Widespread House Price Declines In Fourth Quarter, But Not Severe
The Office of Federal Housing Enterprise Oversight (OFHEO) reported today that home purchase prices fell by 1.3 percent nationwide during the fourth quarter of 2007 from the previous quarter and were down 0.3 percent for the year. This marks the first four-quarter decline in the purchase-only index since 1991.
By comparison, the purchase-only house price index [...]
2008 Begins with More Foreclosures
Foreclosure activity continued its upward trend in January, rising 8 percent from the previous month and climbing 57 percent from January 2007, according to RealtyTrac, an online marketer of foreclosed properties. Foreclosure filings, which include default notices, auction sales notices and bank repossessions, were reported on 233,001 properties in January. It is the sixth straight [...]
Foreclosed Homes Could Invite Squatters
The rising number of foreclosures has created an abundance of vacant homes in some communities. Now it appears that homeless people are beginning to take advantage of the situation by becoming squatters, reports the Detroit Free Press.
For squatters, foreclosed homes have an advantage over abandoned, dilapidated housing because the heat, lights and water still work. [...]
Housing Starts, Builder Confidence Edge Higher
According to a U.S. Commerce Department report released yesterday, housing starts rose in January to a rate of 1.012 million, a 0.8 percent increase from the revised December 2007 total. But the January figure was 27.9 percent lower than during the same period last year. The Northeast and Midwest regions posted month-over-month increases of 18.9 [...]
Most Affordable U.S. City? Indianapolis, Again
For the tenth consecutive quarter, Indianapolis ranks as the most affordable major U.S. housing market, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index. During the fourth quarter of 2007, 89.5 percent of the houses sold in Indianapolis were affordable to people making the area’s median household income of $63,800. Youngstown, [...]
Commercial Brokerage Business Flattens in Fourth Quarter
The fourth quarter of last year was a telling quarter for the commercial real estate brokerage industry. While major brokerage firms reported record revenues and healthy net income last year, results dropped off sharply in the fourth quarter reflecting a weakening commercial real estate environment. The latest quarter results are also a sign of what [...]
Q4 Home Sales, Prices Fall, But 73 Cities Post Gains
Sales of existing single-family homes and condos fell 20.9 percent during the fourth quarter of 2007, to a seasonally adjusted annual rate of 4.96 million units compared to a year ago, according to NAR. The national median sale price of an existing single-family home was $206,200 in the fourth quarter, down 5.8 percent from the [...]
Luxury in Cambridge at One First
So, you want to be a stone’s throw from Downtown, steps to shopping and restaurants, right on a T line and have a garage space…One First may be the place for you. One First in East Cambridge features five elegant buildings surrounding an beautifully landscaped courtyard and offers homeowners the intimacy of a small residential building [...]
U.S. Is Top Global Market For Foreign Investment
The United States was ranked the top global property market among foreign investors, but Asia is close behind, according to a new survey by the Association of Foreign Investors in Real Estate (AFIRE). China ranked second behind the U.S. for the second time in three years, and the gap between the two countries narrowed from [...]
NAR Forecasts Housing Downturn to Continue in 2008
Sales activity in the housing market will continue to be soft in the months ahead but should gradually improve during the second half of 2008, especially if loan limits are increased, NAR reports in its latest forecast. Sales of existing homes are projected to be at a pace of 4.9 million in the first half [...]
