Posts Tagged ‘housing prices’
Tuesday, January 5th, 2010
Although he stopped short of forecasting another dip in homes sales next spring, Robert Shiller (one-half of the super Swedish music group ‘Case-Shiller’) sounded some alarming notes. In an interview with The Wall Street Journal, Shiller expressed concern with the ’shadow inventory’ of foreclosed homes that are likely to pour into the market. Shiller also worries about the high unemployment rate and the government’s inevitable departure from the housing market rescue business.
DHW asks: Do you think the housing market will see a double dip?
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Tags: case-shiller, case-shiller home price index, double dip, foreclosures, Housing, housing prices, housing sales, shadow inventory, unemployment
Posted in case-shiller, case-shiller price index, double dip, foreclosures, shadow inventory, shiller, unemployment | 1 Comment »
Tuesday, November 24th, 2009
Home price inched up in September, the fourth consecutive monthly increase. The Standard & Poor’s/Case-Shiller home price index of major cities, released on Tuesday, inched up 0.3 percent. The seasonally adjusted reading in September was 144.96. But the index looked weaker than in months past, with prices increasing month-over-month in only 11 metro areas (the index looks at 20 cities).
Year-over-year
Prices were down 9.4 percent from last year, the smallest year-over-year decline since January 2008.
With unemployment and foreclosures continuing to hit record numbers, many experts feel this positive movement is not sustainable.
DHW asks: Do you think the housing market has hit bottom?
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Tags: case-shiller, case-shiller home price index, foreclosure, home prices, home sales, home values, Housing, housing prices, standard and poor's, unemployment
Posted in case-shiller, home prices, standard and poor's, standard and poor's case-shiller price index | 1 Comment »
Monday, November 16th, 2009
As any good Realtor will tell you, price moves a home. But sometimes Realtors (as well as sellers) are afraid to take their own advice. As housing evaluations have dropped around the country, listing prices have been slow to follow. To get the job done, and your home sold, a price reduction might be in order. However, nothing beats pricing a home correctly from the start. Even with price reductions, you may never fully catch up the the market. No groundhog has popped its head up to officially declare the housing decline over.
Here is a slide show of cities leading the country in price reductions.
DHW asks: Do you see your city on this list?
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Tags: cities, home, home seller, home values, Housing, housing evaluations, housing news, housing prices, listing, price, price reductions, pricing a home, Real Estate, real estate news, realtor, realtors, Sales, seller, sold
Posted in Housing Article, cities, cities leading country in price reductions, home, home prices, home sales, home sellers, house, listing prices, price reductions, realtor, realtors, sellers | 1 Comment »
Saturday, November 14th, 2009
Lawrence Yun, chief economist for the National Association of Realtors, predicted on Friday that home prices will rise in 2010. If his prediction holds true, home prices will see their first increase in four years.
Yun pointed to the current price-income ratio of 2.4 as evidence of pent-up demand in the market. The price-income ratio accelerated from a norm of 2.6 in 1984-2001 to 3.3 in 2005. This means the price-income ratio has dipped below its pre-bubble rate.
The housing tax credit extension is also seen as a contributing factor to rising homes prices next year.
DHW asks: Do you think home prices will rise in 2010?
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Tags: $6500, $8000, $8000 tax credit, 2010, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, buyers, extension, first time buyers, first time homebuyers, home buyers, home prices, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, national association of realtors, price income ratio, Real Estate, real estate news, realtors, Sales, seller, tax credit, tax credit extension, us home prices, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, Housing Article, home prices, home sales, home value, housing tax credit | No Comments »
Thursday, November 12th, 2009
Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, Builders, buyers, congress, employment, extension, fannie mae, FHA, fha 203 k, fha 203 k streamlined mortgages, fha 203k, fha 203k rehab, fha 203k streamlined mortgage, fha approval, fha approved condo, fha approved condos, fha cash reserves, fha limits for my area, fha limits in my area, fha loan limits, fha reserves, fha's reserve funds, first time buyers, first time homebuyers, foreclosure, freddie mac, guidelines, home buyers, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, lender, loan, mortgage, Obama, President, president barack obama, President Obama, Real Estate, real estate news, reserve funds, Sales, seller, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in FHA, Housing Article, foreclosure, rehab loan | 1 Comment »
Thursday, November 12th, 2009
U.S. foreclosures sank for a third consecutive month in October, down 3% from the previous month. However, many feel this trend will not continue. Foreclosure notices were curtailed in many states due to temporary, legislative intervention. CNBC reported Nevada foreclosures “dropped 26 percent from the previous month because of new legislation requiring mediation before initiating foreclosure proceedings.” Illinois had similar legislation, but foreclosure notices skyrocketed there 56% in October from the previous month.
States leading in foreclosure:
- Nevada
- California
- Florida
- Arizona
- Idaho
DHW asks: Are foreclosures down in your area?
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Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, arizona, Builders, buyers, california, employment, extension, fannie mae, first time buyers, first time homebuyers, florida, foreclosure, foreclosure news, foreclosures, freddie mac, guidelines, home buyers, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, idaho, lender, loan, mortgage, nevada, Real Estate, real estate news, Sales, seller, short sale, state foreclosure, state foreclosures, tax credit, tax credit extension, unemployment, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in Housing Article, foreclosure | No Comments »
Wednesday, November 11th, 2009
In a CNBC interview this morning, Realogy CEO, Richard Smith, called on FHA to increase its minimum required down payment of 3.5%. Mr Smith suggested the ‘risk profile’ will have to change to stave off foreclosures. This argument only perpetuates the myth that those who put less money down are somehow less attached to their home than those who put down a significant amount. Mr Smith should have taken the opportunity to call on the administration and Congress to cure the real problems that cause mortgage delinquencies.
The Urban Institute, a Washington D.C. based think tank, issued a study recently that revealed some interesting, though not surprising, data. Those who put little or no money down tend to be more poor than those who put, say, 20% down. They are also less likely to have health insurance. Someone who has health insurance is more likely to miss less work due to an illness than someone who has no insurance. This is only one example cited in the Institute’s report.
Although many pundits, including Mr Smith, suggest the nation’s recovery is tied to housing, it is not. It is tied to job creation. You cannot have a 10% unemployment rate and expect to have a stabilizing housing market.
Reology is the world’s largest brokerage operator. They own Coldwell Banker, Century 21, Better Homes and Gardens Real Estate and ERA.
DHW asks: Do you think the FHA should increase its minimum required down payment?
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Tags: $6500, $8000, $8000 tax credit, 10 percent, 203 k streamline loan, 203 k streamlined, 203 k streamlined loan, 203k, 203k rehab loan, 203k streamline, 203k streamlined, 3 down payment, 3.5 down payment, 3.5 percent, 3.5%, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, barack obama, Builders, buyers, congress, down payment, employment, extension, fannie mae, federal housing administration, FHA, fha 203 k, fha 203 k streamlined mortgages, fha 203k, fha 203k rehab, fha 203k streamlined mortgage, first time buyers, first time homebuyers, foreclosure, freddie mac, guidelines, home buyers, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, lender, loan, mortgage, national association of realtors, Obama, president barack obama, President Obama, realogy, tax credit extension, unemployment, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in 203k, Editorial, FHA, Housing Article, foreclosure, health insurance, realogy | 1 Comment »
Wednesday, November 11th, 2009
The Miami Herald reported the Federal Housing Administration (FHA) is temporarily relaxing underwriting guidelines for some condominium communities. The changes are intended to increase condo sales and put occupants in otherwise vacant units.
DHW asks: Do you agree with the FHA’s decision to relax condo underwriting guidelines?
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Tags: 203k, 203k rehab loan, Builders, buyers, condo, condominiums, condos, fannie mae, federal housing administration, FHA, fha 203k, fha 203k rehab, fha approval, fha approved condo, fha approved condos, first time buyers, first time homebuyers, freddie mac, guidelines, home buyers, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, lender, loan, mortgage, Real Estate, real estate news, Sales, seller, short sale
Posted in FHA, Housing Article, condo, condo sales, condominium | 1 Comment »
Tuesday, November 10th, 2009
Critics of the Housing Tax Credit were quieted, if only briefly, when the National Association of Realtors (NAR) released data for third quarter home sales. According to the trade group, home sales increased by nearly 6% over this same time last year. Despite the spike in sales, prices have fallen more than 11% during the same period. The U.S. median existing single-family price for the third quarter was $177,900.
Opponents of the housing tax credit feared an inflationary reaction in home prices. Although housing inventories are down, existing units still outweigh the demand.
NAR chief economist, Lawrence Yun, predicts home prices will stabalize next spring. His prediction may be overly optimistic. Foreclosures and short sales made up 30% of thrid quarter sales. There is no real evidence to suggest foreclosures will take a breather in 2010.
DHW asks: Do you see a bottom to the housing market?
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Tags: $6500, $8000, $8000 tax credit, 177900, 2009, 2010, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, bottom, Builders, buyers, congress, down, extension, first time buyers, first time homebuyers, foreclosure, foreclosures, home, home buyers, home prices down, home prices down sales up, home sales, home sales data, home sales up, home sales up prices down, home seller, home values, homebuyers, Housing, housing bottom, housing credit extension, housing inventories, housing inventory, housing news, housing prices, housing report, housing sales data, housing tax credit, inventories, inventory, lender, loan, mortgage, nar, national association of realtors, Obama, president barack obama, President Obama, price, Real Estate, real estate news, realtor, realtors, Sales, sales data, short sale, short sales, tax credit, tax credit extension, third quarter, up, VA compromise sale, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in Housing Article, home sales, housing tax credit, realtors | 1 Comment »
Monday, November 9th, 2009
Last week, CitiMortgage suggested in a USA Today article that 1 in 5 homeowners currently in default of their mortgage are doing so strategically or voluntarily. They cite Sharon Sakson as one of these ’strategic defaults.’ Ms Sakson was laid off as a television writer and producer. After losing her job, she ‘burned through her savings to pay her mortgage.’ Burned through her savings. Ms Sakson is possibly the worst strategist I know. She strategically lost her job then voluntarily burned through her savings to make her mortgage payments. She eventually ‘walked away’ from her New Jersey home.
Clearly, we’re made to think Sakson and others who ‘walk away’ from their homes are bad people. How CitiMortgage and other lenders can get away with this type of character assassination is beyond belief. Even more unbelievable, USA Today refuses to call lenders out on this practice.
Readers should also note the USA Today article is not entirely accurate with regard to the seven-year wait period. If the foreclosed property is a primary residence, a borrower may be eligible for a new mortgage in five years.
DHW asks: USA Today’s decision to ‘blame the victim’ struck a nerve with a lot of folks at DesperateHouseWise. Have you had to walk away from your home?
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Posted in Editorial, Housing Article, citi, citimortgage, home prices, home value, strategic default, strategic defaults | 1 Comment »