Mortgage and Real Estate News

Real Estate, Mortgage, and Relocation News

Mortgage and Real Estate News header image 1

real estate news in Knoxville

November 6th, 2009 · In The News, Real Estate, Real Estate Markets

knoxvillehomes

Like so many real estate markets across the country, real estate in Knoxville has taken a hit since the onset of the financial crisis and the blowup from the subprime mortgage crisis burst the housing market bubble across the nation. The Knoxville real estate market began to see signs this summer that the worst was over and that the market had hit its bottom and was on its way back up.

knxHowever, figures from 2009’s third quarter, which includes July, August and September, suggest that the market may still have more recovery left to achieve. According to the Knoxville Association of Realtors, there were 3,024 sales in the third quarter of this year, down from last year of the same quarter’s figure of 2,253 and from the peak in 2005 of 5,112. Sales had been increasing steadily month to month since the start of 2009, from 498 in January to 1,044 by July. But in August, volume dropped off a bit again, falling to 970 before rebounding slightly to 993 in September, showing there is a great amount of instability and unpredictability in this market.

As a market that was not incredibly overpriced pre-crisis, the values of homes in Knoxville have not been eroded nearly as harshly as in other markets in the U.S., but values have still fallen from their highs. In the third quarter of 2009, the median price of a three-bedroom home is $139,000, off from 2008’s $145,500 and the peak in 2007 of $154,500.  Inventory of homes for sale in Knoxville is still high as well for higher-priced homes, especially. For homes in the $1 million-plus range, the supply stands at 42 months. However, as that range slides to the $100,000 to $150,000 range, the supply dwindles to just nine months, indicating that higher-priced homes are having more difficulties attracting buyers than more moderate, starter-priced homes.

Knoxville realtor Jim Lee, who compiled the Knoxville Association of Realtors data, says the numbers, however, should not be reason to worry: “There will continue to be homes bought and sold every day, just fewer of them and probably not for top prices as before.”

→ No CommentsTags: ····

Palm Desert real estate news

November 5th, 2009 · In The News, Real Estate, Real Estate Markets

pd

Located inland in California, one of the states hardest-hit by the recent housing market collapse and U.S. financial crisis, Palm Desert has suffered many of the same pitfalls as other cities in the Golden state, including crashing home values, rising foreclosures and an increase in inventory. Recently, however, real estate in Palm Desert continues to experienced a mixed bag of signals, as home sales volume rises but prices remain stagnant or falling.

According to The Desert Sun, the region saw a near-record in the number of home sales over the past two-plus years, but sales prices are also at near lows. The median price for a home in the Coachella Valley has now fallen 57% from its June 2005 high of $393,370, to just $169,080 in August of this year. The median sales price in August had fallen 24% from the price at the same time last year.

palmdesertlIn Palm Desert, the average price of homes for sale in Palm Desert in July 2007 ranged from $508,000 to $620,000, depending on ZIP code. By September of this year, those figures had fallen to $313,000 to $373,000. The prices were off by 22% to 30% from 2008 figures, and by 38% to 40% from sales price figures from 2007. The volume of sales in Palm Desert, however, is up by 13% since 2008 and by 16% to 45% from 2007 volume.

One consequence of the lower Palm Desert real estate prices is an upswing in the amount of first-time home buyers, many of whom have been likely spurred on by a government’s program to offer up to $8,000 in tax rebates to first-time home buyers who purchase a house before Nov. 1 and meet certain qualifications. In the greater region, first-time home buyers accounted for almost half of all sales. Prices are expected to hover near the current levels into 2010, experts say.

→ No CommentsTags: ·····

real estate news in Atlanta

November 4th, 2009 · In The News, Real Estate, Real Estate Markets

atlantaThe hub of the commercial and financial industry for the South, Atlanta, Georgia, in recent years had seen its average home prices rise seemingly with no end in sight. Of course, like so many other rising markets, the Atlanta real estate market saw its bubble burst with the onset of the U.S. financial crisis and recession.

Though prices have been falling for the past year and seemed to be near reaching a bottom, the most current figures show that real estate in Atlanta is not quite out of the woods yet. In September, according the Atlanta Journal-Constitution, sales volume in the city was down by 4% year over year, despite being up nationally as many buyers are lured back into the market by low prices and incentives for a government program that grants tax rebates of up to $8,000 to many homebuyers.

The median sales price in Atlanta was also down , this by 13% year over year. There are many reasons that can be attributed to Atlanta’s lag in catching up with the national improvement, foremost of which could be its still double-digit unemployment rate. Seven other major cities also reported falls in sales volume from 2008 figures.

atlanta_mapBut local realtors caution not to read too heavily into the most recent data, noting that September 2008 could have been particularly strong for an unknown reason, and reminding those looking for homes for sale in Atlanta that these cycles can fluctuate wildly from month to month. Roger Tutterow, professor of economics at Mercer University’s Stetson School of Business, told the AJC, “I just can’t image Atlanta is that far out of whack with what is actually happening nationally. I would caution us not to read too much into one month’s data.”

→ No CommentsTags: ···

Chicago real estate market news

November 3rd, 2009 · Uncategorized

Chicago

Chicago is a huge city, one the country’s biggest, so recent trends in the Chicago real estate market must be closely examined before entering the market. Because the city is so big, it must be viewed instead as a large grouping of smaller neighborhoods and their trends. Viewed as the entirety of Cook County, real estate in Chicago is still showing slight declines, suggesting that its ultimate bottom may not have yet been reached.

chicago1Data from Zip Realty for the entire area in September seemed to show some slight signs of improvement. There were 1,886 homes sold, an increase of 7% from September 2008’s 1,766, though the sales price was down 17% for the year at $271,394 from $327,116. The number of days homes are spending on the market is falling as well though, from 166 in September 2008 to last month’s 149, a decline of 10%. This shows more inventory is moving as buyers enter the market.

For month-to-month changes, figures showed slight falls from August, with sales volume down a slight 2% and prices falling by 8%. Price per square foot was down 7% from August to September. The only improvement in real estate in Chicago was the monthly data was the days on the market, which fell to 149 in September from 154 in August.

According to data from real estate data provider Zillow available on the Yahoo! Real Estate website, there were 16,760 homes for sale in Chicago in mid-October with a median price of just under $295,000, unchanged from September sales figures. There were five new homes for sale in the city with a high-end median price of $950,000, and there were more than 21,300 foreclosed homes on the market in Chicago, with a median price of $216,000, up slightly by 0.7% from September’s numbers.

→ No CommentsTags: ····

Real estate news in Orange County

November 3rd, 2009 · In The News, Real Estate, Real Estate Markets

orangecounty

Southern California is popularly known across the country for being home to some of the most exclusive neighborhoods and priciest homes, and real estate in Orange County is no exception. The county commonly tops lists of the most expensive places to live in the country, though since the economic crisis and the burst of the housing bubble, prices have fallen, making properties here within reach to at least a slightly few more buyers.

OrangeCountyUpdateAccording to the Orange County Register, the current Orange County real estate is seeing mixed signs across various communities. For a nearly three-week period ended Oct. 6, statistics showed 495 homes for sale in Orange County, up 16% from the year prior. The median price was at $685,000, a fall of only 1.9% from the price during the same period in 2008.

But upon closer examination of the county, regional differences can be seen. The southern part of the county showed the most positive signs, with 814 sales, up by 27% from 2008 volume, at a median price of just over $500,000, an increase also in the price from last year, though just by 0.2%. The northern part of the county had a lower median price, at $440,000, but that price was down 2.5% from last year’s figures. This area saw 739 homes sold, up 6% from 2008. The mid-part of Orange County experienced the worst signals in recent weeks. Real estate in that region sold at a median price of $353,750, down by 0.2% from 2008 figures. Additionally, volume was down as well with 872 homes sold, a decrease of 10%.

Foreclosures have plagued the county’s market as well. As of August, according to the Orange County Register quoting First American Corelogic, 6.9% of mortgage holders in the county were 90 days or more past due on their loans. The foreclosure rate in Orange County stands at 2.5%, up by 58% from 2008’s rates but still lower than California’s overall foreclosure rate of 3.5%.

→ No CommentsTags: ····

Salt Lake City real estate market news

November 2nd, 2009 · In The News, Real Estate, Real Estate Markets

salt-lake-city-ut175

The Salt Lake City real estate market is sending indications that it still has some work to do before it will be out of its sluggish position that came as a result of job losses across the state coinciding with the global recession and the world financial crisis after the subprime mortgage crisis imploded.

salt-lake-city-templeAccording to the Salt Lake City Tribune in August, sales of existing homes declined, as did the median price of sale, despite sales being up in June and July 6% and 5%, respectively, compared with year-earlier figures. Throughout Salt Lake County sales were down 4.5% in August from 2008 figures and median prices were down about 3%. The market hasn’t fallen completely off a cliff as in some communities, however, as the August median sales price is just about 10% down from June 2007, when home prices peaked. money.sltrib.com
Experts are hoping the soon-to-expire government tax rebate of $8,000 for select buyers will help lure more into buying real estate in Salt Lake City before it expires Nov. 1, unless Congress decides to extend the rebate. “Prices have fallen so much in the West that I think that’s also encouraging some buyers — both investors and those who intend to actually live in their units — to come back into the market,” Celia Chen, senior director at Moody’s Economy.com, said to The Associated Press.

According to data from real estate data provider Zillow available on the Yahoo! Real Estate website, there were almost 2,200 homes for sale in Salt Lake City in mid-October 2009, with these homes having a median price of $265,000, a fall of 1.8% from September prices. There were no new homes on the market, but 1,430 foreclosed homes were up for sale at a median price of $158,000, a 2% fall in price from September sales figures.

→ No CommentsTags: ····

Hawaii real estate market news

November 1st, 2009 · In The News, Real Estate, Real Estate Markets

map-allislandsAnalysts say that the market for real estate in Hawaii has further to fall and may not have seen its bottom yet, despite already having experienced precipitous falls in homes values and sale prices. “For a year now, the West Coast has seen continued erosion in pricing but increased velocity of sales,” Marty Frame, general manager of Cyberhomes.com, a division of Lender Processing Services Inc., told the Star Bulletin. “That trend has started to move across the mainland, but we aren’t seeing it in Hawaii.”  The state had some of the country’s highest real estate prices before the crash.

According to the Star Bulletin, in September, the state of Hawaii ranked 15th in the U.S. for the most foreclosed homes, not exactly a shining beacon the state of islands wants to promote. Across the islands, 969 properties received foreclosure notices in September, the second-highest month of foreclosure activity in 2009, up by almost 12% from the previous month and an increase of more than 63% from activity in 2008. Only July saw more Hawaii foreclosures, with 990.

The state’s foreclosure rate per household bested the U.S. average however, at just one for every 523 households in Hawaii, compared with the U.S. average of one for every 372. Some cities and islands have been hit harder than others, however, as Maui’s foreclosure rate tops the U.S. average at one of every 255. Much of the foreclosure activity in Hawaii real estate is among non-owner-occupied homes, as many buyers have chosen homes in Hawaii as an investment or as a second-home or vacation property. Almost half of all foreclosures have been at these owner unoccupied homes.

hawaii

According to data from real estate data provider Zillow available on the Yahoo! Real Estate website, as of the middle of October, there were nearly 9.700 homes for sale in Hawaii at a median price of $485,000, an increase of 2.1% from September figures. There were an additional 1,662 foreclosed homes on the market at a median price of just over $379,000, a slight increase of 0.6% from September sales figures.

→ No CommentsTags: ···

Mission Beach real estate news

October 31st, 2009 · In The News, Mortgages, Real Estate

missionbeachLocated in California, one of the real estate markets hit the hardest by the recent U.S. financial turmoil, real estate in Mission Beach is no exception. Before the crisis, Southern California had some of the priciest real estate in the country, so it comes as no surprise that many of these values have tumbled hard with the onset of the recession.

There were 15 single-family homes for sale in Mission Beach that sold in September 2009, at a price of $552 per square foot, down 22.7% from September 2008’s price of $714 per square foot, according to DQ News. Additionally there were 24 condos sold during September at a price of $402 per square foot, which was actually an increase from 2008’s figure of $384 per square foot of 4.7%.
mb
The San Diego area, of which Mission Beach real estate is a part, seems to be slowly on its way back to normal levels. According to the San Diego Union Tribune, which reviewed new quarterly data from MDA DataQuick in October 2009, eight of its 56 neighborhoods saw higher prices than a year ago, compared with only one or none in the recent quarters. San Diego as a whole’s overall median home price was $360,000, down 5% from the same quarter in 2008, compared with 2008’s fall of more than 24% from 2007 figures, which were around $500,000.

The paper also reported the San Diego area is experiencing a decline in its long overloaded inventory of homes for sale. Quoting the San Diego Association of Realtors, it said the number of listings for detached homes during the week of Oct. 17 was 5,670, down from 8,562 in mid-July. Foreclosures is another problem this area must deal with. In September, San Diego.

→ No CommentsTags: ····

Austin real estate market news

October 30th, 2009 · In The News, Real Estate, Real Estate Markets

BartonSpringsPoolAustinTexas82606CWWang

Though it suffered many of the side effects from the bursting housing bubble that cities across the nation are also facing, the Austin real estate market as of late is showing signs of improvement, giving a sense of temporary optimism to buyers and sellers in this market.

Austin skylineAccording to the Austin American-Statesman newspaper, existing home sales of real estate in Austin in the greater region were up by 6.4% in September of this year compared with last year’s figures, the area’s first yearly increase in more than two years. The median price of home sales was up as well, increasing by 2% to $185,250, the newspaper said, citing the Austin Board of Realtors. There were 1,780 sales last month in the greater Austin area, up from August’s 1,748 and September of 2008’s 1,673.

Additionally, October sales seem to be pointing to an improvement as well. Sales volume due to close in October was on track to be up by nearly a quarter from 2008 figures. Many agents and brokers are crediting the rise in sales to the government’s plan to offer up to $8,000 in tax rebates to select home buyers who meet the criteria, which has prodded some into the market who may have otherwise waited on the sidelines for a few more months. Indications seem to show that the market “is beginning to recover,” Charles Heimsath, an Austin real estate consultant, told the Statesman, though he cautioned it will likely bring “a slow ascent into recovery over the next 12 to 18 months.”

According to data from real estate data provider Zillow available on the Yahoo! Real Estate website, as of mid-October, there were just over 8,100 homes for sale in Austin. Those homes had a median price of $269,000, down 2.2% from September’s figures. There were nearly 100 new homes with a median price in the $380,000 range, an encouraging sign that builders in Austin still have enough confidence to continue making homes despite the slumping market. Additionally, there were more than 1,150 foreclosed homes on the market, selling at a median price of just over $143,000, a slight fall of 0.7% from September’s prices.

→ No CommentsTags: ····

Phoenix real estate news

October 29th, 2009 · In The News, Real Estate, Real Estate Markets

AZsunset

The Phoenix real estate market has been battered in the past couple of years along with the onset of the bursting bubble of the U.S. housing market and the slump in the economy in general. The area has seen many job losses and as a result many foreclosures. Signs now point to a market still struggling to dig out of a hole. Though sales volume is up, prices and home values are still off their peak.

phoenix-arizonaAccording to DataQuick News, sales volume fell in August from July by 15.5%, a steep month-over-month decline but still representing a 20% increase from sales volume in August 2008. Sales volume has increased on year-over-year figures for eight months in a row. The median price paid in August for new and resale homes and condos was just under $135,000, up 1.3% from July’s figure but down 29.1% from 2008’s median price of $190,000 and nearly half — 49% — off of the area’s peak median price of $264,100 of June 2006.

The Arizona Republic reports that “Phoenix was the biggest overall home-value loser in 2009, with the city’s median home price dropping from $229,000 to $82,000 between September 2008 and Aug. 31, 2009,” showing that real estate in Phoenix has a long way to go before it can be considered a fully recovered market.

phoenix1

According to data from Zillow makes available on the Yahoo! Real Estate website, as of the middle of October, there were just over 7,400 homes for sale in Phoenix, with a median price of just $180,000, a decrease in price of 4.8% from September. There were 50 new homes for sale here, a figure higher than in most cities nationwide, where the figure remains at or near zero. The new homes had a price of just under $364,000, a 13.1% increase from September sales figures. There also were more than 20,700 foreclosed homes on the market, with these homes having a median price of $165,000, a slight uptick of 0.2% from September’s prices.

→ No CommentsTags: ····