Archive for the ‘real estate investment’ Category
Wednesday, May 19th, 2010
On the National Association of Home Builders/Wells Fargo Housing Market Index, the Home builder confidence reached 22 in May, the highest point since August 2007. This was the second consecutive month confidence was up, gaining 3 percentage points. Scores lower than 50 are still considered pessimistic.
The home buyer tax credits expired at the end of April hence the analysts said they were surprised by the increase.
According to Weiss Research analyst Mike Larson, the tax credit provided some optimism, but the real driver behind the increase is a sense that the market is actually improving. “Even with the credit in the rear-view mirror, real, underlying demand remains for housing,” Larson said.
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Tuesday, May 18th, 2010
According to Foreclosure marketer RealtyTrac properties in all stages of foreclosure from default notices to auctions and repossessions were down 9 percent in April compared with March. They fell 2 percent compared with April 2009. RealtyTrac also reported that default notices were down 27 percent year over year.
The foreclosures are plateauing, but won’t drop off dramatically any time soon, predicts RealtyTrac CEO James J. Saccacio. He pointed out that although default notices have dropped, repossessions are at a record level, indicating that banks are working through their backlogs.
California, Florida, Michigan, Illinois, and Nevada are the five states that account for 52 percent of the total number of foreclosures. The states rounding out the top 10 are Arizona, Georgia, Texas, Ohio, and Virginia.
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Monday, May 17th, 2010
A buyer from Indonesia has put a 48,000-square-foot mansion under contract for $50 million in the Bel Air neighborhood of Los Angeles. It would be the biggest residential sale in the United States this year, if the deal closes.
The 10-bedroom, 14-bathroom property was listed originally for $85 million, and then reduced to $72 million. The seller is Los Angeles developer Mohamed Hadid, who built Ritz-Carlton hotels in the 1980s. He specializes in constructing supersized homes in the United States and Mexico.
Joyce Rey and Stacy Gottula of Coldwell Banker Previews International listed the property. The buyer hasn’t been identified.
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Thursday, May 13th, 2010
According to a group of analysts and business executives, one of the major problems leading to the financial system meltdown was a lack of transparency. They disclosed the reason to REALTORS® during the Real Estate Summit at the 2010 Midyear Legislative Meetings & Trade Expo in Washington, D.C.
Alan Boyce, CEO of Absalon said that Institutional secrecy, whether intended or not, made it difficult to get good data and understand risk. For instance, the mortgage-backed securities market was “opaque” and “idiosyncratic” prior to the housing meltdown, he said. His company, Absalon, is a joint venture between VP Securities and Soros Fund Management; its purpose is to empower countries to adopt the beneficial attributes of the Danish mortgage system.
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Wednesday, May 12th, 2010
The Federal Housing Administration has played a fundamental role in helping stabilize the nation’s housing market, and recovery appears to be on track. However for keeping the momentum going, FHA reform is critical.
This statement is from David H. Stevens, assistant secretary of the U.S. Department of Housing and Urban Development and FHA commissioner. He was speaking to several thousand REALTORS® at a special three-day real estate summit named REALTORS® on the Rise: Stabilizing the U.S. Mortgage Finance Delivery System.
The event is being held May 11-13 as part of the REALTORS® Midyear Legislative Meetings & Trade Expo in Washington. D.C.
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Friday, May 7th, 2010
According to Eric Rosengren, president of the Federal Reserve Bank of Boston, the low interest rates are still needed in the U.S. to help the economy overcome difficulties in the real estate market.
The Federal Reserve has been holding rates at or near zero since December 2008. Moreover the Federal Reserve has also promised last month to continue to do so for an “extended period”.
Rosengren had said that serious fiscal problems loom for state and local governments, the U.S. government, and governments around the world, particularly those that have expended large sums of money to recover from this financial crisis and recession.
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Wednesday, May 5th, 2010
According to the National Association of REALTORS®, the pending home sales increased again in March. This affirms that a surge of home sales is unfolding for the spring home buying season.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0. However this has been followed by an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
According to Lawrence Yun, NAR chief economist, favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said.
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Tuesday, May 4th, 2010
An increasing number are joining together to buy up troubled properties as more neighbors face the problem of a vacant house on the block. Housing research group PolicyLink said that such purchases are happening”a fair amount” and are usually good for a community. However they couldn’t find any solid numbers.
According to Kate Wilson of Fairway Independent Mortgage Corp, the cooperating neighbors can have trouble getting a mortgage because these consortiums of private investors usually don’t have enough money for a substantial down payment.
“Buyers need to be clear about what they’re committing themselves to,” says Kris Nelson, director of neighborhood programs for the Center for Urban and Regional Affairs at the University of Minnesota. He added that it takes more than good intentions to make a cooperative purchase work. “What happens when the property needs a new roof or expensive repairs?” he asked.
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Monday, May 3rd, 2010
Home buyers everywhere are hurrying to get in under the wire as the federal tax credits come to an end.
In California the rush has turned into something of a stampede. Some buyers were trying to qualify for both the federal credit and a $10,000 state credit that kicks in Saturday.
“I am looking at properties almost constantly, and it is just kind of a feeding frenzy right now”, says one home shopper tells the Los Angeles Times. According to Rick Hoffman, president of Coldwell Banker Residential Brokerage in San Diego and Temecula Valley, the stimulus had worked and buyers are confident that we have seen the bottom of the real estate market and that we are on the way back up.
Tags: Tax credit deadline hurries buyers
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