Some economic observers are predicting another wave of foreclosures later this summer or in the fall. That’s because lenders that have held off on foreclosures as part of President Obama’s plan will now move forward aggressively to clear the backlog of troubled mortgages. Rising foreclosures will further depress home values, says Mark Zandi of Moody’s [...]
Real estate research site Trulia.com says 24.6 percent of current homes on the market in the United States as of July 1, have had at least one price cut, totaling $27.1 billion in reductions. The average price-reduced home has had a 10.4 percent reduction, down slightly from 10.6 percent as of June 1. Some areas [...]
The Pending Home Sales Index — a forward-looking indicator based on contracts signed — rose 0.1 percent in May from April, and it was 6.7 percent higher than May 2008, NAR announced this morning. It is the fourth consecutive month that the pending home sales index posted a monthly gain, which NAR attributes to the [...]
The pace of decline in U.S. home prices was not as severe in April as it was in March, according to the latest S&P/Case-Shiller Home Price Index, which was released this morning. The index’s 10-city and 20-city composites declined 18.0 percent and 18.1 percent, respectively, in April compared to April 2008. Both indices had reported [...]
Up until recently, home prices in many wealthier neighborhoods continued to hold their own while prices in other locations around the country slumped. But that’s beginning to change. In 2009, home prices in such tony zip codes as Chicago’s Lincoln Park and New York City’s Greenwich Village are on track to fall 15 percent to [...]
New-home sales remained essentially flat in May at a seasonally adjusted annual rate of 342,000, which is just 0.6 percent below a revised April rate of 344,000, the U.S. Commerce Department reported this morning. But that’s still 32.8 percent below the May 2008 estimate of 509,000. The median sale price of new homes sold in [...]
According to a special housing report in Business Week, home prices will continue to fall this year, and then they will stabilize before rebounding in 2012 as the nation’s economy recovers. The report, Where Will Housing Be in 2012?, also highlights seven local markets: Boston, Mass; Omaha, Neb.; Seattle; Nashville, Tenn., Saratoga, N.Y.; Salt Lake [...]
Many people agree that the problems we are seeing in the real estate market today were mostly caused by overly aggressive sub-prime lending. The banks and private sector lenders have been given a “get out of jail free” card thanks to President Obama’s huge bailout packages. The banks, people say, are simply “too big to [...]
Foreign real estate investors say they expect to see a recovery of the U.S. housing market by the end of the second quarter of 2010, according to a new survey by the Association of Foreign Investors in Real Estate (AFIRE). Nearly one-third of respondents said they felt more optimistic about their investment projections for 2009 [...]
Housing starts were at a seasonally adjusted annual rate of 532,000 in May, up 17.2 percent from the April estimate of 454,000, but 45.2 percent below the 971,000 homes started in May 2008, according to the latest figures released by the U.S. Commerce Department. Permits for new construction rose 4.0 percent in May to a [...]
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