Tag Archives: United States

Tennessee real estate market

Posted on May 12, 2010 | 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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Palos Verdes real estate market

Posted on May 11, 2010 | Leave a comment
Palos Verdes' Malaga Cove Plaza and its Neptun...
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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.”

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Kansas City real estate market

Posted on May 10, 2010 | 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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Orange County Real Estate

Posted on March 14, 2010 | Leave a comment
Downtown Los Angeles

Orange County lies at the heart of Southern California and is often considered the region’s most notorious housing market. Orange County real estate often takes the cake for being the most expensive real estate in America. The market has experienced some rough waves of ups and downs since the financial crisis set in in America, and as 2010 has come upon us, it still shows sign of a struggle.

According to the Orange County Register, quoting the DataQuick homebuying report for the three-week period ended Feb. 16, home prices in Orange County had a median price of $485,000, up 14.1% from a year earlier, while sales volume of homes racked up 1,449 sales, up 3.1% from the previous year. Condos had a median sale price of $295,000, also up 9.3% from February of 2009, and condo sales volume was at 706, up 5.4% year-over-year.

Despite the mostly positive-sounding statistics, though these prices are higher than their year-earlier prices, the median price for Orange County homes for sale in this period was at a nine-month low. Single-family homes have been reselling for a third less than their highest prices in June 2007, with condos selling for more than a third (37%) less than their highest prices in March 2006.

Likewise, though sales volume has picked up from the same period in 2009, it still remains well below pre-crash figures. In this period, there were 2,253 residences sold. Though that figure is an improvement of 4.6% from 2009, it is still well below the activity in the previous decade: From 1997 through 2006, monthly sales averaged more than 4,300 per month.

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Indiana Real Estate

Posted on January 23, 2010 | Leave a comment
Indiana State Capitol at the end of Market St,...
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Real estate experts are worried that the Indiana real estate market may be a ways away due to slow real estate activity, despite low mortgage rates and the federal tax credit incentives. Although previous months have posted improvements, real estate experts don’t expect the improvements to continue and believe that winter home sales will stall. Indianapolis is ranked as one of the worst faring cities in the nation in terms of real estate activity. Realtors can only hope that the coming months will bring only small declines if improvements cannot be made.

According to the Indy Star, November has posted promising signs of an improving real estate market in Indiana. However, real estate experts don’t believe the recent success is enough to prevent the expected halt in the Indiana real estate market during the winter months despite the incentives offered to prospective homebuyers through low interest rates and the federal first-time homebuyer tax credit. The Indiana Association of Realtors posted that in the month of November, just over 5,000 homes were sold in Indiana, a 36.5 percent increase from November of 2008. The increase in sales in Indianapolis was 27.79 percent between November of 2008 and November of 2009, ranking the city as the seventh-worst improvement among large U.S. cities. Real estate experts have also noted that there are people interested in buying, but the strict lending standards enforced by local banks has made it extremely hard for prospective buyers to obtain loans. Job security and high unemployment rates have also played major roles in slowing the Indiana real estate market. Although the real estate market is expected to worsen over the next few months, real estate experts have noted that the declines in sales and median prices may be small due to signs that the Indiana real estate market has bottomed out.

The Indianapolis Business Journal has also reported on some of the real estate successes seen in 2009, offering hope that recovery may be near. Some of the top stories include recent growth and an increase in real estate activity around the Indianapolis International Airport, support for restoration of historic buildings in downtown Indianapolis, and the success of some local businesses. The industrial real estate in Indianapolis was also reported to be quite successful, preserving a stable vacancy rate and only slight decline in rent rates, despite the struggles in most other parts of the economy. Although there have been many promising stories suggesting real estate improvements, real estate experts have also noted that another wave of foreclosures is expected to hit the local real estate market in early 2010.

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Hawaii Real Estate- Personal Paradise

Posted on January 9, 2010 | Leave a comment
Wailua Valley, Road to Hana, Maui, Hawaiian Is...
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If your dream of a relaxed, calm lifestyle is set on a beautiful tropical paradise, then Hawaii could be the best place for you. Known all over the globe for its world-class beaches, lush vegetation and spectacular views in every direction, Hawaii presents the most incredible natural setting for living, working and playing. This combination of islands in the center of the Pacific Ocean is a great place to find friendly communities and a thriving culture.

For people looking for a slower-paced lifestyle and exceptional surroundings with a high quality of living Hawaiian real estate is the perfect place to search for a new home. One of the best characteristics of the real estate market in Hawaii is that it is very versatile giving many options for every homebuyer. Homes that are for sale in Hawaii have everything in them, from stunning beachfront mansions to inland condos and cozy cottages. In addition, with all of the eight main islands of Hawaii, there are a large number of different communities and settings to choose from with each having its own character and special features.

The big island or Hawaii Island is the biggest among all the Hawaiian Islands and is the setting for many highly looked for communities. This is true particularly in the western parts of the island, where approximately 60,000 people live in desirable regions such as West Hawaii, North Kohala, South Kohala, North Kona and South Kona. This part of the Hawaiian real estate market has a lot to offer to potential homebuyers with respect to available properties, the natural environment and amenities. The Big Island is also filled with miles of beautiful coastline, lava fields and abundant vegetation. Owners of Hawaii real estate on the Big Island also enjoy amenities and attractions at the tip of their fingers. With all the parks, beaches, golf courses and recreational facilities found throughout the island communities, all the residents have many opportunities for staying active and enjoying the outdoors.

Hawaii Island is also the home to many ancient temples and many other places of cultural, historical and natural interest. With the University of Hawaii and more than thirty public schools and several private schools on the island, making this an excellent place to live in for all ages of people.

The numerous housing options on the Big Island are as diverse as the activities and amenities that it offers. The communities located in this part of the Hawaiian real estate market have condominiums, townhouses, detached homes, estates and undeveloped lots. The price of the homes for sale in Hawaii County covers a wide range depending on the housing type, size and its location.  From townhouses costing less than $100,000 to estates priced at the millions, the Big Island offers plenty of variety. There several other islands where potential homebuyers can search for their own piece of paradise. Maui is the second biggest island and is the home to some of the fastest growing communities in the state of Hawaii. With a thriving economy and booming high-tech industry in addition to its beautiful surroundings, Maui offers an excellent quality of life in many respects. With all its family friendly neighborhoods and new developments both inland and along the coast, House hunters will discover that Maui real estate is an excellent place to find a quality home where they can settle down and enjoy everything that this fabulous island can offer.

Potential homebuyers who are interested in living in one of the larger Hawaiian Islands will also discover large choices of available homes on the island of Oahu. Home to Hawaii’s capital city of Honolulu, Oahu is a very accommodating island where locals are known for representing the “Aloha Spirit”. Home also to Waikiki beach and Diamond Head, Oahu is a popular place for Hawaii Home buyers in search of the perfect beachfront or inland properties.

In Maui and the Big Island and also in Oahu, housing prices cover a wide range giving house hunters options with a variety of different lifestyles and budgets. The real estate market in Hawaii also has a large selection of homes and properties for the homebuyers in search of a more secluded lifestyle away from the largest three islands in the archipelago. For example, the islands of lanai and Molokai give homeowners a quiet and peaceful atmosphere, away from resorts and tourist hubs of Maui and the other larger islands. As a matter of fact Molokai has no traffic lights or high rises in sight on the island. In spite of the deserted beaches and spectacular scenery, these islands are not less beautiful than the other bigger islands.

From Maui to Molokai, no matter where you choose to live, the Hawaiian real estate market has an excellent variety of homes and properties to choose from. With its large selection of housing types, locations and prices, Hawaii is truly the perfect place to find yourself your own tropical paradise.

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Tampa Real Estate Market

Posted on December 30, 2009 | Leave a comment
Downtown Tampa, FL
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Like many cities in the Sunshine State, Tampa has been hit hard by the recession in the United States as the Tampa real estate market has fallen, with home values plunging and foreclosures skyrocketing. The market may have been overheated before, spurred on by speculation, which has contributed to its fall in prices.

However, all is not bleak. The market for real estate in Tampa seems to be on the rebound as of late. According to the Greater Tampa Association of Realtors, there were 1,131 homes sold in October, up from just 876 the year before, many likely spurred on by the government stimulus-rebate program for home buyers. Condo sales volume was up too, as were villa and townhome sales.

However, prices are still lagging on homes for sale in Tampa. The average sales price of a residential home sold in October was $170,932, down from $205,410 in 2008. Condo prices were down by around $34,000, townhomes were down by around $36,000 and villas were down by $38,000 — great news for buyers but not so good for sellers.

And the St. Petersburg Times reported that sales in the Tampa area in November were up by more than 50% in the month of November, as compared with the previous year’s figures. Mortgage default rates were still high, with October giving the Tampa-St. Petersburg-Clearwater area a 15% 90-day-plus delinquency rate, the highest of 2009, and a 9% foreclosure rate — also the highest of the year. As these homes are returned to the banks, the inventory available will continue to build up.

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Denver Real Estate Market

Posted on December 21, 2009 | Leave a comment
City and County of Denver
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The Denver real estate market is facing mixed signals, meaning that the quasi-recovery after the nationwide economic recession has not been particularly strong. According to a November 19, 2009 article in the Denver Business Journal, “Colorado saw 12,468 foreclosure filings in the third quarter, setting a new all-time quarterly record, but completed foreclosures so far in 2009 are down from last year, the state Division of Housing reported Thursday. It’s the fourth consecutive quarter in which statewide foreclosure filings have increased, according to the state’s latest ‘official’ release of statewide foreclosure statistics as mandated earlier this year by the states Legislature. Colorado’s third-quarter filings total is up 3 percent from the second quarter, which in turn was up 15 percent from the first quarter. The new filings brought Colorado’s total for 2009 foreclosure filings to 35,112 for the nine months ending Sept. 30, up 18 percent from the same period of 2008.”

Denver homes for sale were more popular among prospective home buyers, according to a November 10, 2009 article in the Dallas Morning News. The piece, written by Steve Brown, noted that “Pre-owned home sales in North Texas were up 11 percent in October from a year ago – the first year-over-year gain since September 200 and the best sign yet that the local housing market has turned the corner. Real estate agents sold more than 6,300 single-family homes through the Multiple Listing Service last month, according to numbers released Monday by the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems. October’s increase was only the second year-over-year rise in home sales in three years.”

Real estate in Denver also faced decreasing home prices, according to a November 24, 2009 article in the Denver Business Journal. The piece, composed by Renee McGaw, stated that “Home prices in the Denver area declined 0.5 percent in September from August, a slight pullback following six straight months of improvement, according to S&P/Case-Shiller Home Price data released Tuesday. Some easing is to be expected following the seasonally strong summer selling months, officials said. Denver home prices were down 1.2 percent in September compared with the same month a year ago.”

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Dallas Real Estate Market

Posted on December 21, 2009 | Leave a comment
Dallas skyline
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The Dallas real estate market seems to be recovering slowly, although there are still a number of challenges facing the Dallas-Fort Worth region. According to a  November 29, 2009 article from the Denton Record-Chronicle, home foreclosures have decreased in the most recent year. the piece, composed by Candace Calisle, noted that “Fewer homes were posted for foreclosure this year in Denton County compared with last year, according to a recent study conducted by Foreclosure Listing Service Inc. Denton and Dallas counties were the only two in the 19-county study that showed decreased net foreclosure postings, said George Roddy Sr., president of the Addison-based listing service. ‘We got a pretty good indicator, which is, Denton is faring better than most of the other counties in the metro area,’ Roddy said.”

A relatively steady trend was reported for Dallas home sales and prices, according to a November 25, 2009 article in the Dallas Morning News. According to the piece, written by Steve Brown, “Dallas-Fort Worth home prices held almost steady in the latest Standard & Poor’s/Case-Shiller Home Price Index – down 1.2 percent from a year ago. It was one of the smallest annual declines in more than a year in the closely watched index of home prices around the country. September prices were down 0.7 percent from August, ending a six-month string of month-over-month gains…Nationwide, prices fell 9.4 percent in September from a year earlier in the 20 cities Case-Shiller tracks. The numbers continue to show gains from earlier in the year, analysts said. North Texas home prices are about 7 percent higher in the Case-Shiller index than they were at the bottom of the market in February.”

A November 24, 2009 article in the Dallas Business Journal took a slightly different angle on real estate in Dallas. According to the piece, “Home prices in the Dallas-Fort Worth area are down 1.2 percent in the third quarter, but North Texas homeowners are faring much better than those in other U.S.-based cities, according to the latest Standard & Poor’s S & P/Case-Shiller Home Price Index report. Only Denver has had a price decline as slight as the drop experienced in Dallas. Most other American cities experienced declines of 3.3 percent or more during the third quarter, according to the S&P/Case-Shiller Index report.”

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