Stocks jump on new home sales decline -- MSN Money: "New home sales fell 10% from January to February -- and 13.4% from February 2005 -- to a seasonally-adjusted annual rate of 1.08 million units. The median price of a new home fell to $230,400 from $234,200 and was down for a fifth straight month.
All of the monthly change came in two regions of the country:
The West , down 29.4% from January and 27.8% from February 2005. This region extends from Colorado to the Hawaii and Alaska. California's huge market dominates the statistics, and the drop may mean many buyers are balking at the prices.
The South, down 6.4% from January and nearly 10% from February 2005. The Commerce Department defines the South as a broad arc of states from Delaware to Florida on the East Coast across to Texas and Oklahoma."
Friday, March 24, 2006
Wednesday, March 22, 2006
By Bob Schwartz, CRS, GRI ©2006 www.brokerforyou.com All rights reserved.
A preview for the Hot US real estate markets??
Shanghai’s housing market into double digit decline!
The LA Times ran a story on March 4th.on the bust of the Shanghai, China, real estate market.
In one of the world’s hottest housing markets, the last three years saw a doubling of prices. Things are now so bad now that thousands of real estate offices have closed, many homeowners have loan amounts that are greater than their properties resale value, recent buyers are fighting with developers to rescind their purchases, and banks are awaiting a wave of mortgage defaults.
Morgan Stanley's chief Asia economist said “Shanghai's housing slump is only going to worsen and imperil a significant part of the Chinese economy”. About the property now under construction, this same economist said "They'll remain empty for years!”
The similarities to our hot US bubble markets, makes me believe this is preview of what we are already starting to experience (though at a much slower pace).
The first signs of trouble in our real estate markets were very subtle and only picked up, or acknowledged, by very few real estate (http://www.brokerforyou.com/blogger/index.html ) professionals. Since mid 2005 the red flags have been quite obvious to even the layperson. Yet, the forever optimistic ‘it’s always a good time to buy’ industry line is embraced by the mass media (they certainly do not want to lose their immense source of real estate advertising revenue) and the naive general public.
In San Diego in particular and most other major metropolitan real estate markets, it’s quite acceptable to acknowledge and embrace the double digit real estate appreciation of the past. Yet, even the thought of depreciation of real estate is looked on with the same disbelief and distain as if a child molester moved in next door.
There is a proven saying in our stock market: “You can never go broke taking a profit.” In many US markets, seasoned investors can still turn a profit. However, if Shanghai’s real estate market is any indication of what awaits the hot US markets…..the window of opportunity is closing very fast!
AbOUT THE AUTHOR Bob Schwartz, is a Certified Residential Specialist, and a CA licensed San Diego real estate broker with. Bob has over 27 years of residential real estate experience, authored a number of published articles and served as an expert witness for San Diego lawyers. You can contact Bob via his highly popular San Diego real estate website.---This work is protected under copyright and may not be published in other works without express written permission from Promotions Unlimited or the following procedures are implemented: Please feel free to publish this article (as long as no changes are made (all hyper-links to remain and not be modified in any way) and the author's name and site URL's are retained) in your ezine, newsletter, offline publication or website. A copy would be appreciated at firstname.lastname@example.org
Tuesday, March 14, 2006
The National Association of Home Builders reported at the end of February that "sales of new single-family homes fell 5 percent to a seasonally adjusted annual rate of 1.233 million units in January following upward revisions to the November and December rates.The January sales rate was 3.3 percent above a year ago."
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Friday, March 10, 2006
Long-term Mortgage Rates Highest Since September 2003
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 6.37 percent, with an average 0.6 point, for the week ending March 9, 2006, up from last week's average of 6.24 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been higher since September 5, 2003, when it was 6.43 percent. Search the entire San Diego MLS for your ideal home.
Thursday, March 09, 2006
Tuesday, March 07, 2006
PLUSThe Associated Press reported .... “The five-year housing boom is indeed over, judging from growing statistical evidence and the performance of some of the nation’s leading builders, and the slowdown is already rippling through the economy. Explanations for the recent cooling-off vary.”Please be sure to visit our Del Mar Encinitas real estate site. Also, a new site we are developing is: San Diego dentist Be sure to have a look.