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Real Estate News Headlines…. Are you as Confused as I am?? November 24, 2009

Posted by mkuhbock in AZ Real Estate News.
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Well the newest real estate articles are posted below and once again they can educate and also add to our daily confusion on what the hell is going to happen to the real estate market in the US.

One thing is for certain, if you don’t like the market prognosis today you will only have to wait a couple of hours to have it change to your liking. 🙂

October home sales rise 10.1 pct from September
October home sales up 10.1 percent, beating expectations as tax credit spurs sales

* By Alan Zibel, AP Real Estate Writer
* On 4:18 pm EST, Monday November 23, 2009

WASHINGTON (AP) — Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit…  Link to full article

Home prices up slightly in September

Home prices up slightly in September; analysts expect declines as foreclosures rise

  • By Alan Zibel, AP Real Estate Writer
  • On 11:59 am EST, Tuesday November 24, 2009

WASHINGTON (AP) — The summer’s trend of rising home prices is ebbing as the traditional home shopping season ends, two reports Tuesday showed… Link to full article

10 Questions on the Volatile Housing Market

James R. Hagerty
Wednesday, November 18, 2009

Lower prices have spurred home sales, but looming foreclosures and high unemployment are clouding the outlook

The U.S. housing market has been in a slump for the past four years. When will it ever end?

In recent years, real estate has proven as jittery and unreliable as any other market.

Link to article and the 10 answered questions

1 in 4 Mortgage Borrowers is Under Water

Posted by David S Morgan

Nearly a quarter of U.S. mortgage holders owe more on their loans than their houses are worth, according to a report today in the Wall Street Journal.

Data from First American CoreLogic, a Santa Ana, Calif.-based real-estate information company, shows that in the third quarter of 2009 almost 10.7 million households had negative equity in their homes.

Link to the full article

Housing Bottom? “Not Even Close,” Barry Ritholtz Says

Posted Nov 24, 2009 02:07pm EST by Aaron Task

A fifth-straight monthly gain for the Case-Shiller Index Tuesday and Monday’s stronger-than-expected existing home sales report is giving renewed hope to the housing bulls.

“Disregard them,” says Barry Ritholtz, CEO of Fusion IQ,….

Link to video and article

New US home sales rise 6.2 percent

October new US home sales up 6.2 percent in sign of stability for housing

  • By Alan Zibel, AP Real Estate Writer
  • On 10:55 am EST, Wednesday November 25, 2009

WASHINGTON (AP) — Sales of new homes rose last month to the highest level in more than a year as strong activity in the South offset weakness in the rest of the country.

The Commerce Department said Wednesday that sales rose 6.2 percent to a seasonally adjusted annual rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expected a pace of 410,000….

Link to full article

Arizona second in underwater loans

Phoenix Business Journal – by Jan Buchholz

Arizona has more homeowners who are underwater with their mortgages than any other state, save one.

About 48 percent of homeowners here owe more on their mortgages than the home is worth. That is second only to…

Link to full article

When will the market hit bottom??? November 16, 2009

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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The elusive question everyone is asking, ‘When will we hit the bottom of the real estate market?’ has no definitive answer but the tells point to the fact that we are still moving towards the bottom an not there yet.

Here is a decent video with Dan Alpert of Westwood Capital who sides with the real estate bears and puts the bottom in perspective with some economic fundamentals to consider when making our own guess.

Video and article

 

To be a real estate analyst….. November 13, 2009

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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To be an analyst it todays market means that you would never be wrong… all you need in your predictions is the word ‘but’.

The market has stabilized but … The market is up over last (choose your date) but … Recovery is just around the corner but …..

We have hit bottom but ….

Bottom line is the Valley housing market has a long way to go before it is in a ‘real’ recovery phase that shows sustainable positive numbers and real upward trends across all classes of homes and all areas of the Valley. We are close to the bottom and will bounce along it now until the economic recovery takes hold. When will that happen? Your guess is as valid and as good as anyone elses as it is a crap shoot now.

House resale values in some market segments still have a way to fall, some analysts are calling for another 24% + drop, some market segments have stabilized and some small pockets in the Valley are even seeing an uptick in value. But … make sure you compare apples to apples, something that is not always done.

We are even seeing the new home construction now compete with resale in the same areas as builders have to keep their businesses afloat and need to move product to do so, deals are to be had if you have the kahoonas to risk investing with a developer that might not be around after you have put up half the money and your dream home is only 1/3 completed. Make sure you work with a stable developer that has a long history in the Valley and a well sold development, there are many out there but caveat emptor.

Foreclosure properties are still a very BIG wild card, how many are sitting on the desks of the lenders not yet processed, how many will be coming on to the market in early 2010 once the economy tightens a little more and the next wave hits, how many investors will be walking away from portfolios of properties that will then go into the foreclosure mill?????

Below is a decent but very vanilla overview on the market, an interesting read at least.

I think my next post might rant about REO properties a little more but until then have a great weekend.

Phoenix Housing Market Showing Signs of Recovery, but Still Has Issues

Published: November 12, 2009 in Knowledge@W.P. Carey

t’s Indian Summer in the Phoenix real estate market: Like a replay of the traditional high sales months, resale activity increased in October — from 9,070 sales in September to 9,955. But although the level of activity appears strong, it’s not necessarily a sign of recovery, as foreclosures continue…….

 

 

AZ Real Estate News Articles November 5, 2009

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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The first article reviews some of the signs of a false bottom for the AZ real estate market and the second might be an indication of how the foreclosure supply might see an increase when underwater owners just throw in the towel and walk away. Is the recent Vally real estate good news a dead cat bounce phenomena? Time will tell and 2010 will definitely be interesting.

Unseasonably high home sales in October linked to tax rebate
Arizona Republic – Phoenix,AZ,USA

Phoenix real-estate agent and property manager Melinda Murphy attributed the relatively … Phoenix real-estate analyst Jim Belfiore of Belfiore Real Estate …

UA prof to some homeowners: Consider walking away
AZ Central.com – AZ,USA
She’s the keynote at Lambda Alpha International’s Phoenix real-estate conference on Tuesday. The event starts at 7:30 am at the Sheraton Phoenix Downtown …

More walk away from homes, mortgages
By Stephanie Armour, USA TODAY
When Sharon Sakson was laid off recently from her job as a television writer and producer, she burned through her savings to pay the $2,400 monthly mortgage on her home. But she soon decided it didn’t make sense: Her home was worth thousands less than the mortgage she carried on it.

 

Fannie Mae seeks $15 BLN in US aid after 3Q loss
By Alan Zibel, AP Real Estate Writer

WASHINGTON (AP) — Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as the taxpayer bill from the housing market bust keeps rising.

The government-controlled company continued….

What is a real estate purchaser to believe???? October 21, 2009

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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I recently came across 2 separate articles that focused on the future of the real estate market. One was a national publication with grounded statistics while the other article was a local Phoenix publication that also was based on relatively hard numbers.

The funny thing is that both articles screamed the opposite opinion of where the market is going. The Phoenix based article speaks of a recovery and that the real estate slump is over while the national article talks about more pain and how real estate prices are about to go much lower.

My take is that the market will bounce along the bottom for another 36 to 48 months, great deals will be had and some insulated pockets in the Valley will actually see a decline in properties for sale and realize a marginal appreciation in value.

Check out the articles for yourself:

Phoenix-area consultants contend local real estate slump is over
Bizjournals.com – Charlotte,NC,USA
Two Phoenix real estate consultants are claiming the local residential real estate meltdown is over. Karl Guntermann, the Fred E. Taylor professor of real …

Housing Prices: Expected to Drop More in the Next Year?Home values are predicted to fall in 342 out of 381 markets in the next year, according to a new forecast. Learn why and find out which cities could buck the trend…

A good summary on US real estate opportunities October 19, 2009

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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The Close : October 19, 2009 : U.S. Opportunity Knocking?

Link to the BNN video

U.S. real estate prices continue to fall and the Canadian dollar continues to rise. With the Bank of Canada and the Fed expected to keep rates low, at least until mid-2010, is now a good time for Canadians to invest in U.S. housing? BNN speaks to Terry Ritchie, certified financial planner, Transition Financial Advisors, for a look at the opportunities and pitfalls of Canadians buying U.S. residential real estate.

Recent AZ real estate news articles August 17, 2009

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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More news articles on the metro Phoenix real estate market and beyond:

Home Prices: There’s No Quick Recovery Ahead

by Brett Arends
Monday, August 17, 2009

provided by

wsjlogo.gif
So, is our long national nightmare over? Has the housing market finally hit bottom?

There has been some muted — albeit exhausted — cheering from homeowners in recent weeks. But before we break out the champagne……

Valley home building resumes as new builders take over
AZ Central.com – AZ,USA
Phoenix real-estate analyst Jim Belfiore of Belfiore Real Estate Consulting said companies are taking full advantage of recent moves by lenders to sell off …

Foreclosure bill is now tied to state’s budget
Arizona Republic – Phoenix,AZ,USA
Former Arizona State Land Commissioner Mark Winkleman joined Mortgages Ltd., the Phoenix real-estate lender founded by Scott Coles. Winkleman, a real-estate …

Fidelity Releases Metro Phoenix Real Estate Trends and Predictions
Business Wire (press release) – San Francisco,CA,USA
This information is released in partnership with The Cromford Report, a daily report tracking the residential real estate trends of the Metropolitan Phoenix …

Foreclosures Forecast to Increase

Foreclosure Investors Rely on Innovative Rental Strategies

New appliances. Upgraded bathrooms. Plasma televisions. Granite countertops. High-end fixtures. These are some of the perks foreclosure landlords are offering their tenants. With the market for home …