Saturday, March 10, 2012

Has the Real Estate Market Finally Bottomed Out?

Las Vegas:

1. Home shortage in Las Vegas? Yes, for foreclosures Realtors say: "House hunters can't be as picky in Las Vegas today as they were a year ago, especially if they're looking for a bargain on a foreclosure home. There's actually a shortage of those homes, roughly one month's supply at current sales levels, local Realtors say."

2. Las Vegas Home sales, prices rise; inventory dips: "Sales of single-family homes in Las Vegas and their median price increased in February from the previous month, while the inventory of homes available for sale continued to decline, the Greater Las Vegas Association of Realtors reported. Realtors sold 3,053 homes during the month, a 4.2 percent increase from January and 17.8 percent increase from February 2011.

The market has bottomed out, said Nancy Storey of Prudential Americana."

Other markets:

3.  Phoenix-area January home sales rose to the highest level for that month in five years as several price measures trended higher again on a year-over-year basis.

4.  Seattle-area home sales rose to the highest level for a January in four years as increased affordability helped drive sub-$200,000 sales up more than 30 percent from a year earlier.

5. The number of homes sold in the Portland area during January rose to the highest level for that month in four years.

7 Comments:

At 3/10/2012 1:48 PM, Blogger NormanB said...

It looks like higher priced homes in Palo Alto / Menlo Park have gone up at least 15% in the last three months. Due to Facebook?

 
At 3/10/2012 2:19 PM, Blogger Che is dead said...

Case-Shiller report: Home prices ended lower in 2011 - Prices were down 4% in the fourth quarter from the same period in 2010, according to the Standard & Poor's Case-Shiller national home price index released Tuesday. Prices are nearly 34% below their peak in 2006's second quarter, rolling back average home prices to 2002 levels, the index shows. What's more, home prices fell in December from November in 18 of 20 leading cities, according to another Case-Shiller index. Previous signs of stabilization for home prices, such as in mid-2011, proved untrue, said David Blitzer, chairman of S&P's index committee. -- USA Today

Twice as many new homes were sold in 1965 than were sold last year.

Negative Equity Traps One Third of American Borrowers - One point 1 million, or 22.8 percent, of all residential properties with a mortgage were in negative equity at the end of the fourth quarter of 2011, according to a new report from CoreLogic. This is up from 10.7 million properties, 22.1 percent, in the previous quarter. Worse yet, another 2.5 million borrowers have less than five percent equity, referred to as near-negative equity, in the fourth quarter. Combine negative equity and near-negative equity, and about one third of all borrowers cannot sell their homes without either putting up some cash to pay off the mortgage or the closing costs or without the bank agreeing to a short sale. -- CNBC

Home Mortgage Debt vs. Case-Shiller Property Prices

I hope that you're right, and that the property market has bottomed, but any real recovery seems a long way off.

 
At 3/10/2012 3:35 PM, Blogger juandos said...

che before I forget you and a few others might find this study of interest :When One Vote Matters: The Electoral Impact of Roll Call Votes in the 2010 Congressional Elections

From the Midwest Political Science Association and what the ObamaCare vote and a few other pieces of legislation cost the Democrats in the 2010 elections...

22 pages long, easy read, and maybe still having consequences...

Regarding housing, is the market bottoming out?

Interesting question but consider contents of this Reuters News aggregate: Housing Market

One of the listed items is about how home foreclosures have jumped 28% in January...

 
At 3/10/2012 4:49 PM, Blogger Paul said...

The market here in Az has definitely tightened up, no disputing it.

Flush with cash from an oil boom and plentiful jobs, North Dakotans are snapping up homes 1,500 miles away in balmy Arizona, where prices have plunged since the real estate bubble burst.

"It boils down to the weather and taking advantage of the market," says real estate agent Rocky Parra of HomeSmart Realty in Gilbert, Ariz., a Phoenix suburb.

 
At 3/11/2012 4:51 AM, Blogger OBloodyHell said...

Tell 'em to come to Florida, the prices here are still scraping the bottom of the septic tank...

 
At 3/11/2012 9:22 AM, Blogger rjs said...

now that the national mortgage settlement absolves banks for foreclosure fraud & gives them immunity from prosecution, foreclosures will increase again..over 12% of mortgage owners aint paying on their loans; see the LPS mortgage monitor:

http://www.lpsvcs.com/LPSCorporateInformation/CommunicationCenter/PressResources/Pages/MortgageMonitor.aspx (link to pdf)

 
At 3/11/2012 1:07 PM, Blogger juandos said...

"now that the national mortgage settlement absolves banks for foreclosure fraud & gives them immunity from prosecution, foreclosures will increase again"...

Well rjs you didn't want your heros' part in the fiasco exposed did you?

 

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