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 [...]
Recently, Credit Suisse reported that over a trillion dollars in ARMS will adjust in rates over the next 5 years. Graphically, this is what it looks like: To assume that issue will not continue to impact the economy and the American consumer for some time to come would be naive. The more accurate question would [...]
Los Angeles County is seeing its average home price increase, but home sales decrease. According to information from the California Realtors Association (CAR), the median home price showed an annual gain of more than 5% in April. The county’s median price for April was $596,310. Home sales were down 18.8% from a year ago. Reasons [...]
Those directly involved in the home construction industry do not expect it to recover to last year’s levels until 2011. That’s according to David Seiders, chief economist for the National Association of Home Builders. At the peak of the five year housing boom (Jan. 2006), construction started on 2.29 million homes. In order to reach [...]
Sometimes you have to wonder how people come up with these truly whacky ideas. Take for example, the idea of selling non-existent real estate. Yep, no joke. How would you feel about buying a piece of an underwater volcano that will probably break through as a solid land mass in say, oh, 10,000 years? Are [...]
The National Association of Realtors has reported that home prices in the Phoenix area have dropped 2.2% over last year. That’s higher than the average median rate of 1.8%. The median home price fell in the Phoenix area to $262,500 during the past year, down from $268,300. Nationally, home prices fell from $216,100 to $212,300 [...]