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Archive for May, 2010

Colorado real estate market

May 25, 2010 // Comments Off

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The Colorado real estate market seems to be rallying strongly, especially when considering the metropolitan areas of Denver and Colorado Springs. Although foreclosures continue to increase slightly, the inventory of foreclosures is being cleared more rapidly than in previous months. This is according to a May 13, 2010 article in the Denver Business Journal, which found that “Foreclosure sales in Colorado shot up 53.6 percent in the first quarter of 2010 from the same period a year earlier, and new foreclosure filings rose 6 percent, the Colorado Department of Local Affairs’ Division of Housing reported Thursday.” The piece by Mark Harden continued to say that “But officials said the year-ago foreclosure-sales total was pushed down by a national moratorium on processing foreclosures. They said that between first-quarter 2008 and first-quarter 2010, a comparison that straddles the moratorium, foreclosure sales rose a more modest 13.3 percent, or an average of 6.7 percent per year.”

Colorado homes for sale in Denver sold for slightly more compared to last year, according to a May 11, 2010 article in the Denver Business Journal. This article found that “Single-family home prices in metro Denver slipped in March from the previous months but rose 4.1 percent from 12 months earlier, according to a report Tuesday from Integrated Asset Services LLC.” The piece, written by Mark Harden, continued to say that “The monthly ‘IAS360 House Price Index’ report from IAS, a Denver-based default-mortgage services company, said the median single-family home price in the Denver-Aurora metro area declined 0.7 percent in March, following a 0.2 percent rise in February. But year over year, the index showed a 4.1 percent increase in the area’s median price between March 2009 and March 2010.”

Colorado real estate in the Colorado Springs area also rallied strongly in recent months, according to a May 5, 2010 article in the Colorado Springs Gazette. The piece, written by Rich Laden, continued to say that “Colorado Springs-area home prices and sales rose again last month, the latest in a string of improved showings the local resale market. Home sales totaled 792 in April, an 11.9 percent increase over the same month last year, according to a Pikes Peak Association of Realtors report.”

Posted in Colorado

Newport Beach real estate market

May 23, 2010 // Comments Off

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The Newport Beach real estate market is currently showing mixed signs, but is one of the riskiest housing markets in the country. According to a May 12, 2010 article in the Orange County Register, “New National Association of Realtor home price data for metropolitan areas shows an Orange County house costing 2.93 times what the median-priced American home sold in the first quarter. That’s no bargain, despite a horrific drop in local home prices: Last time this so-called ‘Orange premium’ was this high was 2008 as the market was toppling.” The piece by Jon Lasner continued to say that “Curiously, this ‘Orange premium’ in this downturn did not hit the lows seen in the mid-1990s real estate recession. The index bottomed at pricing of 2.38 American homes for my ‘Orange premium.’ The recent upswing in the ‘Orange premium’ could mean that the emerging firmness in local house pricing may be ahead of the overall economics.”

The average price of a Newport Beach home for sale, along with Orange County in general, rallied in the month of March, according to an April 22, 2010 article in the Orange County Business Journal. This piece found that “The median price of an existing Orange County home rose by more than $10,000 in March from February, spurred in large part by low mortgage rates and generally affordable prices, the California Association of Realtors said on Thursday.” The piece, written by Mark Mueller, continued to say that “The median price for an existing stand-alone OC home sold in March was $493,120, a 2% increase from February, and a nearly 11% increase from a year ago. The number of sales here in March jumped 39% from a month ago, and was up about 15% from a year ago, the Realtor association said.”

This good news for Newport Beach real estate, however, still does not alleviate the huge risk involved in the Orange County real estate market. According to a May 2, 2010 article in the OC Metro, “Orange County’s housing market is among the riskiest in the nation, according to a new study from Walnut Creek-based PMI Group.”

Posted in California

Las Vegas real estate market

May 22, 2010 // Comments Off

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The Las Vegas real estate market continues to be one of the most distressed areas in the entire nation, with home sales continuing to decline and foreclosure rates remaining at extremely high levels. According to a May 10, 2010 article in the Las Vegas Sun, “The federal tax credit designed to spur home sales appears to have ended on a whimper in Las Vegas and may foretell a downturn in the housing market in the coming months, analysts said. The Greater Las Vegas Association of Realtors reported Monday that sales in April fell 7 percent compared to March and dropped nearly 8 percent compared to April 2009.”

The piece, composed by Buck Wargo, continued to say that “The drop off in the year-over-year sales is the first since March 2008. The decline was unexpected since April was the last month for buyers to sign contracts for new and existing homes. Dennis Smith, president of Home Builders Research, who monitors the Southern Nevada housing market, said he believes the drop off in sales is a reflection of the declining amount of foreclosure properties in the market.” The only potential bright spot for the Las Vegas real estate market was a slight increase in home prices as reported by Fox 5 News.

The extremely high rate of foreclosures facing Las Vegas homes for sale was reported in an April 29, 2010 article in the Atlantic. This piece said that “Maybe they should call it Foreclosure City instead of Sin City. Las Vegas was again the source of the highest foreclosures density in the U.S. during the first quarter, according to a new RealtyTrac report documenting foreclosure rates in the 209 largest metropolitan statistical areas. It had an incredible one foreclosure for every 28 properties. That’s even worse than Nevada’s overall 1-in-33 foreclosure rate for the quarter. The city’s foreclosure density was also nearly 5x the national average.” The article, written by Daniel Indiviglio, continued to say that “Las Vegas is a prototypical example of this phenomenon. It has 19% fewer foreclosures than a year earlier, but 13% more than a quarter earlier.”

Posted in Nevada

Birmingham real estate market

May 21, 2010 // Comments Off

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The Birmingham real estate market is showing strong signs of a recovery, although there are a few indications of continued trouble, such as a slight bump in foreclosure rates. According to a May 7, 2010 article in the Birmingham Business Journal, “Home sales across the Birmingham area received a boost in April, according to the Birmingham Realtors Association. Las month, home sales jumped 19 percent year-over-year as Realtors reported 1,061 sales compared to 887 in April 2009. And year-to-date, the total jumped 7 percent to 3,248 homes compared with 3,030 homes the previous year, according to data collected by the association.” The article, written by Crystal Jarvis, continued to say that “The average price of a home sale increased by 4 percent within the past year and the median price is up 3 percent, data shows. However, the average days a home was left on the market jumped to 15 days in April compared to 108 days in April 2009.”

A May 7, 2010 article in the Birmingham News reported the same basic trend for Birmingham homes for sale. According to the piece, “Metro Birmingham home sales jumped 19 percent last month, bolstered by federal tax credits for homebuyers, which expired April 30. The Birmingham Association of Realtors said today that 1,061 homes were sold in April, compared to 887 in April 2009. The average price was $171,992, a 4 percent rise, while the median price was $145,200, up 3 percent.” The article, written by Dawn Kent, continued to say that “The strong results also boosted year-to-date sales. So far this year, metro area home sales total 3,248, a 7 percent improvement from the first four months of 2009. Heavy promotions targeting homebuyers were common in April.”

The one potential trouble spot for Birmingham real estate was a higher rate of foreclosures, as reported by a May 13, 2010 article in the Birmingham Business Journal. The article, composed by Lauren B. Cooper, noted that “Alabama foreclosures rose modestly in April, as the nation saw its first yearly decrease in some time according to a new report. RealtyTrac, a national tracker of foreclosures, said there were 2,411 properties in some form of foreclosures in April in the state, or one foreclosure for every 895 households.”

Posted in Alabama

Columbus real estate

May 18, 2010 // Comments Off

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The Columbus real estate is facing mixed signals, with some suggesting that a recovery might be imminent and others pointing towards a continued slide. According to an April 23, 2010 article in the Columbus Dispatch, “Propelled by bargain prices and the imminent end of a federal tax credit, homebuyers snatched up properties throughout central Ohio and the rest of the nation in March. In the Columbus area, 1,704 homes changed hands during the month – 25 percent more than in March 2009. Statewide, sales rose 15.5 percent, and across the nation, they were up 6.8 percent.” The piece, written by Jim Weiker, continued to say that “Central Ohio homes sold for an average of $151,719 in March, 6 percent more than a year ago. The average home sold in 89 days, almost three weeks faster than last March. Real-estate agents and builders are reporting a rush of activity as buyers try to claim up to $8,000 in tax credits.”

Commercial real estate continues to be one problem for the Ohio and Columbus real estate markets. According to a Mary 11, 2010 article from WKYC News, “As home foreclosures continue to sweep the country, experts say the next shoe to drop will be in the commercial real estate market. Between lenders and unemployment numbers, the perfect storm is about to hit according to real estate analysts. ‘Well, commercial real estate tends to lag behind the residential,’ says George Pofok, Vice President at CRESCO Real Estate.” The piece, composed by Kyle Maureen, continued to say that “The writing is on the wall. Signs are everywhere that the commercial real estate market is in jeopardy. For lease, for sale, and some, foreclosure.”

Foreclosures were another potential stumbling block for Columbus homes for sale, according to an April 30, 2010 article in Business First of Columbus. The article, written by Kevin Kemper, found that “Home ownership in Central Ohio has continued its dramatic erosion this year as another wave of foreclosures washes over the region. Despite the improving economy and the best efforts of the homeowner-assistance programs, 3,714 foreclosure-lawsuits were filed in the eight-county Columbus region in the first quarter, up 5.4 percent from a year ago.”

Posted in Ohio