Daily Real Estate News July 27, 2009
Economic recovery is still a few months away, say economists surveyed by USA Today, but two-thirds of them think existing-home sales have bottomed out. Both housing and automotive markets “have the potential to generate some quite large percentage increases,” says Bill Cheney, chief economist at MFC Global Investment.
Overall, economists say unemployment won’t peak until the first half of next year and credit markets will remain tight.
Source: USA Today, Paul Davidson; Barbara Hansen (07/27/2009)
Friday, July 31, 2009
Friday, July 24, 2009
Housing Experts: Now Is a Perfect Time to Buy
Daily Real Estate News July 20, 2009
Don’t forget to remind potential buyers of something that is obvious to real estate professionals: Now is the time to buy, but that opportunity may be slipping away. For people who have a job and money, a dream house is within reach, writes Marc Roth, founder of Home Warranty of America and a columnist for BusinessWeek. He points out that mortgage rates remain low, prices are still at historic lows, and the government is offering incentives for first-time homebuyers.
He also adds that the inventory of homes to buy is still large, but it is shrinking. According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of May 2009, it had fallen to a 9.6-month supply.
Roth says anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy.
Source: BusinessWeek.com, Marc Roth (11/17/2009)
Don’t forget to remind potential buyers of something that is obvious to real estate professionals: Now is the time to buy, but that opportunity may be slipping away. For people who have a job and money, a dream house is within reach, writes Marc Roth, founder of Home Warranty of America and a columnist for BusinessWeek. He points out that mortgage rates remain low, prices are still at historic lows, and the government is offering incentives for first-time homebuyers.
He also adds that the inventory of homes to buy is still large, but it is shrinking. According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of May 2009, it had fallen to a 9.6-month supply.
Roth says anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy.
Source: BusinessWeek.com, Marc Roth (11/17/2009)
Real Estate Pro Killed in Foreclosed Home
Daily Real Estate News July 20, 2009
A real estate practitioner showing a foreclosed home in a community outside Los Angeles discovered the body of a second real estate professional, identified as Ricardo Contreras, 45 of Lakewood, Calif.
Family members identified Contreras, 45, as a real estate professional and father of five who had gone missing on July 14. Officer Karen Rayner said the practitioner who found the body had been unable to locate a key to the three-bedroom home in the 8900 block of Kittyhawk Avenue near the Los Angeles International Airport. He apparently called the listing company, Modern Realty Co., which sent someone to help open the door. Rayner said that together they discovered the body of Contreras, who was lying on the living room floor. According to news reports, he was believed to have been stabbed several times.
Source: The Associated Press and KABC (07/19/2009)
A real estate practitioner showing a foreclosed home in a community outside Los Angeles discovered the body of a second real estate professional, identified as Ricardo Contreras, 45 of Lakewood, Calif.
Family members identified Contreras, 45, as a real estate professional and father of five who had gone missing on July 14. Officer Karen Rayner said the practitioner who found the body had been unable to locate a key to the three-bedroom home in the 8900 block of Kittyhawk Avenue near the Los Angeles International Airport. He apparently called the listing company, Modern Realty Co., which sent someone to help open the door. Rayner said that together they discovered the body of Contreras, who was lying on the living room floor. According to news reports, he was believed to have been stabbed several times.
Source: The Associated Press and KABC (07/19/2009)
Monday, July 20, 2009
Report: New-Home Construction Increasing
Daily Real Estate News July 17, 2009
Despite high unemployment and general concerns of too much existing inventory, new-home construction appears to be rising.
According to Friday’s report from the U.S. Commerce Department, construction of new homes rose 3.6 percent in June compared to May. Building permits climbed 8.7 percent, and single-family home starts jumped 14.4 percent to 470,000, after rising 5.9 percent in May.
In real numbers, ground was broken for an estimated 58,300 houses nationwide in June, and an estimated 58,400 building permits were issued. Here’s a look at housing starts in different U.S. regions:
Midwest: up 33.3 percent
Northeast: up 28.6 percent
South: down 1.4 percent
West: down 14.8 percent
Source: The Wall Street Journal, Jeff Bater (06/17/2009)
Despite high unemployment and general concerns of too much existing inventory, new-home construction appears to be rising.
According to Friday’s report from the U.S. Commerce Department, construction of new homes rose 3.6 percent in June compared to May. Building permits climbed 8.7 percent, and single-family home starts jumped 14.4 percent to 470,000, after rising 5.9 percent in May.
In real numbers, ground was broken for an estimated 58,300 houses nationwide in June, and an estimated 58,400 building permits were issued. Here’s a look at housing starts in different U.S. regions:
Midwest: up 33.3 percent
Northeast: up 28.6 percent
South: down 1.4 percent
West: down 14.8 percent
Source: The Wall Street Journal, Jeff Bater (06/17/2009)
Friday, July 10, 2009
West Whiteland deed dispute ends
The township will get the deed to the land for its new municipal building, a judge ruled this week, and the township must pay the developer $242,063 in back taxes. This is good news for the township, where construction of a $16.8 million municipal building has gone forward without clear title to the land on which it sits.
According to court documents, the $242,063 in taxes includes $12,078 paid to the township, $45,394 paid to Chester County and $184,589 paid to the school district.
The developer refused to turn over the deed until the back taxes were reimbursed, and in November 2005 the township filed an emergency petition to enforce the settlement agreement and turn over the deed.
Source: Daily Local; 7/3/09
According to court documents, the $242,063 in taxes includes $12,078 paid to the township, $45,394 paid to Chester County and $184,589 paid to the school district.
The developer refused to turn over the deed until the back taxes were reimbursed, and in November 2005 the township filed an emergency petition to enforce the settlement agreement and turn over the deed.
Source: Daily Local; 7/3/09
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