Painfully high joblessness and business closings trouble Kentucky as it tries to move out of the economic downturn into a recovery in housing, but an over-supply of homes on the market and foreclosures trouble the state, despite near record low mortgage rates. Consumer confidence over the real estate market ails homeowners trying to sell their… Continue reading 2011 Kentucky Housing Market
Category: 2011 Housing Market
2011 Alabama Housing Market
Soaring unemployment and weak economic fundamentals are leading the Alabama housing market into a second down turn that is projected to pull home prices down further. Home sales have slowed after the federal tax credit for home buyers’ expired, leading to a growing series of problems for Alabama, which includes worries along the Gulf of… Continue reading 2011 Alabama Housing Market
Home Prices Fall Almost 5% in 2011
By Mike Colpitts Home prices fell nearly an average of 5% last year as a result of a troubled U.S. economy, decaying consumer sentiment, high unemployment and a foreclosure crisis that is running out of control, according to real estate research firm Core Logic. The company’s December Home Price Index showed an average 4.7% decline… Continue reading Home Prices Fall Almost 5% in 2011
Foreclosure Activity Drops 34% in 2011
By Mike Colpitts Court ordered moratoriums halting foreclosures produced a 34% drop in the number of homes entering the foreclosure process in 2011, according to foreclosure tracker RealtyTrac. The slowdown in activity came as lenders reviewed foreclosures in the pipeline after bank servicing employees admitted to making illegal forgeries on what is likely to be… Continue reading Foreclosure Activity Drops 34% in 2011
Record High Crop Prices Inflate Home Values
By Mike Colpitts Record high prices farmers are being paid for crops in the Mid-West are pressuring home prices, and are forecast to inflate home values as the real estate collapse moves closer to an end for part of the U.S. in 2012, according to the new Housing Predictor annual forecast. In all, a total… Continue reading Record High Crop Prices Inflate Home Values
Mortgage Rates Jump for New Year’s
By Mike Colpitts Mortgage rates, already at their record all-time lows jumped slightly higher in time for New Year’s this week as lenders became weary about growing problems in international financial markets, according to Freddie Mac. The rate of a 30-year fixed rate loan rose to 3.95% from a record low 3.91% last week. The… Continue reading Mortgage Rates Jump for New Year’s
Home Sales Jump Two Straight Months
By Kevin Chiu Home sales jumped for the second month in a row in November, increasing 4% after rising almost half as much the previous month, according to the National Association of Realtors. The jump in sales accounts for an annual adjusted rate of 4.42 million existing homes sales. The rise also accounts for a… Continue reading Home Sales Jump Two Straight Months
Home Prices Tumbled Less in 2011
By Mike Colpitts Home prices tumbled an average of 4.3% on a year-over-year basis through last November, according to real estate analytics firm CoreLogic. The company’s Home Price Index, released Monday, confirmed what other real estate research companies reported – that home prices fell less in 2011 than 2010. The Santa Ana, California based firm… Continue reading Home Prices Tumbled Less in 2011
Selling LA Renewed for Second Season
By Kevin Chiu Selling LA, a TV show featuring luxury estates throughout the richest areas of Los Angeles has been renewed for a second season on Home and Garden Television. Real estate broker Valerie Fitzgerald, the star of the dazzling show will be joined by other members of her team as the weekly show shines… Continue reading Selling LA Renewed for Second Season
Home Sales Over Reported By National Association of Realtors
By Mike Colpitts Home sales were over reported by more than 14% for a four year period by the National Association of Realtors, the organization admitted today. The alarming drop in the association’s existing sale figures came as no surprise to many local members, who had said the national association was over reporting sales for… Continue reading Home Sales Over Reported By National Association of Realtors