Home Sales Decline in 46 States

Sales of existing homes fell in 46 states during the July-September quarter as the housing market's slump worsened

The new third-quarter figures from the National Association of Realtors underscore the severity of the housing market's slump, which has economists increasingly pessimistic about the economic outlook.

Vermont and North Dakota were the only two states to show sales increases.  No sales figures were available for Idaho and New Hampshire.

The NAR Report did see a silver lining in the data however, noting that home prices rose in 93 of the 150 metropolitan areas surveyed.

Trade group officials emphasize the real estate market is not a national one, and conditions vary — sometimes dramatically — from market to market.

Home Staging is More Critical Than Ever

Never underestimate the importance of preparing your home for showing.  If your home is up for sale, proper staging is of utmost importance and can net you thousands in profits after your home sells.

A well staged home will attract buyers even if there is a surplus of homes on the market.  Likewise, in a shortage, a staged home attracts more and higher offers when there is a shortage of homes available.  Either way, you win.

The major factor in staging a home is to eliminate as much as possible from the home.  This doesn't mean create empty rooms.  On the contrary, the home needs to look lived-in and homey, but extremely tidy and simplified.  For example, consider renting storage space for all your storage.  If you have boxes and piles of stuff in your basement or attic, get it out of the house.

The bonus of thoroughly cleaning your home and boxing up some of your less important belongings is that you're well on your way to being ready to move when you get a sale.

Check the Internet and the Yellow Pages for professional help in staging your home for showing.  Taking the time to properly stage your home could save you time, and put more dollars in your pocket at closing.

Foreclosure Scams Prey on Homeowners

Consumer advocates and legal experts are advising homeowners to watch out for scams as foreclosure rates shoot through the roof.  One popular scam is the offer to help a troubled homeowner get a new mortgage, and at a closing, trick the homeowner into signing away the deed to their property.

Has anyone you know fallen victim to one of these scams?  If so.. share what you know about it… but leave out any names of course!  Use the comment link below to leave us your experiences.

Saving Money on Homeowner Insurance

Insurance may be necessary, but it doesn't have to be expensive.  Stacy Johnson brings you a way to save on homeowner's insurance.

If you have any questions about how to save money on your homeowner's insurance, leave your question below by clicking on the comment link.  Your Email Address, although needed to send us your question, will NEVER be published here to protect your privacy.

Weak Demand for Home Ownership Feared

The percentage of U.S. homes that are vacant and for sale remained at elevated levels during the third quarter, and the percentage of people who own their homes continued to decline, according to a Census Department report.  These are the starkest signs yet of the severity of the damage in the housing market caused by speculation, overbuilding and rising foreclosures.

The homeowner-vacancy rate, which measures the number of vacant homes for sale, rose to 2.7% — which translates into about 2.1 million houses — in the third quarter from 2.6% in the previous quarter.  Such vacancies hit a high of 2.8% in the first quarter.  Before 2006, the number hadn't risen above 2% since the government began keeping such records in 1965.

Economists say the rising supply of vacant homes means construction activity will likely have to fall further, while buyers slowly absorb these vacant homes, creating an even greater drag on prices and on economic growth.  Housing starts fell 10% in September from August.  In previous housing downturns of the early 1980s and early 1990s, annual starts fell below one million; in September, annual housing starts were at 1.19 million.  But, according to some economists, further declines are likely if the vacant inventory continues to rise.

The latest decline in the homeownership rates indicates that this year, as many as 900,000 households moved from owning homes to renting them, which implies a very low level of housing demand over the next several years.