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Worst of Credit Crunch and Housing to End
SUMMARY: “Although housing and credit markets will gradually loosen their grip, U.S. economic growth is expected to only slowly return to health,” said Ellen Hughes-Cromwick, NABE president and chief economist at Ford Motor Company. “While our panel anticipates an improvement in credit markets and a bottoming out in housing this year, the forecasters have marked down their estimates of growth for both 2008 and 2009.” read more »
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SUMMARY: “Although housing and credit markets will gradually loosen their grip, U.S. economic growth is expected to only slowly return to health,” said Ellen Hughes-Cromwick, NABE president and chief economist at Ford Motor Company. “While our panel anticipates an improvement in credit markets and a bottoming out in housing this year, the forecasters have marked down their estimates of growth for both 2008 and 2009.” read more »
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Existing condominium and co-op sales rose 1.7 percent to a seasonally adjusted annual rate of 590,000 units in June from 580,000 in May, according to the National Association of Realtors’ (NAR) latest report. This figure is 19.7 percent below the 735,000-unit level a year ago. The median existing condo price was $224,200 in June, which is 2.2 percent lower than it was in June 2007.
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A ‘prognosis’ made by the University of Central Florida’s Institute for Economic Competitiveness states that the U.S. will begin recovering from its “mild” recession right about now. Good news. Florida, however, is supposed to be delayed in its recovery due to the statewide housing slump.
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The markets have been signaling "something" these days... Economic pundits are attributing the US stocks and dollar's new strength to the US taking the lead in pulling out of a global downturn that hit the Asian and European markets later than the US.... the markets have discounted Global Armageddon and are pricing up a future based on stabilization.
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Posted by
frontin
56 days ago
(http://straightforwardfinancial.wordpress.com)
Category: Positive Real Estate News |
“The good news is that we still have a growing population,” said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study’s authors. “As long as you have more households, more people are going to need places to live.”
Social trends - people getting married later and divorced more often - are making single-person households the fastest growing household type, the study finds. In addition, a long-term net in read more »
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Fortunately there are Realtors out there that want to do more than try out the Flip Video Camera or the Mixpo editing program and be lemmings for a veiled product placement marketing campaign…oh, you didn’t even realize you were being marketed to did you?
Thankfully, there are agents who actually respond to a call to action. They just aren’t on Active Rain. They must be too busy actually selling!
Take Denny Grimes in Cape Coral, here’s an agent who has not gotten the memo that it’s a down market and there aren’t any buyers. He missed it because he was out there selling 100 houses last week.
You won’t find Kurt Kinsey, a real estate read more »
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Thankfully, there are agents who actually respond to a call to action. They just aren’t on Active Rain. They must be too busy actually selling!
Take Denny Grimes in Cape Coral, here’s an agent who has not gotten the memo that it’s a down market and there aren’t any buyers. He missed it because he was out there selling 100 houses last week.
You won’t find Kurt Kinsey, a real estate read more »
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Growth:Blue Skies Ahead?
Existing home sales edge up 2 percent in May only second gain in past 10 months
Sales of existing homes edged up slightly in May although median home prices continued to fall. The National Association of Realtors reported that sales of existing single-family homes and condominiums rose by 2 percent to 4.99 million units last month.
This might be the start of something stable.
http://www.houseblogger.com/real_estate_blog_director/2008/06/growthblue-skie.html read more »
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Existing home sales edge up 2 percent in May only second gain in past 10 months
Sales of existing homes edged up slightly in May although median home prices continued to fall. The National Association of Realtors reported that sales of existing single-family homes and condominiums rose by 2 percent to 4.99 million units last month.
This might be the start of something stable.
http://www.houseblogger.com/real_estate_blog_director/2008/06/growthblue-skie.html read more »
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Early this year the National Association of Realtors® (NAR) introduced the "Surround Sound" campaign, aiming to counteract the barrage of negative messages with an effort to "surround consumers with messages about the opportunities currently available to them in today's housing markets." At a state level the California Association of Realtors® (CAR), noting that "Consumers are flooded with negative stories and images on the airwaves, in newspapers, and on the Web," launched an initiative "to combat this onslaught". Since the beginning of the year CAR has provided its members with email advisories and a weekly "Market Matters" new
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Even with the economy struggling and companies downsizing, some people are willing to risk buying a home because the California coastal market — with its proximity to urban areas, ideal climate and beautiful beaches — is guaranteed to rebound eventually. And the question is will homes ever be available in the $300,000 range again.
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Top Sellers' Markets
1. Raleigh, NC
2. San Francisco, CA
3. Austin, TX
4. San Antonio, TX
5. St. Louis, MO
San Diego's is at 10 on the list of affordable cities. The cities that showed greater affordability increases include Boston, Mass., Orlando, Fla., Washington D.C., and Phoenix, Ariz.
Cities like San Diego or Tampa are improving in the housing affordability index because buying activity in the lower segment of the market has picked up. In a slow market, and especially one with tight credit, it's easier for first-time home buyers to purchase homes, and they're usually buying at the entry level. read more »
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1. Raleigh, NC
2. San Francisco, CA
3. Austin, TX
4. San Antonio, TX
5. St. Louis, MO
San Diego's is at 10 on the list of affordable cities. The cities that showed greater affordability increases include Boston, Mass., Orlando, Fla., Washington D.C., and Phoenix, Ariz.
Cities like San Diego or Tampa are improving in the housing affordability index because buying activity in the lower segment of the market has picked up. In a slow market, and especially one with tight credit, it's easier for first-time home buyers to purchase homes, and they're usually buying at the entry level. read more »
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Barron's [a paid publication]. Actually, there may be the start of a real estate recovery by the end of this year.
This is certainly a controversial stand. Keep in mind that inventory levels are stubbornly high (helped by foreclosures) and housing prices seem to fall further and further. What's more, the credit crunch is still here and there are serious problems with major real estate operators, such as with the implosion of IndyMac Bancorp (NYSE: IMB), as well as the deterioration of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE).
OK, so why the optimism? Well, if you peel back some of the recent housing data, it appears that th read more »
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This is certainly a controversial stand. Keep in mind that inventory levels are stubbornly high (helped by foreclosures) and housing prices seem to fall further and further. What's more, the credit crunch is still here and there are serious problems with major real estate operators, such as with the implosion of IndyMac Bancorp (NYSE: IMB), as well as the deterioration of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE).
OK, so why the optimism? Well, if you peel back some of the recent housing data, it appears that th read more »
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Another Positive real estate site:
The 73 cities featured (with annual home sales of 1000 or more), include: Atlanta, GA; Austin, TX; Chicago, IL; Mesa, AR; Cincinnati, OH; Kansas City, MO; Boston, MA; Charlotte, NC, East Bay, CA; and Las Vegas, NV.
"What many brokers and agents don't realize," says d'Ancona, "is that they can have access to this kind of market intelligence on their computers all the time." d'Ancona is talking about REality(r), the service he's been providing to the North American residential real estate industry for more than 20 years. read more »
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The 73 cities featured (with annual home sales of 1000 or more), include: Atlanta, GA; Austin, TX; Chicago, IL; Mesa, AR; Cincinnati, OH; Kansas City, MO; Boston, MA; Charlotte, NC, East Bay, CA; and Las Vegas, NV.
"What many brokers and agents don't realize," says d'Ancona, "is that they can have access to this kind of market intelligence on their computers all the time." d'Ancona is talking about REality(r), the service he's been providing to the North American residential real estate industry for more than 20 years. read more »
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Private equity investors like The Blackstone Group have been buying packages of properties from builders like Lennar and Syntex are buying homes at 30-40 cents on the dollar..... if you wait to hear that real estate is making a recovery then
you will already be too late. read more »
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you will already be too late. read more »
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Housing recovery prediction Santa Cruz Robert Kleinhenz, deputy chief economist for the California Association of Realtors, forecasts a turnaround next spring.
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Sales and median prices of existing homes were up in 16 and unchanged in one among 58 counties that have Multiple Listing Services reporting to the state association of Realtors. Westchester and Putnam showed increased prices with lower sales volume.
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Posted by
frontin
57 days ago
(http://jonthansblog.wordpress.com)
Category: Positive Real Estate News |
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Pligg is a Web 2.0 open source content management system
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