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No New Posts   US Home Prices to Continue Decline

February 23, 2011

Capital Economics released a report Wednesday predicting that the recent, second downturn in US real estate values will continue throughout 2011.  The report also warned that conditions could get even more difficult if a cycle of falling prices and rising foreclosures continues.

The second downward leg in house prices that began last year will continue throughout this year and take prices to a new cycle low, some 5 percent below current levels, said Paul Dales, a senior economist at Capital.  Incredibly favorable valuations and exceptionally low mortgage rates will not prevent this fall in prices. Valuations and affordability are much less important when demand is constrained by poor economic conditions and the effects of the previous plunges in asset prices, Dales added.

Dales said that 25 percent of US homeowners are underwater, meaning they owe more on their home than it's worth.  Another 25 percent, Dales said, do not have enough equity in their homes to qualify for a second mortgage.  He added that even if sales should continue to rise, it would not prevent this continued decline in values.

Rising employment and incomes will mean that home sales will continue to edge up from their still depressed levels. The existing market will continue to outperform the new market, as buyers are attracted to heavily discounted foreclosed homes, the economist explained.  Rising home sales will not prevent prices from falling either. Even though sales rose in the 1990s, prices still fell, he went on.

Dales does offer a glimpse of hope for the nation's rental market, explaining that with well over 5 million homes either currently on the market or in some stage of foreclosure, there will be a flood of properties available for rent moving forward.

No New Posts   Cashing In On the Foreclosure Wave

February 3, 2011

David J. Stern is a well known Florida attorney whose law firm made millions of dollars during the recent foreclosure boom by processing evictions.  Stern eventually took the back-office processing aspect of the firm's business and converted it into a publicly traded company called DJSP Enterprises, a move Stern made a cool $60 million from, according to public filings.

Interestingly, among DSJP's investors are a number of people who've had questionable dealings and have been investigated by federal regulators in the past.  Other parties involved include a little-known Wall Street investment bank run by a former presidential candidate, Gen. Wesley K. Clark and a small New York-based private equity firm.

Stern enjoyed quite the lavish lifestyle through the peak of the foreclosure crisis, complete with several mansions, flashy sports cars, and a yacht called Misunderstood.  But the good life may be at an end for Stern, his law firm and his investors as they are under investigation by the Florida Attorney General's office.  The investigation is aimed at determining whether Stern's law firm filed false documents to speed up the foreclosure process in hundreds of cases.

The investigation has caused a number of the firm's biggest clients, including Citibank and Fannie Mae, to sever ties with DJSP.  Many of the firm's top executives have resigned, and the firm has been forced to lay off about 80 percent of its 1,200 employees. 

DJSP's investors, meanwhile, have also been hard-hit by the probe.  Shares of the company, after having climbed to $14 per share last summer, are down to just 50 cents per share.  Investors have consequently filed a lawsuit against DJSP claiming they were misled about the company's financial prospects.  DJSP has denied those claims.  DJSP has also been sued by a number of former employees claiming that the firm failed to follow regulations in laying them off, though the company has filed a motion to dismiss the claims.

But Stern is certainly not the only man in America who tried to cash in on the wave of foreclosures across the nation.  Numerous equity firms across the country have taken large stakes over the last couple of years in the back-office operations of law firms specializing in the processing of seizures, commonly referred to as foreclosure mills. 

The firms then make money by providing those services back to the law firms for a fee.  In several cases, the equity firms and law firms have been sued by homeowners who accused them of illegal fee-splitting arrangements.  The firms, of course, have denied the allegations in every case.

No New Posts   Phoenix Ranks Fourth in 2010 Foreclosures

February 3, 2011

Phoenix, Arizona ranked fourth in RealtyTrac's year-end Metropolitan Foreclosure Market Report, released Monday.  The report ranks the 206 metro areas in the US, defined as having populations of 200,000 or more, by the percentage of total housing units hit with foreclosure filings.  Read More @ Day Trender

No New Posts   L.A. Foreclosures Dropped in 2010

February 3, 2011

RealtyTrac, a California-based provider of real estate statistics, reported Thursday that foreclosures in the Los Angeles metropolitan area dipped 16 percent from 2009 to last year.  Read More @ Day Trender

No New Posts   Canada To Tighten Mortgage Regulations

January 19, 2011

Canada's Finance Minister Jim Flaherty announced on Monday a tightening of rules governing household borrowing.  The new rules will give the Bank of Canada more authority to halt increases in interest rates.

Among the changes will be a shortening of the maximum amortization period for government-insured mortgages from 35 years down to 30 years.  Flaherty said the maximum amount homeowners can borrow against the value of their home will be reduced.  The government will also withdraw its insurance on home equity credit lines.

This government understands the importance of not taking on more than you can afford and the dangers of ongoing debt, Flaherty, 61, told reporters today in Ottawa. A stable and sustainable housing market keeps our economy strong.

Canada has generally tried to stop rising debt levels by tightening mortgage regulations.  Monday's announcement gives banks a little more flexibility in achieving these goals as the nation continues to recover from recession.

-- Edited by Marin Real Estate on Wednesday 19th of January 2011 11:20:10 AM

No New Posts   Homebuying As A Long-Term Investment

January 7, 2011

While the era of get-rich-quick real estate investment may be gone, a new era of increasing wealth long-term by investing in a home is back. A study released by, using inflation-adjusted data from the National Association of Realtors, shows that in 18 of the 25 largest metro areas in the US, the value of homes purchased in 1990 had increased significantly by 2010. Many of the areas' price increases were of ten percent or more.  Read the entire article

No New Posts   Foreclosure Investigators to Settle With Largest Lenders First

January 4, 2011

Foreclosure Investigators to Settle With Largest Lenders First

Iowa Attorney General Tom Miller, who is heading a joint probe by all 50 states into the foreclosure practices of the nation's lenders, said that the investigation will settle first with the five largest servicers in the country.  The five are Bank of America Corp., JPMorgan Chase & Co.,  Citigroup, Wells Fargo, and Ally Financial.  Between the five banks, they originate almost 60 percent of home loans in the US, Miller said.

Miller and the Attorneys General of the other 49 states are investigating whether banks and loan servicers used false documents and improperly notarized signatures in filing hundreds of thousands of foreclosures around the nation.  The probe was launched October 13th after Ally, JPMorgan, and BoA announced voluntary freezing of foreclosure practices in response to the crisis.  Officials of the five banks have declined to comment on the probe.

The probe was recently expanded to include a number of other mortgage practices, as attorneys general have suggested finding ways to improve the loan modification process.  Among the suggestions is creating a rule that would bar servicers from initiating foreclosures while a modification is in process, and the creation of a general fund to compensate homeowners who have been wrongfully foreclosed on.

Miller says that investigators have had at least one face-to-face meeting with representatives from all five of the banks, as well as several phone conversations.  Investigators intend to reach individual settlements with each servicer, rather than a global agreement affecting them all.  The group is not pursuing any criminal charges against the banks, Miller said, because their overall goal is to reform the servicing process and "that's inherently civil, not criminal," he said.

-- Edited by La Jolla on Wednesday 5th of January 2011 12:36:26 AM

No New Posts   Home Builder Sentiment Remains Low in December

December 29, 2010

US home builder sentiment remained at historically low levels in December, providing fresh evidence that the US housing market has a long road to haul in terms of a return to healthy conditions. 

The National Association of Home Builders / Wells Fargo Housing Market Index, which measures the percentage of the nation's home builders that view market conditions as good, stayed at 16 in December.  The measure matched expectations of economists participating in a recent poll by Reuters.

A reading above 50 indicates that more builders view conditions positively than negatively.  The index hasn't reached that level since April 2006.  The NAHB survey showed that sales conditions for single-family home sales remained at 16, while sales expectations for the next six months remained at 25.  The index that tracks prospective buyer traffic, meanwhile, fell 1 point to a reading of 11.

No New Posts   Mortgage Applications Plummet

December 23, 2010

Mortgage Applications Plummet

The Mortgage Bankers Association reported Wednesday that mortgage applications plummeted to their lowest level in almost a year as demand has taken a serious hit from six straight weeks of rising interest rates.  The group's seasonally adjusted index of applications, including both purchase and refinance loans, fell 18.6 percent for the week ending December 17th, to its lowest level since the week ending January 1st.

The group's four-week moving average of claims, a measure designed to smooth out seasonal volatility, also dropped, by 9.8 percent.  The drop in overall applications was mainly caused by an even steeper drop in refinance applications of 24.6 percent, hitting their lowest level since the week ending April 30th.  The MBA's purchase index also dropped, by 2.5 percent, reaching its lowest level since the week ending November 12th.

Housing demand has fallen in recent weeks as interest rates have climbed.  Borrowing costs on a 30 year fixed-rate mortgage, excluding fees, averaged 4.85 percent for the week, up 0.01 percent from the week prior.  The 30 year fixed interest rate is, however, still below their year ago level of 4.92 percent.  15 year fixed-rate mortgages, meanwhile, averaged an interest rate of 4.22 percent, up from 4.21 percent in the previous week.

-- Edited by Marin Real Estate on Thursday 23rd of December 2010 11:56:04 PM

No New Posts   KB Homes Named America's Greenest Builder

December 12, 2010

Calvert Investments, a company that evaluates potential investment opportunities based on environmental and social factors, released a report this week that analyzed the green building practices of the ten largest publicly traded homebuilding companies in the US.

The study, which was made public on Tuesday, shows that the builders have made some ground in reducing the impact on the environment from their businesses.  Those strides vary widely from builder to builder, however, and the building industry, overall, still has a long way to go, the study said.

Homebuilding accounts for about 21 percent of the US' energy-related emissions of carbon dioxide , according to the report.  The study evaluated builders' land, building materials , ernergy, water, and climate change practices , relying on public data and some information obtained from the builders themselves.

Los Angeles-based KB Homes was ranked at the top by the study, surpassing its own record-high ranking from two years ago.  PulteGroup Inc. followed KB, with Meritage Homes Corp . coming in third.  The bottom three companies in the study were NVR Inc ., Ryland Group Corp ., and MDC Holdings Inc .

KB builds many homes with environmentally friendly features like low-flow water fixtures, insulation, and carpets and paint made with low volatile organic compounds .  The company constructed a home in Southern California earlier this year that uses batteries to store energy obtained from solar panels.  The builder has also been building a number of communities to meet guidelines concerning efficient energy and water use as set by the US Environmental Protection Agency .

No New Posts   Foreclosure-Related Class Action Suits Against US Banks Mount

November 24, 2010

Major US banks are under fire as foreclosure-related class-action lawsuits against them continue to mount, threatening the fragile industry with billions in potential losses.

Executives from a  number of the nation's larger financial institutions are in Washington, DC this week defending the banks from multiple foreclosure fraud investigations, including a joint probe being conducted by all the attorneys general from all 50 states.  Talks are under way to reach some kind of settlement in that matter, but the growing   number of calss-action suits, insiders say, may pose an even bigger threat.

A congressional watchdog reported earlier in the week that the crisis could lead to billions in losses for the nation's banks, further prolonging the damage from the housing collapse and hindering government efforts to keep Americans in their homes.

The class action suits, which could eventually be expanded to the national level, seek damages for homeowners whose properties were illegally seized by lenders using fraudulent or improperly notarized documents.  Bank of America, Wells Fargo, and JPMorgan Chase have been named in suits in Maryland, New Jersey, and Massachusetts; while suits have been filed against Ally Financial's GMAC unit in Florida and Maine.

The banks have crisis management specialists working around the clock to try to control the financial and public relations disaster.  Bank of America, the nation's largest lender, has seen its shares fall 21 percent so far this year, making the worst-performing stock of the 30 components of the Dow Jones industrial average.

No New Posts   Congressional Panel Calls For Stress Tests For US Banks

November 17, 2010

An announcement came Tuesday from a Congressional watchdog group that US banks should undergo stress tests to ensure they have enough money to absorb potential losses stemming from investigations into their foreclosure practices.

The Congressional Oversight Panel, which Congress formed in 2008 to review Treasury's response to the financial meltdown, released a 125 page report outlining recent allegations made against some of the nation's largest lenders that they filed thousands of inaccurate foreclosure-related documents in cases across the nation.

The report warned that if the so-called robo-signing allegations are proven true, the entire financial system could be at significant risk, though the report did acknowledge that the scope and consequences of the controversy are still unknown at this time.

The biggest concern is that banks will be forced to repurchase mortgages that had been bundled and sold in the $7.6 trillion Residential Mortgage Backed Securities market, or RMBS.  That could potentially result in massive losses for the banks and a destabilization of the already fragile financial system.

Bank of America has already come under fire from a number of large institutional investors like the Pacific Management Company and the Federal Reserve Bank of New York.  Those two firms have accused the bank of mishandling an estimated $47 billion in home loans.  Also, prosecutors from all 50 states have launched a joint probe into the forclosure processing practices of the nation's largest loan servicers.

The report did, however, acknowledge the possibility that the robo-signing controversy has been blown out of proportion, saying the full impact of the problem is not yet known.  In order to assess the vulnerability of banks, the panel called for regulators to subject the banks to stress tests to ensure they are financially healthy enough to survive losses that would result from a worst-case scenario outcome of the robo-signing investigation.

Stress tests were previously conducted on US banks in 2009 at the height of the financial crisis.  But the Federal Reserve and Treasury, who conducted those tests, report that those tests would not ensure that the banks could withstand further losses now.

The panel also criticized Treasury for statements made suggesting that the robo-signing problem does not pose a threat to the overall financial system, calling those statements entirely premature.  A Treasury official issued a response saying that the agency is working in collaboration with 11 federal regulators to investigate the problem, but "they have not found evidence to date of a systemic threat to the broader financial system."

In addition, the report raised some concerns over the scandal's effect on President Obama's Home Affordable Modification Program, or HAMP, which is the primary mechanism for hel;ping to prevent foreclosures.  Panel members worry that a number of loan servicers dealing with Treasury do not have a legal right to initiate foreclosures, which could jeopardize their ability to grant modifications or demand payments from borrowers.

No New Posts   New Home Prices Up Slightly in Canada

November 9, 2010

A report released Tuesday showed that new home prices in Canada rose slightly more than expected in September, though analysts say the gains came from higher land development fees and housing actually lost more ground in the month.

The Statistics Canada new housing price index showed an improvement of 0.2 percent in September, after a 0.1 percent increase in August.  Analysts participating in a recent poll conducted by Reuters had forecast a 0.1 percent increase for the month.  The housing-only portion of the index, meanwhile, was flat on a monthly basis but has gained 3.8 percent so far in 2010, and the land only component gained 0.5 percent in September and has gained 0.2 percent on the year.

The cities showing the best results were Montreal and Calgary, where higher development fees drove prices up as builders began working in new areas in those cities.  The report reinforced the feeling analysts are getting from other data which is that housing will just not be strong enough moving forward to drive a recovery in the overall economy.  The news also makes it apparent that the Bank of Canada shouldn't have to be concerned with inflationary pressures in the housing market as long as interest rates are held in check.

Ten of the 21 cities in the index showed a rise in new home prices in September, while three showed a decline in prices and the remaining eight were unchanged.  Overall, the index is up 2.7 percent compared to September of 2009.  Housing starts fell 9.2 percent in October, meanwhile, to their lowest level in more than twelve months.  It was the fifth time in the last six months starts declined, according to data from Canada Mortgage and Housing Corp.

-- Edited by NC on Tuesday 9th of November 2010 02:01:22 PM

Started By: NC

Comments: 0

Views: 2280

Last Post: Nov 9 14:00:20 2010 by NC

No New Posts   Up-and-Down Month for Banks as Foreclosure Crisis Revs Up

October 27, 2010

The banking industry had a tumultuous week, a couple of weeks ago, as concerns over foreclosure practices escalated and JPMorgan Chase reported better-than-expected earnings boosted in part by lower provisioning and reserve releases. 

As officials from all 50 states announced a joint investigation into the foreclosure practices of major US lenders, the Financial Select Sector SPDR fell more than 2 percent.  Shares of Bank of America (BoA) stock plunged to a new 52-week low of $11.74 during the trading session after a report from hedge fund Branch Hill Capital indicated the bank had as much as $74 billion in exposure to mortgage-security buybacks from mortgage giants Freddie Mac and Fannie Mae.

In other news, the ex-CEO of Countrywide, Angelo Mozilo, settled a civil fraud and insider trading case with the Securities and Exchange Commission, agreeing to repay $45 million in earned profits and another $22.5 million in civil penalties.  The suit, filed in June 2009, alleged that Mozilo and two other executives at BoA-owned Countrywide "failed to disclose to investors the significant credit risk that Countrywide was taking on as a result of its efforts to build and maintain market share."  The civil case also accused Mozilo of using inside information to unload his large stake in the company under the pretense of 10b5-1 plans, a type of pre-arranged trading plan.  Considered the poster child of the subprime mortgage crisis, Countrywide was one of the nation's top subprime lenders when the financial crisis started, and BoA is still paying for that to this day.

JP Morgan Chase got the bank earnings season started on Wednesday by reporting third-quarter profits of $4.4 billion, or $1.01 per share, exceeding analysts' forecasts.  The firm was unable to escape lower revenue in its investment banking division, however, or the continuing challenges it faces in relation to mortgages. 

In other financial services news, TCF Financial took a stand against the government by filing a lawsuit against the Federal Reserve.  The suit challenges the constitutional legitimacy of recently enacted financial reform measures that place limitations on debit card interchange fees under the so-called Durbin Amendment, stating that the rule gives an unfair advantage to smaller, community banks that are exempt.

Banks earnings season kicked into gear this month, as Citigroup released third-quarter earnings, followed by Bank of America's earnings report and Wells Fargo's numbers.

No New Posts   US Housing Starts Jump to Five-Month High

October 21, 2010

US home building activity picked up in September, indicating the housing market was heating up before the onset of the developing foreclosure crisis.

Commerce Department figures released on Tuesday show that housing starts climbed to a seasonally adjusted annual rate of 610,000 units, the fastest pace reported since April and up .3 percent from an upwardly revised August rate of 608,000.  Building permits, meanwhile, fell to their slowest pace in more than 12 months as a downturn in the volatile multifamily sector overshadowed a pickup in single-family applications.

Housing, the industry at the heart of the worst US recession since the Great Depression, appears to be steadying after the lapse in demand which followed the expiration of federal tax credits on April 30th.  However, continued high levels of unemployment and depressed home sales mean that any recovery in the market is likely to be slow and steady.  Add the recent foreclosure crisis brought on by reports that some of the nation's largest lenders may have used fraudulent or negligent practices to process home seizures and the road to a housing recovery could take years.

The news brought life into the S&P 500's Supercomposite Homebuilding Index, which gained .4 percent on Tuesday in the first half of the trading session.  A recent survey conducted by Bloomberg News showed that the median expectation of the 71 economists polled projected an annual rate of 580,000 starts in September.  The economists' estimates ranged from 550,000 to 624,000.

Applications for building permits, commonly viewed as an indicator of future construction, fell by 5.6 percent to an annual pace of 539,000 in September.  Its the lowest level for the data since April 2009.  Applications for permits in the multifamily sector dropped a staggering 20 percent, overshadowing the lime .5 percent rise in single-family permits.  The number of permits in the single family sector in September was lower than the number of starts, which gained 4.4 percent from August to an annual pace of 452,000 units, the highest level for the data since May.  The boosted level of permits makes it more likely that construction will fall in coming months.

Construction starts on multifamily units, such as condos, townhomes, and apartment buildings, fell 9.7 percent to a seasonally adjusted annual rate of 158,000 after the sector enjoyed a 42 percent jump in starts in August. 

Sales have been up-and-down since the April expiration of tax credits extended by the Obama administration to boost sales.  Homebuyers had to sign purchase agreements by April 30th and close by June 30th in order to qualify for the tax breaks, though the closing deadline would later be pushed back to September 30th.  Sales of newly-constructed homes, after hitting a 19-month high in April, plummeted to a record-low 282,000 annual rate in May.

No New Posts   New Home Sales in July Plunge to Record-Low Pace

August 25, 2010

The Commerce Department's report on new home sales in July came out Wednesday and the news was not good. New home sales for the month fell 12.5 percent to the lowest annual sales pace among records dating back to 1963. It re-confirmed the struggles of a housing market which has been treading water since the April 30th deadline of federal homebuyer tax credits.

According to the report, July sales of new single-family homes sold at a seasonally adjusted annual pace of 276,000. This pace is a staggering 32.3 percent lower than the sales pace in July 2009.

Unlike reports on existing home sales, the new homes report is calculated based on contract signings, rather than closings. Consequently, it generally gives a more accurate picture of demand. The existing home sales report issued Monday was also rather grim, showing that sales dipped by more than 27 percent in July. The two reports together will likely serve to amplify concerns that we are headed into another recession or at least an extended period of dismal growth.

The drop-off in July sales was much larger than analysts had predicted, as economists took a June sales jump as positive news after a drop-off in May. Analysts say that the massive July plunge in sales came about not just because of the expiration of tax credits, but that it also means a shift in consumer confidence in the state of the recovery. Considering that interest rates continue to hover around record-low levels, the lack of sales activity is an indicator of just how far the market has to go.

No New Posts   Understanding Lending Policies on Foreclosures and Short Sales

July 20, 2010

Clearing up Lending Policies on Foreclosures and Short Sales

A lot of homeowners are reporting that lenders are unwilling to allow short sales, even in some cases when the borrower is behind as much as ten months on payments. In fact, if there is apparently any chance of the borrower catching up, lenders seem to prefer the foreclosure route to cutting a strapped owner some slack.

Read the entire article

No New Posts   The Foreclosure Process In Six Steps

July 20, 2010

According to a recent report from RealtyTrac, one of every 138 homes in the US were in in jeopardy of being foreclosed on during the first quarter. More than 932,000 homes were in one phase of the foreclosure process or another, 7 percent higher than the previous quarter and 16 percent more than 2009's first quarter. With so many homeowners in jeopardy, it pays to understand the process involved. While small variations in the process exist in different states, there are 6 basic steps involved in a foreclosure.
Here's the foreclosure process in six steps

Read the entire article.

-- Edited by Ron Parks on Tuesday 20th of July 2010 11:16:57 PM

No New Posts   Home Price Up in More Areas

May 26, 2010

....91 out of 152 metropolitan statistical areas1 showed higher median existing single-family home prices in comparison with the first quarter of 2009

Started By: NC

Comments: 0

Views: 1776

Last Post: May 26 13:43:33 2010 by NC

No New Posts   Lack of Homes on the Market

May 11, 2010

What's the problem with the real estate market nowadays?  After prices plummeted and the rate of foreclosure went through the roof?  Now there aren't enough homes for sale in many areas.  The Waynesville real estate market has definitely seen better days, but continues to chug along. 

The average rate that homes are on the market these days is running at around eight months worth.  Inventory dropped two percent compared to a year ago and down almost twenty-two percent when compared to 2008's numbers.

Some areas are worse than others.  Phoenix, Az has been assaulted by the real estate crash and now it's inventory is down to a four month supply, Denver is down
to less than a six month supply, while San Francisco's numbers have been literally cut in half with only a three month supply of homes on the market.

Started By: NC

Comments: 0

Views: 3131

Last Post: May 11 11:36:28 2010 by NC

No New Posts   Home Prices Rise in San Diego

April 28, 2010

The price of a home rose in San Diego.  The article is located HERE.

No New Posts   Home Price Index in California Continues Upward Trend

April 7, 2010

The home price index rose for the 8th consecutive month, proving that the real estate market in California is showing signs of a recovery.  Good news for those who are thinking of selling the home in springtime.  Prices on average are up nearly 4 percent compared to a year ago.  However, home prices are still down around 30 percent compared to four years ago.

I was looking at prices a few days ago and was astounded at the deals that are out there.  I also couldn't believe the number of La Jolla Homes under a million dollars.

No New Posts   New Home Construction Sputters in October

January 27, 2010

Construction of new homes fell significantly in October as the crippled housing market continues a cumbersome recovery. The seasonally adjusted annual rate of housing starts based on October numbers was less than 530,000, a decrease of more than 10.5 percent compared with September. The number was also a drop of more than 30 percent compared with October last year.

Economists were surprised by the severity of the decline as they had actually expected a small increase. The decline was in all likelihood caused by the uncertainty as to whether Congress would extend the $8,000 tax credit beyond November 30th. The credit was extended, earlier this month, and a $6,500 credit was implemented for existing homeowners.

No New Posts   Reports Show Rising Prices, Declining New Construction

January 27, 2010

October pricing reports from the Department of Labor last week reported the Consumer Price Index had gained three tenths of a percent in October after a 2 tenths rise the previous month. The gain was slightly more than analysts projections.

Core prices were about where the Federal Reserve had expected but food and energy prices had gone up more than expected. Increases in energy prices were led by a 1.5 percent jump in the price of gas. Despite the October gains, prices are still down slightly from last year.

The Commerce Department also reported that housing starts stumbled in October, by more than 10.5 percent. New building permits were also down, by more than 4 percent.

No New Posts   Latest Report for Marin County Home Sales

November 26, 2009

You can find the Marin real estate report here:


No New Posts   Interest Rates Will Remain Low!!!

November 5, 2009

Here's an article update from Lynn:

Started By: RLM

Comments: 0

Views: 1040

Last Post: Nov 5 10:59:15 2009 by RLM

No New Posts   Median Home Price Jumps Up Month-to-Month

October 28, 2009

The latest report suggest that the median price is on the rise, jumping to more than $204,000 compared to the previous month tally of $195,000.

No New Posts   Sales of Newly Built Homes Drop Unexpectedly

October 28, 2009

No one seemed to predict that sales of new homes were going to fall, but that's exactly what happened in September.  The news comes after sales showed an increase for five consecutive months. 

Sales of new homes dropped more than 3.5% with just over 400,000 sold in September, compared to around 417,000 sold in the previous month.

Experts were predicting new home sales to increase to nearly 450,000 and blame the drop on the fact that the tax credit is due to expire at the end of next month.

-- Edited by newsbot on Wednesday 28th of October 2009 11:30:33 PM
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