Online Builder-Buyer Matchmaker Now One of the Largest Real Estate Listing Syndications to Showcase New Homes and Condo Communities Worldwide
SAN FRANCISCO–(BUSINESS WIRE)–James Uberti, Vice President of Sales and Business Development for First Release Homes, Inc., announced today the company has expanded its real estate syndication. This positions the San Francisco-based company as
News crews started lining up on Saturday afternoon outside IndyMac’s headquarters in Pasadena, California. By Monday morning there were so many vans and news people ready to provide live feeds that they needed a parking valet. Everyone was hoping to see an angry mob and a good old fashioned run on the bank, not seen [...]
Today’s housing market is full of foreclosures and houses with declining values. This is a great time for individuals to buy homes, but a very hard time for those who are looking to sell the home for more than they bought it for. This is a hard time to get a loan as [...]
House prices in the UK are plunging, with fewer buyers looking to purchase properties. Those selling their homes have to compete with each other, and many are trying to undercut their prices to secure a sale. In addition those who are looking to buy are putting in low offers in the hope of securing a bargain in this unsteady market.
Source: Bangkok Post
The property market is becoming increasingly globalised with people buying houses and condominiums across borders on the back of rising affluence, says Dennis Chiu, managing director of the 250-rai Hyde Park Vibhavadee housing estate and Harrow International School.
Design, environment and standard of development are the key considerations for international buyers, said Mr Chi
The latest Standard & Poor’s/Case Shiller home price index released today provided more horrible news for the housing market in the U.S. According to Reuters:
Home prices extend record slide in April: S&P
NEW YORK (Reuters) - U.S. home prices extended their record slide in April, with every top metropolitan area now posting annual losses and many [...]
A record level of foreclosures is sweeping across America as the downward spiral in the real estate housing market continues. As prices fall more and more homeowners are finding themselves underwater. That is they owe more on the mortgages then the properties will bring if sold. This downward spiral feeds on itself as foreclosed [...]
James M. Weichert is President and founder of Weichert REALTORS(R), one of the nations largest privately held real estate firms. He is a conservative voice in the industry and has never come out and made market predictions for a recovery, until recently. In a communique to his 18,000 sales associates and 2,000 company employees, Weichert has declared that he sees signs of a market
KOB.com - Unfinished homes further depress housing market: "Homes that are sitting unfinished and vacant because of the depressed housing market are causing problems for people with finished homes that are on the market."Visit our websites: Albuquerque NM Real Estate and Rio Rancho Real Estate News Albuquerque Real Estate
KOB.com - Unfinished homes further depress housing market: "Homes that are sitting unfinished and vacant because of the depressed housing market are causing problems for people with finished homes that are on the market."Visit our websites: Albuquerque NM Real Estate and Rio Rancho Real Estate News Albuquerque Real Estate
For several years I've been including the question of higher gas prices when studying new development in outlying areas, arguing that infill projects will hold up better in a downturn if they're located closer to employment centers and/or offer access to convenient public transit. A recent study by the group CEO for Cities and profiled on BuilderOnline.com has confirmed this, which I think will pr
With Barack Obama now having a good chance of becoming the new American President in November, he will probably be hoping that, if he does win, he will be able to inherit an economy in reasonable shape. Unfortunately, any new President is likely to inherit an economy characterised by falling house prices and declining living standards. In particular, falling house prices continue to accelerate and
Whilst the effects of the global credit crunch plays havoc with the UK housing market, many people are struggling to find suitable mortgages. The problem is the same for a whole range of people from first time buyers to those who are looking to remortgage.
This from the Orlando Sentinel:
Hope dims for a turnaround in Orlando-area housing, experts find
A closely watched index of housing values released Thursday showed that the Orlando area’s stock of existing homes lost more ground during the first quarter of 2008.
The Metro Orlando index, based on data from the Office of Federal Housing Enterprise Oversight, fell [...]
Sales of new homes rose in April for the first time in six months although the unexpected increase still left activity near the lowest level in 17 years.
The Commerce Department reported that sales of new homes rose 3.3 percent in April to a seasonally adjusted annual rate of 526,000 units.
The government reported that home sales in March fell by 11 percent, an even bigger drop than originally
I have equated international real estate markets with the times of the day, this came to me as we turned the phones on to the 9am caller. These were the best calls to receive they tend to be motivated buyers so keen they are waiting for your office to open! They have been up all night doing research and have woken with one thing on their minds buying an overseas property
Indianapolis, Indiana maintained its standing as the most affordable major U.S. housing market for the 11th consecutive time in the first quarter of 2008, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.
Nationwide, homes became more affordable for the third consecutive quarter, with the HOI rising to the highest [...]
There is now convincing evidence that Canada’s housing market has come off the boil, Bank of Nova Scotia economists say.Home resales have fallen for four consecutive months, and the inflation-adjusted average resale home price registered its first quarterly decline in seven years during the first three months of this year, Scotia Economics noted in a report last week.“Cracks are appearing on t
The debate has shifted in the last few months with many now feeling that the credit crisis is behind us. Many are now looking forward thinking that the worst in the housing market is here and we are now nearing a short-term bottom. However, others have likened the current environment to being [...]
The debate has shifted in the last few months with many now feeling that the credit crisis is behind us. Many are now looking forward thinking that the worst in the housing market is here and we are now nearing a short-term bottom. However, others have likened the current environment to being [...]
Enlightened Wealth Institute student Tammy Powell: Wow! Finally, the media stops writing about ‘doom and gloom’!
The revered Wall Street Journal recently this month has done an excellent job on writing about the state of the U.S. housing market and more importantly, the trend!
By CYRIL MOULLE-BERTEAUX
May 6, 2008; Page A23
The dire headlines coming [...]
Attempting to define the Pasadena real estate market is akin to watching air run through a clear tube. You know its moving, you just can’t see it. I think that is what we are experiencing right now with Pasadena home sales. Conversations with other brokers and escrow agents indicate that there could be a small [...]
After such a great year in the real estate market the experts knew all good things must come to an end sooner or later and it seems they were right. The past four months have shown a notable cooling off in the sale of Toronto homes and condos. The sale of exsisting [...]
The National Association of Realtors’ seasonally adjusted index of pending sales for existing homes fell to 83.0 from a downwardly revised February reading of 83.8, the index’s previous low. The index stood at 103.9 in March 2007.
As foreclosures increase and housing sales and values continue to decline its time to ask ourselves, “Where’s The Beef”? So far we have had a tremendous amount of proposals and opinions from our Presidential candidates, plus we have a government that’s intent on applying band aids to a patient that many perceive is already on [...]
The U.S. won the dubious honor of having the worst housing market in the world in 2007, recording an 8.9 percent drop in housing prices nationwide. The second worst housing market after the U.S. was Ireland, which saw a 7.32 percent drop. We all knew things were bad in the U.S. housing market, but the worst in the world? That is quite a distinction.When looking at these numbers we must remember a couple things, though.First, not all the countries in the world provide national housing market data, so many countries are not even included in the data set.Second, the U.S. is a large country and housing markets across cities and states are different from one another, so the number is simply a national average. Florida and California in particular had an extremely strong negative effect on these
There were three different economists opining at the NAHB Spring Construction Conference. All are hoping that the worst is behind us, but that builders need to adapt, Congress needs to act and sales need to increase so inventory levels are reduced; From the Nation's Building News:The outlook for housing and the economy should be gradually brightening within a few months, but before there can be any assurance that the worst of the downturn is over, there needs to be a pickup in home sales, according to panelists at NAHB’s Spring Construction Forecast Conference on April 24 in Washington, D.C. Residential production and sales this year have declined “more sharply than anticipated,” said NAHB Chief Economist David Seiders, and the situation for the U.S. economy “definitely has darke
When Californians say housing prices are insane and belong in a mental asylum wrapped up in a straight jacket, they usually are correct. Even as housing prices swiftly correct we are so conditioned to living with a bunch of crazies that many are actually starting to think current prices make some sense. This [...]Related Posts:■The Genesis of the Credit Bubble: Advertising, Deception, and $163 Billion in Subprime California Loans Resetting in 1 Year.■Real Homes of Genius: Today we Salute you Covina. Banks Learn a Lesson in Mark to Reality and the $300 Billion FHA Bailout.■Are You a Bitter Bubblehead Renter? The Evolution of Housing Psychology.■Parallel Universe: Housing Still Hurting on Main Street while Wall Street Celebrates.■New Century files for Chapter 11.
Even though things appear to be deteriorating rapidly and are shocking the public and officials, this castle made of mortgage sand was built over a decade of frankly irresponsible greed and corruption. There really is no way of sugar coating it. In the middle of it all, there was ethical behavior and those [...]Related Posts:■Foreclosures? Housing Bubble? In Southern California? Impossible!■Foreclosure Shrugged: The Issue with Finding an Exact Foreclosure Number.■The Foreclosure Story: What does the Process Look Like?■Real Homes of Genius Flashback: Looking back at Lakewood California. $105,000 Loss.■Superstars of Housing Love: The Sheriff Deputy Evicting People who Default.
After studying the regional economic collapse of the last several previous recent decades, I see unfortunate turbulence that will disturb our in flight movie this evening. Why you ask? Well, because the Federal Government has over spent, some was due to irresponsible fiscal policy and much was due to the outrageous cost of the Iraq [...]
Home values in the United Kingdom have fallen yet again, making it very difficult for those seeking a second mortgage to get an approval. Analysts are concerned that the UK is headed for a repeat of the 1990’s and fear that the market does not look like it will turn around any time soon. Second [...]
Canada's real estate market stands on stable footing. On average, healthy year-over-year house price gains were recorded during the first three months of 2008. While more modest price increases were observed when compared to previous quarters, the solid appreciations noted in the first quarter are largely due to the shared effects of resilient local economies, high immigration levels, and relatively low interest rates - all leading to enduring buyer demand, according to a House Price Survey report released today by Royal LePage Real Estate Services.While almost all markets surveyed experienced price increases, it was the smaller cities, with relatively affordable housing and strong economies based on resource industries that emerged with the most significant gains. Thriving Saskatoon saw a
Many lenders are taking comfort from the initial assessment that the UK market will experience a soft landing for house prices in 2008.However, the overall picture is likely to disguise a wide variation in house price growth and transaction volumes across sectors and regions. Localised sharp falls in demand could result in house prices for certain types of property falling by around 10%.These localised and more limited falls can translate into significantly higher levels of arrears and losses for lenders.The importance of maintaining consumer and business confidence cannot be understated as increased price volatility is inevitable as volumes slow to much lower levels.Lenders now have a declining appetite for risk. The credit crunch has resulted in lenders reducing their overall exposure to
There's an interesting op-ed piece by Peter Schiff, president of Euro Pacific Capital and the author of "Crash Proof: How to Profit From the Coming Economic Collapse" in today's LATimes which argues that the only way the housing market can rebound is if prices fall more in line with incomes.Ok, fair enough. But also realize that Mr. Schiff has a book entitled "Crash Proof: How to Profit From the Coming Economic Collapse," so in a way this is a free PR gift courtesy of the Times. I'll have to keep that in mind if I ever write a book!Here are some of Mr. Schiff's arguments:The government is trying in vain to get funds flowing again and put a floor under prices. But it's too late. U.S. home prices are like a beach house supported by eight pillars: lax lending standards, low down payments, "
digg_url = '-first-time-homeowners-should-take-advantage-of-our-current-housing-market/';
Our current housing market, which is giving homeowners around the country financial headaches, is providing a grand opportunity to a certain class of potential buyers – first time homeowners. One man’s trash is another mans treasure is a saying that accurately reflects our current housing mess. Aside from those with a [...]
I just stumbled upon a very interesting graph on the US housing bubble taken from an August 2006 New York Times article: Read Between All Those For-Sale Signs. The articles is retrospectively very interesting, and hit a few nails on their head. The intro is particularly inspiring to me:
Real bubbles pop. They are [...]
It is clearly no surprise to anyone that housing is in a major slump across the country. What seems to be taking people by surprise is the rapidity of how quickly the market is retracting all the gains that it had made during the previous years. California faced many of the benefits during [...]
Long slog ahead
Housing slump may last longer than most predict; plus, agent commissions
By Lew Sichelman
Last Update: 6:58 PM ET Mar 27, 2008
WASHINGTON (MarketWatch) — Question: I’ve spoken to a few home builders in the
San Francisco Bay Area and they expect things to pick up in the second half of
the year. But this is a different [...]
Long slog ahead
Housing slump may last longer than most predict; plus, agent commissions
By Lew Sichelman
Last Update: 6:58 PM ET Mar 27, 2008
WASHINGTON (MarketWatch) — Question: I’ve spoken to a few home builders in the
San Francisco Bay Area and they expect things to pick up in the second half of
the year. But this is a different [...]
Florida Realtors See Signs of Improving Housing Market; Credit Amendment 1
Only weeks after Florida voters passed Amendment 1 in late January, Florida Realtors have noted signs of increased interest from potential homebuyers heartened by the measure’s property tax relief benefits, especially the portability provision.
In a recent online poll conducted by the Florida Association of Realtors [...]
Florida Realtors See Signs of Improving Housing Market; Credit Amendment 1
Only weeks after Florida voters passed Amendment 1 in late January, Florida Realtors have noted signs of increased interest from potential homebuyers heartened by the measure’s property tax relief benefits, especially the portability provision.
In a recent online poll conducted by the Florida Association of Realtors [...]
The housing market in Florida is getting worse by the day.
According to the Miami Herald:
February was another slow month for South Florida home sales, even though prices continued to fall.
South Florida home prices continued to drop in February even as the national real estate market showed a slight, unexpected sign of improvement after months in [...]
The battered housing market in the United States has gotten some good news from Washington recently. On Tuesday of this week the Federal Reserve cut key interest rates down to 2.25%. This rate cut, and predicted further cuts in the future, may help Ame
(EMAILWIRE.COM, March 20, 2008 ) SAN FRANCISCO, Calif – The battered housing [...]
I found this great article on the NPR web site:
Imagine this scenario: Real estate prices plummet, banks falter and policymakers wring their hands while a nervous public watches and worries. America in 2008? No. Japan in 1990.
Nearly two decades before America’s mortgage crisis, Japan weathered a real estate crisis of its own. And Japan’s experience [...]
This from the San Diego Tribune:
San Diego County’s housing market deepened its slump last month, with the median home price now down 20 percent from its peak in November 2005.
DataQuick Information Systems yesterday reported the median price for all county homes in February was $415,000, down 3.3 percent from the previous month and down 13.5 [...]
This from the LA Times:
Southern California home prices still dropping at record rate
Southern California home prices continued to fall at a record pace in February, and are now at 2004 levels, a real estate information service reported today.
The median price for a Southland home last month was $408,000, down 17.6% from a year ago, according [...]
The housing market in the US keeps getting worse every day. Today we had bad news on several economic indicators. These are some of the bad news we received today according to Yahoo Finance:
U.S. gold futures rallied to a record high of $1,000 an ounce on Thursday, fueled by a combination of a weakening dollar, [...]
We all know that there were various “Liar Loans” that caused the majority of the housing down turn the past few years. The question I here on a daily basis from Realtors in the Tri Valley is, “What can we do to get qualified buyers into these phenomenally priced houses”? One solution: FHA financing.
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I’ve learned as this market continues to unwind that many proposals issued out by our government carry a lot more bark and have very little bite. Yet there are some proposals that flat out irritate me because they strike at the core of what is ethical and are diametrically opposed to what any sane [...]Related Posts:■Real Homes of Genius: Today We Salute you Artesia. 626 Square Feet of Barbie Love for $360,000.■Short Sale Report Volume 3: Another Week and Another Record. SoCal Short Sales up over 12,000.■Et tu Subprime? Why This Mortgage Proposal is Hot Air…As of Today.■Real Homes of Genius: Today we Salute you Artesia. Half-off Sales Going on in Southern California. Federal Reserve new Pawnshop Function.■Real Homes of Genius: January Recap and Compton Prices Risi
The National Association of REALTORS, a.k.a. NAR, is predicting a flat market for existing home sales over the next few months, and then gentle relief to the housing market in the 2nd half of this year. Many buyers having been sitting on the fence, waiting for the “bottom of the market”. It’s time to move to [...]
This is part of a series on problems in the UK Economy
The UK housing market is one of Britain's favourite topics of conversation. There is eith much (barely disguised) gloating over how much your house is worth; or there is also a large section of new first time buyers who despair at the cost of trying to buy a house. There also seems to be endless speculation about the future direction of
Last week, the media was beating the final march song echoing the sentiment that Senator Clinton was down and out. In fact, early on March 4th, before any results were coming in, the media was heaping up a serving of speculation of which party elders were going to tell the candidate the bad news [...]Related Posts:■The Psychology of a Crashing Housing Market: Sending in Your Home Keys Just Got Easier.■When will my home cost me an ARM and a leg?■DataQuick News: Much Ado About Nothing?■Keep Housing and Monetary Policy in the National Debates: Donate to Dr. Ron Paul■Riding in the Short Bus of Housing: Southern California Short Sale Numbers. 1 in 10 Homes is a Distress Sale.
Detroit, MI – In the Detroit market is now possible to stop making house payment and/or stop paying rent and yet enjoy the pride of home ownership independent of credit score. The depressed Michigan housing market allows investors to buy bank owned properties for les than 20 cents on the dollar. These properties can be re-habbed, HUD-appraised and purchased by a senior, who is 62 or older and approved for a reversed mortgage. This senior can now be a proud home owner without ever having to make house payments again! The investors are willing to help the seniors by providing a private mortgage or land contract on the home while the reverse mortgage is obtained.What is a reverse mortgage? A reverse mortgage lets an owner convert home equity into cash. However, unlike a traditional home equ
The Effect of Interest Rates Cuts by the Fed on the Jacksonville and Ponte Vedra Beach Real Estate
With the housing market in recent turmoil, people are looking for any possible solution to provide a quick fix. The most popular trend throughout the ...
From Daily TimesA bubble in the American housing market, fueled in part by so-called “sub-prime” mortgages, was the catalyst for today’s financial market turbulence. But the bubble was not confined to the United States. In Europe, house prices have also increased sharply over the last decade, more dramatically than in the US in many cases. The same is true of other OECD countries and emerging markets, where rapidly increasing incomes have put pressure on asset prices.Indeed, with a few exceptions (essentially Germany and Japan), housing prices have risen almost everywhere to levels never seen before. How could such a global pattern emerge when real estate is the most local of all assets?Recent research suggests that the global housing boom was closely linked to the unprecedented incr
The Washington Center for Real Estate Research reported Thursday that home sales in Washington state were down 25.6 percent in the fourth quarter of 2007 compared to the same period in 2006, while the median home price was $293,900, down 2.5 percent. In Whatcom County, however, home sales were about the same for that period (up 0.7 percent), while the median price rose 1.2 percent. Whatcom was one of six counties that recorded more home sales in the fourth quarter compared to the same period in 2006.
Current estimates put American residential wealth at $20.66 billion. This is an incredibly large number and that is why even the relatively small percentage decline in prices last year has put the entire economy at risk. According to the Case-Shiller Index which tracks 20 metropolitan areas in the United States, the index is [...]
The good news: Athens, Georgia's housing statistics for year end 2006 versus 2007 show a mostly stable market for average home sales prices!
6 out of 13 areas in and around Athens, GA had an increase in average sales price
Great News: Area 6 - Five Points in Athens, Area 10 - Madison County, and Area 13 - Oglethorpe County, have had an increased number of sales in the first half of the year.
The not so great news: The number of homes sold in the year 2007 versus the number of homes sold in the year of 2006 has decreased in 10 out of 13 areas in and around Athens, GA.
Average Days on the Market:
Days on market has actually decreased in four areas.
Days on market sharply increased in three areas.
Days on market remained mostly stable with only s
Since property values have declined in many cases - especially in the San Joaquin County CA, Stockton, CA area due to the sub-prime mortgage foreclosure rise, this might be a good time to order an appraisal for your home. If the value has declined, you may be able to request lower property taxes with the county.This is something you may want to look into doing. First.... I would suggest you ask an agent to do a property comparison on similar propertiesin size and location and of course - recent sales in that match your property - for you and they will let you know if your property value has gone done in a large amount. If yes, you just may be able to get a lower property tax bill. Of course, you would incur an appraisal fee. That is why I
Such gains have now come to an end. U.K. home prices fell for a third month in January, according to Rightmove Plc, Britain's most-used property Web site. The average asking price for U.K. homes dropped 0.8 percent to 230,428 pounds in January from the previous month, Rightmove said last week. In December, there was a 3.2 percent decline.Mortgage approvals dropped to the lowest in at least a decade in December as banks curbed their lending and higher interest rates deterred buyers.
Good Reasons to Buy Now: The Current Housing Market Is A Rare Bargain
By: Jeff Hammerberg
Price pressures continue to strengthen the bargaining positions of buyers, while homeowners are feeling more desperate to sell, regardless of how many concessions they might have to make to close their deals. With more than half a million brand new homes languishing on the market unsold and a glut of existing homes that will take an estimated 8-9 months to sell, buyers have plenty of reasons to rejoice.
Some buyers are waiting for even lower prices, but they may lose out to tighter regulations in the mortgage lending market. If you?re thinking of buying a home, it may be easier to get the mortgage you want now than it is in the near future. Government officials at every level are pushing for more stringent regulation of lenders, and the banking and mortgage industries themselves are already taking proactive steps to tighten purse strings because of so many losses suffered due to defaults and for
This is turning up to be the perfect storm. Another nail in the coffin for a housing market that is literally imploding. Now, lending are adding fees on mortgages and resurrecting lending rules that have not been used for years.
This is obviously going to make mortgages even more unaffordable and therefore, push home prices even further down. More bad news for the housing market.
According to Bankrate.com
Many borrowers will be socked with a fee that amounts to $250 for every $100,000 borrowed, just because the mortgage market has gone so bad. Other customers will take bigger hits because their credit scores are lower than 680 and they’re borrowing more than 70 percent of the home’s value.
The fees will be tacked onto mortgages guaranteed by Fannie Mae or Freddie Mac, the government-sponsored enterprises that help keep money circulating for home loans. The companies say they introduced the new charges to compensate for the risks inherent in guaranteeing mortgages in an era
I was talking earlier in the week with a colleague in the construction business in Orange County. He currently has work but tells me that "he has no pending projects lined up after this one is done" There is a decorum that we have and I don't go telling everyone about the housing decline or yelling at him, "get thee to another industry!" In fact, I rarely comment on the housing market to those unless they ask (that is, aside from the blog world of course). He's a good guy and a very hard worker and I'm sure he will land on his feet. You'll be amazed how many people at various Christmas parties last year were telling me about their personal journey to housing Mecca and how they made $100,000 in equity by simply adding a diamond studded doggy door. It'll be an interesting Christmas party this year. Yet this guy isn't your paper equity real estate mogul wannabe flaunter but a very hardworking individual with a family to take care of. Unfortunately he took on
That is what Fannie Mae’s president and CEO, Daniel Mudd said today.
According to AP
Fannie Mae’s CEO told shareholders Friday he does not expect a housing market recovery until late 2009, “at the earliest,” and that the mortgage-finance company is strong enough to ride out the downturn.
After posting a third-quarter loss of $1.4 billion, the largest U.S. buyer and guarantor of home mortgages recently cut its dividend and announced plans to sell $7 billion in preferred stock to raise capital to keep its cushion against risk within regulatory requirements.
Ann Arbor Real Estate sales report from Ann Arbor Area Board of RealtorsThe numbers below from year to date show residential and condo sales units are down, sales volume is down and average sale price is down. See the table below. The best homes are selling and we are on track to reach our sales targets for 2007. We are selling homes and condos. Our sellers are being proactive. Here is some great staging information if you know anyone who wants to take advantage of our staging service. We are giving our sellers every advantage possible. Click Here to view Ann Arbor Area Board of ReatorsMLS Sales Report in its entirety Click here to search all listings in Michigan with pictures and tours - FREE!Kathy Toth & Teamwww.KathyToth.comReal Estate OneSee AlsoThe Kathy Toth Home Selling Team has Created a Unique Guaranteed Sale ProgramThis program guarantees the sale of your present home before you take possession of your new oneThe Kathy Toth Seller's Preferr
By Alan Zibel, AP Business Writer Â
The revised monthly forecast from the National Association of Realtors, which followed nine straight months of downward revisions, calls for U.S. existing home sales to fall 12.5 percent this year to 5.67 million — the lowest level since 2002. Last month, the association predicted 5.66 million existing homes would be sold this year, down from 6.48 million last year.
The Realtors’ group also forecast sales will rise slightly in 2008 to 5.7 million, up from last month’s prediction of 5.69 million.
Numerous other economists, however, are far less optimistic than the trade group. They predict weak sales and falling prices through next year and beyond and emphasize that those problems could worsen if the economy sinks into a recession.
Patrick Newport, an economist at Global Insight, forecasts that home sales will drop from 5.66 million this year to 4.7 million in 2008 — 1 million fewer home sales than the real estate group&rsquo
Bear or bull, there's money to be made in the declining real estate market.I found a great little ETF that allows investors to short the DJ Real Estate Index. By definition, because the ETF shorts the index, its price goes up with the DJ Real Estate Index goes down proportionately. Conversely, if the index goes up, the price of the ETF falls. The name of the ETF is UltraShort Real Estate ProShares and its trading symbol is SRS.Now, from where I sit, there is very little positive to say about the housing market these days. And, if I am to believe what I read, things look primed to be much worse next year. While there are few guarantees in life and nearly none in the stock market, it seems like betting against the DJ RE Index makes a lot of sense.What I find so interesting about this ETF is
I remember not too long ago, U.S. Treasury Secretary Henry Paulson kept saying that housing was bottoming. Paulson and the entire Bush’s economic team were out on TV talking about how resilient our economy is and how housing had turned the corner. Apparently, he now feels just like the rest of the country and he is finally admitting that housing is going to get much worse in 2008. It seems like his campaign to hide the truth and keep everybody calm has not succeeded and he has decided to face the problem instead of just hiding it.
CNBC reports
U.S. Treasury Secretary Henry Paulson said the number of potential U.S. home-loan defaults “will be significantly bigger” in 2008 than in 2007, the Wall Street Journal’s online edition reported.
“The nature of the problem will be significantly bigger next year because 2006 (mortgages) had lower underwriting standards, no amortization, and no down payments,” Paulson said in an interview with the Wall Street J
LONDON (Reuters) - Ongoing turmoil in financial markets has started hitting the top end of Britain's housing market, according to estate agents, exacerbating worries of a sharp slowdown in the wider property market.House prices in Britain have more than doubled in the last five years and the London market has led the way as a booming financial services sector has encouraged bankers to shell out huge sums for properties in the capital's most desirable areas as well as invest in buy-to-let homes across the country.
The mortgage lending fell again in September in the UK as interest the rate rises slowed the housing market and house prices continued to fall.
According to a recent survey, a total of £30.6 billion was advanced during September. - This is the lowest monthly lending figure since April of this year. The amount lent to first-time-buyers fell sharply to £12.7 billion, down from £16.2 billion in August. They are now spending an average of 20.4% of their income on mortgage interest payments, figures showed.
The increase is part of a trend which began in early summer and reflected interest rate rises in May and July, the Council of Mortgage Lenders said. But the credit crunch, which has led lenders to tighten their belts, has only just started to affect mortgage approval numbers, suggesting interest rates could be increased again in the coming months.
Figures also showed a fall in house prices for the third month in a row. Analysts expect these factors to combine to further cool the prope
Unsettling developments in Pakistan, as Bush ally Gen. Pervez Musharraf seems keen to abandon democracy.
More on the record numbers of home foreclosures in the US resulting from highly exploitative lending practices.
South African president Thabo Mbeki says he still doubts the link between HIV and AIDS.
The sad result of resource conflict, a man in Sydney, Australia is beaten to death by an angry passerby for watering his lawn during the country’s worst drought.
Blogs
Ezra Klein calls out Mike Huckabee on God vs. Science.
Will he do it? TalkLeft challenges Barack Obama to block additional Iraq war funding.
Always verbose, Glenn Greenwald on the Ron Paul “phenomenon.”
From econ-bloggers at the Knowledge Problem, the economics (and a little gambling) of the screenwriter’s strike.
And a photo that says it all: from the Huffington Post (courtesy of the NY Times)
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Level 3 storm about to hit Wall Street by Asia Times - 11/3/07 snip:There's a mystery on Wall Street. Merrill Lynch wrote off $8.4 billion in its subprime mortgage business, a figure revised up from $4.9 billion, yet Goldman Sachs reported an excellent quarter and didn't feel the need for any write-offs. The real secret of the difference is likely to be in the details of their accounting, and in particular in the murky world, shortly to be revealed, of their "Level 3" asset portfolios... We may be about to find out. From November 15, we will have a new tool for figuring out how much toxic waste is in investment banks' balance sheets. The new US accounting rule SFAS157 requires banks to divide their tradable assets into three "levels" according to how easy it is to get a market price for them. Level 1 assets have quoted prices in active markets. At the other extreme Level 3 assets have only unobservable inputs to measure value and are thus valued by reference to the banks' own mod
Las Vegas Housing Market Ranked 10th As Most Attractive Markets The real estate market is feeling the pinch as buyers wait on the sidelines as the housing industry goes through it's ability to right itself.....with that being said now is the time to buy and there are parts of the country where it makes sense to buy now. Forbes magazine has reviewed that top real estate markets. This article recaps nicely what to look for in the foreseeable future.......with the amount of Las Vegas commercial building and an influx of people over the next few years...watch for a rebound in the Las Vegas market..... Here are Forbes' and Moody's 10 most attractive marketsFort Worth, Texas: $156,500, 1.7 percent Kansas City, Mo.: $157,700, -0.7 percent Houston: $154,900, 1.4 percent Cleveland: $128,700, -7.1 percent Denver: $255,200, none Long Island, N.Y.: $482,300, 1.7 percent Washington, D.C.: $445,300, 0.3 percent Orlando, Fla.: $265,100, -2.4 percent Phoenix: $264,800, -2.7 perce
Finland's housing market: reducing risks and improving policies This article was published in May 2006 , at the time interest rate were still low and GDP growth at record high. While pronounced cycles in house prices have been a major cause of macroeconomic
instability in the past, current house price developments do not yet suggest an
overheating of the housing market. However, several important concerns are
related to both direct effects of housing markets on overall activity and to
more structural and regional issues. A factor making housing markets and the
macro economy vulnerable to interest-rate shocks is the high share of mortgage
loans linked to variable interest rates. Tax subsidies to housing may largely be
capitalised in higher land prices rather than increasing housing availability to
the extent that slow planning procedures and municipalities' unwillingness to
provide building land have limited the growth of the housing stock in growth
regions. This
part 1
part 2
I think I might dub Tuesdays, ‘YouTubesdays,’ and post a video I’ve found interesting in the recent weeks. Today, I wanted to post some informational video about the current housing market. I couldn’t find anything more engaging and still informative then a basic interview, but I think you might find it interesting.I won’t really get into it here, but this current time period is one of the reason’s we think now is a good time to purchase a home.
buying a house, home ownership, housing, housing meltdownShare This
This is an articlethat was somehow missed back in August- which is unfortunate because we are constantly telling our home buyers and sellers the state of Austin housing market is great. Normally, an eyebrow rises and a curious look appears on the buyer or seller’s face, but darnit, it’s the truth. Here are some quotes:
Texas is at the forefront of emerging markets and industries. It’s no longer just about cotton, cattle, and crude—it’s about technology and communications, manufacturing, and international trade, too.
The governor’s quote is backed by hard economic statistics as well. In fact, if Texas were its own nation (once more, that is), it would represent the world’s eighth largest economy.
Texas recently surpassed California as the largest exporter in the nation; it’s the gateway to trade with Latin America, with 75% of America’s commerce with Mexico traveling through the Lone Star State. Texas is the headquarters for 45 Fortune 500 companies, is h
From ihtBEIJING: Elena Lou's PDA rings again. It is another rich client with a home to unload. Three years ago the client plunked down $320,000 on a choice villa near Beijing's Capital Airport and spent $100,000 sprucing it up. Now someone is offering him $820,000 - except the deposit deadline just passed and the prospective buyer has yet to ante up. Her client's reaction?"He's raising his price. Now he wants 7.8 million yuan," more than $1 million, said Lou, head of the local boutique real estate agency Elite Realty. "Second-hand interest is that hot right now. Sellers are getting hundreds of thousands more than their original asking prices."Prices for high-end homes in China's capital have been bouncing to record new levels all year, even with dramatically fewer transactions, rental prices flat and many new units empty.Some showrooms have fallen dead quiet. But popular addresses that hit the market a few years ago at $1,200 a square meter, or $112 a square foot, are now commandi
KB Home (NYSE:KBH - News), one of America's largest homebuilders, today reported financial results for its third quarter ended August 31, 2007. Highlights include:The Company completed the previously reported sale of its entire 49% equity interest in its French subsidiary, Kaufman & Broad SA. The sale generated total gross proceeds of $807.2 million and an after-tax gain of $438.1 million. The French operations are presented as discontinued operations in the Company's current financial statements and results from prior periods have been reclassified to conform to this presentation.Revenues totaled $1.54 billion for the quarter ended August 31, 2007, down 32% from $2.28 billion for the third quarter of 2006 due to lower housing revenues. Third quarter housing revenues of $1.53 billion were 33% lower than the year-earlier period, reflecting a 28% decrease in unit deliveries to 5,699 from 7,893 and a 7% decrease in the average selling price to $267,700 from $288,000.For the three mo
The tide could well be turning for US real estate as International Real Estate buyers slowly turn their heads towards the US. Overseas property portal Homesgofast.com and National Association of Realtors report that overseas investors are increasingly in search of US real estate bargains
The real estate market in Canada is still going strong despite the sub prime worries across the border in the United States, according to recent news out of the country. International real estate investors and those looking to move to the country have many reasons to be optimistic about the market. The Canadian Real Estate Association (CREA) has predicted that existing home sales will increase in 2007 by 8.1% over 2006. That means that approximately 523,100 units will sell by the end of the year, a record for Canada. Additionally, most provinces are predicted to have record setting years as well.
ept. 18 (Bloomberg) -- A residential real estate slump in Spain, where prices have almost tripled since 1997, is ``unthinkable,'' the top economic adviser of Prime Minister Jose Luis Rodriguez Zapatero said.The solvency of the banking system and of real estate developers, as well as the unmet demand for new homes, will prevent any meaningful price erosion, David Taguas, head of the prime minister's economic research unit, said in an interview yesterday at his office at the presidential palace in Madrid.
Yes, this is a serene way to wait for a bus; the gorgeous tiling and textured surfaces are part of a gate surrounding one of the many gated homes in Bratenahl. I showed a few condominiums in Bratenahl Place yesterday and was impressed. First, it's not easy to purchase a home for under $150k in Bratenahl, yet these condos are just short of 1600 square feet of living space and are priced well under $150,000. The maintenance fees might give us all pause.......the three I showed were approximately $950/month. That does cover all your utilities. To find out what else is covered, you can check the Bratenahl Place website here. One cool feature at this complex is a 17 acre hiking trail. Not to mention the view of Lake Erie. So how have homes been selling in Bratenahl? Here are stats from January 2007 until today. Once again, these stats relate to homes listed with area brokers on the Multiple Listing (computer) Service:Five single family homes have sold between the prices of $157,500 and 1.5
A few golfers had parked Friday near the almost-deserted Tern Bay course, where Tom Cavanaugh of Sarasota-based Double Bogey Transport loaded up golf carts that were headed for Cart Guys in Punta Gorda.
Two articles today had interesting view points:"Here at home(Canada), only about 5% of mortgages are of the sub prime variety (I prefer the more explanatory, "sub credit-worthy"). Experts insist the crisis is simply not as great a threat to Canada. But it's still a threat.Canadian high-ratio mortgages - loans where the purchaser has only made a down- payment of 20% or less of the purchase price - have to be insured for default by the government-backed Canada Mortgage and Housing Corp. or one of the private companies that perform this service. The insurance covers the lenders' losses, not the borrowers', which, to say the least, is an important distinction.Using that backup, some lenders, even the big banks, approve mortgages with zero down. In addition, an alarming number of folks almost routinely increase the value of those loans in lockstep with the increasing price of their properties. Instead of basing the maximum loan value on a borrowers' ability to repay, there seems to be a
How sad it is to know that a lot of Americans that dived into the booming housing market a few years ago, are now challenged with the increasing interest rates of their mortgages. Foreclosures are a plenty and it's unimaginable how it must feel to lose a home.The situation is just out of control. What used to be a sellers market, has now turned into a buyers market. About five years ago, you'd hear a lot of people easily get approved for loans/mortgages. Seemed like it was easy to own a home, that I think, the financial responsibilities of owning one was not exactly thought of first. How else can one explain the high incidence of foreclosures? If one can really afford the mortgage, then, there shouldn't be too many incidences of bad loans. The problem was, it was so easy to buy a house a few years ago. There were these no downpayment scheme that a lot of people thought, because there's no money down, there are no consequences to it. Chances are, if you got no money to put down, how
From the looks of things at the newly built Aparta Hotel Residencia, you would never know that it was the high summer tourist season in Canet d'En Berenguer, a town of 5,000 just north of Valencia on the Mediterranean coast to Spain. The 308 apartments in the compound, completed this spring, are all unoccupied. Grass has started to sprout between the red terra-cotta tiles that lead to the empty, peanut-shaped swimming pool.The residence is just one of a trail of buildings dotting the sandy coastline that were constructed by Enrique Bañuelos as he amassed a fortune of more than €4 billion, or $5.4 billion, over the past 15 years. Bañuelos lost much of that money - and that of shareholders - as the stock market punished the firm he had founded, Astroc Mediterraneo, as the housing market in Spain cooled rapidly.
The Toronto Real Estate Board reported yesterday 3,838 properties were sold at an average price of $355,829 in the first half of August. The number of resales was up 17 per cent from the same time in 2006. "Secondly, the luxury market is not a trendsetting segment that is large enough to impact other segments of the housing market." The real estate board said sales rose significantly in early August in west Agincourt, Rexdale, the downtown core and south Richmond Hill.
Australian real estate has been one of the best investments for international investors in recent years and recent figures coming out of Sydney show why. Australia recently went through its own housing boom, and, although things have slowed down a bit, prices and demand remain strong according to news reports in the Sydney Morning Herald (www.smh.com.au).
Canada's resale housing market finished the second quarter on strong and steady footing; surprising many by its astounding momentum. Healthy and robust conditions are expected to prevail through to year's end as all regions are poised to experience a rise in average house prices, with double-digit gains forecast for Edmonton, Calgary, Winnipeg and Regina, according to a report released today by Royal LePage Real Estate Services. Echoing the growth and activity experienced in all Canadian markets in the first half of the year, the national average house price is forecast to rise by 9.5 per cent, passing the $300,000 mark for the first time, to $303,300. Home sale transactions are projected to rise by 8 per cent to 522,306 unit sales by the end of 2007.
From TPM CafeSurprise, surprise, surprise, the havoc in the subprime mortgage market is spreading to the rest of the mortgage market. Credit is tightening up at the fastest pace in decades and some of the high flying hedge funds are now bankrupt. This has sent the stock market plunging and house prices are falling in large parts of the country. We may not have yet entered the full meltdown phase of the housing bubble; still it is a good time to start assigning blame.The media stand at the top of the list. While there were occasional pieces that hinted at a possible bubble, the mostly widely cited expert on housing was David Lereah, the chief economist of the National Association of Realtors (NAR) and the author of the book Why the Housing Boom Will Not Bust and How You Can Profit From It.For some reason it did not occur to reporters who cover housing that the chief economist for the NAR may not be a neutral source of commentary on the housing market. Similarly, the chief economists for
From TPM CafeSurprise, surprise, surprise, the havoc in the subprime mortgage market is spreading to the rest of the mortgage market. Credit is tightening up at the fastest pace in decades and some of the high flying hedge funds are now bankrupt. This has sent the stock market plunging and house prices are falling in large parts of the country. We may not have yet entered the full meltdown phase of the housing bubble; still it is a good time to start assigning blame.The media stand at the top of the list. While there were occasional pieces that hinted at a possible bubble, the mostly widely cited expert on housing was David Lereah, the chief economist of the National Association of Realtors (NAR) and the author of the book Why the Housing Boom Will Not Bust and How You Can Profit From It.For some reason it did not occur to reporters who cover housing that the chief economist for the NAR may not be a neutral source of commentary on the housing market. Similarly, the chief economists for
Find out how Tampa is the best bounce-back housing market!
What makes a best bounce-back housing market? It’s a market that will bounce back strong, not necessarily sooner. Forbes.com’s Matt Woolsey indicates that we may bottom out in 2008, per Moody’s projections. Although I personally think this is way too optimistic, I am glad that a reputable study puts our local market on top.
These are some of the criteria to consider for a bounce-back housing market:
Vacancy rates
Investment shares
Strength of the local economy
From Forbes.com, “Tampa, FL - This coastal city is in the midst of a serious housing market correction. While homes aren’t selling fast enough to bring the market into balance by year’s end, it can stage a recovery if local economic conditions remain strong while the market burns off inventory. Moody’s projections have the market bottoming out in early 2008.”
Contact CondoLeaf.com if you would like to subscribe to o
Find out how Tampa is the best bounce-back housing market!
What makes a best bounce-back housing market? It’s a market that will bounce back strong, not necessarily sooner. Forbes.com’s Matt Woolsey indicates that we may bottom out in 2008, per Moody’s projections. Although I personally think this is way too optimistic, I am glad that a reputable study puts our local market on top.
These are some of the criteria to consider for a bounce-back housing market:
Vacancy rates
Investment shares
Strength of the local economy
From Forbes.com, “Tampa, FL - This coastal city is in the midst of a serious housing market correction. While homes aren’t selling fast enough to bring the market into balance by year’s end, it can stage a recovery if local economic conditions remain strong while the market burns off inventory. Moody’s projections have the market bottoming out in early 2008.”
Contact CondoLeaf.com if you would like to subscribe to o
