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home prices: Why Homeowners Win When Their Home Prices Drop - 01/06/12 05:55 PM
The value of their homes is a major point of pride for many owners, who use the figure to prop up their net worth and justify the money they've poured into their dwellings. When the price declines, as it has been doing for most homeowners for years, they tend to overlook the positive side of the drop — one that affects them more immediately.
As Budgets Are Sexy points out, lower home values means lower property taxes, which are typically added to … (1 comments)
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home prices: Bargain Home Prices For Summer - 06/22/11 09:16 AM
Home prices are already one third off their highs, but this summer could bring the real discounts. Buyers are still cautious, and anxious sellers will have to price aggressively to get them off the fence.
Several factors appear to be leading to blow-out prices:
Accelerating price drops: Home prices have already reached their lowest level since the housing bubble burst, and are now at 2002 levels. Sellers will feel the pressure to make deals before their homes lose even more value.
Bloated inventory: There are tons of homes on the market, more than eight months worth at the current rate of sales. Many … (0 comments)
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home prices: Mortgages Cost More Than Home Value For 1 in 4 - 09/01/09 02:07 PM
Nearly a quarter of all homeowners are sinking under a mortgage that is bigger than the value of their home.
Even Worse, that figure could rise to as much as 30% by the middle of next year as job losses and foreclosures climb.
In the city, those who owe more on mortgages than their homes are worth climbed to 12.5% in the second quarter from 10.3% in the first three months of the year.
Homeowners are being hurt by price declines. The estimated median value for single-family homes slid 12% from a year earlier in the 10th consecutive quarterly decrease.
About … (1 comments)
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home prices: Has the Housing Market Really Hit Bottom? - 08/10/09 01:14 PM
A rash of positive housing data has given some analysts hope that the housing market has bottomed and an economic recovery is underway. But the soaring unemployment and rising mortgage rates could lead to a double-dip plunge for the housing market.
Home prices rose on a monthly basis in May for the first time in nearly three years, according to the Standard & Poor’s Case-Shiller Home Price Index. The improvement in the Case-Shiller index followed the release of several equally optimistic government reports that showed increases in home sales and housing starts, and a decline in inventories.
Home construction unexpectedly rose … (0 comments)
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home prices: Reality for Homeowners - 03/03/09 11:23 AM
Seems that reality (not realty!) is setting in for many homeowners.
More than 57 percent nationwide now believe their own home lost value in 2008. That's significantly more than the 38 percent who believed their home's value was declining in the second quarter of last year, according to a newly released survey.
But, the survey noted, there are still some living in denial. In reality, 76 percent of all U.S. homes lost value in 2008, according to a Zillow real estate analysis.
"It's clear that the 'not my house' sentiment that was so prevalent in the earlier surveys is waning and … (1 comments)
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home prices: Housing Slump Creating Phenomenal Real Estate Deals - 02/02/09 10:24 AM
The current downturn in the real estate industry (that makes news headlines almost daily) is not all bad news. The historic fall in home prices, coupled with rock-bottom interest rates on mortgages, could mean the deal of a lifetime for home buyers.
With home prices falling as much as 30% in some parts of the country the past year, many home buyers are learning that they can afford homes in areas that they once believed were out of reach.
ATTENTION HOME BUYERS!
With inventory levels at an all-time high, and sellers willing to make concessions to move their homes in … (0 comments)
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home prices: How the Fed Rate Affects Mortgage Rates - 01/12/09 10:49 AM
Fixed-rate mortgage rates, though not directly tied to the Fed Funds Rate, have been responding positively to market rate cuts over the past few months.
Just as an overview, the Fed Funds Rate has a strong (if not direct) affect on the following:
credit card rates adjustable-rate mortgages interest on savings accounts Prime Rate (home equity lines are based on this) If you're considering refinancing or purchasing a home, now is the time. With rates at these levels, you'll enjoy more house or mortgage for the same payment. Just lowering your rate 1% on a typical $200,000 mortgage can save you … (1 comments)
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home prices: New Home Sales Fall to 18-Year Low - 12/11/08 10:35 AM
Sales of newly constructed homes slumped in October to an annual rate not seen since 1991, according to government figures released recently.
The U.S. Census Bureau reported that new home sales fell to an annualized rate of 433,000 in October. That's down 5.3% from the revised 457,000 annual rate recorded in September, and off more than 40% from a year ago.
The median sales price of new houses sold in October was $218,000, down from $218,400 the month before. It was the lowest level since June 2004, when the median home price was $215,700.
Analysts say the declining number of homes … (1 comments)
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home prices: Real Estate Pricing - 12/03/08 03:55 PM
Real estate prices cycle through different highs and lows. Keeping track of the following market indicators will help you decide if now is a good time to invest in real estate or not.
Job Growth People go where the jobs are, and home prices follow jobs. A strong local job market is a sure sign of a healthy real estate market. While the Wall Street Journal gives you insight into the nation's overall economy, check the local newspapers in the area you're considering for statistics on the job market in your chosen area.
Housing Inventory The housing inventory is the number … (1 comments)
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home prices: The Mortgage Meltdown: Can Anyone Stop It? - 12/03/08 03:45 PM
Fifteen months into the worst credit crisis in decades, major banks and the federal government are coming together on a solution for struggling mortgage borrowers.
The goal is to hasten the process for renegotiating hundreds of thousands of delinquent loans, either those held by major banks or held by Fannie Mae and Freddie Mac, the mortgage finance giants that faltered and were taken over by the government this summer.
Renegotiating loans for struggling homeowners has taken on more urgency as jobless claims rise and the economy declines. Housing prices continue to fall, leaving many with mortgages greater than the value of … (1 comments)
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