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Fort Worth real estate market news

December 16th, 2009 · Real Estate Markets

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The Fort Worth real estate market is very closely linked to that of the larger city of Dallas, meaning that in general it is facing mixed messages. According to a November 12, 2009 article in the Dallas Business Journal by Bill Hethcock, “Annual home foreclosure postings have reached new annual highs in the Dallas-Fort Worth area, topping 60,000 for the first time. From January through the upcoming foreclosure auctions in December, 61,676 homes have been posted for foreclosure – a 23-percent increase over last year’s 50,324 residential postings, which was the previous annual record, according to information compiled by Addison-based Foreclosure Listing Service Inc. Fourth-quarter residential foreclosure notices in the D-FW area jumped 31 percent to 16,747, compared to 12,752 for the same quarter last year. For the upcoming D-FW foreclosure auctions on Dec. 1, some 5,253 homes have been posted for foreclosure.”

25_2_sotherby_resize_1Fort Worth home sales increased substantially in the month of October, according to a November 10, 2009 article in the Dallas Morning News. The article, written by Steve Brown, found that “Pre-owned home sales in North Texas were up 11 percent in October from a year ago – the first year-over-year gain since September 2008 and the best sign yet the local housing market has turned the corner. Real estate agents sold more than 6,300 single-family homes through the Multiple Listing Service last month, according to numbers released Monday by the Real Estate Center at the Texas A&M University and the North Texas Real Estate Information Systems. October’s increase was only the second year-over-year rise in home sales in three years.”

Another perspective on real estate in Fort Worth was reported by another article in the Dallas Morning News. According to this piece, written on October 28, 2009, “Dallas-Forth Worth pre-owned house prices were down just 1.2 percent in August from a year ago, according to a closely-watched national index released Tuesday. It was the smallest annual decline in almost two years for the Standard & Poor’s/Case-Shiller’s Home Price Index. And on a month-to-month basis, the index showed an increase for the sixth consecutive month. D-FW home prices in the report reached the highest point since September 2008.”

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Palm Desert real estate market news

December 15th, 2009 · Real Estate Markets

200704uglyhomeThe Palm Desert real estate market is closely related to the real estate market of the Coachella Valley and the nearby larger city of Palm Springs. According to a November 5, 2009 article in the Desert Sun, “The inventory of existing homes for sale in the Coachella Valley is the lowest since December 2005 as home sales rose 1.2 percent in September over September 2008, the California Desert Association of Realtors reported today. The median price was $159,810 in September, down from $199,810 in September 2008. Prices dropped 20 percent in September over the same period a year ago…The desert experienced a more traditional summer season: an overall slower paced period in most economic sectors. There were 5,630 homes in inventory in September, down from 7,740 homes in September 2008, according to the Desert Area Multiple Listing Service, the real estate industry’s consumer-oriented standard for existing and some new home sales throughout the Coachella Valley and high desert.”

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The prognosis for Palm Desert home sales seems to be looking up leading into the holiday season based on similar news for the commercial sector, according to a November 8, 2009 article also in the Desert Sun. The piece, written by Debra Gruszecki, found that “The Coachella Valley’s 2009 holiday forecast is a bit like a gift sent from that beloved, but eccentric out-of-town aunt: You’re hopeful, but you’re just not sure what’s really beneath all the wrapping. As holiday decorations and the accompanying sales signs start to multiply as desert retailers, merchants are holding their breath that recent good news on Wall Street and other sectors of the national economy will result in a not-so-humbug shopping season here.”

Real estate in Palm Desert will likely be facing higher home prices in the upcoming months, according to a third article in the Desert Sun, this one published on November 14, 2009. This piece noted that “Home prices are expected to grow modestly next year and sales will keep rising as the housing market continues to recover, the National Association of Realtors said Friday…Patrick Veling, founder and president of Brea-based Real Data Strategies, said it’s difficult to say how the Coachella Valley scene will play out when stacked against national projections, because ‘all real estate is local’ and, as such, is driven by the local economy.”

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Las Vegas Market News

December 10th, 2009 · Real Estate Markets

Paradise, Nevada
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The Las Vegas real estate market, which was one of the hardest hit during the most intense periods of the nationwide economic recession, seems to be showing some signs of recovery, although Sin City certainly still faces numerous challenges in getting back on the road to economic health. According to a November 10, 2009 article in the Las Vegas Review-Journal, Single-family home sales continued to post big numbers in October and median prices rose for the second straight month, the Greater Las Vegas Association of Realtors reported Monday. There were 3,535 home sales during the month, a 5.3 percent increase from September and a 30.1 percent increase from the same month a year ago. The median price climbed to $139,100, up from $138,000 in September and from $135,500 in August. It’s down 26.8 percent from a year ago. Inventory remained steady at nearly 21,000 units, though most of the listings are contingent or pending sale, the Realtors group said.”

Las Vegas homes for sale are enjoying a relatively stable environment, as evidenced by somewhat constant home prices. According to a second article in the Las Vegas Review-Journal, written by Hubble Smith, “Home prices in Las Vegas have plummeted more than 50 percent from their 2006 peak, but have stabilized over the last five months as the ‘phantom’ inventory of foreclosures held by banks never materialized. The median price of 4,254 recorded resales in October was $125,000, down just $250 from the previous month, Home Builders Research reported Wednesday.” According to a November 18, 2009 article by News Radio KXNT, “The local housing market continues to see a slight uptick after more than a year of sharp decline. According to new figures from the group Home Builders Research, sales of existing homes in the Las Vegas Valley topped 4,000 for the fifth straight month in October, and are up by 47% for the year-to-date, compared with the same period in 2008.”

One potential problem spot for real estate in Las Vegas was reported by an article in Bloomberg published on November 12, 2009 – “Nevada had the highest foreclosure rate for the 34th consecutive month, with one in 80 households receiving a filing.”

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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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