Fed Chair Says the Worst Is Over
Federal Reserve Chair Ben Bernanke said on Friday that he was optimistic the economy is about to take off. Bernanke acknowledged that credit is still tight, especially for businesses, but he told an audience of bankers, academics, and economists that the worst is over.
"Although we have avoided the worst, difficult challenges still lie ahead," Bernanke said. "We must work together to build on the gains already made to secure a sustained economic recovery."Bernanke called for stronger regulation of financial rules "to ensure that the enormous costs of the past two years will not be borne again."Source: The Associated Press, Jeannine Aversa (08/21/2009)
Monday, August 24, 2009
Friday, August 21, 2009
Foreclosure / Short Sale / REO's Teton Valley Idaho - Jackson Hole Wyoming
Strong Gain in Existing-Home Sales
For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of REALTORS®.Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June. Sales are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.Largest Gain in a DecadeLawrence Yun, NAR chief economist, said he is encouraged.
“The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said. The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower-priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June. The rate was 6.43 percent in July 2008."
First-Time Buyer Tax Credit is Working"An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions. NAR President Charles McMillan said the first-time buyer tax credit is working. “In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move,” he said. “Realtors are the best resource for consumers in these changing market conditions because the transaction process has become more complex.
Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September,” McMillan said. “Otherwise, they may miss the November 30 closing deadline.”Inventory Up, Prices DownTotal housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, which was unchanged from June because of the strong sales gain. Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record. The national median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008.
Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.Single-Family Homes and CondosSingle-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price was $178,800 in July, down 18.9 percent from July 2008.
By Region:
The Northeast surged 13.4 percent to an annual pace of 930,000 in July, and are 3.3 percent higher than July 2008. The median price in the Northeast was $236,700, down 15.0 percent from a year ago.
Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.
In the South, existing-home sales rose 7.1 percent to an annual pace of 1.95 million in July and are 5.4 percent higher than July 2008. The median price in the South was $164,500, down 7.1 percent from a year ago.
Existing-home sales in the West slipped 1.7 percent to an annual rate of 1.13 million in July, but are 1.8 percent above a year ago. The median price in the West was $202,300, which is 28.0 percent below July 2008.
For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of REALTORS®.Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June. Sales are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.Largest Gain in a DecadeLawrence Yun, NAR chief economist, said he is encouraged.
“The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said. The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower-priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June. The rate was 6.43 percent in July 2008."
First-Time Buyer Tax Credit is Working"An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions. NAR President Charles McMillan said the first-time buyer tax credit is working. “In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move,” he said. “Realtors are the best resource for consumers in these changing market conditions because the transaction process has become more complex.
Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September,” McMillan said. “Otherwise, they may miss the November 30 closing deadline.”Inventory Up, Prices DownTotal housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, which was unchanged from June because of the strong sales gain. Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record. The national median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008.
Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.Single-Family Homes and CondosSingle-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price was $178,800 in July, down 18.9 percent from July 2008.
By Region:
The Northeast surged 13.4 percent to an annual pace of 930,000 in July, and are 3.3 percent higher than July 2008. The median price in the Northeast was $236,700, down 15.0 percent from a year ago.
Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.
In the South, existing-home sales rose 7.1 percent to an annual pace of 1.95 million in July and are 5.4 percent higher than July 2008. The median price in the South was $164,500, down 7.1 percent from a year ago.
Existing-home sales in the West slipped 1.7 percent to an annual rate of 1.13 million in July, but are 1.8 percent above a year ago. The median price in the West was $202,300, which is 28.0 percent below July 2008.
Thursday, August 20, 2009
Foreclosure / Short Sales / REO's Teton Valley Idaho - Jackson Hole Wyoming
Average Buyers Can Afford Most Homes
Housing is remarkably affordable these days.A family earning the nation’s median income of $64,000 a year could afford to buy 72.3 percent of all homes sold in the United States during the second quarter of 2009, according to the National Association of Home Builders and Wells Fargo.Sellers are the ones who are paying the price.
More than 30 percent of all homes sold during the second quarter sold for less than the sellers paid originally, according to Zillow.com.A significant percentage of owners who bought within the past five years and sold during the quarter lost money on the deal, according to Stan Humphries, Zillow's vice president in charge of data and analytics
.[Editor's note: Although discussion of trends on a national level can be useful, conditions in a local market can be vastly different from what's happening statistically on a national level. For that reason, conditions for owners who've bought in the last five years might or might not resemble what analysts are seeing statistically on a national basis.]
Housing is remarkably affordable these days.A family earning the nation’s median income of $64,000 a year could afford to buy 72.3 percent of all homes sold in the United States during the second quarter of 2009, according to the National Association of Home Builders and Wells Fargo.Sellers are the ones who are paying the price.
More than 30 percent of all homes sold during the second quarter sold for less than the sellers paid originally, according to Zillow.com.A significant percentage of owners who bought within the past five years and sold during the quarter lost money on the deal, according to Stan Humphries, Zillow's vice president in charge of data and analytics
.[Editor's note: Although discussion of trends on a national level can be useful, conditions in a local market can be vastly different from what's happening statistically on a national level. For that reason, conditions for owners who've bought in the last five years might or might not resemble what analysts are seeing statistically on a national basis.]
Wednesday, August 19, 2009
Foreclosure / Short Sales / REO's Teton Valley Idaho - Jackson Hole Wyoming
Study: Americans Still Want to Be Home Owners
Despite all of the bad news in the media about homeownership and mortgages, most Americans still believe buying a home is a great investment, according to a new study commissioned by Bankrate.com.
Among the findings from the study:
92 percent say that a home is a good investment for the future.
48 percent worry about losing or being unable to afford their homes.
"These results provide an interesting illustration of the public's mindset in a difficult economy," says Julie Bandy, editor in chief at Bankrate. "While nine out of 10 still believe in the American dream of homeownership, nearly half worry about losing their homes.”
Despite all of the bad news in the media about homeownership and mortgages, most Americans still believe buying a home is a great investment, according to a new study commissioned by Bankrate.com.
Among the findings from the study:
92 percent say that a home is a good investment for the future.
48 percent worry about losing or being unable to afford their homes.
"These results provide an interesting illustration of the public's mindset in a difficult economy," says Julie Bandy, editor in chief at Bankrate. "While nine out of 10 still believe in the American dream of homeownership, nearly half worry about losing their homes.”
Tuesday, August 18, 2009
Foreclosure / Short Sales / REO's Teton Valley Idaho - Jackson Hole Wyoming
Greenspan Unsure About Recovery
Former Federal Reserve Chair Alan Greenspan said the economy seems to be improving in some areas, but he was dubious that improvement is sustainable.“I think we’re going to be OK for the next six months,” he says. "We are getting a recovery in (housing) starts and motor vehicles, but the process doesn't have legs to it."
Greenspan adds that while the decline in construction is reducing inventory, it is unlikely that the percentage of home owners will ever be as high as it was at the peak, and that will result in a reduction of the overall size of the market.
Former Federal Reserve Chair Alan Greenspan said the economy seems to be improving in some areas, but he was dubious that improvement is sustainable.“I think we’re going to be OK for the next six months,” he says. "We are getting a recovery in (housing) starts and motor vehicles, but the process doesn't have legs to it."
Greenspan adds that while the decline in construction is reducing inventory, it is unlikely that the percentage of home owners will ever be as high as it was at the peak, and that will result in a reduction of the overall size of the market.
Monday, August 17, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Commercial Market Shows Signs of Rebound
Analysts point out that competition in commercial lending is increasing on the West Coast, which they call a sign that the drought in the commercial loan business is ending.Citigroup Inc. analyst Darrell Wheeler said there was “aggressive” competition among insurance companies and foreign banks to fund office properties.
Other new lending programs include securities sales through the Federal Reserve and opportunity funds that are looking to buy debt-free assets."These disposition options would not have existed just two months back, so market conditions are changing very quickly," Wheeler wrote.He concluded that with increasing financing "valuations for these assets should quickly recover if the economy is recovering, and we now expect the number of voluntary defaults will start to drop off."
Analysts point out that competition in commercial lending is increasing on the West Coast, which they call a sign that the drought in the commercial loan business is ending.Citigroup Inc. analyst Darrell Wheeler said there was “aggressive” competition among insurance companies and foreign banks to fund office properties.
Other new lending programs include securities sales through the Federal Reserve and opportunity funds that are looking to buy debt-free assets."These disposition options would not have existed just two months back, so market conditions are changing very quickly," Wheeler wrote.He concluded that with increasing financing "valuations for these assets should quickly recover if the economy is recovering, and we now expect the number of voluntary defaults will start to drop off."
Friday, August 14, 2009
Foreclosure / Short Sale / REO's Teton Valley Idaho - Jackson Hole Wyoming
Sellers Continue to Cut Prices
Nearly 25 percent of all U.S. homes for sale on Aug. 1 had a price cut in July, according to data compiled by the real estate Web site Trulia.com.The percentage of price reductions has continued to increase month-over-month for the past three months. The total value slashed off active listings now totals $27.8 billion.
The average reduction was 10 percent from the original price. Cities showing significant increases in the percentage of listings with price cuts from June 1 to Aug. 1 were:
Fresno, Calif.: 67 percent
Colorado Springs, Colo.: 27 percent
Kansas City, Mo.: 25 percent
Oklahoma City, Okla.: 24 percent
Albuquerque, N.M.: 22 percent.Cities with significant declines in the percentage of listings with price reductions included:
Dallas: -42 percent
Las Vegas: -33 percent
Louisville, Ky.: -33 percent
Los Angeles: -19 percent
Washington, D.C.: -17 percent
Nearly 25 percent of all U.S. homes for sale on Aug. 1 had a price cut in July, according to data compiled by the real estate Web site Trulia.com.The percentage of price reductions has continued to increase month-over-month for the past three months. The total value slashed off active listings now totals $27.8 billion.
The average reduction was 10 percent from the original price. Cities showing significant increases in the percentage of listings with price cuts from June 1 to Aug. 1 were:
Fresno, Calif.: 67 percent
Colorado Springs, Colo.: 27 percent
Kansas City, Mo.: 25 percent
Oklahoma City, Okla.: 24 percent
Albuquerque, N.M.: 22 percent.Cities with significant declines in the percentage of listings with price reductions included:
Dallas: -42 percent
Las Vegas: -33 percent
Louisville, Ky.: -33 percent
Los Angeles: -19 percent
Washington, D.C.: -17 percent
Thursday, August 13, 2009
Foreclosure / Short Sale / REO's Teton Valley IDaho - Jackson Hole Wyoming
Foreclosures Still Up in Sun Belt, Midwest
Foreclosure filings in July, including default notices, scheduled auctions, and bank repossessions, were up 7 percent compared to June and increased 32 percent from July 2008, according to RealtyTrac.One in every 355 U.S. housing units received a foreclosure filing in July, the third time in five months that foreclosures have reached a new high in the four years that RealTrac has been keeping records.
"Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions," said James J. Saccacio, CEO of RealtyTrac.For the thirty-first consecutive month, Nevada had the nation’s highest state foreclosure rate with one in every 56 housing units receiving a filing in July.
California was second with initial defaults spiking 15 percent compared to June. Other states that make up the 10 highest were: Arizona, Florida, Utah, Idaho, Georgia, Illinois, Colorado, and Oregon.
The 10 states with the highest actual foreclosures were California, Arizona, Nevada, Florida, Illinois, Texas, Georgia, Ohio, Michigan, and New Jersey.
Foreclosure filings in July, including default notices, scheduled auctions, and bank repossessions, were up 7 percent compared to June and increased 32 percent from July 2008, according to RealtyTrac.One in every 355 U.S. housing units received a foreclosure filing in July, the third time in five months that foreclosures have reached a new high in the four years that RealTrac has been keeping records.
"Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions," said James J. Saccacio, CEO of RealtyTrac.For the thirty-first consecutive month, Nevada had the nation’s highest state foreclosure rate with one in every 56 housing units receiving a filing in July.
California was second with initial defaults spiking 15 percent compared to June. Other states that make up the 10 highest were: Arizona, Florida, Utah, Idaho, Georgia, Illinois, Colorado, and Oregon.
The 10 states with the highest actual foreclosures were California, Arizona, Nevada, Florida, Illinois, Texas, Georgia, Ohio, Michigan, and New Jersey.
Wednesday, August 12, 2009
Short Sales /Foreclosures / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Economists Pronounce the Recession Over
The majority of economists surveyed by the Wall Street Journal say the recession is over and Federal Reserve Chair Ben Bernanke deserves another term.Of the 47 economists the newspaper surveyed, 27 said the recession has ended and 11 predict another trough this month or next. The rest refused to commit. But they were nearly unanimous is saying that Bernanke should be rehired.
Gross domestic product is expected to grow 2.4 percent in the third quarter at a seasonally adjusted annual rate. Economists were also heartened by a better-than-expected jobless report in July.
The majority of economists surveyed by the Wall Street Journal say the recession is over and Federal Reserve Chair Ben Bernanke deserves another term.Of the 47 economists the newspaper surveyed, 27 said the recession has ended and 11 predict another trough this month or next. The rest refused to commit. But they were nearly unanimous is saying that Bernanke should be rehired.
Gross domestic product is expected to grow 2.4 percent in the third quarter at a seasonally adjusted annual rate. Economists were also heartened by a better-than-expected jobless report in July.
Tuesday, August 11, 2009
Short Sales / Bank Owned REO's / Foreclosures Teton Valley Idaho - Jackson Hole Wyoming
Underwater Mortgages to Skyrocket by 2011
A new report by Deutsche Bank estimates that by 2011 nearly 50 percent of U.S. home owners with mortgages will owe more than their homes are worth. This estimate of 25 million borrowers is significantly higher than similar calculations by other economic and real estate analysts. For instance, Moody’s Economy.com projected that 17.5 million will be underwater by early 2010.
Currently, about 26 percent of home owners choose to walk away from their mortgages because their equity falls short of what they owe, according to a report by Paola Sapienza, a finance professor with Northwestern University, and Luigi Zingales, a finance professor at the University of Chicago. Their report suggests that situation could worsen if the percentage of underwater mortgage holders increases.
Not everybody agrees with Deutsche Bank’s analysis. Tom Lawler, a well-respected independent housing economist, wrote that given the recent increase in home sales in many areas, “there is absolute[ly] no doubt that the DB ‘model’ forecast will show a huge miss to the down side on home prices.”
A new report by Deutsche Bank estimates that by 2011 nearly 50 percent of U.S. home owners with mortgages will owe more than their homes are worth. This estimate of 25 million borrowers is significantly higher than similar calculations by other economic and real estate analysts. For instance, Moody’s Economy.com projected that 17.5 million will be underwater by early 2010.
Currently, about 26 percent of home owners choose to walk away from their mortgages because their equity falls short of what they owe, according to a report by Paola Sapienza, a finance professor with Northwestern University, and Luigi Zingales, a finance professor at the University of Chicago. Their report suggests that situation could worsen if the percentage of underwater mortgage holders increases.
Not everybody agrees with Deutsche Bank’s analysis. Tom Lawler, a well-respected independent housing economist, wrote that given the recent increase in home sales in many areas, “there is absolute[ly] no doubt that the DB ‘model’ forecast will show a huge miss to the down side on home prices.”
Monday, August 10, 2009
Short Sales / Bank Owned REO's / Foreclosure Teton Valley Idaho - Jackson Hole Wyoming
EPA Investigates Chinese Drywall Claims
Home owners in Florida, as well as other parts of the country, are claiming that drywall imported from China is making them sick and corroding the plumbing and HVAC systems in their homes.
An estimated 100,000 houses in the United States, most built in 2006 and 2007, may have some of the allegedly defective drywall, which is being investigated by a plethora of government agencies, including the Environmental Protection Agency and the Centers for Disease Control.If these investigations result in a recall, it could be a costly proposition. Experts estimate that pulling out defective drywall and replacing corroded electrical wiring, plumbing and HVAC in an affected home could cost at least $100,000 per property.
Several class action lawsuits have been consolidated in federal court in New Orleans, but suing foreign-based manufacturers for liability is difficult and any judgment is almost impossible to enforce, experts say.
Home owners in Florida, as well as other parts of the country, are claiming that drywall imported from China is making them sick and corroding the plumbing and HVAC systems in their homes.
An estimated 100,000 houses in the United States, most built in 2006 and 2007, may have some of the allegedly defective drywall, which is being investigated by a plethora of government agencies, including the Environmental Protection Agency and the Centers for Disease Control.If these investigations result in a recall, it could be a costly proposition. Experts estimate that pulling out defective drywall and replacing corroded electrical wiring, plumbing and HVAC in an affected home could cost at least $100,000 per property.
Several class action lawsuits have been consolidated in federal court in New Orleans, but suing foreign-based manufacturers for liability is difficult and any judgment is almost impossible to enforce, experts say.
Saturday, August 8, 2009
Teton Valley Idaho - Jackson Hole Wyoming Real Estate
REAL ESTATE ALERT !!!!!
-------------------
Just listed :
- Teton Valley West Side
- Large 100 acre parcel
- $ 9500 ac / $ 950 000
HISTORICALLY LOW PER ACRE PRICES
---------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
-------------------
Just listed :
- Teton Valley West Side
- Large 100 acre parcel
- $ 9500 ac / $ 950 000
HISTORICALLY LOW PER ACRE PRICES
---------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
Friday, August 7, 2009
Foreclosure / Short Sales / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Foreclosure Bargains Are Disappearing
Buyers of foreclosure have to be quick these days. Some houses go under contract fewer than 90 minutes after they are put on the market, says Brad Geisen, founder of Foreclosure.com."For every listing that comes out, we have 10 buyers," says Cesar Dias, an associate with Approved Real Estate Group in Stockton, Calif.Dias had 15 minutes of fame after introducing foreclosure sales tours last year.
Now the tours are defunct because there are not enough homes to show. "We had a lot of inventory last summer. Now we're down to 1,500 listings — from more than 5,000," Dias says.In Florida, real-estate investment companies, buying in bulk and paying cash, face competition.
Even in the hard-hit Detroit area, bargains are disappearing. "For a good house that's not too beat up, in a good neighborhood, there's no lack of buyers in this market," says Andy Sakmar, founder of Century 21 Sakmar in Rochester, 20 miles north of the city. "There are a lot fewer of these properties than a year ago, and the super buys get multiple offers."
Buyers of foreclosure have to be quick these days. Some houses go under contract fewer than 90 minutes after they are put on the market, says Brad Geisen, founder of Foreclosure.com."For every listing that comes out, we have 10 buyers," says Cesar Dias, an associate with Approved Real Estate Group in Stockton, Calif.Dias had 15 minutes of fame after introducing foreclosure sales tours last year.
Now the tours are defunct because there are not enough homes to show. "We had a lot of inventory last summer. Now we're down to 1,500 listings — from more than 5,000," Dias says.In Florida, real-estate investment companies, buying in bulk and paying cash, face competition.
Even in the hard-hit Detroit area, bargains are disappearing. "For a good house that's not too beat up, in a good neighborhood, there's no lack of buyers in this market," says Andy Sakmar, founder of Century 21 Sakmar in Rochester, 20 miles north of the city. "There are a lot fewer of these properties than a year ago, and the super buys get multiple offers."
Thursday, August 6, 2009
Foreclosure / Short Sales / Bank Owned REO's
Inventories in Key Cities Shrinking, Broker Says
ZipRealty reports that inventories declined 2.5 percent in July compared to June in the 28 metropolitan areas it covers. Compared to July 2008, inventories declined 27 percent.Zip’s data includes properties listed on the multiple-listing services where the firm operates.
It doesn’t include New York City, where appraisal firm Miller Samuel Inc. says inventory was down 7.8 percent compared with June, but up 6.9 percent from July 2008.Research firm Zelman & Associates points out that on average in the last 25 years, inventories in July have declined 1 percent from June.
------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
pH 208 390 0737
www.buytetonland.com
-
ZipRealty reports that inventories declined 2.5 percent in July compared to June in the 28 metropolitan areas it covers. Compared to July 2008, inventories declined 27 percent.Zip’s data includes properties listed on the multiple-listing services where the firm operates.
It doesn’t include New York City, where appraisal firm Miller Samuel Inc. says inventory was down 7.8 percent compared with June, but up 6.9 percent from July 2008.Research firm Zelman & Associates points out that on average in the last 25 years, inventories in July have declined 1 percent from June.
------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
pH 208 390 0737
www.buytetonland.com
-
Wednesday, August 5, 2009
Short Sales / Foreclosures / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
More Home Owners Underwater as Prices Fall
A report from Equifax and Moody's Economy.com shows that falling prices have left 24 percent of owner-occupied, single-family home owners with mortgage debt greater than the values of the residences. At the end of this year's second quarter, more than 16 million Americans were in this predicament, an increase from 10 million a year earlier.
Almost 5 percent of owner-occupied dwellings are saddled with mortgage debt worth 150 percent of the property value. Nevada, where 40 percent of owner-occupied homes are "upside-down," is the hardest-hit state, followed by Arizona and California.
A report from Equifax and Moody's Economy.com shows that falling prices have left 24 percent of owner-occupied, single-family home owners with mortgage debt greater than the values of the residences. At the end of this year's second quarter, more than 16 million Americans were in this predicament, an increase from 10 million a year earlier.
Almost 5 percent of owner-occupied dwellings are saddled with mortgage debt worth 150 percent of the property value. Nevada, where 40 percent of owner-occupied homes are "upside-down," is the hardest-hit state, followed by Arizona and California.
Tuesday, August 4, 2009
Short Sales / Foreclosure / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Uptrend Continues in Pending Home Sales
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to NAR.The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7.
The last time there were five consecutive monthly gains was in July 2003.Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices, and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said.
“Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30,” Yun said.
Here are the regional figures from the Pending Home Sales Index:
The Northeast rose 0.4 percent to 81.2 in June and is 5.8 percent above a year ago.
The Midwest increased 0.8 percent to 89.9 and is 11.6 percent above June 2008.
The index in the South jumped 7.1 percent to 100.7 in June and is 8.9 percent higher than a year ago.
In the West, the index rose 2.9 percent to 100.4 but is 0.2 percent below June 2008.
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to NAR.The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7.
The last time there were five consecutive monthly gains was in July 2003.Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices, and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said.
“Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30,” Yun said.
Here are the regional figures from the Pending Home Sales Index:
The Northeast rose 0.4 percent to 81.2 in June and is 5.8 percent above a year ago.
The Midwest increased 0.8 percent to 89.9 and is 11.6 percent above June 2008.
The index in the South jumped 7.1 percent to 100.7 in June and is 8.9 percent higher than a year ago.
In the West, the index rose 2.9 percent to 100.4 but is 0.2 percent below June 2008.
Monday, August 3, 2009
Foreclosure / Short Sales / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Former Fed Chair Says Housing Stabilizing
Former Federal Research Chair Alan Greenspan told ABC News on Sunday that he believes the economy has hit bottom and is on the way back up. “I’m short-term optimistic, but with many caveats,” the former Fed chair says.His view of housing was one of the caveats.
He said housing markets have “stabilized temporarily,” although, "it is possible that could get a second wave down. Under those conditions, we would get a very significant change in the underlying confidence in the consumer area."
Former Federal Research Chair Alan Greenspan told ABC News on Sunday that he believes the economy has hit bottom and is on the way back up. “I’m short-term optimistic, but with many caveats,” the former Fed chair says.His view of housing was one of the caveats.
He said housing markets have “stabilized temporarily,” although, "it is possible that could get a second wave down. Under those conditions, we would get a very significant change in the underlying confidence in the consumer area."
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