October 04, 2013 By mortgage
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Category Archives: Real Estate Market
Any flash of hope that the real estate market will meet a housing recovery in the future months has gone, due to the last confusion of bad economic news that has been making headlines over the past some weeks.
According to the recent scrutiny over home price tendencies in 384 markets based on the Fiserv/Case-Shiller Indexes, it will be well into the first three months of 2013 before average home prices across the nation will even be on the same level with prices from the starting three months of this year.
Discouraged and enraged over the condition of the American economy, Wall Street and bankers homeowners in just nearly every community in the country are wondering whether they will be capable to wait to sell their houses.
Thousands of property holders have taken away their houses from the market to sell, losing hope at least for the immediate future that they will be able to get rid of their higher priced housing units to another purchaser.
American level of homeownership fell to pre-boom levels in the second quarter of the current year, achieving 65.9 percent for the first time since 1998, as the Census Bureau reveals. The drop came amid the highest number of foreclosures in the American history with a prediction for a growth in foreclosures over the rest of 2011.
Since the U.S. nation suffers the most severe decline in its real estate markets from at least the Great Depression period, at least 25 local housing markets are moving forwards in the course of the transition foretell to undergo housing price increase during the rest of the current year.
In 20 big cities home prices declined 4.5 percent in May from a year ago, representing a sustained regression in the already beaten housing market.
The S&P/Case-Shiller report found falls in both its 20-city composite and its 10-city index, which dropped 3.6 percent year-over-year.
There have seen impressive gains within the home remodeling activity index in the course of the first five months of the current year. The month of May has continued that tendency with a record setting month.
Activity in home remodeling rose 22 percent in May compared to the same period last year, marking the 19th month in a row of profits and rising to the record point since 2004 when the company BuildFax started tracking the statistics.
If all went to pot the mainstream of American citizens would squat in vacant houses instead of going homeless. That was the conclusion of the recent opinion ballot.
The online study established that 55 percent of all respondents would become a tenant in a vacant home legally or illegally if they had to do so. The balance or 45 percent said they would not squat in a vacant housing unit.
The outlook among U.S. homebuilders became a bit rosier in last month, but the upcoming possibilities for housing units construction are anything but hopeful.
The builders’ outlook index for their industry in June increased two points to 15, the National Association of Home Builders revealed on Monday.
Home builders broke ground on more one-family houses and apartments in June, as the home-building industry tried to distress a historically merciless spring.
The Commerce Department states home-builders began work on a seasonally adjusted 629,000 houses last month, a 14.6 percent rise from May.