Carlsbad, California Real Estate

March 25, 2010 by · Leave a Comment
Filed under: California 
Official seal of City of Carlsbad, California
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A coastal community located in Northern San Diego County, Carlsbad, California, is a relatively affluent community that has nonetheless been unable to escape the claws of the battered U.S. housing market woes. The Carlsbad real estate saw an initial dropping off of prices that seemed unstoppable, but as of recent months, slight improvements have been seen, pointing to signs that perhaps the bottom has been reached and now it’s time to climb back out.

Though sales through most of 2009 of homes were brisk and showed an increase over 2009, median prices of Carlsbad homes for sale struggled. The market kicked off 2009 with a median price of more than $700,000 and finished off the year in December with the median at around $620,000. The median price hit bottom in October at around $600, and then saw increases in November and December. Sales activity actually reached a yearly high in December, when 70 homes were sold.

Condo prices showed a similar trend. They started off 2009 with a median price of around $375,000 and finished the year in December at around $330,000. The lowest point for the condo market was also reached in September and October, and prices began to see ever so slight increases in November and December. Sales activity of condos remained mostly consistent, with around 25 to 30 sales per month.

These trends from the end of 2009 show that perhaps 2010 will be the year the the Carlsbad real estate market regains momentum and begins to see steady increases month over month as the U.S. economy slowly starts to pick up and residents return to employment and resume normal activity.

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Palm Desert Real Estate Update

February 2, 2010 by · Leave a Comment
Filed under: California 
18g Palm Springs - Aerial Tramway (E)
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Located just outside of Palm Springs, Palm Desert has faced its fair share of real estate struggles since 2007, even prior to the economic recession that began in 2008, which only worsened the situation for the Palm Desert real estate market.  Nevertheless, recent months have offered optimistic views of the future of the Palm Desert real estate.  Real estate experts have noted that the Southern California region has posted increases in both home sales and median sales prices, with both actually reaching year-over-year gains.  Experts are also confident that the federal tax credit for first-time homebuyers, as well as the greater affordability of housing in the region and the easier access to credit will allow for the recovery of the Palm Desert real estate market in the coming months.

According to DQNews.com, the Southern California region has posted increases in both its home sales and median sales prices, with home sales maintaining year-over-year gains for the 18th consecutive month and median sales prices reaching year-over-year gains for the first time since the summer of 2007.  During December of 2009, Southern California posted a total of 22,238 new and resale houses and condos sold, which was a 16.4 percent increase from the 19,181 sold during the previous months, and a 12.1 percent increase from the 19,926 sold in December of 2008.  The median sales price for homes sold in Southern California during December of 2009 was $289,000, a slight 1.4 percent increase from $285,000 of the previous month, and a 4 percent increase from $287,000 of the December of 2008.

The Desert Sun has also reported that the Palm Desert real estate market for apartments has improved over the past few months as many previous homeowners were displaced from homes that were foreclosed on.  Realtors have reported that many previous homeowners have opted for apartments, increasing the demand for apartments significantly over the past few months.  Realtors have also noted that the affordability of the apartments has also been a major incentive for attracting prospective investors.

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Oakland Real Estate Update

January 13, 2010 by · Leave a Comment
Filed under: California 
City and County of San Francisco
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Real estate experts are optimistic that the recent improvements in the Oakland real estate market provides signs that the Bay Area real estate market is recovering from the struggles it has faced since 2007, prior to the economic recession of 2008, which only worsened the real estate problems.  Over the past several months, the Bay Area has posted gains in both home sales and median prices, and the declines in home values in many markets are stabilizing.  Although foreclosure rates are still high, real estate experts believe that the rate will decline and the smaller inventory of foreclosed properties will result in an increase in the Bay Area median sales price.

According to DQNews.com, the Oakland real estate, as well as the entire Bay Area in California, has shown major improvements over the past few months, with sales and median price levels topping the previous year’s levels, despite a slight dip experienced in October.  In November, the median sales price for new and resale houses and condos in the Bay Area was $387,000, which was a 10.6 percent increase from $350,000 in November of 2008.  Before October, the median sales prices hadn’t risen on a year-over-year basis since November of 2007, but the current median sales price is still41.8 percent below the peak of $665,000 reached in the summer of 2007.  In November, the Bay Area posted a total of 6,878 new and resale home and condo sales, a 19.5 percent increase from the of the same month during the previous year.  Real estate experts believe that the large inventory of “bargain” priced homes has been a major incentive for prospective buyers.

The San Francisco Chronicle has also noted the promising signs of the Oakland real estate market with the slowing decline in property values in the Bay Area real estate markets.  According to the Chronicle, the Bay Area suffered from a $38.1 billion drop in property value in the first eleven months of 2009, however, that’s small in comparison to the $233.1 billion decline seen in 2008.  Real estate experts are optimistic that the general affordability of the Bay Area real estate and the federal tax credit will play a major role in improving the real estate market in the coming months.

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Columbus Real Estate

January 4, 2010 by · Leave a Comment
Filed under: Ohio 
ole towne east columbus ohio
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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.

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New Haven Real Estate Update

December 30, 2009 by · Leave a Comment
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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 
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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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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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