The Sacramento real estate market is showing signs of improvement, although the number of home sales did decline slightly in the latest period. According to a May 20, 2010 article in the Sacramento Bee, “For once California’s economy looks good compared to that of some other states. A foreclosure crisis that has dimmed the state’s golden glow with images of financial ruin and broken government is beginning to wane, says a leading trade group for the U.S. mortgage industry.” The article by Jim Wasserman went on to say that “The new data confirmed improvements in California and the Sacramento area recently cited by researched MDA DataQuick. Last month the firm said mortgage defaults have fallen for a year straight in the state and region, with foreclosures dropping now as well. In hard-hit Sacramento suburbs such as Natomas, Lincoln and Elk Grove, residents see dwindling evidence of the crisis.”
After remaining quite low for some time, the average price of a Sacramento home for sale rallied slightly in the month of April. According to a May 24, 2010 article in the Sacramento Business Journal, “Sacramento-area home prices are climbing off the mat, increasing 12.4 percent from the bottom reached in April 2009, according to a report released Monday.” The piece, written by Ron Trujillo, continued to note that “The fourth-county region – arguably one of the hardest hit, with an abundance of foreclosures and 35 percent-plus home price declines – had a median-home price of $188,100 in April, compared to the so-called ‘trough’ price of $167,340 a year ago, according to the California Association of Realtors.”
Home sales in the Sacramento real estate market decreased somewhat in the most recent tracking period, according to a May 20, 2010 article in the Sacramento Business Journal. The piece by Michael Shaw said that “Home sales in the four-county Sacramento region were slightly lower in April than the same month last year, according to figures released Thursday from real estate information company MDA DataQuick. There were 2,873 home sales of all types, including new homes, and existing homes and condos, in April compared with 3,036 sales a year ago, the company reported.”
The Hawaii real estate market is extremely hard to predict, with different indicators often pointing towards different potential paths for the future. According to a May 7, 2010 article in the Honolulu Star Bulletin, “Real estate markets are usually defined in terms of whether they are good for buyers or sellers. But what emerged last month on Oahu during the waning days of the federal homebuyers tax credit was more of a transitional market.” The piece by Allison Schaefers continued to state that “Sometimes it was good for buyers, sometimes it was good for sellers and sometimes it was not good at all, according to Oahu’s real estate watchers. ‘It’s a more difficult market to predict,’ said Chason Ishii, president and chief executive officer of Coldwell Banker Pacific Properties. On the one hand, Oahu residential real estate sales posted a double-digit rise in April, according to results released yesterday by the Honolulu Board of Realtors.”
Oahu homes for sale, which represent the largest component of Hawaii homes for sale, are also showing signs of indecision. According to a May 26, 2010 article from the Honolulu Advertiser, “A federal report suggests that O’ahu home values aren’t as positive as indicated by local sales data, though the market appears to be on a path of improvement. The Federal Housing Finance Agency yesterday reported that O’ahu single-family home values in the first quarter were down 4.5 percent compared with the same quarter last year.” The article by Andrew Gomes went on to say that “The figure compares with a 4.4 percent rise in the median price for O’ahu single-family homes sold in the first quarter as reported by the Honolulu Board of Realtors. It’s debatable which assessment is more accurate.”
Although the economy overall was recovering in the month of April, the rate of foreclosures in the Hawaii real estate market continued to increase during the same time period. According to a May 13, 2010 article from the Honolulu Advertiser, “Real estate in Hawaii’s foreclosure pipeline hit a high for the year last month, signaling that homeowners continue to struggle with mortgage payments even as the economy and real estate market are showing signs of a slow recovery.”
The Newport Coast real estate market, which is quite closely connected to the larger trends of the Newport Beach and Orange County real estate markets, seemed to be relatively healthy despite retreating slightly from some earlier gains. According to a May 18, 2010 article from the Orange County Business Journal, “Orange County’s median home price edged down $2,000 in April from March, but still stands $50,000 higher than the prices seen here a year ago. The median price of a home sold here in April was $430,000, a less than 1% drop from a month earlier, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.” The article by Mark Mueller continued to say that “Median home prices are now about 13% higher than they were a year ago, but still are off nearly 33% from their highest level, seen in mid-2007.”
A May 18, 2010 article in the OC Metro provided a different perspective on the same set of statistics, pointing towards increases in the pending volume of Newport Coast homes for sale. According to this piece, “Orange County saw gains in its median home price and sales activity in April, compared to the same time last year, according to a new report from MDA DataQuick. The county’s median home price hit $430,000 last month, up 13 percent from $380,000 in April 2009.” The article by Kristen Schott continued to state that “Sales rose 11.6 percent in Orange County in April, compared to 2009. Buyers snapped up 2,669 homes in the period, up from about 2,391 at the same time last year. The number also rose slightly from March.”
Another indication of rising strength for the Newport Coast and Orange County real estate markets was mentioned in a May 24, 2010 article in the Orange County Register. This piece, composed by Jon Lansner, said that “Appraisers found price strength in central Orange County (+3.4%, year-over-year for April) and in southern and beach communities (+2.8%). Northern O.C. values were down 1.8% by the RERCSC math…Orange County was one of three SoCal counties showing year-over-year price gains, albeit small ones.”
The average price of Boston homes for sale increased slightly in recent months, although some evidence suggests that increase is only a function of the soon-to-expire federal tax credit. According to an April 27, 2010 article in the Boston Globe, “Home values in the Boston-area increased 1.8 percent in February compared to the same month in 2009 but were down 1 percent from January, according to new data released today by the S&P/Case-Shiller Home Prices Indices. Boston’s housing numbers are in line with the rest of the country.” The article, written by Jennifer McKim, continued to say that “In Boston, meanwhile, the Case-Shiller numbers suggest the housing market is see-sawing. For example, over the recent six consecutive months prices have dropped 2.9 percent. Yet home values are higher than a year ago because of an earlier surge in prices dating back to April 2009.”
Boston homes for sale still may not have rallied fully, even with the assistance of a season with traditionally higher sales and a tax credit. According to a May 10, 2010 article from Boston Real Estate Now, “There are so many competing sets of housing numbers floating around out there it’s hard to keep score these days. The home buyer tax credit may have sparked a surge in sales before it expired on April 30th. But in the first quarter, Greater Boston home values continued a slide that began last fall, Zillow.com contends in its latest quarterly report.” The piece, composed by Scott Van Voorhis, also said that “And if present trends continue, local home values could sink below their 2009 low point, the report suggests. And, as I note below, that moment may come faster than you think.”
An April 23, 2010 article in the Boston Globe highlighted another problem for Boston real estate, saying that “The number of foreclosures in Massachusetts increased dramatically last month as more homeowners fell behind on mortgage payments or lost homes to lenders – a sign the housing market’s recovery remains tenuous, real estate specialists say.” The piece, written by Jennifer B. McKim, continued to say that “Petitions, the first phase of a foreclosure process, rose in number to 2,581 in March, a 21.6 percent increase from February…”
The Boulder real estate market posted slight gains in terms of home sales in the first quarter of 2010, but was also forced to confront its low but steadily increasing rate of foreclosure. According to an April 21, 2010 article from the Daily Camera, “Home sales in Boulder and Broomfield counties increased slightly during the first quarter, modest gains that could be mirroring small improvements in the economy, local real estate experts say. A total of 565 single-family homes sold in January through March, up nearly 12 percent from the 505 sold during the first quarter in 2009, according to Boulder Area Realtor Association data.” The piece by Alicia Wallace went on to say that “Ken Hotard, senior vice president of public affairs for the Realtor association, said the latest transactions appeared to be buoyed by a pickup in momentum during the fourth quarter and a better-than-expected March…The majority of the sales remain in the lower end of the market, and sales prices remain a bit depressed, Hotard added.”
The rate of foreclosures should not be a huge problem for Boulder homes for sale, as its foreclosure rate remains low. According to a May 13, 2010 article from the Daily Camera, “Boulder County had the lowest foreclosure rate among metropolitan Colorado counties during the first quarter of 2010, according to a report released Thursday by the state’s division of housing. Boulder County recorded one foreclosure sale per 605 households, the lowest rate in the Denver metro area.” The article by Alicia Wallace also noted that “During the first quarter, Boulder County had 345 foreclosure filings made and 194 foreclosure sales occur. Although those figures represent increases of 18.6 percent and 94 percent, respectively, from the first quarter of 2009, state official caution basing any conclusions on the increases.”
The foreclosure bump was also reported in a May 5, 2010 article in the Boulder County Business Report. Although it should not devastate the market, the piece by David Clucas noted that “Foreclosures rose in April, but for the first time this year the filings didn’t set a record high for the month. Boulder and Broomfield counties reported 160 foreclosure filings in April, up from 152 in March, but down from April 2009, which notched a record high from the month with 172 filings.”
The Palm Springs real estate market, along with the rest of the Coachella Valley real estate market, seems to be edging towards recovery, although it will be gradual and difficult. According to a May 14, 2010 article in the Record Gazette, “In the year since Beaumont initiated an economic stimulus plan to spur development, there appears to be evidence that its incentives are working. While the majority of Riverside County saw the number of permits for construction of new single family homes drop 10.6 percent last year, Beaumont boasted an increase of 16.7 percent over its 2008 volume, according to statistics presented at the May 4 city council meeting.” The article by David James Heiss continued to note that “In 2009, there were 350 permits for single family residential units – the highest number of any city in the country, followed by Meifee, which issued 325, and Temecula, with 323.”
Foreclosures represented a smaller proportion of Palm Springs homes for sale, according to a May 11, 2010 article in My Valley News. This piece noted that “The number of foreclosed homes in Riverside County ending up on the auction block declined last month, but remained far above the year-ago level, a real estate tracking firm reported today. According to Bay Area-based ForeclosureRadar.com’s monthly ‘California Foreclosure Report,’ 2,398 repossessed properties in the county were sold in April, compared to 2,325 in March, a roughly 3 percent drop.” The article from Issue 19, Volume 14 of My Valley News continued to say that “Foreclosure sales statewide slid 3 percent last month but were 36 percent above the level of the year before, according to ForeclosureRadar.com. Sean O’Toole, the company’s founder, said that on a year-over-year basis, foreclosure cancellations had surged 174 percent in California.”
Another article from My Valley News, this one from May 4, 2010, pointed towards a gradual economic recovery that should help lift the Palm Springs real estate market. It said that “Riverside County will lurch toward an economic recovery, but getting there won’t be easy, and factors rooted in state and national policies are bound to get in the way, economists told the Board of Supervisors yesterday.”
The Des Moines real estate market is starting to show signs of improvement, although there are regional exceptions and some contradictory evidence. According to an April 14, 2010 article in the QC Times, “The Iowa-side real estate derby is heating up with Davenport Now taxpayer incentives spurring enough interest to push Davenport to the top of the new housing start list.” This article, written by Tory Brecht, is writing specifically about one of the less populated regions of Iowa which is often forgotten by the news media. The piece continued to note that “We’re seeing fewer Iowa-side listings, but significantly more sales according to Multiple Listing Service figures. The Illinois side reports modest listing and sales increases for the last two months. These heartening trends look pretty good here. Compare it nationally and we’re smiling wider.”
Northern Iowa homes for sale were selling at a slower pace than the rest of the state, although the overall trend for the area was generally positive. According to an April 16, 2010 article in the Globe Gazette, “Home sales in the North Iowa area were down slightly in March, contrary to the statewide trend. According to the Iowa Association of Realtors home sales in Iowa increased from 1,452 in February to 2,225 sold in March. Locally 33 homes were sold in February and 31 in March, according to Jennifer Raemaker, president of the Mason City Board of Realtors.” The piece, composed by Laura Bird, continued to note that “An increased inventory may have helped sales, too. The number of homes currently listed in the North Iowa area is around 473. That’s up from 437 in February. Houses are spending less time on the market, too, which is in line with the statewide trend. In February, homes averaged 183 days on the market, while in February 2009 they averaged 188 days.”
This same general good news for Des Moines real estate was also reported in an April 16, 2010 article by Radio Iowa, which found that “Home sales in Iowa increased 53% from February to March according to the Iowa Association of Realtors. I.A.R. President Carey Jensen credits the increase almost entirely to the improved weather conditions in March.”
The Tennessee real estate market continues to face mixed signals during the month of April, as two of the largest urban centers in the state have received conflicting evidence from different real estate indicators. According to an April 26, 2010 article in the Nashville Business Journal, “Home prices experienced their first annual increase in more [than] three years in February – but the good fortune was not shared in the Nashville area, according to data released today by First American CoreLogic. In the Nashville-Davidson-Murfreesboro-Franklin area, home prices in February declined 3.97 percent, including distressed sales, a slight improvement over the 4.21 percent decline witnessed in January, according to FACL.” The piece, composed by Eric Snyder, continued to say that “Excluding distressed sales, prices declined 1.57 percent in February, compared to a 2.46 percent decline in January. First American CoreLogic is projecting that Nashville-area home prices, including distressed sales, will drop 1.26 percent over the next 12 months.”
Better news for Tennessee homes for sale was reported by an April 29, 2010 article in the Memphis Business Journal, which found that “Foreclosures on residential properties in the first quarter for the Memphis metropolitan area fell 19 percent compared to a year ago, according to RealtyTrac Inc.’s Q1 2010 Metropolitan Foreclosure Market Report. The year-over-year drop was in line with many other major metro areas.” The piece continued to state that “Compared to the fourth quarter of 2009, the number of foreclosures fell 8 percent. For the three years end[ing] March 31 there were 3,749 properties with a foreclosure filing in the eight-county metropolitan area. That was one filing – either a default, notice of trustee sale or notice of foreclosure sale – for every 148 housing units in the area.”
Still, remaining foreclosures have deflated the values of some Tennessee real estate, according to an April 9, 2010 article in The Commercial Appeal, which found that “House values fell more in the Memphis area than in other large city in the nation December through March, according to a company that provides data for real estate valuation…Forty-three percent of sales in the eight-county Memphis metropolitan area involved lender-owned houses.”
The Palos Verdes real estate market, a subsidiary of the larger Los Angeles County and Southern California real estate markets, seems to be steadily rallying after the devastating economic recession. According to an April 23, 2010 article in the Valley News, “The number of Riverside County homes slipping toward foreclosure dropped by 49.9 percent in the first quarter of the year, compared to the same period in 2009, a real estate information service reported Tuesday. Lenders sent default notices to 8.474 homeowners in Riverside County in the first quarter, down from the previous year’s first quarter total of 16,906, according to La Jolla-based MDA DataQuick. Meanwhile, the number of San Diego County homes slipping toward foreclosure dropped by 39 percent in the first quarter of the year, compared to the same period in 2009. The number of Los Angeles County homes heading toward foreclosure dropped by 43.5 percent over the same time frame. In Orange County, default notices were sent to 5,270 homeowners, down 37.5 percent from the 2009 first-quarter total.”
The same article in the Valley News continued to quote John Walsh the president of MDA DataQuick, who “said it was difficult to determine if the dramatic reduction in default notices was the result of shifting market conditions or changing banking policies. ‘Several factors are at play here and it’s hard to know how they play into each other right now,’ Walsh said. ‘A year and a half ago, the sub-prime mortgage loan mess was the black hole. Now, playing catch-up is the financial distress households are experiencing because of the recession. Add to the mix shifting policy decisions, both by lending institutions and in public policy,’ he said.”
More good news for the Palos Verdes real estate market was noted by an April 13, 2010 article from the Associated Press, which found that “The median home price in Southern California rose 14 percent last month from March 2009, as more high-end homes trickled into the region’s sales mix, a tracking firm said Tuesday. San Diego-based MDA DataQuick reported that last month’s median of $285,000 was up from $250,000 in March 2009 and up almost 4 percent from February’s $275,000.”
The Kansas City real estate market will eventually recover from its current difficulties, but it continues to face a number of serious problems. According to an April 9, 2010 article in The Kansas City Star, “Kansas City home prices on average are expected to drop an additional 6.3 percent, bottom out in mid-2011 and rebound to pre-recession levels by mid-2013, according to a new report. Though that sounds discouraging, the area fared better than many others in the Fiserv Case-Shiller review of 375 U.S. markets.” The piece, written by Kevin Collison, continued to say that “The study indicated that housing prices in some areas, notably California, Florida, Arizona, and Nevada, wouldn’t return to their pre-recession peak for more than 15 years. Some communities such as Orlando, Fla., and Sacramento, Calif., weren’t estimated to return to their previous highs until after 2039.”
The high number of foreclosures is one of the negative pressures affecting Kansas City homes for sale, as well as much of the rest of the state. According to an April 15, 2010 article in the Kansas Reporter, “Kansas, like the nation, was hit with record numbers of home foreclosures in March, one of the nation’s top trackers of filing activity reported Thursday. Foreclosure filings were recorded on 2,744 Kansas homes in March, the largest monthly total ever recorded since tracking giant RealtyTrac began reporting on foreclosure trends in January 2005…” The piece, composed by Gene Meyer, continued to say that “Those filings, which cover a range of foreclosure activity from the very first default notices to takeovers by lenders, appear to be between about 30 percent to 44 percent higher than both a month earlier and in March, 2009…More than seven in 10 of the foreclosures, or a total 1,896, were recorded in Wyandotte County in the Kansas City area.”
An April 15, 2010 article from MSN Money targeted the Kansas City area more specifically, saying that “Although new homes on the Kansas City area’s spring homes tour are brimming with potential buyers, a dark cloud has swirled up over another part of the market. Home foreclosure activity in the 15-county area stormed upward by 107.9 percent in March from the previous month and rose a thunder-clapping 174.32 percent from March 2009…”
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Real Estate | | 
June 7, 2010 8:29 pm | 
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