home owning: Home Prices Experience Biggest Annual Decline in 21 Years - 02/26/09 01:37 AM
The S&P/Case-Shiller U.S. National Home Price Index plunged 18.2% during the final quarter of 2008, the biggest annual decline in the closely watched index's 21-year history. Separately, for the month of December alone the Case-Shiller 20-City Composite Index fell 18.5% compared with the previous December, also a record decline.
The seven worst performing cities in terms of year-over-year declines continue to be from the Sunbelt, reporting negative returns in excess of 20%. Phoenix was down 34.0%, Las Vegas reported -33.0% and San Francisco fell 31.2%. Denver, Dallas, Cleveland and Boston faired the best in terms of annual declines down 4.0%, 4.3%, … (3 comments)

home owning: New Housing Radio Show Set to Debut - 02/10/09 12:37 AM
                                       
Call me old-school, but I like to listen to radio talk shows when I'm in my car. Over the last few years, the housing market boom then bust has been a topic that's dominated the airwaves. And for one new radio show, there's still plenty more to talk about.
Real Estate Today, which is backed by the National Association of REALTORS (NAR), will cover the benefits and challenges of homeownership, from expert advice on buying and selling, to remodeling and landscaping, to the state of the current market and home financing issues. The show will air online at RETRadio.com. … (1 comments)

home owning: Homeowners Want More Energy and Water-Efficient Products - 01/27/09 01:08 AM
As the earth's natural resources continue to be depleted and energy costs across the globe continue to rise, more and more consumers are seeking green home products, especially those that focus on energy and water efficiency. And there is every indication that trend will only get stronger, according to home building industry product suppliers who spoke at a press conference last week during the International Builders' Show.
High-efficiency toilets, such as Kohler's San Raphael Pressure Lite model, use only one gallon of water per flush (1.0 gpf). This can save a family of four up to 20,000 gallons of water annually, … (3 comments)

home owning: Retrofitting Older Homes to be More Green - 01/22/09 01:38 AM
Photovoltaic roof panels that harness solar energy create electricity for the home, heat water, and improve indoor lighting.
As the nation's home builders embrace green building in growing numbers, industry research indicates that even the most aggressive efficiency goals for new homes won't make a dent in overall energy consumption. Instead, remodeling and retrofitting the nation's older homes is by far the more efficient solution, industry experts said on Tuesday during a press conference at the International Builders' Show in Las Vegas.
The panelists spoke as the National Association of Home Builders commemorated Green Day, drawing attention to the green education … (6 comments)

home owning: Foreclosure Activity Increases by 81 Percent in 2008 - 01/20/09 03:08 AM
                                        
RealtyTrac, an online marketplace for foreclosure properties, released its 2008 U.S. Foreclosure Market Report last week, which showed foreclosure activity increased 81 percent in 2008. According to the report, a total of 3,157,806 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported on 2,330,483 U.S. properties during the year, an 81 percent increase in total properties from 2007 and a 225 percent increase in total properties from 2006. The report also shows that 1.84 percent of all U.S. housing units (one in 54) received at least one foreclosure filing during the year, up from … (5 comments)

home owning: Homescape Web Site Changes Name to HomeFinder.com - 01/08/09 02:33 AM
I usually post a blog everyday on ActiveRain, but over the past few weeks I've been a bit busy preparing for some new changes at Homecape, so I apologize for my absence here on the AR. Below is a message from Tim Fagan, President of CV Real Estate (and my boss), about all the new things happening at our Web site.
Good morning!  Today is an exciting day for our team, our customers, our Affiliates and the entire online real estate industry. Homescape has changed its name to HomeFinder.com!   
Over the past 10 years, our Web site has grown into one of the most relied upon real … (2 comments)

home owning: 5 Things Agents Should Avoid with Homebuyers - 12/18/08 04:22 PM
Over the past couple of weeks I've been helping a friend look around for a new condo here in the Chicago metro market. While he's currently just window shopping and hasn't entered into any serious talks with potential sellers, he's your ideal buyer - especially during this slow housing market. His credit score is over 800, he has about $65,000 saved for a down payment, and he has a steady, well paying job. With that said, I was shocked by the treatment we had received when we both contacted some listing agents to show us their properties. Don't get me wrong, … (97 comments)

home owning: Foreclosure Activity Down in November - 12/15/08 01:49 AM
                                                     
November was a classic good news bad news month for foreclosure activity. According to RealtyTrac's most recent U.S. Forelosure Market Report, which shows foreclosure filings - default notices, auction sale notices and bank repossessions - foreclosure activity decreased  7 percent in November from October, but jumped 28 percent from the same time last year. The report also shows one in every 488 U.S. housing units received a foreclosure filing in November.

RealtyTrac officials say there are several indications that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months.
"When you typically … (3 comments)

home owning: Pending Home Sales Fall in October - 12/10/08 01:13 AM
Despite a rise in unemployment and falling retail sales, pending home sales remain in a stable range, according to the National Association of Realtors (NAR). NAR's Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8.
Conditions remain uneven around the country, but some areas that are showing healthy gains in pending home sales from a year ago include several Florida and California markets, Providence, R.I.; Lansing, MI; Oklahoma City and Las … (1 comments)

home owning: Historic Low Home Loan Interest Rates - 12/05/08 12:41 AM
                                           
The Federal Reserve's announcement last week that they would purchase $500 billion in mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac created a frenzy of refinancing activity across the country, according to the New York Times. The Times reported that refinancing activity accounted for 69.1 percent of all mortgage applications submitted last week, up from 49.3 percent the week before.

Historic low mortgage rates The Times reported that the U.S. Treasury had been talking with Fannie Mae and Freddie Mac about ways to drive down mortgage rates to as low as 4.5 percent for a 30-year … (4 comments)

home owning: Home Prices Tumble to Record Lows - 11/25/08 02:37 AM
                                         
The Standard & Poor's/Case-Shiller U.S. National Home Price Index tumbled a record 16.6 percent during the quarter from the same period a year ago. Prices are at levels not seen since the first quarter of 2004.
The monthly indices also showed record declines. The 20-city index fell by 17.4 percent in September compared with a year ago, the largest drop since its inception in 2000. The 10-city index plunged 18.6 percent, the biggest decline in its 21-year history.
Prices in the 20-city index have plummeted almost 22 percent since peaking in July 2006. The 10-city index has fallen more … (1 comments)

home owning: Fannie and Freddie Suspend Foreclosures - 11/24/08 01:44 AM
Some troubled homeowners on the verge of losing their property are starting to feel extra thankful this holiday season. Lending giants Freddie Mac and Fannie Mae, which were seized by the government in September, announced last Thursday that they will contact an estimated 16,000 borrowers who are facing foreclosure or evictions between November 26, 2008 and Jan. 9, 2009. Those proceedings will be delayed and the homeowners will have a chance to work with mortgage servicers to modify their home loans into affordable payments.
The streamlined modification program is scheduled to launch December 15. Foreclosure attorneys and loan servicers will be … (3 comments)

home owning: More Housing Aid Needed to Boost Economy - 11/19/08 01:50 AM
                                    
With Congress considering a return to Washington this month for another economic stimulus effort, the National Association of Realtors has proposed what they are calling a "four-point plan", which they want included in any future stimulus plan being put forth. The trade organization, which represents 1.2 million members across the country, says more is needed from the government in order to boost the economy and calm jittery real estate markets.
NAR officials say such measures are needed because the housing sector has historically lifted the country's economy out of past economic downturns. Many economists have also argued that … (5 comments)

home owning: The Double-Edged Sword of Foreclosures - 11/11/08 12:43 AM
                                               
The sales of foreclosed properties are having a noticeable impact on home prices and increased sales in major real estate markets across the United States. In August, 23 of the 25 metropolitan statistical areas (MSAs) tracked by Radar Logic's Residential Property Index experienced year-over-year home price declines, while 12 of the metro areas saw sale transactions increase. Both the price declines and the transaction count increases are due, in part, to growth in heavily discounted foreclosure-related sales, according to the Radar Logic's market report.
Motivated transactions, which Radar Logic defines as sales at foreclosure auctions and sales of … (3 comments)

home owning: Reality Show Home Up for Sale - 11/10/08 12:48 AM
About three months ago, I blogged about an "Extreme Makeover" home in Georgia that succumbed foreclosure. The owners, Milton and Patricia Harper, used the house at 5489 Ahyoka Drive in Clayton County, GA, as collateral for a $450,000 loan, the Associated Press reported.
Records at the law firm handling foreclosures for the lender, JPMorgan Chase Bank, confirmed at the time that the home was in foreclosure. The house was built in January 2005, after Atlanta-based Beazer Homes USA and ABC's "Extreme Makeover: Home Edition" demolished their old property and its faulty septic system.
This former "Extreme Makeover" home in Port Orchard, … (4 comments)

home owning: Homescape’s Green Initiative - 11/07/08 01:21 AM
Going green at home used to just mean separating the plastic and paper from the rest of the garbage. But in most households today, consumers believe that energy conservation is essential and the cost of green improvements is a significant factor in their home-buying decisions. For consumers looking for a home that promotes green living, Homescape now identifies homes for sale that include eco-friendly and energy-efficient features. This new feature on our site is part of Homescape's green initiative, which also includes a comprehensive, consumer-focused Green Buying Guide.
Homescape flags listings as having green features, with a green home icon, making … (2 comments)

home owning: The American Dream - 11/04/08 12:41 AM
Today's election day, and I'm feeling extra patriotic - even without sporting my American flag lapel pin. I got out of bed bright and early this morning to cast my votes for the next president of the United States and other candidates running for office in my area. But I'll keep those checkmarks between me and the ballot box. With early voting last week attracting a record number of voters across the country, election officials are expecting even more people to head to the polls today to exercise their civic duty.
                                        
The 2008 presidential election is being considered one … (2 comments)

home owning: New Plan to Help Troubled Home Loans - 10/31/08 02:14 AM
                                              
Put away the pitchforks and torches, there may be some help on the way for struggling homeowners. The $700 billion bailout of Wall Street and private banks has been under heavy scrutiny from taxpayers, who say the government has done little or nothing for Main Street Americans on the verge of loosing their homes. Officials from the Treasury Department and the Federal Deposit Insurance Corp. (FDIC) are working on a new proposal that could help some 3 million homeowners behind on their mortgage payments and help keep them in their home, according to a New York Times report published … (1 comments)

home owning: Back to the Future of the Housing Market - 10/30/08 01:49 AM
In the film, "Back to the Future," Marty McFly meets Doc as planned in the parking lot of Twin Pines Mall. Doc presents a DeLorean DMC-12 which he has modified into a time machine. As Marty videotapes, Doc explains the car travels to a programmed date and time upon reaching 88 miles per hour using plutonium in a nuclear reaction to generate the 1.21 gigawatts of power it requires. Demonstrating how to program the machine, Doc enters in November 5, 1955 as the target date, explaining that it was the day he conceived the idea of the flux capacitor; the device … (8 comments)

home owning: Home Prices Continue Dropping in August - 10/29/08 01:35 AM
The housing market has been slightly uplifted in recent weeks with positive news from the U.S. Department of Commerce and the National Association of Realtors about increases in new and existing home sales. But don't start celebrating yet. Prices of existing homes in August continue to show broad declines across the country, according to the latest Standard & Poor's/Case-Shiller Home Price Indices released on Tuesday.

The 20-city housing index dropped a record 16.6 percent from August last year, the largest drop since its inception in 2000. Case-Shiller's 10-city index also plunged 17.7 percent, the biggest drop in its 21-year history. … (1 comments)