Daily Real Estate News | July 23, 2009 | Share
Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of REALTORS®.
Existing-home sales — including single-family, townhomes, condominiums, and co-ops — increased 3.6 percent to a seasonally adjusted annual rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008.
Lawrence Yun, NAR chief economist, is hopeful about the gain.
“The increase in existing-home sales occurred in all major regions of the country,” he says. “We expect a gradual uptrend in sales to continue due to tax-credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many REALTORS® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.”
Friday, July 24, 2009
Wednesday, July 22, 2009
Investors Drive Foreclose Prices Up
Daily Real Estate News | July 21, 2009 | Share
Home shoppers in parts of the country with lots of foreclosures are finding it increasingly difficult to buy. Investors are bidding up prices thousands above the original asking price.
Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market. For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.
When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers. They can bid up a property without concern whether the appraisal will prevent them from getting a loan.
Experts say the problem is not unlike the situation at the height of the housing bubble. "This market is about as abnormal as the hypermarket that we came out of a few years ago," says Jay Butler, director of the Realty Studies program at Arizona State University.
Source: The Associated Press, Jonathan J. Cooper (07/20/2009)
Home shoppers in parts of the country with lots of foreclosures are finding it increasingly difficult to buy. Investors are bidding up prices thousands above the original asking price.
Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market. For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.
When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers. They can bid up a property without concern whether the appraisal will prevent them from getting a loan.
Experts say the problem is not unlike the situation at the height of the housing bubble. "This market is about as abnormal as the hypermarket that we came out of a few years ago," says Jay Butler, director of the Realty Studies program at Arizona State University.
Source: The Associated Press, Jonathan J. Cooper (07/20/2009)
Monday, July 20, 2009
Housing Experts: Now Is a Perfect Time to Buy
Daily Real Estate News | July 20, 2009 | Share
Housing Experts: Now Is a Perfect Time to Buy
Don’t forget to remind potential buyers of something that is obvious to real estate professionals: Now is the time to buy, but that opportunity may be slipping away.
For people who have a job and money, a dream house is within reach, writes Marc Roth, founder of Home Warranty of America and a columnist for BusinessWeek.
He points out that mortgage rates remain low, prices are still at historic lows, and the government is offering incentives for first-time homebuyers.
He also adds that the inventory of homes to buy is still large, but it is shrinking. According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of May 2009, it had fallen to a 9.6-month supply.
Roth says anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy.
Source: BusinessWeek.com, Marc Roth (11/17/2009)
Housing Experts: Now Is a Perfect Time to Buy
Don’t forget to remind potential buyers of something that is obvious to real estate professionals: Now is the time to buy, but that opportunity may be slipping away.
For people who have a job and money, a dream house is within reach, writes Marc Roth, founder of Home Warranty of America and a columnist for BusinessWeek.
He points out that mortgage rates remain low, prices are still at historic lows, and the government is offering incentives for first-time homebuyers.
He also adds that the inventory of homes to buy is still large, but it is shrinking. According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of May 2009, it had fallen to a 9.6-month supply.
Roth says anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy.
Source: BusinessWeek.com, Marc Roth (11/17/2009)
Friday, July 17, 2009
California Home Prices Rise in June
Daily Real Estate News | July 17, 2009 | Share
California’s median home prices rose 7 percent in June compared to May, according to MDA DataQuick, a real estate research firm. The statewide median price increased to $246,000 from $230,000, triggered by an increase in sales of higher-priced homes.
"We're just now seeing the beginnings of more normal mortgage lending patterns," DataQuick President John Walsh says. "There's still a long way to go, but it looks like the worst of the grind is over."
DataQuick also pointed out that foreclosures accounted for 46 percent of sales, the first month since August 2008 that foreclosure sales were less than 50 percent of the total.
Source: The Associated Press, Jacob Adelman (07/16/2009)
California’s median home prices rose 7 percent in June compared to May, according to MDA DataQuick, a real estate research firm. The statewide median price increased to $246,000 from $230,000, triggered by an increase in sales of higher-priced homes.
"We're just now seeing the beginnings of more normal mortgage lending patterns," DataQuick President John Walsh says. "There's still a long way to go, but it looks like the worst of the grind is over."
DataQuick also pointed out that foreclosures accounted for 46 percent of sales, the first month since August 2008 that foreclosure sales were less than 50 percent of the total.
Source: The Associated Press, Jacob Adelman (07/16/2009)
Wednesday, July 15, 2009
First-Time Buyers: Hurry for $8,000 Tax Credit
It’s time to remind first-time home buyers that in order to qualify for the government’s $8,000 gift in the form of a tax credit, the deal must close by Dec. 1.
Buyers should have a purchase contract signed by early October, so they have 45 to 60 days to arrange financing and safely close the deal.
"There's not as much sand in the hourglass as we may think," said Jim Merrion, regional director at RE/MAX Northern Illinois.
Source: Chicago Tribune, Mary Ellen Podmolik (07/11/2009)
Buyers should have a purchase contract signed by early October, so they have 45 to 60 days to arrange financing and safely close the deal.
"There's not as much sand in the hourglass as we may think," said Jim Merrion, regional director at RE/MAX Northern Illinois.
Source: Chicago Tribune, Mary Ellen Podmolik (07/11/2009)
Tuesday, June 30, 2009
Real Estate Improves in California
Daily Real Estate News | June 26, 2009 | Share
Real Estate Improves in California
Median prices for single-family homes in California have risen for the third straight month, reaching $267,570, up 4 percent from April, according to a report from the California Association of REALTORS®.
The inventory of homes continues to drop, falling a 4.2-month supply in May, compared to 8.7 month supply in May 2008.
California’s real estate market always has been seen as a leading indicator for the rest of the country. What is happening in California bodes well for the rest of the nation, observers say.
Source: The Wall Street Journal, Stu Woo (06/26/2009)
Real Estate Improves in California
Median prices for single-family homes in California have risen for the third straight month, reaching $267,570, up 4 percent from April, according to a report from the California Association of REALTORS®.
The inventory of homes continues to drop, falling a 4.2-month supply in May, compared to 8.7 month supply in May 2008.
California’s real estate market always has been seen as a leading indicator for the rest of the country. What is happening in California bodes well for the rest of the nation, observers say.
Source: The Wall Street Journal, Stu Woo (06/26/2009)
Tuesday, June 23, 2009
Poor Appraisals Stall Transactions
Poor Appraisals Stall Transactions
However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”
Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April.
Yun says the appraisal problem is serious.
“Lenders are using appraisers who may not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales,” he says. “In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected
However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”
Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April.
Yun says the appraisal problem is serious.
“Lenders are using appraisers who may not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales,” he says. “In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected
Wednesday, June 17, 2009
Can Buying Cheap Foreclosures Make You Rich?
We are certaining feeling this in San Diego County. First time homebuyers are becoming frustrtated as they are outbid by the cash investors...
Speculators are buying up an uncounted, but certainly significant percentage of homes for sale in cities where the meltdown has hit hardest.
Homes.com reports a 30- to 50-percent year-over-year increase in searches for homes in foreclosure-heavy states, including California, Michigan, and Florida. In these states, helping long-distance investors find and close on properties and close has become a burgeoning real estate specialty.
The investors run the gamut from international speculators seeking a house or two to venture capital firms that buy bundles of homes for 25 cents on the dollar — most in need of renovation and some with substantial tax liens.
Will these investments lead to riches? Possibly, if housing prices go back up and if investors are able to fix up and rent the properties out while they wait to sell, experts say.
Source: Smart Money, Anne Kadet (06/01/2009)
Speculators are buying up an uncounted, but certainly significant percentage of homes for sale in cities where the meltdown has hit hardest.
Homes.com reports a 30- to 50-percent year-over-year increase in searches for homes in foreclosure-heavy states, including California, Michigan, and Florida. In these states, helping long-distance investors find and close on properties and close has become a burgeoning real estate specialty.
The investors run the gamut from international speculators seeking a house or two to venture capital firms that buy bundles of homes for 25 cents on the dollar — most in need of renovation and some with substantial tax liens.
Will these investments lead to riches? Possibly, if housing prices go back up and if investors are able to fix up and rent the properties out while they wait to sell, experts say.
Source: Smart Money, Anne Kadet (06/01/2009)
Tuesday, June 16, 2009
New Tools for House Hunters
If you are thinking of buying a home but not quite ready to call me to help, here are some ideas to get you started. It is really amazing the resources that are out there to get you going. Just remember, when you are ready, I am here to help.
New technology continues to make it easier for shoppers to identify homes to buy. Here are some of the latest and greatest.
There’s an iPhone app for that: Zillow.com released a free iPhone app that allows consumers to check out homes for sale. The GPS-powered app allows shoppers to drive by a home for sale and see price and other details like number of bedrooms and baths.
Search for ROI: Web sites like Investorloft.com rank homes by the profits they produce and identify properties with big differences between listing price and estimated value. The site has listings in 20 states and will be in all 50 by early 2010.
Search for falling prices: Trulia.com will let you look for price reductions. Enter a zip code and reduced listings will come up.
Guided tours on YouTube: Coldwell Banker has partnered with YouTube to launch a homes-for-sale video channel.
Project value for $9.95: Cyberhomes is offering a market report for slightly less than $10 that provides neighborhood price projections and 12- to 24-month price-change forecasts. It also identifies the number of distressed, foreclosed, and REO properties nearby.
Source: CNNMoney.com, Les Christie (06/15/2009)
New technology continues to make it easier for shoppers to identify homes to buy. Here are some of the latest and greatest.
There’s an iPhone app for that: Zillow.com released a free iPhone app that allows consumers to check out homes for sale. The GPS-powered app allows shoppers to drive by a home for sale and see price and other details like number of bedrooms and baths.
Search for ROI: Web sites like Investorloft.com rank homes by the profits they produce and identify properties with big differences between listing price and estimated value. The site has listings in 20 states and will be in all 50 by early 2010.
Search for falling prices: Trulia.com will let you look for price reductions. Enter a zip code and reduced listings will come up.
Guided tours on YouTube: Coldwell Banker has partnered with YouTube to launch a homes-for-sale video channel.
Project value for $9.95: Cyberhomes is offering a market report for slightly less than $10 that provides neighborhood price projections and 12- to 24-month price-change forecasts. It also identifies the number of distressed, foreclosed, and REO properties nearby.
Source: CNNMoney.com, Les Christie (06/15/2009)
Father's Day History
Have you ever wondered where Father's Day started? Well, woman by the name of Sonora Smart Dobb came up with the idea. She was listening to a Mother's Day service in 1909 and wanted to let her father know how special he was to her. See, she had been raised by her father, William Jackson Smart, after her mother died. It was her father who had raised her, taken care of her and made all the sacrifices. To her he was the most loving and selfless person in her life and she wanted to honor him. William was born in June so she chose the first Father's Day celebration to take place in Spokane, Washingon on June 19th, 1910.
Later, the National Father's Day Committee was formed in New York City in 1926. Father's Day was recognized by a Joint Resolution of Congress in 1956. In 1972, President Richard Nixon established a permanent national observance of Father's Day to be held on the third Sunday of June.
So there you have it. Father's Day was started by a daughter who wanted to honor her father just like mothers are honored on Mother's Day.
Later, the National Father's Day Committee was formed in New York City in 1926. Father's Day was recognized by a Joint Resolution of Congress in 1956. In 1972, President Richard Nixon established a permanent national observance of Father's Day to be held on the third Sunday of June.
So there you have it. Father's Day was started by a daughter who wanted to honor her father just like mothers are honored on Mother's Day.
Monday, June 15, 2009
California imposes 90-day foreclosure moratorium
The Associated Press
Posted: 06/13/2009 04:53:54 PM PDT
Updated: 06/13/2009 04:53:55 PM PDT
SACRAMENTO, Calif.—California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday.
The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.
But supporters acknowledge the California Foreclosure Prevention Act won't stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.
The bill passed in February is similar to the Obama administration's Making Home Affordable Program that began in March.
Both encourages lenders to cut interest rates or rewrite loans to affordable levels.
Posted: 06/13/2009 04:53:54 PM PDT
Updated: 06/13/2009 04:53:55 PM PDT
SACRAMENTO, Calif.—California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday.
The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.
But supporters acknowledge the California Foreclosure Prevention Act won't stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.
The bill passed in February is similar to the Obama administration's Making Home Affordable Program that began in March.
Both encourages lenders to cut interest rates or rewrite loans to affordable levels.
Tuesday, June 9, 2009
Moving Tips
Moving Tips for the Busiest Moving Month of the Year—June
RISMEDIA, June 9, 2009-When moving, many people are faced with weighing the options-should they hire movers or pack themselves? What are the benefits of doing either? What do most people forget when packing up and moving? How can you save money when moving? From FlatRate Movers, a nationwide leader in moving and storage, here are some tips to keep in mind:
• Order boxes and moving supplies early so you can start packing. Moving companies provide boxes that are purpose made and easily marked. If your moving company allows you to return unused boxes, order more than you think you’ll need, by 20%. Likewise, do not scrimp on tape. It is inexpensive and prevents boxes from splitting open. You need fresh felt tip pens for labeling. Use colored ready-stick labels to designate boxes to their respective rooms.
• Start a book about your upcoming move and keep it in one place. Create a “Move Book,” using a large noticeable notebook, to centralize all the important details of your move. It should contain any lists you make, including that of labeled boxes. Supplement this with a computer printout of box contents. E-mail this to yourself as a backup. You can also access it remotely.
• First, pack up what you don’t use. Items, such as books, you do not immediately need can be packed right away. Keep your list up to date. Do not make the boxes too heavy for a person to carry, and place heavier objects at the bottom.
• Document your media connections. Take photos of or make notes on how your media equipment is set up: television, sound equipment, modems and computer equipment. Keep track of your remote controls and wires so you can locate them quickly in your new home.
• Make arrangements for pets. Moving can be particularly stressful for animals. You may want to consider leaving them with a friend or retaining a professional pet boarding service.
• Plan to care for your valuables and vital documents yourself. Most homeowner’s insurance will not cover property in transit. It may be desirable to insure certain items separately. Remember to take photos in case you need documentation to support loss or damage claims. If the items are irreplaceable (family heirlooms) or complicated to replace (passports and birth certificates), carry them with you.
• Choose a good moving company. Good companies guide you through the process and minimize surprises on moving day. They have local knowledge and a proven track record, and they can also advise you on receiving building permissions. Moving companies have no incentive to create extra hours of work for themselves, if they work for a flat fee.
• Keep your moving receipts for income tax deductions. In many cases, moving expenses are deductible from federal income taxes. If you are moving because of a change in employment, you may be able to claim this deduction even if you do not itemize. Consult your tax preparer. Also note that there is an $8,000 tax credit for first-time home buyers in the economic stimulus plan, signed into law by President Obama. To learn more, visit www.federalhousingtaxcredit.com.
Read more: http://rismedia.com/2009-06-08/moving-tips-for-the-busiest-moving-month-of-the-year—june/#ixzz0HykZkCMZ&C
RISMEDIA, June 9, 2009-When moving, many people are faced with weighing the options-should they hire movers or pack themselves? What are the benefits of doing either? What do most people forget when packing up and moving? How can you save money when moving? From FlatRate Movers, a nationwide leader in moving and storage, here are some tips to keep in mind:
• Order boxes and moving supplies early so you can start packing. Moving companies provide boxes that are purpose made and easily marked. If your moving company allows you to return unused boxes, order more than you think you’ll need, by 20%. Likewise, do not scrimp on tape. It is inexpensive and prevents boxes from splitting open. You need fresh felt tip pens for labeling. Use colored ready-stick labels to designate boxes to their respective rooms.
• Start a book about your upcoming move and keep it in one place. Create a “Move Book,” using a large noticeable notebook, to centralize all the important details of your move. It should contain any lists you make, including that of labeled boxes. Supplement this with a computer printout of box contents. E-mail this to yourself as a backup. You can also access it remotely.
• First, pack up what you don’t use. Items, such as books, you do not immediately need can be packed right away. Keep your list up to date. Do not make the boxes too heavy for a person to carry, and place heavier objects at the bottom.
• Document your media connections. Take photos of or make notes on how your media equipment is set up: television, sound equipment, modems and computer equipment. Keep track of your remote controls and wires so you can locate them quickly in your new home.
• Make arrangements for pets. Moving can be particularly stressful for animals. You may want to consider leaving them with a friend or retaining a professional pet boarding service.
• Plan to care for your valuables and vital documents yourself. Most homeowner’s insurance will not cover property in transit. It may be desirable to insure certain items separately. Remember to take photos in case you need documentation to support loss or damage claims. If the items are irreplaceable (family heirlooms) or complicated to replace (passports and birth certificates), carry them with you.
• Choose a good moving company. Good companies guide you through the process and minimize surprises on moving day. They have local knowledge and a proven track record, and they can also advise you on receiving building permissions. Moving companies have no incentive to create extra hours of work for themselves, if they work for a flat fee.
• Keep your moving receipts for income tax deductions. In many cases, moving expenses are deductible from federal income taxes. If you are moving because of a change in employment, you may be able to claim this deduction even if you do not itemize. Consult your tax preparer. Also note that there is an $8,000 tax credit for first-time home buyers in the economic stimulus plan, signed into law by President Obama. To learn more, visit www.federalhousingtaxcredit.com.
Read more: http://rismedia.com/2009-06-08/moving-tips-for-the-busiest-moving-month-of-the-year—june/#ixzz0HykZkCMZ&C
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