Bargain Network reported last week that the number of properties entering some stage of the foreclosure process in May 2007 climbed approximately 6%. For the second consecutive month, five states – Florida, California, Texas, Illinois and Colorado – accounted for 59% of the total number of foreclosure home filings. Florida posted the highest number of [...]
You know the real estate market is in the dumps when you hear reports such as this one: KB Home is reportedly seeing a spike in order cancellations for fake houses. Yep, fake houses. The Wall Street Journal recently reported that Macy’s Department Stores reportedly canceled plans to build 3,000-square foot fake homes inside stores [...]
A recent San Francisco Chronicle article says the current Bay Area real estate market has become a giant game of chicken. Buyers, who 18 months ago, swarmed the market are now taking a wait and see approach. Wait, to see if sellers will blink and begin cutting prices even further. Patience and persistence appear to [...]
Ohio has decided to sue 10 real estate companies for improperly pressuring appraisers to inflate home values. Ohio’s AG Marc Dann said that the companies, based in Ohio, California, Arizona and New York, are accused of setting specific estimated values on properties and communicating a desired price to appraisers. The mortgage brokers being sued are [...]
The Warren Group, publisher of the Commercial Record, reports the median price of single-family homes in Connecticut remained constant at $270,000 after the first four months of the year, while sales in the same time period fell 2.2%. The year-to-date price stayed the same; however, the median price in April rose 1.9% from $269,900 to [...]
The National Association of Realtors has again adjusted home prices downward after May’s numbers came in lower than expected. Now, the organization is saying that the annual median single family home price should decline 1.3% to $219,800 in 2007, and not 1% as projected earlier in May. The NAR projects a 2.3% decline in new [...]
If one was a pessimist looking at the current real estate market, they may agree with what the WSJ wrote yesterday regarding the increase in home inventory levels noted across the U.S., “Growing inventories of unsold homes continue to weigh on the U.S. housing market, portending more downward pressure on prices.” According to figures compiled [...]
Retirement home sales are growing. You might think that this is to be expected given that the Baby Boomer population is larger and retiring in record numbers, but you’d be mistaken if you thought they are the reason for the increase in sales. The driving force behind the recent boom in second home retirement sales [...]
Home prices throughout much of Los Angeles have been declining in past months. But, there is one area of Los Angeles that appears to have missed the boat when it comes to decreasing home prices. In fact, some properties in the Santa Monica area have had some blinking twice in disbelief. The Westside Bubble recently [...]
Demand for luxury property in the Southampton, East Hampton, Westhampton, Bridgehampton, Sag Harbor and Hampton Bays continues to be high. Not only is it a hot property market for affluent Americans, but now for affluent Europeans and Asians who have been drawn to the area. Increasing international demand, linked to successful economic performances in recent [...]