Zip Realty Finds Home Prices Stabalizing
October 29, 2010 by admin
Filed under Positive Real Estate
Home Prices Stabilizing in Key Markets
ZipRealty says in its third quarter report that homes in key markets all over the country are selling above the asking price.
The report shows that the spread between the sales-to-list price ratio lessened significantly in most markets, but high-end housing markets in many areas continued to offer great bargains for buyers.
The 10 hottest ZIP codes in the ZipRealty markets where the selling prices was greater than the asking price were:
1. Greater Grand Crossing – Chicago, Ill. (60619)
2. Oakland, Calif. (94603)
3. The Loop – Chicago, Ill. (60603)
4. Excelsior – San Francisco, Calif. (94112)
5. Fort Lauderdale, Fla. (33309)
6. San Bernardino, Calif. (92411)
7. Oakland, Calif. (94621)
8. Covington, Wash. (98042)
9. Berkeley, Calif. (94702)
10. North Las Vegas, Nev. (89030).
The coldest ZIPs, where selling prices were below asking, were:
1. Statesville, N.C. (28677)
2. Singer Island, Fla. (33404)
3. Philadelphia, Pa. (19140)
4. Boca Raton, Fla. (33434)
5. Jacksonville, Fla. (32206)
6. Chester, Pa. (19013)
7. Naples, Fla. (34102)
8. Palm Beach, Fla. (33480)
9. Reading, Pa. (19602)
10. Durham, N.C. (27703)
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AGs Investigate Advocate Against Foreclosure Practices
October 29, 2010 by admin
Filed under foreclosures
- Image by Getty Images via @daylife
A 50-state attorney general task force that is investigating lender foreclosure practices has begun meeting with banks and loans servicers, but working around the state-specific laws makes a global settlement difficult.
A member of the task force’s executive committee, Washington Attorney General Rob McKenna, said,
“Loan modifications may be a significant part of the solution. If you keep homes out of foreclosure, they don’t depress real estate values.”
Bloomberg, Margaret Cronin Fisk (10/28/2010)
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New Homes Sales Jump 6.6%
- Image by Getty Images via @daylife
Sales of new homes climbed 6.6% in September 2010,to a seasonally adjusted annualized rate of 307,00, according to figures released by the federal government. This is representing the second straight month of gains.
A recent report showed sales of existing homes were also stronger than expected, rising 10%, and the two reports lend support to some economists who believe housing demand hit a bottom in late summer.
“After dropping precipitously following the expiration of the first-time home buyer tax credit, it looks as though new home sales have stabilized,” said Nicholas Tenev, an economist at Barclays Capital. “We expect a gradual recovery over the coming months.”
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Resilient Panama’s Economy Continues to Grow
October 28, 2010 by admin
Filed under Positive Real Estate
CHICAGO, Oct. 27, 2010 — Panama is enjoying the strongest growth in Central America, and will lead all of Latin America through 2015, according to the International Monetary Fund (IMF). The Canal expansion plan and ambitious infrastructure investment bolster economic growth while attracting multinational corporations, real estate developers, retirees, and savvy travelers to this emerging nation, whose diversified economy is driven by transport, banking, communication technology, and tourism. Investors worldwide are no longer just passing through Panama’s infamous Canal, but are choosing Panama as a financial haven.
Panama’s economic activity rose 6.24% in July, well above the expected 5%. As it embraces its 11th consecutive month of economic growth, international investors are lining up to buy Panama real estate. “Between the expansion of the Canal and the continuing double-digit increases in tourism, it’s hard to see how Panama won’t become Latin America’s greatest success story,” says Benjamin Loomis, developer of a new Panama real estate project The Resort at Isla Palenque. The forward-thinking Loomis was ahead of the curve in 2007 when he chose Panama for the site of his luxury eco-resort and vacation homes, which are currently being developed on a Panama island property.
The future looks promising for Loomis. The Wall Street Journal recently published that Panama’s hotel activity grew 9.5% so far this year. The revenue and job opportunities created by growth in tourism and real estate development are projected to be strong economic contributors in the coming years, and they’re not the only industries that have attracted multinational firms to invest in Panama: Proctor & Gamble, Dell and DHL all have headquarters or regional hubs in Panama.
Panama has also emerged as the Latin American country with the best business climate, according to the Latin Business Index, surging past Chile for the top spot this year. The Panama Guide reported that, according to the Ministry of Commerce and Industry, direct foreign investment grew 26% in the first part of this year, and companies have invested approximately 1.1 billion dollars to open new business in Panama in just the first six months of 2010. The Latin Business Chronicle deemed Panama the “Latin American Star.”
However, Time Magazine paints Panama’s pro-business President Ricardo Martinelli as a possible political strongman while The Wall Street Journal speculates that conceit might bring him down. But Ambler H. Moss, Jr., Professor of International Studies at the University of Miami and former U.S. ambassador to Panama, believes that President Ricardo Martinelli has what it takes to sustain Panama’s impressive growth. “With a solid growth rate even in difficult times, all of the country’s political and economic signs are favorable,” he says.
Martinelli’s five-year plan consists of a comprehensive investment plan with a focus on infrastructure. Road expansions, highway systems, hospitals, airports, and a metro system are already underway, giving investors even more confidence in Panama’s upwardly mobile trajectory.
“Panama now has 20 years of unbroken electoral democracy [and] the Panama Canal, entirely in Panamanian hands since 2000, has been hugely successful,” says Moss. “This is impressive for a country of 3.4 million people.”
Photo of Isla Palenque:
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SFR’s Starts Up 4.4% in September
October 22, 2010 by admin
Filed under Positive Real Estate
- Image via Wikipedia
Single-Family Housing Starts Rise 4.4% in September
Nationwide housing starts rose up 0.3 percent to an adjusted annual rate of 610,000 units in September, all because of a 4.4 percent gain in the single-family sector, this from U.S. Commerce Department figures.
The jump in housing production in September was due to improvement on the single-family side, which posted a 4.4 percent gain to a seasonally adjusted annual rate of 452,000 units—the strongest level since May of this year. Multifamily starts, which tend to exhibit greater volatility on a month-to-month basis, recorded a 9.7 percent decline to a 158,000-unit rate following a big increase in August.
On a regional basis, starts activity was mixed, with two regions posting gains and two posting declines for September. The Northeast and South registered gains of 2.9 percent and 4.8 percent, respectively, while the Midwest and West registered declines of 8.2 percent and 3.6 percent, respectively.
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- U.S. September housing starts hit five-month high (financialpost.com)
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Mortgage Aps Jump
- Image by TheTruthAbout via Flickr
The MBA mortgage applications index jumped 14.6% to 897.2% for the week ending October 8. This was the first increase in 6 weeks for the largest rise since mid-June and its biggest since May 2009. Mortgage activity is 20.8% up year over year. Refinances jumped 21.0% on the week and is up 50.0% from a year ago. Refinancing is more than 80% of total new mortgage activity.
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- Mortgage refinancing requests climb 21 percent (seattletimes.nwsource.com)
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Homebuilder Confidence Rises for First Time in Months
October 19, 2010 by admin
Filed under Positive Real Estate
- Image by ScottSchaefer via Flickr
Homebuilder confidence unexpectedly rose in October, climbing three points to 16 on the National Association of Builders/Wells Fargo Housing Market Index (HMI) — the first increase since May.
A Bloomberg survey had expected the index to rise to 14 in October from 13 in September. Readings over 50 indicate that more builders view sales conditions as good than poor. The index was at 13 in August and 14 in July. A year ago, in October 2009, the index was at 17. It hit an all-time low of eight in January 2009 and an all-time high of 72 in June 2005.
All Three Index Components Rise
All three of the index’s components rose in October. The component gauging current sales conditions was up three points to 16, the six-month sales expectations component jumped four points to 23, and the traffic of prospective buyers component climbed two points to 11.
http://www.dailyfinance.com/story/real-estate/home-builder-confidence-rises/19678023/
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The best time to buy real estate in NY.
- Image by joiseyshowaa via Flickr
Westchester, NY is a beautiful community, rich in history, excellent schools and 20 – 25 minute train ride into Manhattan. Westchester County unemployment rate remained well below the national average at 7.3% in July, reflecting the health of New York City, where many local residents work. As a vibrant suburb of New York City, Westchester County is a viable place to do business and will be for the foreseeable future .People moving to New York to take high paying jobs and experience the cosmopolitan lifestyle of the few world financial capitals is the key for New York real estate now. The outlook is currently a little shaky. I will through out one new factor, which is that city’s with strong mass transit systems are the most cost effective places to live in a world where energy supply, not money supply will be the gating factor for growth. One this count NYC scores big time and this
Amazing 5 Bedroom homes in Westchester, NY only for 599,000:
Totally renovated turn-of-the-century Victorian, this timeless treasure offers an oversize wrap-around porch, grand entry parlor, living room with fireplace, formal dining room with fireplace, and a gourmet eat-in kitchen and butler’s pantry. Five bedrooms in total, including a master bedroom suite with a sitting room and two fireplaces, and a unique turreted bedroom/artist’s studio. New electrical, roof, boiler, windows, appliances and beautifully restored hardwood floors … classic elegance!
http://realestate.nytimes.com/sales/photos/512-103033000/216-N-Columbus-Ave-Mount-Vernon-NY-10552-Mount-Vernon-NY-10552
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Calgary Looking Hopeful as Homes Rebound
- Image via Wikipedia
But the Calgary Real Estate Board said there was a glimmer of hope in September followed by October that sales here are starting to rebound.
Diane Scott, CREB’s president, said September sales were up from the previous month and so far October sales are looking good.”It’s seasonal but it’s an indication there are people out there and that the market is more active than where it’s been,” she said. “I think we’re on a little bit of an upswing.”
In September, single-family home sales broke a five-month streak of month-over-month sales declines, while condo sales ended four consecutive months of decreases.
Despite the decrease in sales on a year-over-year basis, CREA said the average MLS sale price in Calgary rose by 1.6 per cent to $401,080 and new listings rose by 11.4 per cent to 3,873 units.
Read more: http://www.calgaryherald.com/business/Glimmer+hope+seen+home+sales/3681618/story.html#ixzz12lAMXz1H
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Danbury CT Real Estate Looking Positive
October 18, 2010 by admin
Filed under Connecticut
- Image by The Library of Congress via Flickr
In western Connecticut, Danbury developer and real estate professional Mark Nolan, of Nolan Enterprises Inc., said there has been an evolving market adjustment in housing prices that reflects the current economy.
Although there are still towns in the area where houses are priced beyond the reach of most young families, Nolan said he sees more and more sellers dropping prices so they can find buyers able to take advantage of lower mortgage rates.
Nolan said one couple he started working with a year ago was interested in a house that was originally priced at $450,000. With no takers, the house price dropped to $399,000 and then again to $365,000.
At that price, Nolan said, his clients were able to afford it and the seller still made a profit.
“There’s always going to be a demand for housing,” said Nolan, who has built rental and single-family housing developments for multiple income levels throughout the area.
Nolan is also chairman of the Danbury Housing Partnership, a public/private partnership whose aim is to provide housing to elderly, low-income, disabled and workforce families. http://www.newstimes.com/default/article/Housing-market-slowly-rebounding-in-Greater-711937.php
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