New Haven Real Estate Update

December 30, 2009 by · Leave a Comment
Filed under: Connecticut 
New Haven, Connecticut
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The suburban area of New Haven, Connecticut, like many of its neighboring and nearby cities on the East Coast, has seen its share of ill effects from the U.S. financial crisis, which triggered a collapse in the U.S. residential real estate market. As a result, New Haven real estate has seen a decline in its value, a rise in troubled mortgage-holders and a buildup of inventory.

Despite tough market conditions, the market for real estate in New Haven does seem to be on the brink of turning the page into a brighter, if not at pre-crash levels, future. According to local realtor Donna Bigda, at the end of October 2009, there were 178 homes for sale in New Haven, ranging from just $29,900 all the way up to $1 million.

October’s real estate statistics show slow improvement in the market. The month saw 34 sales, an increase of 16 from October 2008’s figures, up by around 50%. Prices of homes on the market in New Haven remained mostly steady. In October of last year, the average sales price for a sold home was $174,050; this year in October, the figure rose slightly to $174,534.

However, homes are now spending more time on the market before selling as compared with last year. In October 2009, the homes sold did so after an average 108 days on the market. Last year’s average was just 68 days. It is estimated that the market had about a six-month supply in 2009’s third quarter.

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Atlanta real estate market update

December 23, 2009 by · Leave a Comment
Filed under: Georgia 
Nearly Getting Arrested in Downtown Atlanta
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The Atlanta real estate situation is improving but not yet better, announced staff writer Michael Kanell of the Atlanta Journal-Constitution on November 13, 2009.  The article claims that “the wave of metro Atlanta foreclosures has ebbed slightly since summer, but the levels are still cresting high enough to threaten a quick economic recovery.”  In fact, some staggering numbers have actually just recently been released.  Equity Depot claims that “nearly 107,000 foreclosure notices have been filed so far this year, including 9,427 this month” in Atlanta. While the conditions have been getting better relative to previous months, year-over-year comparisons weren’t as cheery.  “The most recent numbers show filings down 1.3 percent from October and 24 percent since September’s record high, according to Barry Bramlett, president of Equity Depot. But the month’s filings were 40 percent higher than the same month last year, 80 percent above two years ago and 146 percent higher than 2006.”

Michelle Shaw, also of the Journal-Constitution reported on November 10, 2009, that “though the median sale price of an existing single-family home in metro Atlanta remains below levels reached a year ago, quarter-over-quarter improvements continue.”  By looking at the statistics, Atlanta homes for sale did quite well with the “median price rose nearly 7 percent to $129,400 over the third quarter, from July 1 to Sept. 30, from $121,400 in the three months that ended June 30.”  However, distressed sales, foreclosures and short sales – 30 percent of sales in the third quarter – continued to weigh down median home prices.

A more positive outlook was reported by Paul Donsky in the November 12, 2009 edition of the Journal-Constitution.  According to him, real estate in Atlanta is beginning to recover as foreclosed homes begin to sell.  “The inventory of new homes in metro Atlanta has shrunk to about 11,000, down 37 percent from a year earlier, according to real estate research firm Metrostudy.”  Other improvements have also been noticed.  With prices for foreclosed homes rising, “the homes that are selling are entry-level, with prices in the low to mid-$100,000s. The homes typically sell for a loss. Lately, sale prices have been about 90 percent of loan value, he said, compared with 75 percent of loan value earlier in the crisis.”

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Palos Verdes real estate

December 18, 2009 by · Leave a Comment
Filed under: California 
Point Vicente Light on the Palos Verdes Penins...
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Though the housing market is displaying some signs of health, economists say they could be misleading.  That’s the latest word on various signs of market improvement that have recently surfaced.  In an article in the Los Angeles Business Journal written by David Haldane and published on November 9, 2009, Palos Verdes real estate showed the most dramatic change, “where sales volume increased by 533 percent.”  However, many analysts of real estate in Palos Verdes are not as impressed by this outstanding development.  “Experts viewed the rising prices as further evidence that the real estate market has stabilized, at least temporarily. But some cautioned that it may be falsely propped up by government stimulus programs that eventually will end.”

Muhammed El-Hasan wrote on October 26, 2009, in the Daily Breeze, that the South Bay region also saw an unexpected rise in median home price, perhaps due to the increase in demand for homes in the area.  One reason for the sudden increase in sales and rise of home prices is that “we are showing the month’s inventory is going way, way down, by something like 60 percent from September of last year to September of this year.”  With fewer homes on the marker, there are more bids on each home, thus creating an environment for bidding wars.

Because of its relatively protected community arrangement and the type of properties and Palos Verdes real estate, the premier peninsula area has been largely protected from large foreclosure rates that have doomed many other neighborhoods in Los Angeles and Southern California.  The Los Angeles Times reported on November 12, 2009, that “the number of foreclosures dropped in October for the third consecutive month, a sign that efforts by banks to take back troubled properties may be easing.”  A three-month decline is an unprecedented accomplishment which analysts believe at least show minor signs of market recovery.

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Indianapolis real estate update

December 15, 2009 by · Leave a Comment
Filed under: Indiana 
Central Canal and Indianapolis skyline
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Indianapolis real estate is still hurting, according to number recently released in an article by Lisa Bernard-Kuhn of the Cincinnati Enquirer on November 10, 2009.  In a report of several markets in the Midwestern United States, the article claims that Indianapolis saw an increase in median home price of two percent, rising to $120,200.  This median price is much lower than that of the surrounding region, though.  The median existing single-family home price in the Midwest was down 5.5% to $150,200 in the third quarter from the same period in 2008.

However, “distressed sales – foreclosures and short sales – accounted for 30 percent of transactions in the third quarter, which continued to weigh down median home prices because they sell at a discount relative to traditional homes.”  Many experts believe “that foreclosures will continue to come on the market, but rising sales from the expanded home buyer’s tax credit should stabilize home prices by next spring.”  This comes as good news for people hopeful to sell their properties and real estate in Indianapolis within the next year or so.

RTV6 reported on November 10, 2009 that home sales surged in October over 20 percent and were expected to continue to rise.  Indianapolis homes for sale have seen similar results and have been fortunate enough to experience some of the same good news.  The report said that “increased demand and less inventory brought more consumer confidence to the market.”  In fact, “home sales are also expected to get a boost from the renewal of the federal first-time home buyer’s tax credit, extended through April of 2010.”  On the whole new home sales have faired pretty well in Indianapolis.  Unlike in the west and south where new home sales have dropped off to almost nothing, Indianapolis and the rest of Indiana has only seen numbers drop between six and thirteen percent, according to the Tristate News on October 29, 2009.

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South Oregon real estate

December 8, 2009 by · Leave a Comment
Filed under: Oregon 
The Oregon coastline looking south from Ecola ...

South Oregon real estate has seen the best and the worst of the housing market as changes to the area’s local dynamics have shifted over the last couple of years in response to the devastating global recession that has affected people around the world.  Some good news for owners of real estate in South Oregon came on November 16, 2009, when Michael Rose, an author for the Statesman Journal, reported that lenders foreclosed fewer homes in October than previous months.  The article claims that “About 190 homes in Salem and a portion of Marion County along the northeast edge of the city are either in default or owned by lenders, according RealtyTrac, a property and foreclosure listing firm.”  While this comes as good news to many interested parties, Rose warns that most people are not out of the woods yet.  In fact, “foreclosure activity nationwide has declined for the third month in a row, but high-risk mortgages, negative equity, and unemployment continue to put homeowners in peril.”

The Statesman Journal article also claims that current owners of South Oregon homes for sale are finding it harder to woo interested buyers and even harder to get a fair prince since “homeowners seeking to refinance sometimes learn that the appraised value of their property is less than anticipated because the comparable sales in their neighborhood include distressed sales.”

An upward momentum in the local real estate market was noticed by Steve Cook who published an article on November 12, 2009, in the UPI.  Cook wrote that “home sales activity across the country is picking up even though we are entering a period when sales usually slow down as the holidays approach.”  More specifically, “In Gold Beach, on the south Oregon coast, there are 18 pending sales this November compared to zero pending sales a year ago.”  Much of the increase can be attributed to President Obama’s homebuyers’ tax credit that went into effect and provided potential buyers with incentive to purchase immediately.

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San Bruno real estate

December 2, 2009 by · Leave a Comment
Filed under: California 
YouTube's current headquarters in San Bruno, C...
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Real estate in San Bruno has recovered from a slight dip in home property valuation that occurred between December 2008 and June 2009.  During that time, the market value average of homes in the area dropped from over $560,000 to about $540,000.  According to the most recent Yahoo! Real Estate update on November 16, 2009, the 1-year market value change now shows no change, with the value increasing to about $560,000.  The price for foreclosed homes has remained remarkably high and currently sits on a median price of $509,790, just $40,000 lower than the median price of all other homes on the local market.

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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Raleigh real estate update 2009

December 2, 2009 by · Leave a Comment
Filed under: North Carolina 
Downtown Raleigh, North Carolina as seen from ...
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Unlike several other cities and areas of similar size, Raleigh homes for sale continue to remain steady.  From the previous month, the price change of both homes for sale and foreclosures was zero percent, maintaining value at $225,000 and $132,900, respectively, according to Yahoo! Real Estate on November 16, 2009.  Interestingly, one-year market value change forecasts show a relatively stead home valuation at around $187,000 whereas many other housing markets have been subjected to erratic pricing or sometimes significant drops in property value.

For the time being, it appears that the majority of Raleigh real estate will be protected by recently-introduced legislation by North Carolina officials to keep struggling families in their homes.  The Associated Press reported on November 4, 2009 that the North Carolina Office of the Commissioner of Banks would “would halt foreclosures once homeowners request a loan modification. Now, lenders simultaneously pursue foreclosure while working with homeowners seeking to modify loan terms.”  Another reprieve for real estate in Raleigh is pending legislation that would “require the mortgage servicer to respond promptly to homeowners when they ask for assistance.”

According to the Winston-Salem Journal’s staff, a report filed on November 12, 2009, stated that foreclosure filings for October were up from the 2008 but down from the previous month.  Unfortunately, the Raleigh-Cary metropolitan statistical area’s number of foreclosed properties jumped 34.9 percent although this was reported to be a unique and isolated month of filings.  According to the displayed statistics, foreclosures in the area jumped to 537.  However, this isn’t all bad news.  Despite the jump in number of foreclosures, the Raleigh median price for foreclosed properties experienced no change, showing positive change in the local real estate market.

More importantly, the federal government’s decision to extend the tax credit for a longer period and to more people has brought hope to thousands of people looking to sell their homes in the Raleigh area.  David Bracken of the News Observe wrote on November 6, 2009 that “the number of people eligible for the new credit is large, and real estate agents hope it will increase sales of houses that are priced beyond the reach of most first-time buyers.”  The article also mentions that a large number of people are looking to sell urban homes in Raleigh so that they can purchase homes in cheaper areas of North Carolina and other nearby states.

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