Tag Archives: RealtyTrac

Tennessee real estate market

Posted on May 12, 2010 by admin| Leave a comment
City of Memphis
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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.”

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Kansas City real estate market

Posted on May 10, 2010 by admin| Leave a comment
City of Kansas City
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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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