A recent Economist.com article took a look at the housing market in 20 countries. It took a look at whether the current decline in the market that the U.S. is experiencing is also being seen in other countries housing markets. Here’s what they found: As illustrated above, the U.S. and Japan were the only countries [...]
According to a report by DataQuick Information Systems, the number of new and previously owned homes sold in the Denver area decreased by 10.6% in the first quarter of 2007, compared with the first three months of 2006. Additionally, the median price of all homes dropped 1.3% to $235,000 from $238,000 in the first quarter [...]
Forbes, with the help of data supplied by Moody’s, has projected when and how certain areas of the country will recover from the current housing slump. The data takes into account housing affordability, vacancy rates, the strength of the local economy and job market, investor share in 2005 and the share of subprime mortgages. Here [...]
Anyone who has secured a mortgage to buy a home can tell you that the process can be frustrating and down-right confusing. It seems that each loan comes with its own mound of paperwork that covers every contingency you could possibly think of, but doesn’t seem to state anything in plain simple language and that’s [...]
County officials in the Detroit Metro area have a problem. Unpaid property taxes are at an all time high leaving county coffers short and putting more residents at risk of losing their homes. In total, Wayne, Oakland and Macomb counties are trying to recoup some $415 million in unpaid property taxes. A weak economy and [...]
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 [...]