Saturday, September 30, 2006

UCLA Anderson School of Management Predictions

The UCLA Anderson School of Management has issued a report titled "Soft Landing with Turbulence Ahead". The report makes predictions for both the National and California economies and real estate markets.

To read the press release: UCLA Anderson 2006 economy and real estate market predictions

Wednesday, September 27, 2006

Housing Starts Down

The U.S. Department of Commerce announced that the seasonally adjusted annual rate for privately owned housing starts dropped in August for the 5th consecutive month to a rate of 1.67 million units. Compared to August 2005, the number of single-family housing starts decreased 20.6% and the number of building permits issued declined 21.9%.

To read more: Housing Starts August 2006

Monday, September 25, 2006

Sunday, September 24, 2006

Open Houses - a sign of the times

If you've been out on a Sunday in our area, you've probably noticed the abundance of "open house" signs. Yes, just a "sign of the times" as the real estate market has changed, and property marketing strategies must also change. Last year, only a fraction of properties would have an open house. In fact, in our area we've also begun to see Saturday open houses, though not as popular as the traditional Sunday open house.

Look for this trend to continue, as marketing time increases and exposure in the marketplace is key to selling a property.

Friday, September 22, 2006

How low will the real estate market go?

It's impossible to predict, but several economists voice their opinion in this online article: Forbes.com - How low will real estate go?

Wednesday, September 20, 2006

Federal Reserve Board holds interest rates steady

The Federal Reserve Board (FRB) held the federal funds rate at 5.25% today. In the statement, the FRB wrote "The moderation in economic growth appears to be continuing, partly reflecting a cooling of the housing market."

To read the press release, go here: Federal Reserve Board 9/20/06 press release

Monday, September 18, 2006

Mortgage rates down again!

According to Bankrate.com, "The benchmark 30-year, fixed-rate mortgage fell 1 basis point to 6.44 percent ... One year ago, the mortgage index was 5.76 percent, and four weeks ago, it was 6.51 percent. The 30-year benchmark has fallen in nine of the past 11 weeks. It was 6.93 percent June 28..."

To read more: September 13, 2006 interest rate report

Wednesday, September 13, 2006

Mortgage rates for the 8th time in 10 weeks in a row

Bankrate.com reports that "The benchmark 30-year fixed-rate mortgage fell 4 basis points to 6.45 percent...One year ago, the mortgage index was 5.8 percent; four weeks ago, it was 6.57 percent."

Read more here: Interest rates drop 8th time in 10 weeks in a row

Monday, September 11, 2006

Home Sales Forecast plus Prices Expected to Decline

The National Association of Realtors® (NAR) predicts that "Home sales during the rest of the year will be lower than earlier projections as the market works its way through an inventory and price imbalance."

Calling it a "market correction", NAR's Chief Economist, David Lereah states "...we’ll probably see prices dip temporarily below year-ago levels as the market works through a build up in housing inventory>"

To read more: NAR Home Sales Forecast

Tuesday, September 05, 2006

The Office of Federal Housing Enterprise Oversight (OFHEO) says home sales decline

MSN.com reports that Home sales are down. Check out what's happening in your city here.

Monday, September 04, 2006

Interest Rates

Bankrate.com reports that "Long-term mortgage rates went up for the first time in six weeks, but not by much...The benchmark 30-year fixed-rate mortgage rose 1 basis point to 6.49 percent...One year ago, the mortgage index was 5.8 percent; four weeks ago, it was 6.65 percent."

To read more: Bankrate.com

Friday, September 01, 2006

Starting out September

It seems as though the trend for real estate is here:

New home construction declines in California according to the California Building Industry Association.

Consumer confidence declines according to the Conference Board Consumer Confidence Index.

California existing home sales down nearly 30% in July while median home price up 5% according to the California Association of Realtors®.

Mortgage loan application volume decreases according to the Mortgage Bankers Association.