Tuesday, October 31, 2006

Complaint filed against Zillow

The National Community Reinvestment Coalition (NCRC) has filed a complaint against Zillow alleging that Zillow is "intentionally misleading consumers and real estate professionals to rely upon the accuracy of its valuation services despite the full knowledge of the company officials that their valuation Automated Valuation Model (AVM) mechanism is highly inaccurate and misleading to consumers ..."

To read the complaint: NCRC complaint against Zillow

To read the response from Zillow on it's blog, go here: Zillow Blog

To read more: Complaint against Zillow

Sunday, October 29, 2006

September 2006 Housing Starts

The California Building Industry Association has announced that "overall housing production dropped by over 13 percent in September when compared to August". This decline is attributed to "a stubbornly high level of new homes for sale."

Regarding permits pulled, the Association reports that September 2006 permits were "the fewest number of permits issued in a September since the 6,097 permits issued in September 1996."

To read more: September 2006 housing starts

Thursday, October 26, 2006

Feds Keep Rates Steady

At the end of their meeting, the Federal Open Market Committee kept the federal funds rate at 5-1/4%, as was widely expected.

To read more: Federal Reserve Press Release October 25, 2006

Tuesday, October 24, 2006

2007 California Housing Market

The California Association of Realtors® (C.A.R.) has made it's prediction for next year's housing market. According to the CAR, "The rate of home price appreciation will post a modest decline next year following several years of steep increases, while the sales pace will decrease as the market stabilizes throughout 2007 ...The median home price in California will decline 2 percent to $550,000 in 2007 compared with a projected median of $561,000 this year, while sales for 2007 are projected to decrease 7 percent to 447,500 units, compared with 481,200 units (projected) in 2006."

To read more: 2007 California Housing Market Forecast

Monday, October 23, 2006

Mortgage Rates Stall

Bankrate.com reports that "The benchmark 30-year fixed-rate mortgage was unchanged at 6.42 percent ... One year ago, the mortgage index was 6.17 percent; four weeks ago, it was 6.44 percent."

To read more: Confused by the economy, mortgage rates stall

Friday, October 20, 2006

Increased Foreclosures in California

Dqnews.com reports that "Residential foreclosure activity in California surged to its highest level in more than four years last quarter..." Default notices were "up 28.3 percent from 20,812 for the prior quarter, and up 111.8 percent from 12,606 for 2005's third quarter."

To read more: Steep Increase in California Foreclosure Activity

Friday, October 13, 2006

Continued news of the impending decline

No matter where we go, the discussion centers around the future - both long and short term - of real estate prices. A soft landing? Flattening out? Crash? Everyone has their own view. Of course, only time will tell!

DQNews says "Southland homes continued to sell at their slowest pace in nine years in September, the result of buyer reticence and a rebalancing of supply and demand. Prices are leveling off". You can read more here: Continued slowdown for Southland home sales

Tuesday, October 10, 2006

Where will housing prices go over the next year?

Businessweek.com predicts the housing market in their online article here: Where Housing Prices Will Fall the Most.

Friday, October 06, 2006

Long-term interest rates up

Bankrate.com reports that "The benchmark 30-year fixed-rate mortgage rose 2 basis points to 6.31 percent ... One year ago, the mortgage index was 6.07 percent; four weeks ago, it was 6.45 percent."

And, the "refinance volume jumped 17.5 percent ... Some 46.7 percent of mortgage applicants were homeowners who wished to refinance their home loans. The refinance share hadn't been that high in 19 months."

To read more: October 5, 2006 interest rate report