Archive for April, 2009
Home Prices May Be Leveling Off
The spiraling decline in home values for the past too-many-months slowed in February, according to data released by Standard & Poor’s on Tuesday. While the prices of existing single family homes across the United States continued to slide, the downward trend didn’t gain any speed, offering a sliver of promise to the nation’s housing markets.
David M. Blitzer, chairman of S&P’s home price index committee, told the New York Times, “Finally, we’re seeing a touch of moderation. This is the kind of thing one might see if we’re beginning to see a bottom. I would not run out and celebrate, but I would not dig the bunker any deeper.”
The S&P/Case-Shiller Home Price Indices, covering market data through February 2009, showed that for the first time in 16 months, the annual decline of the 10-city and 20-city composites did not set a new record.
The 10-city and 20-city composites recorded annual declines of 18.8 percent and 18.6 percent, respectively. This is a slight improvement from their returns reported for January, where they fell by 19.4 percent and 19.0 percent.
Still, 15 of the 20 metro areas studied saw declines in excess of 10 percent versus February 2008, and 10 metros showed record rates of annual decline. However, looking at the short-term, Blitzer pointed out that 16 of the 20 metros reported an improvement in their monthly returns compared to January, and nine saw improvements in their annual returns compared to their return in January.
Blitzer noted that even though we witnessed some deceleration in the rate of decline in some regional markets, a few more months of data are needed before it can be determined that home prices are finally turning around.
According to S&P’s market data, February’s average home prices across the United States are at similar levels to where they were in the third quarter of 2003. From the peak in mid 2006, S&P said, the 10-city composite is down 31.6 percent and the 20-city composite is down 30.7 percent.
All 20 metro areas studied by S&P reported negative monthly and annual rates of change in average home prices in February. In January’s report, seven metro areas and the 20-city composite posted record monthly declines, but in February, Cleveland was the only metro area with a record monthly decline, returning -5.0 percent. Cleveland, Charlotte, New York, and Washington were the only metropolitan statistical areas (MSAs) showing larger declines in home prices in February compared to January’s report.
In terms of annual declines, S&P said the three worst performing cities continue to be from the Sunbelt, each reporting negative returns in excess of 30 percent. Phoenix was down 35.2 percent, Las Vegas declined 31.7 percent, and San Francisco fell 31.0 percent.
End is in sight for some areas !!
C.A.R. reports March home sales increased 63.8 percent, median home price declined 39 percent
C.A.R. reports March home sales increased 63.8 percent,
median home price declined 39 percent.
Declines in some areas have slowed down, just starting to let go in other areas.
Five states account for nearly 60 percent of nation’s first quarter total
California, Florida, Arizona, Nevada and Illinois accounted for nearly 60 percent of the nation’s foreclosure activity in the first quarter, with 479,516 properties receiving foreclosure filings in the five states combined.
Now you now where the deals are found !!
Nevada, Arizona, California post top state foreclosure rates in first quarter
Nevada continued to document the nation’s highest state foreclosure rate in the first quarter, with one in every 27 housing units receiving a foreclosure filing — more than five times the national average.
Foreclosure filings were reported on 41,296 Nevada properties during the quarter, an increase of 19 percent from the previous quarter and an increase of nearly 111 percent from Q1 2008. Bank repossessions in Nevada were down 3 percent from the previous quarter, but defaults increased 27 percent and auction sale notices increased 35 percent.
Arizona posted the nation’s second highest state foreclosure rate for the first quarter, with one in every 54 housing units receiving a foreclosure filing, and California posted the nation’s third highest state foreclosure rate, with one in every 58 housing units receiving a foreclosure filing.
Other states with foreclosure rates ranking among the top 10 in the first quarter were Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
Funny how many of these States border CA !
FORECLOSURE ACTIVITY INCREASES 9 PERCENT IN FIRST QUARTER
U.S. Foreclosure Market Report™ for Q1 2009, which shows that foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 803,489 properties in the first quarter, a 9 percent increase from the previous quarter and an increase of nearly 24 percent from Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.
Foreclosure filings were reported on 341,180 properties in March, a 17 percent increase from the previous month and a 46 percent increase from March 2008. The March and Q1 2009 totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report in January 2005 despite a decrease in bank repossessions (REOs), which were down 13 percent from the fourth quarter of 2008 and 3 percent from February totals.
“In the month of March we saw a record level of foreclosure activity — the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record. Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays,”- James J. Saccacio, chief executive officer of RealtyTrac.
“It’s also likely that the drop in REO activity can be attributed to these processing delays, rather than to any of the foreclosure prevention programs currently in place. It’s very likely that we’ll see the number of REOs increase again now that most of the moratoria have been lifted.
“On a positive note, it appears that demand is up in some of the harder-hit areas, particularly on bank-owned REO properties that first time homebuyers and investors see as bargains,” Saccacio continued. “But it’s unlikely that this increased demand will be enough to offset the growing number of foreclosures in the pipeline, accelerated by rising unemployment rates.”
I told you there was more coming !!!
California new car sales plunge 43 percent in Q1
Sales of new cars and light trucks in California dropped by 43 percent in the first quarter of 2009 compared to the same period last year- the California New Car Dealers Association (CNCDA).
Sales pace running at 1975 levels
‘Recession and uncertainty’ cited
With this Economy- who would buy a new Car ?
30-year mortgage back at record low
The 30-year fixed-rate mortgage was back down to its record low this week, averaging 4.78%, according to Freddie Mac’s survey of conforming mortgage rates, released on Thursday.
Great time to buy a house or investment property!
Home Buyers Snap Up RealtyBid’s Foreclosure Deals
Thousands of home buyers looking for deals on foreclosures are turning to RealtyBid.com’s online home auctions, evidenced by the company’s record-setting numbers for the first quarter of 2009.
RealtyBid.com CEO and president, Tony Isbell, said the Web site’s online home sales grew by more than 37 percent in 2009 over first quarter 2008, and by almost 50 percent over first quarter 2007.
“The first quarter of 2009 was our biggest first quarter ever, and January, February and March were each individually record-breakers compared to those same months in previous years,” Isbell said. “Additionally, our number of new registered bidders was up more than 62 percent during the first quarter of 2009.”
There’s an abundance of bank-owned properties right now, and we are helping banks put those properties back into private ownership. In the process, buyers are getting phenomenal deals on foreclosure homes.”
Lenders are anxious to sell the homes that have come to them through foreclosure, according to RealtyBid.com’s EVP Mike Keracher. “The banks have looked to us to sell these properties, and because they are ready and willing to ‘move’ them, we are able to offer tremendous bargains to buyers,” Keracher explained.
Thousands of homes are available each month on RealtyBid.com from the nation’s largest lenders, builders, and real estate brokerage firms. The company has sold more than 20,000 homes online and was ranked as the nation’s number one sales team in terms of transactions in both the 2008 and 2007 Lore Magazine/Wall Street Journal/Real Trends “Real Estate Top 200.” DSNews
Central Valley remains nation’s hot spot for car thefts
Central Valley remains nation’s hot spot for car thefts – Four of top ten areas are in Central Valley.
Modesto is Number One!
Modesto – the designation includes all of Stanislaus County, not just the city of Modesto — is the top stop for stolen cars in the latest study by the National Insurance Crime Bureau of Des Plaines, Ill. The rate is determined by the number of vehicle theft offenses per 100,000 inhabitants using the 2008 U.S. Census Population Estimates, the most current figures available.
Bakersfield is ranked fifth. It had been 15th in last year’s study.
Stockton is ranked sixth, a slight improvement from last year’s fourth place finish.
Fresno is in tenth place,, compared to 11th the year before
For 2008, the rest of the top ten Metropolitan Statistical Areas (MSA) with the highest vehicle theft rates are:
Second: Laredo, Texas (it was sixth in 2007)
Third: Yakima, Wash. (it was ninth in 2007)
Fourth: San Diego/Carlsbad/San Marcos (it was third in 2007)
Seventh: Las Vegas/Paradise, Nev. (it was second in 2007)
Eighth: Albuquerque, N.M. (it was seventh in 2007)
Ninth: San Francisco/Oakland/Fremont (it was fifth in 2007)
U.S. Budget deficit triples to $957 billion for year
The U.S. federal budget deficit rose to a record $956.8 billion in the first six months of the fiscal year after the government stepped up spending to cope with a recession that has depressed tax receipts, the Treasury Department reported Friday.
The deficit is well on its way to the $1.75 trillion — or 12.3% of gross domestic product — that the White House has estimated for the full fiscal year, which ends in September.
The deficit through the first six months is more than three times higher than it was at this time last year. The government has borrowed $1 trillion from the public so far this fiscal year.
In March, the deficit widened to $192.3 billion from $48.2 billion in March 2008.
Wow !!!
