Michael Carney, Executive Director for the Real Estate Research Council at California State Polytechnic University, and regional economist, John Husing, see the recent slowdown in the real estate market as a good thing for California. True, in Southern California at the end of June, there are 16,595 new houses and condominiums for sale. That is [...]
New Jersey is expected to hold one of the largest property auctions in its history next month when it auctions off 340 properties. On September 29th, the trustees for the bankrupt NJ Affordable Homes will hold a three-day auction at the Meadowlands Convention Center in Secaucus. All properties are guaranteed to be sold no matter [...]
According to a recent Inman Real Estate News article, flipping is on the decline in the California housing market. In fact, HomeSmartReports.com reports they are at their lowest levels in three years. HomeSmartReports.com found that during the second quarter, 2.4 percent of the existing homes that sold in California had been owned for six months [...]
Condo hotels have risen in popularity over the past few years with 225 such projects in some form of development nationwide in current hotspots such as Chicago, Miami, San Diego, and Las Vegas. However, the growth in this luxury condo market is not without some controversy. In California, environmentalists are asserting that builders are taking [...]
Nouriel Roubini, president of Roubini Global Economics claims that the U.S. is headed for a recession that will be “much nastier, deeper and more protracted” than the 2001 recession. While he may be ridiculed as being extreme in his position, others like chief investment strategist of Raymond James Financial, Jeffrey Saut, and Michael Larson, the [...]
This week, the Illinois Association of Realtors released data that shows the real estate slow down is deepening in Illinois. In the Chicago metropolitan area, single-family homes are selling at a pace 18.6 percent slower than last year, and 3 percent slower than in June. Nationwide, single-family sales were off about 11 percent from July [...]
When the real estate market was booming, it seemed like everyone was interested in becoming a realtor, and it appears they did so in record numbers. Today, there are approximately 2.6 million licensed real estate agents in the U.S. That may seem like a lot, and quite simply, it is. Some believe that the current [...]
On Monday, the U.S. Census Bureau released its latest report on housing growth. For the second year in a row, Flagler County, Fla., had the highest rate of growth in the number of housing units of any county in the nation. For the period review, July 1, 2004, to July 1, 2005, Flagler’s housing stock [...]
The Association of Community Organizations for Reform Now (ACORN) recently released a study titled The Impending Rate Shock: A study of home mortgages in 130 American cities. The report outlines cities they believe are the most at risk for “rate adjustment shock”. According to the report, adjustable-rate mortgages account for 24% of all home loans [...]
The possibility that interest rates may rise even higher does not seem to be deterring many home owners from drawing more equity out of their homes. Freddie Mac reports that home owners refinancing their mortgage this year will draw $257 billion of wealth out of their homes. That’s more than $13 billion more than last [...]