CNN Money: 10 Markets Set For Steep Losses
May 9, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics, Real Estate Investment | Leave a Comment
The worst isn’t over for Miami, Phoenix, and hard hit areas of California, which are forecast to see big price drops in the next 12 months, according to Money Magazine. Here are the top 3:
Miami, FL: -29.9%
Fort Lauderdale, FL: -22.2%
Orland, FL: -20%
Boston was not on the list…
Many Americans Don’t Understand Homeownership: Survey
May 9, 2008 | Filed Under Real Estate News, Mortgage and Finance | Leave a Comment
A new survey by the National Foundation for Credit Counseling and MSN Money finds that many Americans struggle to understand mortgages and the home-buying process, and they lack basic financial skills and resources to cope with economic hard times. One in 10 Americans with a mortgage, or about 10 million adults, reported being late or missing a mortgage payment in the past year. One in four Americans said they do not know enough about owning a home to consider buying one.
NAR Forecasts Improving Home Sales Later This Year
May 9, 2008 | Filed Under Real Estate News | Leave a Comment
Existing-home sales activity is projected to remain soft for the next few months before improving by the end of the summer, reports NAR in its latest forecast released today. Existing-home sales are projected to total 5.39 million for 2008, down 4.6 percent from 2007, and then rise 6.1 percent to 5.72 million in 2009. The median price of an existing home is forecast to be $213,700 this year, down 2.4 percent from 2007, and rise 4.1 percent to $222,600 in 2009.
New-home sales are expected to fall 30.9 percent to 536,000 units in 2008 before rising 10.1 percent next year to 590,000, NAR reports. The median new-home price is forecast to fall 3.7 percent to $238,000 this year, and then rise 5.4 percent in 2009 to $250,900. Housing starts are expected to drop 29.5 percent to 955,000 units in 2008, and then rise 1.3 percent to 967,000 next year.
The Pending Home Sales Index edged downward 1.0 percent in March and was 20.1 percent lower than a year ago. In the South, the index dipped 0.1 percent in March, but is 26.7 percent lower than a year ago. In the West, the index slid 1.4 percent and is 9.5 percent below March 2007. The index fell 10.4 percent in the Midwest in March and is 22.3 percent below a year ago. Only in the Northeast did the pending sales index show improvement, jumping 12.5 percent in March, though it is still 15.4 percent below last year’s level.
Lawrence Yun, NAR’s chief economist, says better access to affordable loans will aid the recovery process. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”
AP Survey: More Homeowners Avoid Buying Homes
April 18, 2008 | Filed Under Real Estate News | 1 Comment
A growing number of Americans say they don’t plan to buy a home anytime soon, according to a new Associated Press-AOL Money and Finance survey. Nearly two-thirds (60 percent) of homeowners say they definitely will not buy a home within the next two years, up from 53 percent in September 2006. More than a quarter of homeowners worry that their home will lose value over the next two years, and one in seven fear they won’t be able to make a mortgage payment on time over the next six months.
Homebuyers Lose Case Against Buyer’s Agent
April 18, 2008 | Filed Under Real Estate News | Leave a Comment
A jury ruled against the Carlsbad, Calif., couple who sued their real estate agent for fraud and negligence, claiming his actions caused them to overpay by approximately $150,000 for the home they purchased in 2005. Marty and Vernon Ummel claimed their buyer’s agent withheld information that similar homes in the neighborhood were selling for less than the home they eventually bought for $1.2 million. The jury found that the agent “executed a reasonable standard of care” when he showed the Ummels more than 80 homes in 2005 prior to the couple’s purchase, Voice of San Diego reports.
When news of the lawsuit broke in January, some real estate lawyers predicted that a ruling against the real estate agent might trigger more lawsuits against REALTORS® from homeowners saddled with shrinking home values.
David Bright, the agent’s defense attorney, said, “I think REALTORS® are scapegoats for a declining market. There are always people out there who will blame someone for something that is beyond their control.”
Foreclosures Rise in March
April 18, 2008 | Filed Under Real Estate News | Leave a Comment
Foreclosure filings nationwide increased 5 percent in March from the previous month, and they were 57 percent higher than in March 2007, according to the latest report from RealtyTrac, an online marketer of foreclosure properties. One in every 538 U.S. households received a foreclosure filing last month — including default notices, auction sale notices and bank repossessions — on a total of 234,685 properties.
Nevada posted the nation’s highest foreclosure rate again, which was 3.9 times higher than the national average. California and Florida ranked second and third, respectively, for the fourth straight month. States posting the lowest foreclosure rates were Vermont, North Dakota and South Dakota.
Columbus Center Project moving forward
April 14, 2008 | Filed Under Real Estate News, Commercial Real Estate, Boston Condos, Boston Luxury Developments, Boston Real Estate | Leave a Comment
The 1.3 million-square-foot mixed-use development to be built above the Mass Turnpike seems to be pushing forward. Despite financial setbacks, Columbus Center’s developer said the $800 million project is still alive and well.”We have no intention of abandoning it,” Roger Cassin, managing partner of WinnDevelopment, told Banker & Tradesman in an interview.
The Columbus Center Project will consist of 443 Condominiums, a 162-room hotel, three parks and 39,400 square feet of retail space. The project will stradle the Back Bay, South End and Bay Village neighborhoods of Boston. Other new developments in the area are 285 Columbus Lofts and The Clarendon.
Some Cities Still Boast Low Foreclosure, Unemployment Rates
April 12, 2008 | Filed Under Real Estate News, Mortgage and Finance | Leave a Comment
MainStreet.com compared U.S. foreclosure data from RealtyTrac to employment rates supplied by the Bureau of Labor Statistics to compile a list of five cities that are surviving the mortgage and foreclosure problems best. All five cities had low foreclosure rates and a February unemployment rate lower than or equal to the national average of 4.8 percent. They are: Lubbock, Texas; Charlottesville, Va.; York/Hanover, Pa.; Tuscaloosa, Ala.; and Burlington, Vt.
NAR Predicts Rising Pace of Existing-Home Sales
April 8, 2008 | Filed Under Real Estate News | Leave a Comment
The pace of existing-home sales is expected to rise to 5.9 million in the fourth quarter, a jump from the first-quarter pace of 4.9 million, according to NAR’s latest housing forecast released this morning. But sales of existing homes for all of 2008 are forecast to reach 5.39 million, 4.6 percent below the 2007 level, before increasing 6.6 percent to 5.74 million in 2009. The median existing-home price is expected to fall 1.4 percent to $215,800 in 2008 before recovering 3.7 percent to $223,800 next year. National median existing-home prices fell 1.4 percent last year.
New-home sales are expected to fall 25.7 percent in 2008 to 576,000, then rise 4.6 percent in 2009 to 602,000. However, housing starts, including multifamily units, are forecast to drop 26.3 percent to 999,000 this year, then fall another 0.5 percent to 994,000 in 2009. The median new-home price is likely to decrease by 3.6 percent to $238,400 this year, and then increase 4.0 percent to $247,800 next year.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, was 84.6, a 1.9 percent decrease from 86.2 in January and a 21.4 percent decline from February 2007. The Northwest was the only region that saw an increase in pending home sales, rising 3.2 percent, but it was still 25.4 percent below levels from a year ago. The Midwest index decreased 3.7 percent, which is 17.4 percent lower than a year ago. In the South, the index fell 5.5 percent for the month and 30.0 percent for the year, while the West decreased 9.8 percent in February and 17.1 percent from last year.
“The economy will not grow in the first half of the year,” said Lawrence Yun, NAR chief economist. “However, the combination of recent fiscal stimulus enactment and the lagged impact of monetary policy will help jump start the economy in the second half.”
Zillow Enters the Mortgage Business
April 8, 2008 | Filed Under Real Estate News, Mortgage and Finance | 2 Comments
This might seem like an odd time for a company to break into the mortgage lending business, but that is exactly what online real estate marketer Zillow.com is doing. The company announced that its Zillow Mortgage Marketplace will offer borrowers an open forum to request custom loan quotes directly from registered lenders, anonymously and without hassle. The Marketplace also includes a public feedback system where borrowers can rate the lenders they choose to contact. The process makes it easier for borrowers to compare multiple loan quotes and make more informed decisions about their lender and loan, the company says.
Borrowers complete an online Request for a Quote (RFQ) with their financial details, but are not required to provide any personal information about themselves, such as their name, address, phone number or Social Security number. Once they submit their request, lenders that are registered with Zillow can submit loan quotes. The borrower decides which lender(s) to contact, if any, thereby maintaining control of the entire process.
As Boston Real Estate professionals, our mission is to provide you with the best home-buying or home-selling experience in Boston. Search MA properties through MLS on our website, www.bushari.com. We pride ourselves on exceptional customer service, and look forward to sharing that service with you.
Bostonian Lofts is the premiere website for information about Boston Lofts. Read about Boston Loft Developments and how we can help you purchase or sell your Boston Loft.
We write the quarterly Boston Real Estate Market Report to help our clients better understand the real estate market in some of Boston's most popular neighborhoods. The Boston Real Estate Market Report breaks down the real estate market of each Boston neighborhood into categories based on the number of bedrooms. The report gives clients a detailed look at localized market trends. Subscribe for FREE today!