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Birmingham Real Estate

December 7th, 2009 · Real Estate Markets

Birmingham's skyline viewed from the south-wes...

The Birmingham real estate market seems to be making something of a recovery, although the fundamental indicators of the region are not enough to declare a full-blown reversal in the market’s fortunes. According to a November 23, 2009 article in the Birmingham Business Journal, “Home sales in Alabama last month experienced the first positive year-over-year increase since July 2007, said the Alabama Center for Real Estate. According to the center’s statewide home sales report, 3,589 homes sold in the state in October. That’s nearly 3 percent higher than September and more than 13 percent higher than October of last year. The center’s Executive Director Grayson Glaze said in an e-mail the last time the month of October saw a positive year-over-year percentage was four years ago, when it was nearly 15 percent.”

On the other hand, a number of Birmingham homes for sale are so-called “short sales”, at least according to a November 12, 2009 article by Jerry Underwood in The Birmingham News. The article noted that “Foreclosure activity across Alabama rose slightly in October compared to the month before, according to RealtyTrac, a firm that monitors mortgage defaults. RealtyTrac counted 2,447 default notices, scheduled foreclosure auctions and bank repossessions in Alabama last month, up 1.5 percent from September. The rise from October 2008 was 193 percent, a figure that could be swelled by more thorough reporting, the firm said.” Another article in the Birmingham News published on November 5, 2009 found that “Foreclosure rates for the Birmingham area rose during September, mortgage researcher First American CoreLogic said today.”

A November 29, 2009 article published by WZTV Fox 17 indicated mixed figures for real estate in Birmingham. According to the piece, originally published by the Associated Press, noted that “Recent sales data shows Birmingham’s housing market is coming back but experts say it’s too early to get overly excited about an uptick. Last month, metro area home sales showed their first year-over-year increase in well over a year. The Birmingham Association of Realtors said 933 homes were sold, up 13 percent from October 2008…For October, the Birmingham area’s median price rose 8 percent over the year-ago period to $142,500, while the average price fell 5 percent to $160,266.”

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Newport Beach Real Estate Market

December 3rd, 2009 · Real Estate Markets

newportbeachThe Newport Beach real estate market continues to face conflicting signs, although it is arguably the strongest-recovering market in the entire country. According to a November 27, 2009 article from Michael Gerrity of the Real Estate Channel, “According to the California Association of Realtors (CAR), home sales increased 1 percent in October in California compared with the same period a year ago, while the median price of an existing home declined 3.2 percent. ‘Home sales historically trail off during the fall and winter months as we move to the off-peak season for the housing market,’ said C.A.R. President Steve Goddard. ‘However, with affordable home prices, mortgage rates hovering around 5 percent, and the extension and expansion of the federal tax credit, we expect first-time and move-up home buyers to drive home sales through the end of this year and into early 2010.”

Newport Beach home sales, as well as those in Orange County and the rest of the Golden State, increased steadily during the month of October, according to a November 25, 2009 report released by the California Association of Realtors. The press release noted that “Closed escrow sales of existing, single-family detached homes in California totaled 562,400 in October at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity increased 1 percent from the revised 557,050 sales pace recorded in October 2008. Sales in October 2009 increased 5.9 percent compared with the previous month.”

Perhaps the brightest news for real estate in Newport Beach came from an article written by Jon Lansner in the Orange County Register. The piece, written on November 25, 2009, found that “Housing markets in four Newport Beach ZIPs enjoyed Orange County’s biggest improvement in their Zippy market-strength rankings in the third quarter…Newport Beach 92663 had the biggest gain, up 74 spots to 4th place in the third-quarter Zippy rankings. The four Newport gainers by no means suggests that there was something magical about seaside property in the past quarter. Dana Point’s two ZIP codes could be found among the 10 ZIPs with the biggest declines in Zippy rankings.”

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Portland real estate news

November 28th, 2009 · Real Estate Markets

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The Portland real estate market is generally trending towards a recovery, although some weaknesses remain, especially in the realm of home price figures. According to a November 11, 2009 article in the Oregonian, “The Portland area and Oregon are still doing better than the national average in mortgage delinquencies and foreclosures. But the troubles here are growing worse at a faster than the nation in the September report from First American CoreLogic. Portland’s delinquency rate was 5.99 percent in September, Oregon’s 4.97 percent and U.S. 7.27 percent. But since September 2008, the delinquency rate in Portland and Oregon has grown more than twice as fast as the nation’s. The foreclosure rate growth shows a similar but slightly less dramatic spread…Portland-area single-family home prices fell 12.2 percent in the third quarter compared to a year earlier, the 33rd biggest decline in the National Association of Realtors existing home prices report.”

aspen-2According to another article in the Oregonian, this one written by Ryan Frank, Portland home sales rose considerably in the month of October. The November 12, 2009 article found that “Portland home sales rose surprisingly fast in October thanks to relatively low interest rates and the federal tax credit for home buyers. The Regional Multiple Listing Service’s report provides further signs the housing market is stabilizing after hitting record lows last winter. But economists continue to warn of a second but smaller housing slowdown once the federal government pulls back on incentives. Congress recently agreed to continue home-buyer incentives to July 1. The Portland region’s primary home listing reported Thursday that the number of closed sales rose 37 percent from a year ago to 2,009.”

Real estate in Portland is now facing declining home prices, according to a November 12, 2009 article in the Portland Business Journal. The piece noted that “Portland home prices fell 12.6 percent in October compared to the same month last year, according to data released Thursday by the Regional Multiple Listing Service. Despite the drop in prices, inventory hit its lowest point since August 2007. It would take 6.5 months to sell the 13,101 homes on the market in Portland. A six-month inventory is considered healthy.”

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Marin real estate market news

November 27th, 2009 · Real Estate Markets

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The Marin real estate market is very closely linked to the Bay Area real estate market in general, meaning that the region is undergoing a relatively slow and steady recovery. According to an article released by the Prudential California Realty Research Division, “The San Francisco Bay Area real estate market continued to show signs of a slow recovery during the third quarter of 2009 behind a dwindling supply of foreclosed properties on the market and increased competition between cash-rich investors looking for deals and traditional first-time homebuyers trying to leverage low interest rates and a soon-to-expire federal income tax credit to complete a home purchase before home prices can edge higher. In the nine-county Bay Area, 14,662 existing single-family detached homes changed hands during the third quarter, up slightly from 14,551 homes sold in the second quarter and 6 percent higher than the 13,895 homes sold during the third quarter of 2008.”

Marin home sales increased somewhat during the last period, even though home prices fell during September. According to an article in the San Luis Obispo Tribune published on November 12, 2009, “Home sales in San Luis Obispo County were up slightly in September, but the median price of homes dropped that month, according to DataQuick Information Systems, a Southern California-based real estate tracking firm. Sales of all homes - including new and resale single-family homes and condominiums - increased 4.3 percent in September over the same month in 2008. A total of 245 homes sold in the county in September, compared to 235 in September 2008. The median price…stood at $379,750 in September, an 11.7 percent drop from…September 2008.”

On the other hand, according to a November 12, 2009 article in the Santa Rosa Press Democrat, real estate in Marin has become more affordable. The piece, written by Robert Digitale, found that “Sixty percent of Sonoma County households could afford an entry-level home in the third quarter, according to a report Thursday by the California Association of Realtors. A year ago, 56 percent of households could afford a starter home. But as prices have dropped in Sonoma County, more residents can afford to purchase a home.”

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Seattle real estate market

November 26th, 2009 · Real Estate Markets

seattle_floating_homesSeattle real estate seems to be on a slow recovery, although there are still some negative indicators in the regional real estate market. According to a November 5, 2009 article in the Seattle Post-Intelligencier, home sales have been increasing in the most recent period recorded. The article, written by Gerry Spratt, stated that “Pending home sales were up more than 64 percent in Seattle and almost 71 percent in King County in October over the same period a year ago as first-time homebuyers rushed to beat the Nov. 30 expiration of an $8,000 federal tax credit, according to the latest numbers released by the Northwest Multiple Listing Service. In the entire 19-county MLS coverage area, pending sales were up nearly 63 percent year-over-year and the median home price was down 7.2 percent to $269,995 - the smallest drop since June 2008.”

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Another article in the Seattle Post-Intelligencier, this one published on October 27, 2009, noted that Seattle homes for sale face decreased home prices. According to this piece, which was also written by Gerry Spratt, found that “Home prices in Seattle fell slightly in August compared with July and were down 14.7 percent from a year ago, according to the latest Standard & Poor’s/Case-Shiller home price index. Seattle home prices slipped a seasonally adjusted 0.2 percent in August, but prices were up 1 percent nationally according to the index of 20 major cities. It is the third straight month that home prices were up nationally. Seattle has tended to lag behind the national trend when it comes to home prices. August prices in Seattle were at their lowest point since the 2006 peak.”

A November 5, 2009 article in the Seattle Post-Intelligencier noted that government efforts have boosted real estate in Seattle in recent months. According to this piece, “The Seattle-area market, which has lagged behind the national scene in both the bust and the recovery, will benefit from the new law, experts said. Especially now that current homeowners can get in on the action…If Thursday’s report from the Northwest Multiple Listing Service is an indication, the tax credit has been a big incentive for first-time buyers to get into the market.”

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Phoenix real estate market

November 25th, 2009 · Real Estate Markets

frontPhoenix real estate continues to struggle, facing a mixed bag of positive and negative market indicators. According to an article by ABC 15 News  entitled “Expert: Housing market strength depends on location, price” by Christina Boomer, “Stanley Fosha is a realtor with the JD Sameulson Group and he has been finding a lot of deals lately. There is a Phoenix home now going for $487,000; that’s down from an original asking price of $2 million, according to Fosha…When it comes to downtown, Fosha thinks the deflated prices are the best thing that could have happened to the area.” Further, according to an October 16, 2009 article from Housing Wire, “Urban areas were hit hardest and spurred the increases. In Arizona, the statewide increase was fueled by a massive 81.3% increase in Phoenix foreclosures.”

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According to an October 21, 2009 article, also in ABC 15, Phoenix homes for sale face decreased home prices in recent months and in projections. The piece, written by Tim Vetscher, said that “Valley homeowners, brace yourselves for more bad news. A new report indicates home prices will continue to shrink nationwide, with an especially sharp decline here in Phoenix…According to Fiserv, a financial information and analysis firm, home prices in Phoenix are expected to lose another 23.4 percent by June of next year…One bright spot in the report is that Fiserv expects the losses to be less than 5 percent the following year compared to other markets where the declines will continue to be steep into 2011. Fiserv estimates home values have already collapsed by 54 percent here in the Valley.”

A November 11, 2009 article in the Arizona Republic noted that real estate in Phoenix faces a somewhat slow recovery, if things are indeed looking up. According to the piece, composed by Catherine Reagor, “‘Things are beginning to look up in Arizona, as they are for the nation. Still, the Phoenix housing market is nowhere near a return in health.’ The Tuesday pronouncement came from Janet Yellen, president of the Federal Reserve Bank of San Francisco, to a group of the Valley’s leading real estate and banking executives.”

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Santa Rosa real estate market

November 24th, 2009 · Real Estate, Real Estate Markets

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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.”

hotelA 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.”

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Houston real estate market

November 24th, 2009 · Real Estate Markets

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The Houston real estate market seems to be in continued trouble, despite some distortions in the market caused due to a recent hurricane strike. According to the business portion of the Houston Chronicle published on October 20, 2009, “September ended a two-year run of monthly home sales declines, but it didn’t have much to do with an improving market. Single-family home sales in the Houston area soared 32 percent last month, in large part because housing activity came to a near halt at the same time last year when the region was still reeling from Hurricane Ike. ‘We all didn’t literally get our lights turned on for a week to two weeks,’ said Steve Barnes, president and chief operating officer of the Houston Division of Coldwell Banker United, Realtors. The startling year-over-year comparison showed up in foreclosures, too.”

houston_bellaire_homesA smidgen of good news for Houston homes for sale was reported by the Houston Business Journal on November 10, 2009. According to the piece, “The median price of an existing home in the Houston area rose by 0.2 percent to $160,600 during the third quarter, according to figures released Tuesday by the National Association of Realtors. The median price in the same quarter last year was $160,200. Total sales in Texas for the third quarter were up 9.8 percent from the second quarter, but were down 1.9 percent year-over-year. For the nation as a whole, the median price of an existing home fell 11 percent in the third quarter compared to the second quarter, NAR reported. Existing home sales rose 11 percent between the second and third quarters, and were also up 5.9 percent from the third quarter of 2008.”

Foreclosures were another significant problem for real estate in Houston, according to another article in the Houston Business Journal.  This piece, written on November 5, 2009, found that “The foreclosure rate in the Houston-Sugar Land-Baytown area in September this year was 0.5 percent higher than in the same month last year, according to a new report from First American CoreLogic. The rate measures the percentage of loans in some stage of foreclosure.”

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Boston real estate market

November 22nd, 2009 · Real Estate, Real Estate Markets

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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.”

1_boston_courtA 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.”

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Santa Fe real estate market

November 20th, 2009 · Real Estate, Real Estate Markets

territorial2527748The Santa Fe real estate market is closely related to the state of the overall New Mexico economy, and seems to have only enjoyed a limited boost from the federal stimulus efforts. However, the benefits of that program have been sufficient to induce additional efforts from government officials to extend the first time home buyer credit. According to a November 6, 2009 article in the New Mexico RealEstateRama, “Today, Congressman Harry Teague voted to extend critical benefits and tax relief programs to stimulate southern New Mexico’s economy. The Worker, Homeownership, and Business Assistance Act of 2009 will offer stability to families and businesses across America by extending immediate unemployment benefits, the homebuyers’ tax credit, and tax relief for military families and businesses.”

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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.”

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