The Santa Rosa real estate market is best viewed as a microcosm of the larger Bay Area real estate market, which has been experiencing some unusual combinations of market forces in recent months. Specifically, Santa Rosa has seen an increase of foreclosures, coupled with rising home sales and relatively stable home prices. According to an October 20, 2009 article in the Santa Rosa Press Democrat, “Foreclosures jumped 22 percent in Sonoma County during the third quarter, but there are signs that lenders are working more closely with borrowers to keep them in their homes. Lenders reclaimed 585 homes in Sonoma County during the third quarter, nearly seven foreclosures per day, according to a report released Tuesday by MDA DataQuick, a San Diego real estate research firm. It marked the largest number of foreclosures in a year, up from 478 in the second quarter.”

A November 9, 2009 article in the Contra Costa Times found that home prices in the Bay Area were relatively stable, a good piece of news for Santa Rosa home sales. The piece, written by Eve Mitchell, noted that “Home value depreciation in the nine-county Bay Area has slowed down in yet another apparent sign of a stabilizing real estate market, according to a report released Monday. In the third-quarter period ending Sept. 30, home values dropped 8 percent to $483,612 from the same period a year ago, while rising 1.2 percent from the second to the third quarter…”

On the other hand, home sales rallied substantially in September, providing more good news for real estate in Santa Rosa. According to an October 15, 2009 article in the Santa Rosa Press Democrat, “Bay Area home sales continued to rise in September, driven by foreclosure sales and buyers eager to take advantage of a tax credit due to expire at the end of November, according to a report Thursday. A total of 7,879 new and resale houses and condos sold in the nine-county Bay Area last month, up 8.4 percent from last year, according to MDA DataQuick, a La Jolla real estate information service. It marked the 13th straight increase in sales, on a year-over-year basis. Sales rose even as the traditional summer homebuying season drew to a close.”

The Boston real estate market faces a major but diminishing challenge in the form of foreclosures as well as a hopeful sector in terms of home sales. WBUR News, an affiliate of National Public Radio, found that foreclosures have been declining since last year. According to the article, published on October 20, 2009, “Foreclosures in Massachusetts rose slightly in the third quarter of 2009, but fewer of the state’s residents lost their homes than in the same period last year. There were 2,098 foreclosure deeds filed between July and September, down nearly 30 percent from the 2,903 deeds recorded in the third quarter of 2008, according to The Warren Group, a Boston-based publisher of real estate data.”

A similar trend was noted by an October 20, 2009 article in the Boston Globe, which is good news for Boston homes for sale. The article, published in the Business Updates section, found that “There were 702 Massachusetts foreclosures in September, up 6.7 percent from 658 in August and down 12.1 percent from 799 in September 2008, reported the Warren Group, a Boston firm that tracks local real estate activity.” A different aspect was reported by an October 28, 2009 article in the Boston Herald, which found that “Single-family home sales in Massachusetts increased in September for the third  consecutive month, a sign that the region’s housing market is on the mend. ‘We’ve been saying that in order for the market to rebound, home sales numbers must increase for several months in a row, and we’re actually seeing that and it’s really good news,’ said Timothy Warren, CEO of the Warren Group, a real estate tracker and publisher of Banker & Tradesman.”

More good news for real estate in Boston was reported in an October 27, 2009 article in the Boston Globe. The piece found that “Single-family homes sales in Massachusetts increased for the third consecutive month in September, and the median price for homes sold dropped 1.4 percent to $285,000 from $289,000 from September 2008, the smallest drop in year-over-year monthly median home prices in about two years, the Warren Group said in a report on local residential real estate activity. The rise in sales was partly attributed to a temporary $8,000 tax credit for first time home buyers that the federal government implemented earlier this year, the Warren Group and the Massachusetts Association of Realtors said.”

Recently, Santa Fe and New Mexico home sales have been muted, despite the efforts of the federal government, according to a November 6, 2009 article in the Las Cruces Sun-News. The piece, written by Brook Stockberger, found that “Through the end of October, 1,046 homes have been sold in Las Cruces, according to the Las Cruces Association of Realtors. That is off last year’s pace when 1,307 had moved off the market during the same time period and a dramatic difference from 2006 when 2,082 homes were sold through the first 10 months of the year. The average price of a home sold in October was $193,721. Last year  it was $221,480. The statistics are not a big surprise to most in the Las Cruces real estate industry. Since late 2007, the deteriorating national economy has cut into what was once a red-hot market.”

The problem of foreclosures for real estate in Santa Fe as well as nationwide was noted by an October 15, 2009 article in both the Associated Press and KRQE News. The piece, composed by Alan Zibel, found that “The number of households caught up in the foreclosure crisis rose more 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs. The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released by RealtyTrac Inc.”

The most recent news offers mixed news for the Saint Louis real estate market – with some indicators suggesting continued problems for the region and others indicating hope for the distressed economy of the community. The only strong piece of positive news came for home sales, according to an October 23, 2009 article from the Saint Louis Post-Dispatch. The piece, written by Tim Logan, found that “Home sales in the St. Louis region jumped in September by the most in at least a year as first-time buyers snatched up deals with the $8,000 tax credit. But the median price continued to drift downward across most of the region. Sales climbed 6 percent compared to the same month last year, just the second positive figure in the last 12 months and another sign that the tax credit – set to expire Nov. 30 – is spurring some boost in transactions.”

Another article from the St. Louis Post-Dispatch, this one published on October 21, 2009, found one of the negative points of news confronting St. Louis homes for sale. The piece, composed by David Nicklaus, noted that “Housing prices haven’t yet bottomed out nationally, according to a forecast from Fiserv, but they’re close to stabilizing in St. Louis. Nationally, according to a CNN Money account, the financial data firm expects prices to fall 11.3 percent between mid-2009 and mid-2010. It expects a recovery the following year, with prices rising 3.8 percent by mid-2011. In St. Louis, the forecast calls for a 1.3 percent decline in 2009-2010 and a 0.3 percent decline in 2010-2011.”

Foreclosures are also another problem for real estate in the greater St. Louis area, according to an October 15, 2009 article in the St. Louis Business Journal. This piece found that “The number of St. Louis-area properties at some point in the foreclosure process jumped 18 percent in September from the month before and nearly 9 percent from a year earlier, new data show. A total of 2,511 properties, or one in every 491 homes, were in the foreclosure process in September, according to data released Thursday by RealtyTrac.”

The Tampa real estate market seems to be rallying nicely following a number of good news reports on the state of the local economy and home sales. The efforts of the federal government seem to have aided the situation somewhat, and a number of key indicators are becoming stronger. According to a November 7, 2009 article in the Saint Petersburg Times, both realtors and construction employees are grateful for the recent extension of the home buyers tax credit. The piece, composed by James Thorner, “Pinellas County Realtor Steve Capen’s clients were hot for the $8,000 first-time home buyer tax credit, but right around September, business started turning cold…The stimulus also helped the Florida housing market reabsorb tens of thousands of foreclosure homes that otherwise might have lingered on the listings.”

The lower number of Tampa homes for sale which are so-called “short sales” has recently declined, according to an October 28, 2009 article in the Tampa Tribune. The piece, composed by Shannon Behnken, found that “Foreclosure activity remains high in Tampa Bay, but the area is seeing a decline in filings, unlike other parts of the country, according to Calif-based RealtyTrac. There were 17,012 Tampa metro properties with foreclosure filings in the third quarter, down 4.99 percent from the same period a year ago and down 6.13 percent from last quarter. Still, that means one in every 77 households received a filing during the quarter, compared to one in every 136 households nationwide. The decreases in activity could point to improvement in states that have been leading the housing downturn.”

A similar positive note for real estate in Tampa was reported by an October 28, 2009 article in the Tampa Bay Business Journal, which found that “Foreclosure is still a major issue affecting the Tampa Bay area, but it’s not as bad here as it is in the rest of the state.” Another article in the Tampa Bay Business Journal found that “However, there was some good news: the year-over-year decline is improving compared to previous months, including a 16.85 percent drop in July and an 18.12 percent fall in June.”

The Austin real estate market continues to be relatively affordable compared to other comparable cities throughout the United States. The city faces a mixed bag of real estate news, combining increased foreclosure rates with improved home sales and prices. This positive news was reported in a November 9, 2009 article from KVUE news, which found that the eight thousand dollar tax credit offered by the federal government to some homeowners has energized home sales in many suburban neighborhoods. A November 5, 2009 article in the Austin Business Journal also found that college students have a much easier time paying for off-campus housing at Austin compared to other cities. The piece found that “Austin is one of the most affordable college towns in the country when it comes to buying a home, according to this year’s Coldwell Banker College Home Price Comparison Index.”

Additional positive news for Austin homes for sale was offered by an October 26, 2009 article also in the Austin Business Journal, which found that “Austin area home prices have begun to stabilize, according to the Fiserv Case-Shiller Home Price Index, a home price trends analysis released by Fiserv, a financial services company. From the first quarter 2009 to the second quarter 2009, home values in Austin fell about 1.3 percent the report said. Home prices in the area have rise 0.1 percent in the past 12 months, the report said, but are projected to slowly decline over the next year with a forecasted negative 1.8 percent price change. Several markets in Texas, such as College Station, Brownsville, and San Angelo, saw increases of over 3 percent in home price values during the past year, according to the report.”

Unfortunately, some negative news was also reported for real estate in Austin by an October 16, 2009 article in the Austin American-Statesman, which stated that “More than 1,300 properties have been posted for foreclosure for the Nov. 3 auction, a 52 percent jump from the same month last year, according to the Addison-based firm that tracks the numbers. With only one more auction to be scheduled this year, the annual total is expected to hit about 14,000 – the highest level since Foreclosure Listing Service Inc. began tracking the numbers locally in 2001, said George Roddy Sr., president and CEO of the company.”

The Indiana real estate market is starting to rally along with the United States economy in general, thanks at least in part to widespread community, local, and national efforts towards boosting formerly lagging home sales and high rates of foreclosures. According to an Associated Press article published in the Indiana News Center, more than a thousand Indiana officials have  received additional training specifically in the field of foreclosures. The piece, written by Rachel Agler on October 20, 2009, “More than 1,000 of Indiana’s judges, attorneys and mediators  have been trained in recent months on how to better handle foreclosure cases. Indiana Chief Justice Randall Shepard announced that achievement Monday in Evansville as he said the state Supreme Court would work to improve the effectiveness of settlement conferences now required under the state’s foreclosure law. Shepard first announced the training plan in February, saying he wanted Indiana to have more judges and lawyers able to handle foreclosure cases than any other state. Court officials say lawyers were encouraged during the training sessions to provide free legal help to homeowners in need of assistance.”

A more positive aspect for Indiana home sales was revealed by an October 24, 2009 article in the Northwestern Indiana Times, which noted that home sales were improving both nationally and locally. According to this piece, written by Bowdeya Tweh on October 24, 2009, “Existing home sales in Northwest Indiana and around the nation were up in September partially due to boost provided to buyers planning to cash in on the soon-expiring first-time homebuyer tax credit. The jump was small in Northwest Indiana and sales on single-family, townhomes, condominiums, and co-ops stood at 673, up from 672 a month earlier, according to data from the Greater Northwest Indiana Association of Realtors.”

Real estate in Indianapolis was also given more good news by an October 23, 2009 article in the Fort Wayne Journal Gazette, which found that “Statewide, home sales decreased 7.7 percent in September compared with the same month of 2008, according to a report released Thursday by the Indiana Association of Realtors. The median sales price increased 3.3 percent, according to the county-by-county home sales report. In northeast Indiana, DeKalb County’s sales grew the most in September with a total of 39 homes, or a  50 percent increase compared with last year.”

The Berkeley real estate market seems to be generally recovering from the ramifications of the general economic downturn, although there are a number of weak spots in the region’s economy. According to a October 15, 2009 article in the Mercury News, there are still some problems for the Bay Area in general. The piece, which was written by Eve Mitchell and subsequently published in the Mercury News, found that “More homeowners in the Bay Area received a notice of foreclosure – the first step in the foreclosure process – in September compared with a year ago while at the same time the number of foreclosed homes that became bank-owned properties declined. Last month, 3,916 homeowners received notices of default, a  116.4 percent increase from a year ago, but 2,484 foreclosed homes became bank-owned properties, a 41.6 percent decrease from a year ago.”

An additional, often overlooked aspect of real estate in Berkeley is commercial real estate, that seems to be facing a number of challenges. According to a November 9, 2009 article published in the Contra Costa Times and the Oakland Tribune, “Two Bay Area-based banks have failed in the last 11 days – which tops the total for the prior nine years – a warning of potential woes to come for the reeling banking sector locally…’There will be several more failures, but primarily on the community bank level,’ said William Fitzpatrick, an equity analyst with Wisconsin-based Optique Capital, an investment firm. ‘Community banks are where you have a concentration of commercial real estate loans.’ ‘There is some anecdotal evidence that commercial real estate is becoming more of a problem,’ Dorway said.”

On the other hand, Oakland home sales  and home prices seem to be rallying, according to an article in the Contra Costa Times and the Mercury News. The piece, written by Eve Mitchell on October 15, 2009, stated that “The Bay Area’s September home sales and the median sales price both edged up from August to September as home buyers scrambled to take advantage of a popular federal income tax credit for first-time home buyers set to expire at the end of November.”

The Columbus real estate market has been serious enough to cause strong reactions from the state and federal governments. Overall, Columbus’s rate of decline has been largely driven by unexciting figures regarding home sales, home prices, and foreclosures. According to an October 19, 2009 article in the Columbus Dispatch, condo sales in Columbus may potentially slow due to new Federal Housing Administration loans. The piece, written by Jim Weiker, found that “Federal rules set to take effect in two weeks are expected to make it much tougher to buy and a sell a condominium…Condominium associations, along with the National Association of Realtors and the National Association of Home Builders, are seeking to overturn or change the regulations, which are scheduled to take effect Nov. 2.”

There was a recent decline in home sales, a vital part of real estate in Columbus, according to another article by Jim Weiker. This piece, released on September 25, 2009 in the Columbus Dispatch, stated that “Home sales numbers nationally dipped unexpectedly last month after four months of gains, providing evidence that the housing market recovery remains fragile. Sales of Columbus-area homes dropped 8 percent from August 2008, according to the Columbus Board of Realtors. Sales in Ohio were down 14.4 percent, according to the state Realtors association…In central Ohio, the average sales price fell 4 percent to $168,873. Statewide, the average price dropped 9 percent to $128,8440…The story is similar in central Ohio, where 14,554 homes were on the market at the end of August, down 14 percent from a year earlier and more than 26 percent from August 2007.”

Even though the proportion of Columbus real estate driven by Columbus homes for sale has increased recently, the area is not entirely devoid of hope. According to an October 15, 2009 article in Columbus affiliate NBC4i, “The number of homes in foreclosure continues to rise. A new report by the group RealtyTrac shows the foreclosure rate jumped five percent between summer and fall. The report cites rising unemployment is the key factor behind the increase. The latest report indicated Ohio had the nation’s 13th highest foreclosure rate during the third quarter, with 1 out of every 171 households going into foreclosure.”

This has led to intervention by the federal government, specifically Senator Chris Dodd, who pushed through more than two hundred thousand dollars for counseling programs designed for victims of foreclosure. According to a press release from Senator Dodd’s office, “Senator Chris Dodd announced today that two Connecticut housing counseling organizations will receive $203,950 to assist families facing foreclosure of their homes.” According to an October 6, 2009 article in USA Today, there have been enough problems in the foreclosure market to seriously impact real estate in New Haven – to the point of a shortage of lawyers. The article, written by Brad Health, stated that “In Connecticut, about 60% of property owners didn’t have a lawyer.”

The New Haven Independent reported on October 8, 2009 that a development has taken hold in New Haven that will impact New Haven homes for sale by reducing the numbers of so-called “short sales”.  According to the piece by Paul Bass, “That’s because a federal law signed in May by President Barack Obama protects tenants from immediate eviction when a lender forecloses on a house – especially if, like Walters, they have a lease. The law, the Protecting Tenants At Foreclosure Act, took effect amid a national mortgage crisis that foreclosures soar 700 percent in New Haven over the past two years.”