Columbus Real Estate

January 4, 2010 by · Leave a Comment
Filed under: Ohio 
ole towne east columbus ohio
Image by joeTheRealtor via Flickr

The state’s capital, Columbus, Ohio, has seen effects on its housing market similar to those in other Midwestern cities. Though the market for real estate in Columbus was not hit as hard as areas on the coast, particularly in the West or the Gulf, residents have seen their home values decline, and many have been forced into foreclosure by the tough economic times. But lately the market shows signs for optimism.

According to the Columbus Dispatch, home sales in October were up by 25.6% from the same period in the previous year, with 2.021 sales, the highest number since October 2006, when the market was in full boom. Most of this increased activity in the Columbus real estate market can be attributed to buyers looking to take advantage of the government stimulus program offering tax rebates of up to $8,000 for qualified first-time home buyers, which has since been extended to a broader swatch of buyers.

The supply of homes for sale in Columbus has also fallen, down 30% from last year as the inventory is snatched up by buyers looking for a bargain. The market in late November stood with a 6.9-month supply of inventory, considered a balanced level, compared with 9.8 months in 2008.  and

Prices, however, have yet to recover. The average sales price was $160,000, down from nearly $164,000 in 2008, a decrease of 2.3%. Year to date, the average sales price is down 2.6% from 2008’s figures, at $164,268 from $172,063. The average price remained virtually unchanged from September, however, showing the market is at least stabilizing in price.

Reblog this post [with Zemanta]

Atlanta real estate market update

December 23, 2009 by · Leave a Comment
Filed under: Georgia 
Nearly Getting Arrested in Downtown Atlanta
Image by Stuck in Customs via Flickr

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.”

Reblog this post [with Zemanta]

Raleigh real estate update 2009

December 2, 2009 by · Leave a Comment
Filed under: North Carolina 
Downtown Raleigh, North Carolina as seen from ...
Image via Wikipedia

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.

Reblog this post [with Zemanta]