Saturday, September 29, 2007

Real Estate Writer Dies

If you've read about real estate, you've probably read articles by Robert J. Bruss, a syndicated columnist. Mr. Bruss died Wednesday at age 67 from cancer. He was often referred to as the "Dear Abby of Real Estate".

To read more: Robert J. Bruss

Friday, September 28, 2007

Mortgage rates UP for third straight week!

Freddie Mac reports that for the week ending September 27, "... the 30-year fixed-rate mortgage averaged 6.42 percent with an average 0.5 point ... up from last week when it averaged 6.34 percent. Last year at this time, the 30-year FRM averaged 6.31 percent."

Freddie Mac also reports that "...existing home sales continued to decline in August to the slowest pace in 5 years".

To read more: Freddie Mac's Primary Mortgage Rate Survey

Thursday, September 27, 2007

Home Builder reports on third quarter sales

KB Homes, one of America's largest homebuilders, reported a loss for the third quarter ending August 31. Lower third quarter housing revenues and a lower average selling price were also reported. The online press release reflects what Jeffrey Mezger, KB Homes' President and Chief Executive Officer calls "...seriously challenging market conditions that prevail for homebuilders across most of the nation."

To read more: KB Homes third quarter 2007

Wednesday, September 26, 2007

National Home Sales Down in August

We recently reported on California home sales - August California home sales.

Now comes a report from the National Association of Realtors® regarding home sales nationwide in August - "Existing-home sales fell in August when mortgage availability problems were peaking...total existing-home sales including single-family, townhomes, condominiums and co-ops – were down 4.3 percent to a seasonally adjusted annual rate1 of 5.50 million units in August from a level of 5.75 million in July, and are 12.8 percent below the 6.31 million-unit pace in August 2006."

To read more: August home sales

Sunday, September 23, 2007

Homes of the Billionaires

Forbes.com reports on Homes of the Billionaires...."When you have it all, you need a place to put it all."

A little entertainment for Sunday!

Saturday, September 22, 2007

Mortgage rates UP!

Bankrate.com reports that for the week ending September 19th, "The benchmark 30-year fixed-rate mortgage rose 4 basis points, to 6.32 percent ... One year ago, the mortgage index was 6.44 percent; four weeks ago, it was 6.58 percent."

So, when the Feds lowered their rate, why did the mortgage rates go up? Bankrate.com explains that the mortgage rates had already adjusted. We see this happen often.

To read more: Bankrate.com

Friday, September 21, 2007

California Home Sales Down in August

DQNews.com is reporting that California home sales during the month of August were "...down 5.0 percent from 35,185 for July, and down 34.5 percent from 51,054 for August 2006. Last month's sales made for the slowest August since 1992...On a year-over-year basis, sales have declined the last 23 months."

DQNews.com is a website that we have highlighted in the past. This website has a lot of statistical information on home sales, including monthly, quarterly and annual home sale charts. You can also have custom reports for a fee.

To read more: California home sales August 2007

Wednesday, September 19, 2007

Housing Starts Fall in August

The National Association of Home Builders reports that "Housing starts fell 2.6 percent in August to a seasonally adjusted annual rate of 1.331 million units as the downswing in the housing market continued, according to figures released by the Commerce Department today. Starts were down 19.1 percent from a year earlier, falling to the lowest level in 12 years."

Further, "Starts of new single-family homes were down 7.1 percent for the month to a seasonally adjusted annual rate of 988,000 units. The August pace for single-family construction was 27.1 percent below a year earlier."

This decline mirrors what is happening in the resale market, in our opinion.

To read more: August housing starts

Tuesday, September 18, 2007

Federal Reserve Lowers Key Interest Rate!

The Federal Reserve lowered it's key interest rate by 50 basis points, to 4.75 --- the first cut in four years.

Read the Federal Reserve Press Release
Foreclosure Activity Up!

RealtyTrac® reports that housing foreclosures increased during August a whopping 36% over July, and an even more stunning 115% over August, 2006. These numbers are significant, as they represent "This is the highest number of foreclosure filings in a single month that RealtyTrac has reported since it began issuing the monthly report in January 2005."

The top ten states are: Nevada, California, Florida, Georgia, Ohio, Michigan, Arizona, Colorado, Texas and Indiana.

For more information, go here.

Monday, September 17, 2007

Countdown until tomorrow

The real estate market is waiting ... to see what happens as a result of tomorrow's Federal Open Market Committee meeting (read more about the Federal Reserve here). There is much speculation, but the general consensus is that Committee will lower the federal funds rate.

Watch for the news tomorrow!

Sunday, September 16, 2007

Real estate news - some good news!

Are you reading the papers? Watching TV? Listening to the radio? Talking with friends? Is there ANY good real estate news out there?

We're here to tell you that there IS good news about real estate. While many are talking "doom and gloom", we're telling you that homes are still selling, buyers are still buying, and lenders are still lending.

Sure, it's not the real estate market of the past few years ... it's a different real estate market. But, you can buy and sell real estate.

Not sure what to do? Email us and let us help!
We're back!

After a summer of rest, The Real Estate Blog is back!