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Articles of Interest about National Real Estate news
By robertearl | March 25, 2008
Articles of Interest about Northern Virginia Real Estate news and the overall real estate marketplace:
Wave of Foreclosures Drives Prices Lower, Lures Buyers
Oversupply Triggers Lenders’ Fast Sales
A glut of foreclosed homes of historic proportions is starting to drive down U.S. home prices faster as lenders put more properties on the market and buyers show signs of interest.
The ability of America’s lenders to manage this fire sale will be crucial to determining how long the housing market stays in the dumps — and how quickly blighted neighborhoods can heal. The oversupply is severe: In some major markets, including Las Vegas and San Diego, foreclosure-related sales have accounted for more than 40% of all sales in recent months.
Signs of a bottom? National home sales show signs of life
Home sales showed unexpected signs of life nationally in February, prompting talk that the housing market may be nearing a turnaround.
The AP: “After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported.”
Continued…
Might be a good time to buy first home
Everyone likes a bargain. So it’s no surprise that as home prices fall in many markets, those who have been priced out of owning a home are beginning to take notice.
And some in the real-estate industry are saying that factors are aligning to make this a good time for first-time buyers to be in the market because they don’t have to face the challenge of selling a home to buy another.
In certain ways - and in certain places - these agents are right: Home prices are dropping, there’s often a glut of inventory to choose from and interest rates are still relatively low.
Proceed…
Existing Home Sales in U.S. Unexpectedly Increased
Sales of existing homes in the U.S. unexpectedly rose in February for the first time in seven months, easing concern credit restrictions and falling prices would hurt demand.
Purchases increased 2.9 percent to an annual rate of 5.03 million, the National Association of Realtors said today in Washington. The median price of single-family homes dropped 8.7 percent from February 2007, the most in four decades of record keeping.
“It looks like this may be a temporary pause,” said Nigel Gault, chief U.S. economist at Global Insight Inc. in Lexington, Massachusetts. “The price declines have helped, and people are still getting financing, though not on the good terms they could before. We’re still a long way from a recovery in housing.”
The real estate market is unlikely to rebound quickly as a glut of houses on the market depresses property values and lenders toughen mortgage even more requirements to stem credit losses. The Federal Reserve last week said the outlook had worsened and pledged to do whatever was needed to keep the economy growing.
Details…
Contractors, real estate affected by foreclosures
Lenders typically consider borrowers delinquent after they fall three months behind on mortgage payments. The latest data suggests many homeowners continue to struggle with mortgage payments, despite efforts by governments, banks and consumer advocacy groups to modify loan terms or work out long–term repayment plans for troubled borrowers.
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