Archive

Archive for May, 2011

News Updates 5/28/2011:

May 28th, 2011 No comments

Scaffolds

Real Estate News Updates Week Ending 5/28/2011:

April New Home Sales Rose 7.3% | HousingWire

Why Isn’t Housing Recovering? | Inman

Mortgage Industry Fights To Keep 3.5% Down Payments | HousingWire

Short Sale Fraud To Cost banks $375 Million In 2011 | HousingWire

FHFA: House Prices Show Hardest Fall Since 2008 | HousingWire

Sales Of U.S. Distressed Homes Fall In First Quarter | CNBC

Pending Home Sales Dive 11.6% In April | CNBC

Foreclosure Starts And Delinquencies Drop In April LPS Reports | HousingWire

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News Updates 5/21/2011:

May 21st, 2011 No comments

Spotlights

Real Estate News Updates Week Ending 5/21/2011:

Homebuilder Confidence Remains Flat At Depressed Levels | HousingWire

Freddie Offers Closing Cost Help On REO’s | HousingWire

NAR Approves ‘Opt-In’ Franchisor IDX Listings Display Policy | Inman

Missed Payments On Mortgages Jump To 6.4 Million In April | HousingWire

NAHB: Housing Starts Fall 10.6 Percent As Uncertainty Continues | NAHB

Existing Home Sales Slip In April NAR Reports | HousingWire

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News Updates 5/14/2011:

May 14th, 2011 No comments

Balcony

Real Estate News Updates Week Ending 5/14/2011:

More Than 28% Of U.S. Homeowners Underwater On Their Mortgages | HousingWire

Bankrupt Bay Area Homeowners Shed Second Mortgages | San Jose Mercury News

Banking On Saving The American Dream | NBC4 LA

Reports Of Mortgage Fraud Reach Record Levels | Wall Street Journal

Distressed Properties Drive Home Sales Up, Prices Down in 1st Q | HousingWire

Foreclusure rate Slows As Reposession Timeling Lengthens | Los Angeles Times

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This Month In Real Estate May 2011

May 10th, 2011 No comments


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Market Trends May 2011

May 10th, 2011 Comments off

Gradual and uneven progress in the housing market continues without government support. The market has shown remarkable improvement from the initial drop after the expiration of the home buyer tax credit this past July. Although higher-than-normal distressed and all-cash sales continue to skew the overall picture of home prices downward, inventory remains at pretax credit expiration levels. As economists anticipate rates at or above 6% by the end of 2012, buying activity is expected to continue its upward momentum.

Increasing signs of inflation have been a recent item of concern. Driven by unrest in the Middle East, the retail price of gas has risen by 25% since the year began and 89% from this time two years ago. In his first ever press conference, Federal Reserve Chairman Ben Bernanke noted the Fed believes these price increases are transitory and will not have a major impact on the U.S. economy. However, according to NAR’s chief economist, for each $10 per barrel rise in oil prices, $80 billion is removed from the economy.

Bernanke stated that the Fed will keep a close eye on the impact of oil prices on the economy as it considers policy changes. Although inflation is up for the first quarter, price gains excluding food and fuel slowed in March, helping consumers to feel less constricted.

As the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically spurs rising interest rates to keep inflation in check. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.

Sources: Bureau of Labor Statistics, Energy Information Administration, National Association of Realtors

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