San Bruno real estate

November 30, 2009 by · Leave a Comment
Filed under: California 
View of San Bruno Mountain from San Bruno Moun...

San Bruno real estate is expected to see a significant rise in home purchase closures following the United States government’s decision to extend and expand the first-time homebuyer’s federal income tax credit. According to Eve Mitchell’s report in the Oakland Tribune on November 16, 2009, “The law extends until June 30, 2010, the deadline for closing escrow for first-time homebuyers to receive a credit worth up to $8,000. The credit was set to expire Nov. 30. It also adds a credit worth up to $6,500 for taxpayers who buy a replacement primary home provided they have lived in their existing home for at least five of the past eight years. Qualifying income limits were raised substantially for both groups of buyers for homes purchased Nov. 7 or later.”

However, San Bruno homes for sale aren’t completely out of the woods yet. In fact, J. W. Elphinstone of the Associated Press and Oakland Tribune wrote on November 15, 2009, that buyers are still very cautious in home buying decisions, according to recent survey results. The uncertainty of the market is still quite visible for all people, the article says. “Home prices rebounded this summer at an annualized pace of almost 7 percent, according to the Standard & Poor‘s/Case-Shiller home price index. But with high unemployment and foreclosures clouding the picture, economists debate whether prices will dip again.” More shockingly, “Forty-five percent of Americans worry that they or someone they know will face foreclosure in the next year. And almost 30 percent of those with a mortgage have contacted their lender in the past year to reduce their payments.” Real estate in San Bruno also suffers from an uncertain surrounding community. With the national unemployment rate topping 10 percent and the local San Bruno numbers matching these staggering figures, it’s no wonder why the market will continue to struggle, although it will begin to ease as the pains of the global recession begin to lessen. Experts predict that with increasing job placement in San Bruno thanks to local college recruitment events and job fairs open to the community, there will be a larger number of capable home buyers who will help to re-stimulate the neighborhood housing market.

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Nashville real estate update

November 26, 2009 by · Leave a Comment
Filed under: Tennessee 

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Recent reports from the Greater Nashville Association of Realtors has revealed that “Middle Tennessee home sales dropped 6.7 percent in September compared to the same period a year ago,” according to the October 8, 2009 article in the Nashville Business Journal by Jenny Burns.  The analysts for the association claim “the median price for a single-family home fell 5 percent to $160,000 from $168,900 last year. The median price for condos fell 4 percent to $142,500 from $148,500 this year.”

s_nashvlleNashville real estate has therefore suffered some losses but can look forward to a better future market.  In fact, the article claims that “there have been about 2,000 closings per month for the past several months and, while we did not quite make it to that level, we are certainly in that range again in September. Also, the fact that pending sales remain above 2,000 confirms that the pipeline for future closings is also consistent.”  This comes as good news for people with Nashville homes for sale who are trying to sell their properties at the highest possible price.  However, this also comes as an open opportunity for more potential home buyers to enter the market as prices are still relatively low and the value of homes quite high.  However, with the tax credit deadline looming large, several analysts believe these figures might not be so hopeful once the winter season settles in.  While year-to-date closings are down 22 percent compared to the previous year, there is still hope for a recovery in the next few years that will stem the decline of prices and mark a revitalization of this struggling industry.

Real estate in Nashville will not suffer the same fate as real estate in several other similarly sized cities, according to CNNMoney.com and Money Magazine’s 2009 Real Estate Forecast.  The numbers indicate a drop of just 5.2 percent from the peak of the market to the bottom, and just a 1.4 percent decrease through March 2010.  This leaves homeowners confident and hopeful that their properties will maintain their current median home price of $159,000 through the economic crisis currently affected countries and markets around the world.

Honolulu real estate update

November 21, 2009 by · Leave a Comment
Filed under: Hawaii 

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Oahu real estate has fared much better than the other neighbor islands, reported Allison Schaefers of the Honolulu Star-Bulletin on September 16, 2009.  Her article claimed that “Oahu posted 302 foreclosures in August, or one per every 1,109 households.”  It seems that Honolulu homes for sale may have fared better than the rest of the island.  In fact, according to Anne C. Lee’s Fast Company article written for the November 2009 issue, Honolulu has the highest median home price of $569,500.  Interestingly, this is more than time times greater than the lowest median home price in the nation of $55,700 in Saginaw, Michigan.  Honolulu’s median price has also held strong against the national numbers.  The article claims “the national median price for existing single-family homes in the most recent quarter is $174,000.”

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Allison Schaefers had more good news for Honolulu homes for sale in her latest article in the Honolulu Star-Bulletin, published on October 5, 2009.  She claimed that, “it was a September to remember for Honolulu’s residential real estate market as both home sales and prices rose for the first time in a long while.”  By looking at the numbers, “single-family home sales jumped 13.5 percent to 244 and the median sales price rose 1.7 percent to $590,000.”  These are good signs for real estate in Honolulu that has suffered tremendous losses in the last few months.  The article’s expert, Lawrence Yun, the chief economist for the National Association of Realtors, was also optimistic.  He said, “Consumer psychology appears to be decisively turning for the better as the housing market has been showing signs of bottoming, if it is not already past a bottom point.”  Yun believes lower home prices and lower mortgage rates coupled with the homebuyer tax credit have helped to improve Honolulu’s numbers.

oahu-beachfront-real-estateHonolulu has been a good performed compared to the neighbor islands that have suffered much more extensively.  Analysts believe this difference is due to the amount of homes on Kauai, Maui, and the Big Island that are second homes for many people who claim primary residence on the U.S. Mainland or Asia.  Typically, in times of economic recession, second homes are the first assets to be released to gain liquidity.

Irvine real estate update

November 18, 2009 by · Leave a Comment
Filed under: California 

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“On the surface, a glimmer of confidence is returning to the battered U.S. housing market, after more than three years of gut-wrenching defaults, price slumps and foreclosures,” reported Al Yoon and Nick Carey of Reuters on October 16, 2009.  They claim that “bidding wars are breaking out in some areas. Sales are now routinely above asking prices in California, from wealthy Orange County towns like Irvine to harder-hit San Bernardino County in the high desert east of Los Angeles.” While this is a step in the right direction, Irvine homeowners and prospective buyers are not out of the woods yet.  Analysts believe “efforts by the government and by banks to help struggling homeowners cut payments and stay in their homes are outpaced by mortgages going bad. The mortgage-modification programs risk being swamped by rising unemployment.”

irvine1The OC Metro also offered hope for people with a vested interest in Irvine real estate.  According to Kristen Schott’s October 8, 2009, article, “Five Irvine homes were among Realtor.com’s list of the top 10 most-searched properties for the week of Sept. 28-Oct. 4.”  This is a step in the right direction for many Irvine homes for sale that have struggled to even entice casual browsers to take a peak.  The National Association of Realtors reported that the most popular areas of Irvine have earned their sellers prices in excess of many recently-sold homes in Laguna Beach and other elite areas.

A recent Yahoo! Real Estate report quoted a relatively stable market for real estate in Irvine, California.  In the last term, updated on October 12, 2009, over a thousand homes were sold at a median price of $580,000, an almost two-percent increase price change from the previous month.  However, foreclosures fell in the opposite direction and dropped to a median price of $491,016, marking a decrease of 1.8 percent.  New homes maintained a median price of $775,000 during the period.

Waikiki real estate update

November 14, 2009 by · Leave a Comment
Filed under: Hawaii 

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Waikiki real estate has been quite lucky to be spared from the overwhelming negativity that the recent economic recession and ensuing housing market collapse have imposed on several local market sin Hawaii.  In fact, Waikiki condos for sale have not seen nearly the same level of changes and market dropouts that have been experienced in more impacted places in rural Oahu and the neighbor islands.
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Allison Schaefers’ analytical article in the October 5, 2009, edition of the Honolulu Star-Bulletin respected the value of real estate in Waikiki which has been able to remain relatively steady.  In fact, her claim that “it was a September to remember for Honolulu’s residential real estate market as both home sales and prices rose for the first time in a long while,” is actually based a large part on gains in the Waikiki market which have boosted the overall Honolulu market.  However, the situation may not be as glitzy as it may appear at first.  According to Lisa Scrontras of Custom Publishing Group, “The median sales price of a Waikiki condo is approximately $350,000, which means half of the 280 units sold this year closed for less than that — some for under $200,000 and all within a couple blocks of the beach.”  However, it is important to realize that the market is largely an investor market as over 62 percent of Waikiki’s residents are renters and visitors.

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Because Waikiki is such an urban environment that is home to some of the most luxurious brands and retail stores in the world, it is hard to imagine much change in the housing market.  As one of the most popular places to have a second home, condominium and apartment prices have been maintained for most of the last few years by offering property owners the convenience in being smack dab in the middle of Hawaii’s most vibrant, innovative, and hip cultural centers.

Memphis real estate update

November 13, 2009 by · Leave a Comment
Filed under: Tennessee 

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Memphis real estate has taken huge hits since the downfall of the global economy and the recession that has hit the real estate market especially hard.  The Memphis Business Journal reported on October 8, 2009, that “36 percent of residential listings in Memphis experienced a sales price reduction in September, the highest percentage on a list of the 50 largest U.S. cities.”  In dollar terms, the total reduction in Memphis was about $27 million.  These figures represent a large destabilization which is counterintuitive and in opposition of the growth and stabilization of many other real estate markets across the nation, especially in the northeast and Southern California.  It is especially troubling that prices continue to shift downward with the low buying season approach as interested wanes towards the end of the year.

southwind01Fortunately, the news wasn’t all bad for Memphis homes for sale.  On October 1, 2009, Luke Mullins composed a list of top-ten hard-hit housing markets that are ready to rebound in the U.S. News and World Report magazine.  Memphis is actually ranked fourth on list because “in addition to its pleasant quality of life, Memphis’s position as an important transportation hub will keep its economy humming and housing demand strong.”  It is also noted that Memphis’s low cost of living and strong healthcare system have made it a popular destination for retirees.  Furthermore, foreclosures linked to subprime mortgages have dropped and many distressed properties have been purchased and taken off the market.

Unlike the real estate markets in fellow Tennessee cities Knoxville and Nashville, real estate in Memphis has suffered significantly since the start of the economic recession and crumbling national real estate market.  While there has been remarkable improvement this year, the 2009 Real Estate Forecast produced by CNNMoney.com and Money Magazine claims that there will only be a decrease of 0.3 percent in home prices through the year.  However, this comes on top of a 13.4 percent decrease in home prices since the peak of the housing market.  At present, the median home price is $117,000, with a further 1.6 percent drop expected before the market bottoms out in the second quarter of 2010.

Livermore real estate update

November 12, 2009 by · Leave a Comment
Filed under: California, Home Searches, United States 

LivermoreRecent Yahoo! Real Estate updates show the median price for Livermore homes decreasing 2.7 percent from August to just $510,000 while the price for foreclosed homes dropped 1.5 percent to just over $450,000.  This spells good news for Livermore real estate which has suffered significantly less compared to similarly-sized communities throughout California and the western United States.  In fact, percentage changes below five percent are often regarded as insignificant decreases, according to industry experts.

Livermore homes for sale were also mentioned in a recent Associated Press article published on September 25, 2009, locally by the Oakland Tribune.  The article claims that the Bay Area, including Livermore, experienced much of the same negative change as the rest of the nation.  The report states that “home resales dipped unexpectedly last month, falling 2.7 percent from a month earlier, the National Association of Realtors said Thursday, reversing steady monthly gains since April.”  The author also hypothesized that “the drop in sales last month may reflect delays in completing sales due to tough lending standards and new rules for appraisals.”  Additionally, while low mortgage rates are helping to increase the number of people eligible to purchase homes, uncertainty has certainly played a role in keeping shaky buyers away from signing purchase papers.

However, there is relief for some.  Robert B. Jones’ September 27, 2009 article in the Contra Costa times explained that “even with the significant downturn in the real estate market, some first-time homebuyers can find it difficult to come up with a down payment to buy a home. Others may find it difficult to qualify for a loan at all.”  For people interested in purchasing properties in the Bay Area, including real estate in Livermore, there are programs that may make housing more affordable.  The article claims that “the City of Livermore offers a city program that helps to defray the cost of home ownership or even offers certain properties in designated developments at set prices.”  While this may be attractive for cash-strapped home buyers, these homes typically come with restrictions on resale and valuation attached.

San Clemente real estate update

November 12, 2009 by · Leave a Comment
Filed under: California 

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San Clemente real estate has followed much of the trends of other Orange County communities in experience a decline in property valuation amidst what could be one of the greatest economic challenges to ever face the modern world.  Luckily, following the trend of the rest of the county is a good thing as the region’s real estate and properties market begins to recover.  For the first time in two years, Orange County home prices rose, according to Jeff Collins, Jonathan Lansner, and Mathew Padilla of the Orange County Register.  Their October 14, 2009, article claims that “a 24-month losing streak ended last month when home prices increased from the year before, although it’s uncertain whether prices will keep on going up or enter a new round of losses.”  According to the most recent reports, “Southern California home prices will be up about 30 percent from the lowest levels by mid-2012.”

S563466_0According to Yahoo! Real Estate statistics, San Clemente homes for sale are not suffering at all.  In fact, as of October 12, 2009, there was only a 0.1 percent decrease in median price property value, settling at $799,000 for 786 sold homes.  The median price of foreclosed properties dropped 0.6 percent to $615,316 while the median price of new homes didn’t change at all.  To make things buyer friendly, estimated California mortgage rates decreased between 0.08 and 0.16 percent depending on mortgage type and term duration.

The effects of the collapse of Lehman Brothers Holding, Inc. has left an indelible mark on real estate in San Clemente.  As a result of, eighteen housing projects, including several oceanside lots in San Clemente, are going through bankruptcy court, according to Edvard Pettersson of Bloomberg News on September 23, 2009.  This is just a small indicate of the larger market worries in the area where this same scenario has been replayed several times owner.  As large capitals continue to see their cash reserves evaporate in light of the current economic climate, housing projects like these are usually the first to suffer.  However, experts close to the situation say that this provides a nice opportunity for potential investors looking to make some money during these hard times.

Knoxville real estate updates

November 8, 2009 by · Leave a Comment
Filed under: Tennessee 

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Prospective buyers of Knoxville homes for sale have been pressured to do so by the looming deadline of the $8,000 federal tax credit for first-time homebuyers, said Jim Matheny of WBIR Knoxville.  “The impending deadline has provided agents with a rush of business,” the report states.  “The first-time homebuyer credit has had a significant impact. We consider first-time homes in the price range below $200,000. If you look at the transactions, homes in that price range are dominating the market right now.”  In fact, most of Knoxville’s home sales were in conjunction with the tax credit offered by Washington, D.C.  Don Fenley of the Kingsport Times News claimed that about 36,000 people in the state of Tennessee had filed for the federally sponsored home purchase credit by the middle of September.  The fear amongst analysts is that the end of the financial benefits granted by the credit will slow the market’s sales rate to a tortoise pace going into the lull of winter.

According to CNNMoney.com and Money Magazine’s 2009 Real Estate Market Forecast, real estate in Knoxville will suffer a home price decrease of just two percent, dropping to $147,000.  This is just a moderate change as the recent estimates only estimate a total peak to bottom change of about 5.3 percent; the bottom being estimated as the second quarter of 2010.  Foreclosures also improved, according to Yahoo! Real Estate that reported a 5.6 percent increase in foreclosed property prices.  Through the period ending October 12, 2009, the median price of a foreclosed home increased to just under $97,000.  This comes as good news to current homeowners in Knoxville who have been able to retain the majority of their properties’ values while people in various other cities across the Midwestern and the Southern United States have suffered tremendous cuts in house values.

Kona real estate update

November 7, 2009 by · Leave a Comment
Filed under: Hawaii 

konarealestateOn October 16, 2009, an article in the San Francisco Chronicle featured Kona and the western side of the Big Island as a place of adventure and beauty.  Aimed mostly at those people looking to purchase a second home during these times of depressed prices, Jeanne Cooper claimed that the market was “showing signs of new growth, which make it even more worth your while to linger here.”

hawaii-real-estateHowever, “The Big Island has taken one of the biggest hits among Hawai’i counties in terms of the economic recession, according to an analysis by local economist Leroy Laney,” reported Andrew Gomes, a staff writer for the Honolulu Advertiser who assessed the Big Island economy as “bleak” in his September 23, 2009, article.  Gomes wrote that “the value of Kona Hawaii real estate is forecast to be down 4 percent, along with reduced property tax collections after six straight years of more than 10 percent increases.”  While the dropping cost of properties comes to hurt the pocketbooks of property owners, the reduced taxation has helped ease the immediate payment burden of many Kona residents.  The article also mentioned the almost halt of property construction in the Kailua-Kona area.  According to the forecast, building permits are down over forty-five percent and that there is only one housing project under construction.

The Honolulu Star-Bulletin also offered commentary on Leroy Laney’s presentation at the 35th Annual First Hawaiian Bank Economic Outlook Forum.  Reporter Erika Engle quoted Laney as saying, “Residential real estate on the island has seen falling prices and sales due to low buyer confidence, tighter financing “and expectations that prices may fall further.”  This comes as a warning for real estate in Kona and their owners who must buckle down to see further reductions in their property values.  On a better note, Jack Suderhoud, a professor at the University of Hawaii at Manoa, gave some future inspiration.  He announced, “I see us bouncing along the bottom of the economic cycle for the last half of 2009 with a modest recovery in place by mid-2010.”  This would be a significant boost for Kona homes for sale that would see a slow but stead recovery of housing prices from 2010 on, should the forecasts be correct.

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