Nearly half of the 19,366 homes sold in the six-county region in August were foreclosures. Sales rose 9.1% from the previous August, but the median price dropped 34%, MDA DataQuick reports.
From the mid-1990s until 2006, housing prices increased dramatically in parts of the United States including Southern California, Florida, Phoenix and Las Vegas. The rest of the country also experienced increases but not to the same extent. In 2006 sales slowed down and prices began to decline — substantially in some markets. Sub-prime mortgage borrowers with adjustable rate provisions faced serious rate increases that were coming due, and many of those homeowners could not afford higher mortgage payments.
Home sellers, agents and brokers nervously tuned in Monday to news of Wall Street titans collapsing or teetering, as Lehman Brothers Holdings Inc. filed for bankruptcy, Merrill Lynch & Co. was sold to Bank of America Corp. and New York-based insurance giant American International Group Inc. struggled to stabilize its finances.
Until now, the New York [...]
After watching housing prices moderate this summer, Eric DeVaudreuil decided his time had come.
DeVaudreuil signed a contract in August to buy a condominium at Riverfront Lofts in Westbrook. The price he’s paying — $197,000 — is $8,000 less than what a comparable unit in the renovated mill complex sold for earlier this summer.
“We’re probably at [...]
The real estate business runs on jobs.
Oh sure, you need low interest rates and a ready supply of debt to do property market deals.
But for the industry to do really well, there has to be a sound economy and job growth.
Fortunately for Dallas-Fort Worth real estate developers and investors, this area leads the country in [...]
Tighter credit and a slowing economy have slowed real estate sales across the region this year. But, while sales volume is down everywhere, the average price of homes in Garfield and Summit counties is still on the rise.
Those numbers were displayed on a giant screen at last week’s Mountain Real Estate Update in Vail. The [...]
Californians rave about year-round sunshine, temperate climate and easy access to surfing, snowboarding and everything in between. But when it comes to getting the most out of their homebuying dollar, they’ve got nothing on homeowners in the Midwest, a new study suggests.
Eight out of the top 10 most expensive housing markets in the U.S. are [...]
As Southern California faces the clean up of the new home market crisis, Capitol investors are looking for opportunities to invest. MarketPointe Realty Advisors, Inc. analysts went back to January of 2006 to identify all Southern California distressed projects, those whose initiative to complete their original plan didn’t come to fruition. The second quarter update [...]
Mercer County’s more affluent communities, including Princeton and West Windsor, have experienced an increase in foreclosure notices during the past year, according to an analysis by The Packet of records filed with the county clerk’s office.
Both towns have seen a tripling of initial notifications of foreclosure proceedings, year over year. In Lawrence Township, such notices [...]
Existing home sales in the Midwest tumbled 17 percent last month from July 2007, while the median price in the region inched up to more than $175,000, the National Association of Realtors said Monday.
In all 12 Midwestern cities tracked in The Associated Press-Re/Max Monthly Housing Report, also released Monday, sales fell by at least 10 [...]