Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com. Now 27% of homeowners with mortgages owe more than their homes are worth. That’s up from 23.2% a quarter earlier. That will surely lead to higher foreclosure rates soon. […]
Housing Affordability Driving Sales Increase
Low mortgage rates and home prices helped fuel a sharp increase in home sales during the month of December, according to the National Association of Realtors. The group says existing-home sales during the month took place at an annual rate of 5.28 million, which was up more than 12 percent from the previous month as […]
Foreclosures Increase in Cities Nationwide in 2010
Driven by continued high levels of unemployment across many parts of the country, data from RealtyTrac shows foreclosure activity increased in many cities during last year, despite the fact that many lenders halted their foreclosure process for part of the year. According to the report, foreclosures increased in 149 of the 206 largest cities in […]
Pending Sales of Existing Homes Rise 2%
The number of contracts signed for purchases of previously owned homes rose again in December, according to data released recently by the National Association of Realtors (NAR). The trade group’s pending home sales index increased 2.0 percent compared to its November reading, which was revised downward. The index is based on contracts signed in December, […]
Real Estate News – February 2011
Our February 2011 Gulf Shores Real Estate Newsletter is now online… Read It Here Now!
Housing starts to grow 21% in 2011
Housing will see gradual improvements this year, establishing momentum for stronger gains in 2012, said economists at the National Association of Home Builders International Builders’ Show recently. “This year’s spring selling season will be better than last year’s,” said NAHB Chief Economist David Crowe, with job growth providing a stronger stimulus in the housing market […]
Sellers Drop Asking Prices on Fewer Homes in December
The number of price-reduced homes on the market in December 2010 fell by 7.7 percent from the previous month, according to a survey of 26 major U.S. markets conducted by the national real estate brokerage ZipRealty. Despite the month-to-month decline, the company says the number of homes with a reduced asking price remained high compared […]
Construction Spending on Positive Streak
A sign that an economic recovery is slowly getting underway is evident by figures from one of the most deeply impacted industries during the recession — the construction industry. November marked a third consecutive month with construction spending up. Development of new homes, along with an increase in government funding for federal construction projects, is […]
Housing Recovery Increasingly Tied to Job Growth
Steps to limit price declines may have helped, but economic growth is now critical. Home prices in twenty major metropolitan markets dropped 1.3% from September to October, the third straight month-over-month drop, according to the December S&P/Case-Shiller home-price index released in late December. The decline erases a significant share of the modest gain in home […]
Unemployment Picture Expected to Improve
Experts agree, job creation is critical to getting the housing and mortgage markets back on track – both in curbing delinquencies by ensuring homeowners have the ability to keep up with their mortgage payments and in giving consumers the confidence and security they need to become homebuyers. If unemployment remains elevated for an extended period, […]
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