Wednesday, April 30, 2008

Feds lower its key interest rate by 1/4%

The Federal Open Market Committee cut the federal funds rate by 25 basis points It now stands at 2%. The last time it was at this level was 2004*.

To read the press release: Federal Reserve Board Press Release

What is the Fed funds rate? Read here


*To see what has happened to the Fed funds rate since 1990, go here

Tuesday, April 29, 2008

Foreclosures UP in First Quarter of 2008

RealtyTrac® reports that "...foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 649,917 properties during the first quarter, a 23 percent increase from the previous quarter and a 112 percent increase from the first quarter of 2007. The report also shows that one in every 194 U.S. households received a foreclosure filing during the quarter."

To read more: RealtyTrac®

Tuesday, April 22, 2008

Existing Home Sales Down

The National Association of Realtors® reports that "Existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 2.0 percent to a seasonally adjusted annual rate (1) of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South."

To read more: National Association of Realtors®

Wednesday, April 16, 2008

Home Starts Fall in March

The Commerce Department reports that home starts were down in March. "The home starts pace was the lowest since a 921,000 rate set in March 1991."

To read more: Home Starts March

Friday, April 11, 2008

Green real estate

Our interest in "green" real estate will lead us to bring you information on the environmental side of real estate.

Today's information is a database:

Database for State Incentives for Renewables & Efficiency that describes itself as "DSIRE is a comprehensive source of information on state, local, utility, and federal incentives that promote renewable energy and energy efficiency."

Tuesday, April 08, 2008

National Association of Realtors Predicts

The National Association of Realtors ("NAR") forecasts that "Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year."

Further, "The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, slipped 1.9 percent to 84.6 from an upwardly revised reading of 86.2 in January, and was 21.4 percent lower than the February 2007 index of 107.6."

To read more: National Association of Realtors