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Real Estate News News From the World Of Real Estate
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From our friends at Realtor.com
The bottom of the housing decline is near, predicted analysts and home builders attending the National Association of Home Builders’ semiannual Construction Forecast Conference last week. (more…)
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From our friends at Realtor.com
Home sales increased on a month-over-month basis in 22 of the 25 metropolitan statistical areas (MSAs) covered by the report, and 13 of those MSAs posted their largest sales increases for the month of February since 2006, according to the February 2009 RPX Monthly Housing Market Report released by Radar Logic Incorporated. (more…)
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From our friends at Realtor.com
The worst of the economic crisis is over, according to U.S. officials speaking at a financial conference Friday at Vanderbilt University.
Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy. (more…)
From our friends at Realtor.com
While real estate and other industries remained weak in all 12 of the Federal Reserve districts, there is reason for optimism in several areas, according to the Federal Reserve, which released its periodic “Beige Book” report of economic activity on Wednesday.
In Boston, Fed contacts reported “early signs of improvement” in the residential real estate sector, and the news was equally good in New York where the book said banks are reporting “the most widespread rise in demand for residential mortgages in more than seven years.” (more…)
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From our friends at Realtor.com
The hardest-hit housing markets — Florida’s Gulf Coast, California’s Inland Empire, and Las Vegas, among others — experienced a more than 80 percent jump in home sales during the year-over-year period ended in February.
In Cape Coral, Fla., which had the highest foreclosure rate in the nation in 2008, there are even bidding wars. Experts say bargain foreclosures, low interest rates, and the $8,000 federal tax credit are helping first-time buyers and investors.
These buyers also have an advantage because they do not have to sell a current home to close the deal. However, experts note that the housing market will not recover until banks loosen their lending standards; and these markets could experience another downturn if interest rates rise and the tax credits disappear.
Source: Business Week, Christopher Palmeri, Maria Der Hovanesian, and Gopal Prashant (04/09)
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From our friends at Realtor.com
10 Happiest States in the U.S.
Money can’t buy happiness, but it can make life a whole lot easier.
MainStreet.com’s Happiness Index examined household income, debt, employment, and foreclosures to choose the states that are surviving the current economic crisis with the most panache. (more…)
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From our friends at Realtor.com
Home buyers who investigate mortgage options themselves as opposed to using a broker are likelier to get a better deal, according to a study for the Department of Housing and Urban Development published last year.
The study found that borrowers paid about $300 to $425 more in fees when they worked with a broker as opposed to working directly with a lender.
But comparison shopping can be tricky. Home buyers should try to devote a whole day to comparison shopping and include at least one credit union, a community bank, multiple national banks and an investment firms. (more…)
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From our friends at Realtor.com
The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.
1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available. (Sign up for a Webinar to learn more about the home buyer tax credit)
2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.
3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.
4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.
5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.
6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.
Source: The Wall Street Journal, June Fletcher (03/27/2009)
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