in the number of single-family homes sold in recent weeks, while prices continue to drop.
Home sales were up 14 percent in October, over the same period in 2007 - the second straight month sales increased, according [...]
US H1 scrap prices drop
On October 13, the average price of H1 scrap in Pittsburgh, Chicago, and Philadelphia was US$189.17/long ton, down by US$61.66/long ton from last week. The price of No.2 bundle scrap was at US$139.50/long ton, down by US$105/long ton from last week.
Among them, the average price of H1 scrap in Pittsburgh was [...]
What a difference a year makes. In May of 2007 the median price for a California home was $595,000. Today the median price stands at $350,140, a drop of 41% from the peak. The drop in itself is stunning but what is more amazing is the speed in which this correction has occurred. The previous [...]
Since I first posted this 10% price decline report to my blog, the RMLS has made a correction. The RMLS now reports that the average sales price year-to-year has fallen 6.7% and not 9.7% as stated earlier today.The RMLS earlier issued an incorrect average sales price for August 2007. In August 2007, the average sales price was in fact $355,000 and not the $366,900 as first reported.The median pr
Utah County list prices and sales prices are dropping, but the number of active listings continues to rise. There are currently 4,961 active residential home listings in Utah County. Three months ago there were 4,561 residential listings, and six months ago there were 3,733.
August home sales were down 26.1% compared too 2007, and at [...]
Sales of existing homes in two south Florida counties are up, and that’s in large part due to significant price reductions. Sales for Palm Beach and Broward Counties, both north of Miami along the Atlantic Coast, were up in July over the previous year. According to the Florida Association of Realtors, buyers purchased 652 houses in Palm Beach County and 581 houses in Broward County.
Home prices in the United States fell in July, but the lower prices also helped to spur an increase in the number of homes sold. A report from the National Association of Realtors indicated that July home sales increased 3.1%, while the median existing home price was down 7.1% from a year ago. For July, 2008, the median for all housing types – single family homes, townhomes, condominiums and
Today’s Case-Shiller report shows Portland home prices down 5.8% from June 2007 to June 2008, while national prices fell almost 16%.The depreciation Portland is experiencing ranks it 5th best in the U.S. with only four cities faring better year-to-year.U.S. prices fell 15.9%, which is a record fall, but that was actually lower than what some economists had forecast. June also represented the fo
That's the gist of the latest DataQuick report that appears in the OC Register. For the 22 business days ending July 15, South OC sales were up ever-so-slightly year-over-year. But they were up nonetheless.Median prices, however, told a far different story: The weighted average of South OC medians was about 26% below what it was at the same time last year.Check out the ZIPs that have the largest g
The housing depression continues. The S&P/Case Shiller numbers reported today show that home prices across the country keep going down with drops of 24.5% for Los Angeles, 28.4% for Las Vegas, and 28.3% in Miami.
This is how the media reported the horrible news:
USA Today
S&P: Home prices down a record 15.8% from May ‘07
NEW YORK (AP) [...]
There may be a silver lining in falling prices and that is, homes are selling. Maybe not at the blistering pace of the early 2000s but there is definitely a minor jump in those searching for bargains in the now heavily hit California market. Incredibly prices are down statewide by a stunning 35%, the worst [...]
No big changes. May of 2008 was fairly similar to April 2008, according to the RMLS.The median price of a Portland area home was down 3.2% compared to a year ago. In May 2008, the median price was $287,500. In May 2007, the median price was $297,000. This is actually a very slight improvement over April’s data which showed a year-to-year decline of 3.5%.The average sales price of a Portland
On June 9, the average price of H1 scrap in Pittsburgh, Chicago and Philadelphia was at US$498.50/long ton, decreased by US$15.67/long ton from last week.
Price of bundle scrap was at US$434.50/long ton on average, down by US$27.50/long ton.
The average price of H1 in Pittsburgh was at US$499.50/long ton; in Chicago was at 487.50/long ton; in [...]
In May of 2007 only 13 homes in the Sterling Park subdivision of Loudoun County went under contract. The average list price of those homes was $355, 500. This year the number sold jumped 430% to 56 with the average...
May 13, 2008 Luxury home prices down 2.1%, says report Number of foreign purchases fall; many buying homes in suburban areas By Fiona Chan 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 buyers - a traditional source of demand for
Statistics Canada announced this morning that year over year growth in new housing princes slowed for the second consecutive month in March continuing a downward deceleration in the market that begun the fall of 2006. While house prices still continue to rise, it is the percentage increase that is getting smaller and smaller.
Housing prices are [...]
Portland home prices are down 2%, according to the S&P Case-Shiller Home Price Index. The report covers a year’s activity, from February 2007 to February 2008.The report covers the 20 largest housing markets in the U.S. and despite the drop Portland actually ranks 2nd best in the country with Charlotte, North Carolina, posting the only year-to-year gain (1.5%).According to S&P, the composite of all the markets accounted for a 12.7% decrease- the biggest fall since it began tracking prices in 2000. Some markets, such as Phoenix and Las Vegas, experienced drops of more than 20%.As I mentioned last week, there are different ways to measure appreciation or in this case depreciation. Scroll down a few stories and you’ll see the RMLS appreciation rates for the Portland metro area (from Ma
Anything can be done with statistics but it's a shocker of a headline.The manager of one of the UK's largest estate agents has issued a gloomy projection for the future of London's housing market.Mark Anderson of Hamptons said that he perceives that prices in the capital have already slumped by 15 per cent, having hit "unsustainable levels" at its peak during last summer.Mr Anderson said the falls had not shown up in housing market indices yet because these tend to be based on mortgage approvals rather than completions.
The government’s efforts to force real estate prices down have shown effects: prices are expected to keep decreasing by 30-40% until August.
Prices down, speculators incurring losses
Before Tet, Minh, a securities investor on ACBS trading floor, got VND10bil from stock sales and he used the sum of money to buy two land plots at Him Lam-Kenh Te projects, two blocks of apartments in district 7,
The Register Guard has been notorious for posting Realtor fluff in the past.My jaw dropped when I read this months summary of the February RMLS.The signs were even clearer in February that the Lane County real estate market is tipping toward the down side.The median price for a Lane County home fell 6 percent, compared to a year ago, to $220,000, according to the Regional Multiple Listing Service.The number of pending sales fell or were flat in every neighborhood across Eugene and Springfield, compared to a year ago, except for the Thurston area where sales at a Hayden Homes development likely preserved this single bright spot.With a surplus inventory — it would take nine months to sell the 1,925 homes on the market now — even some of the most optimistic real estate professionals don
Sales of existing home sales increased in February, a gain real estate industry observers are hoping signals a rebound on the horizon for the nation’s struggling housing market.
Existing-home sales, including single-family houses, townhomes and condominiums, rose 2.9 percent in February to a seasonally adjusted annual rate of 5.03 units, the National Association of Realtors (NAR) [...]
Sellers in today’s Chicago real estate market are understandably concerned that sales prices of home in Chicago neighborhoods such as Lincoln Park, Wicker Park, Logan Square and Roscoe Village are either dropping or holding steady. They’d prefer, of course, to see their homes continually appreciating in value.No sellers are happy to learn that they could have sold their Chicago condo or single-family home for more money two years ago than they can now.But maybe sellers are looking at this the wrong way. Yes, they may have to sell their homes for less money today. But what about the home they will purchase after they sell? They’ll be able to buy that one for less money, too. So, while they won’t make as much on their sale, they won’t have to spend as much on their purchase.Another
Microsoft has today slashed the price of the Xbox 360 in Australia, bringing the basic Core model down to the same price as Nintendo's globally popular Wii console. It's now priced at AUD399.95, 20 per cent less than the AUD499.95 Microsoft was previously charging for it. The standard Xbox 360 has also had AUD100 knocked off its retail price - it now costs AUD549.95, down from AUD649.95. Prices include the local GST sales tax. Click here to find out more! The cuts comes a week after Microsoft pared back the prices of the Xbox 360 in the US by up to $50, depending on the model. European gamers are also waiting for local price reductions, which are now more likely that Australia, a region that likewise uses the PAL TV standard, has seen its Xbox 360 prices pruned. Australian Xbox buffs, meanwhile, are awaiting the arrival of the Xbox 360 Elite, which brings a 120GB hard drive and an HDMI port to the games console. The Elite has yet to be price up over here and a release date set. It
The only national statistic that has any impact on the local Loudoun County real estate market is interest rates. The national statistics that are quoted in articles are, for all intents and purposes, meaningless to our local marketplace. But interest rates and their movements have a direct impact on the Loudoun County real estate market and could be argued to be the single most influential statistic when it comes to homes sales and home prices.
The reason they are so important is because they directly impact the amount of money a buyer can borrow and thereby the amount they are willing to pay for a home. In a rising interest rate environment (like today), each increase in interest rates will eventually lead to lower overall sales prices. The question is how much of an impact will they have and when will it occur.
The sharper the rise the sooner it affects our market. A sharp increase in rates after a crisis occurred after Hurricane Katrina in September
Lot of news to absorb today. The utopian Bulls must be shitn' bricks. Here are the main points, with additional articles to support. A heads-up to new NYCbubble readers, I post M-F shortly after 7pm to cover the whole day of reports, and weekend posts happen at no specific hour.Bob Toll on housing: How Derivatives Caused the Property Boom by Felix Salmon at Conde'Nast Portfolio Mag 4/23/07 - snip:Sitting on the property panel with Bob Toll was Steven Green, of Greenstreet Partners. He had a very good explanation for the run-up in US property values in recent years: financial derivatives. "People always told you that there was no liquidity in real estate," said Green. "And now the financial derivatives market has created that liquidity, and it's changed the market permanently." As a result, there has been a huge inflow of institutional money, both public and private, into a market which has historically been dominated by individuals and families. Whenever that happens, there's a
