Real Estate and Economic Links

AgentGenius:

* The top ten best cities for the next ten years

* The silver lining in the real estate sector – home prices are up

Inside Real Estate News:

* Home rentals scarce

HousingWire.com:

* S&P/Case-Shiller: June home prices up 4.2% from year ago

* Zillow: 30-year mortgage rates drop to another record low

Calculated Risk:

* Existing Home Inventory declines slightly in August

* On Case-Shiller House Prices: October is the "Witching Hour"

* Case-Shiller: Home Price indices increase in June

S&P Case-Shiller Housing Price Index - August 31, 2010 Release

New York, August 31, 2010 – Data through June 2010, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index rose 4.4% in the second quarter of 2010, after having fallen 2.8% in the first quarter. Nationally, home prices are 3.6% above their year-earlier levels. In June, 17 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were up; and the two composites and 15 MSAs showed year-over-year gains. Housing prices have rebounded from crisis lows, but other recent housing indicators point to more ominous signals as tax incentives have ended and foreclosures continue.

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San Francisco, San Diego, Minneapolis, and Los Angeles led the charge for year over year gains while Las Vegas, Charlotte, Seattle, and Tampa sustained the largest losses.

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Actual S&P / Case Shiller PDF Release: The Second Quarter of 2010 Saw Modest Improvement in Home Prices According to the S&P/Case-Shiller Home Price Indices

Free Home in Escondido, CA!

"The company is giving away the house for free. No down payment, no closing cost, no mortgage, no joke. You want it? It's yours.

There's just one catch. The new owner will have to pay to have it hauled away from the lot on the northeast corner of West 11th Avenue and South Escondido Boulevard, where it has been since 1922.

Tom Crowley, a senior associate with Hanson Commercial, said he has heard the move will cost more than $10,000, but less than $20,000.

The new owner also should be aware that the 800-square-foot, single-story house is a fixer-upper. It has no floor, its roof needs repairs and all its fixtures need to be replaced."

Marketing, marketing, marketing! Despite the nice offer, this home clearly doesn't appear to be much of a deal after factoring in the real costs of getting this property renovated and that's if the house doesn't fall apart during the moving process!

Thanks, but no thanks. You can keep this one, Mr. Crowley!

In case you see it differently, check out our good "Haulin' House" friends over at HGTV to help with the move.

Complete Article: North County Times - ESCONDIDO: House is free to a good home

Foreclosures and the Higher-End Housing Market

No real surprise that the foreclosures are starting to have a larger impact on the higher-end housing market. If you had money in savings, investment accounts (or any other vehicle), and access to credit, you have had an opportunity to throw good money after bad. Unfortunately, even for those who have money, there's only so long you can do so waiting for the economy to turn.

Complete Article: Los Angeles Times - Foreclosures of million-dollar-plus homes on the rise

Flipping and the Housing Market

[NPR Audio feed]



I tend to agree with many of the sentiments of the house flipper being interviewed. There definitely are great deals available due to the sheer number of distressed housing inventory in many local real estate markets. However, in our "on the ground" experience renovating homes in the Phoenix, AZ market, the margins have become noticeably tighter this year in comparison to the last two years due to the increase in investors / cash buyers.

Real Estate and Economic Links

The Notorious R.O.B.:

* Welcome to the New *#&@%@ Normal!

The New York Times:

* Widespread Fear Freezes Housing Market

The Mess That Greenspan Made:

* Beware the Banks’ New Credit Cards

Calculated Risk:

* Gibbs: Housing Tax Credit not high on list of options

* Lawler: HUD Secretary May Have Just Made Near-Term Home Sales Worse

Los Angeles Times:

* Home-price deflation, Round 2?

Reuters.com:

* No decision on reviving homebuyer credit: Donovan

Housing Market: More Doom and Gloom

There's no doubt that consumer debt and the lack of meaningful job growth will continue to handicap the broader housing market. Where's the real reform in the credit world? Are 29.99% interest rates really necessary? Of course they are when all you care about is profits and the bottom line rather than working towards alleviating some of the consumer debt pressure.