November 30, 2007
- Home Sales Decline in 46 States
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 [...]
November 26, 2007
- Weak Demand for Home Ownership Feared
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 [...]
November 21, 2007
- A Little Good News About Myrtle Beach Area Real Estate?
A Little Good News About Myrtle Beach Area Real Estate?
It seems there's nothing but bad news for the housing market every day: More mortgage resets are ahead in the next year, lenders are tightening standards and homes continue to pour onto the market. All point to home values continuing to move lower in the near future. [...]
November 20, 2007
- Real Estate Downturn Continues
Real Estate Downturn Continues
The downturn in housing shows no signs of improvement as Toll Brothers, the largest U.S. luxury home builder, said tighter credit is likely to weigh on its future bottom line. S&P added to the negative tone when it lowered its credit rating on four home builders. Moody's also has several home builders [...]
November 13, 2007
- Heating Costs To Be Even Higher
Heating Costs To Be Even Higher
Winter heating bills will be even worse than initially thought this year as surging oil prices are pushing up costs for a variety of heating sources.
The average U.S. household will pay $986 in heating costs this winter, up 10.9% from the 2006-07 season and $9 higher than the original forecast [...]
November 9, 2007
- Greenspan's Thoughts
Greenspan's Thoughts
Alan Greenspan issued bearish comments about the U.S. housing industry recently, saying that "prices of homes will continue to go down" until housing inventory starts to shrink.
The former Federal Reserve Board chairman, speaking at an investment conference in Bermuda, said "we're nowhere near" the point where inventories of new homes are set to [...]
October 31, 2007
- Existing and New Home Sales Down Again
Existing and New Home Sales Down Again
Month-over-month sales of previously owned homes, including single-family homes, townhomes, condominiums and co-ops, fell 8 percent in September, according to the Existing Home Sales report issued recently by the National Association of Realtors (NAR).
With last month's sales figures, NAR reports the annual rate of existing home sales is on [...]
October 27, 2007
- Existing Home Sales Expected to Decline 10.8%
Existing Home Sales Expected to Decline 10.8%
This year's decline in existing home sales will be steeper than previously anticipated. The eighth straight downwardly revised forecast from the National Association of Realtors calls for U.S. existing home sales to be 10.8 percent below last year as housing market woes persist. Sales of new homes, meanwhile, are [...]
October 26, 2007
- What's Causing This Slump?
What's Causing This Slump?
It's no secret that real estate is experiencing a market slump; in fact sales are lower than they've been in 16 years. Wall Street economists compile a seasonal market forecast; a rating higher than 50 indicate a positive market. The current forecast was only 30 and has remained below 50 since may [...]
October 22, 2007
- Home Builders vs Home Buyers in Myrtle Beach
Home Builders vs Home Buyers in Myrtle Beach
The National Association of Home Builders reports that the confidence of United States homebuilders in the market for new single-family homes fell in October to its lowest levels since the series began in Jan. 1985. The reason: continuing problems in the mortgage market, large inventories of unsold units, and [...]
October 21, 2007
- Home Heating Bills Will Increase
Home Heating Bills Will Increase
No matter how you heat your house, this year will cost you more than last, according to a government report issued recently.
Americans will spend $977 to heat their homes this year, averaging for all fuels across all sections of the country, according to the Energy Information Administration.
That's nearly 10 percent higher [...]
October 20, 2007
- Real Estate: No Light in Sight
Real Estate: No Light in Sight
For those in the real estate industry and for those looking to buy or sell a home, it could take until 2009 to catch a break.
That's the forecast from Doug Duncan, chief economist for the Mortgage Bankers Association (MBA). Duncan expects national median home prices to fall between 2 [...]
October 19, 2007
- Will the Fed Cut Rates Again?
Will the Fed Cut Rates Again?
Federal Reserve Chairman Ben Bernanke said the central bank's rate cut in September has shown signs of success, but cautioned that lenders and investors must bear responsibility for financial decisions that caused the subprime mortgage meltdown.
The Fed slashed the federal funds rate, a key short-term interest rate that impacts rates [...]
October 15, 2007
- New Home Sales Hit Seven Year Low
New Home Sales Hit Seven Year Low
The U.S. Census Bureau and the Department of Housing and Urban Development announced recently that sales of new, single-family homes in August dipped 8.3 percent compared to July's numbers.
Despite favorable pricing and interest rates, many consumers remain sidelined as tighter credit and difficulty selling their current homes prohibit them [...]
October 5, 2007
- Housing Starts at 12-Year Low
Housing Starts at 12-Year Low
Housing starts and permits for new homes fell to their lowest level in 12 years in August, as the problems in the mortgage and real estate markets caused builders to slam the brakes on new construction. Permits, which are taken as a sign of builders' confidence in the market, fell to [...]
October 2, 2007
- Home Foreclosures Continue to Surge
Home Foreclosures Continue to Surge
New foreclosure activity continued to surge in August, rising 36% from July and more than doubling from a year earlier.
The jump in foreclosure filings [in August] might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset [...]
September 29, 2007
- Housing Costs Consuming More of Paychecks
Housing Costs Consuming More of Paychecks
Housing costs ate up more of the monthly paycheck for millions of Americans in 2006 than the year before, despite signs of a slowdown in the housing market, according to figures made public recently by the Census Bureau.
The housing data describe the buildup of economic pressures before the recent wave [...]
September 22, 2007
- Home Price Slump Through '08
Home Price Slump Through '08
Home values and housing sales will take an even bigger hit than previously forecast and will not recover to their earlier levels throughout all of 2008, at least, according to the latest economic outlook from the National Association of Realtors (NAR).
While the NAR sees gains in prices in 2008 from the [...]
September 13, 2007
- New Home Sales Bounce Back in July
New Home Sales Bounce Back in July
The pace at which newly constructed homes are selling remained unpredictable in July, beating forecasts by rising 2.8 percent over June's rate, according to a report issued today by the U.S. Census Bureau and the Department of Housing and Urban Development.
Builders have reduced their asking prices and offered incentives [...]
September 8, 2007
- Home Buyers Gaining Edge From Credit Crisis
Home Buyers Gaining Edge From Credit Crisis
Home buyers with solid credit and money for a down payment are now better positioned than they were a few weeks ago.
The average 30-year fixed mortgage rate is at or near a three-month low. Home prices in many areas have fallen. Despite the meltdown in non-traditional mortgages, many community [...]
