by Mark Glaser
November 29
200612:12PM
Have you ever gone to an open house even though you weren’t interested in buying the property? Have you ever pored over housing price data on Zillow or read through housing ads on Craigslist just for fun? You are not alone. There seems to be a growing obsession with real estate in the U.S., as home prices have soared in the past few years, only to come back to earth a bit in the past year.
But during that boom — and the current correction/bust — blogs of all stripes have sprung up to feed the need for instant real estate information, photos of noteworthy homes for sale, and the off-color stories related to city living. While some newspaper sites have had some recent success with real estate blogs, independent bloggers who have called the boom a speculative bubble — a.k.a. the bubble bloggers — have found a rabid audience for their bearish views.
“Bloggers have moved into bubble coverage because the media hasn’t done a very good job of covering the reality, and reporters are more conventional and look for the story of the hour and what the statistics are,” said Carol Lloyd, who writes the must-read Surreal Estate online column about the San Francisco Bay Area market. “And some of the statistics are produced by the NAR [National Association of Realtors], and they look like they’re just covering the industry for the industry.”
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Thursday, November 30, 2006
Saturday, November 25, 2006
Mortgage troubles are rising
Catherine Reagor
The Arizona Republic
Nov. 25, 2006 12:00 AM
The number of people losing their homes to foreclosure or falling behind on their mortgages in metropolitan Phoenix is near a two-year high, the latest and most tragic sign of the Valley's housing market slowdown.
Foreclosures started climbing in parts of the country last year, but the metropolitan housing market was still going strong until early spring, when home sales started slowing and then listings spiked. Now, people are losing their homes at a nearly record rate, not only in the West Valley, where foreclosures have traditionally been high, but also in pricey neighborhoods in the East Valley, where credit-card debt levels are higher than average.
Last year, financially strapped homeowners in the Valley were able to escape foreclosure by selling homes quickly for a profit. Others refinanced and pulled out equity that they used to pay off other bills. Many switched to adjustable-rate mortgages with lower monthly payments.
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The Arizona Republic
Nov. 25, 2006 12:00 AM
The number of people losing their homes to foreclosure or falling behind on their mortgages in metropolitan Phoenix is near a two-year high, the latest and most tragic sign of the Valley's housing market slowdown.
Foreclosures started climbing in parts of the country last year, but the metropolitan housing market was still going strong until early spring, when home sales started slowing and then listings spiked. Now, people are losing their homes at a nearly record rate, not only in the West Valley, where foreclosures have traditionally been high, but also in pricey neighborhoods in the East Valley, where credit-card debt levels are higher than average.
Last year, financially strapped homeowners in the Valley were able to escape foreclosure by selling homes quickly for a profit. Others refinanced and pulled out equity that they used to pay off other bills. Many switched to adjustable-rate mortgages with lower monthly payments.
Read more >>
Friday, November 24, 2006
Is home solar energy affordable?
Mark Shaffer
The Arizona Republic
Nov. 24, 2006 06:05 PM
Harold "Rusty" Weaver of Mesa said it really wasn't a tough decision to shell out an extra $16,000 for the flat, black, 4-kilowatt solar-electric panels atop the tile roof of his new home.
After all, Weaver said he was spending up to $500 a month on electricity at his previous home, which is 1,000 square feet smaller than his new house. The solar panels come billed as cutting his electric bills in half. Weaver figures that he will pay back his investment in about seven years with all the rebates and tax credits he will receive. Solar cells have a life of about 30 years.
"Cutting costs in the long term and doing something good for the environment seems like the thing to do," Weaver said.
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The Arizona Republic
Nov. 24, 2006 06:05 PM
Harold "Rusty" Weaver of Mesa said it really wasn't a tough decision to shell out an extra $16,000 for the flat, black, 4-kilowatt solar-electric panels atop the tile roof of his new home.
After all, Weaver said he was spending up to $500 a month on electricity at his previous home, which is 1,000 square feet smaller than his new house. The solar panels come billed as cutting his electric bills in half. Weaver figures that he will pay back his investment in about seven years with all the rebates and tax credits he will receive. Solar cells have a life of about 30 years.
"Cutting costs in the long term and doing something good for the environment seems like the thing to do," Weaver said.
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Thursday, November 23, 2006
Worst of U.S. housing slowdown over: WSJ poll
Tue Nov 21, 2006 4:35am ET
NEW YORK (Reuters) - The worst of the United States' housing market slowdown is over, economists forecast by nearly 2-to-1 in a Wall Street Journal online economic survey, the paper reported on its Web site on Tuesday.
But the economists still predict that the average selling price of a house will fall somewhat next year, it said.
The 49 economists expect home prices, measured by the government's Office of Federal Housing Enterprise Oversight index to fall by 0.5 percent next year, the WSJ reported on its Web site. That contrasted with a 13.4 percent increase in 2005.
After several years of double-digit increases, house prices stopped climbing this year. Prices still have some way to fall before they stabilize but there are signs that the most drastic part of the downturn, marked by a sharp pullback in demand and new construction, have run their course, the paper said.
Read more >>
NEW YORK (Reuters) - The worst of the United States' housing market slowdown is over, economists forecast by nearly 2-to-1 in a Wall Street Journal online economic survey, the paper reported on its Web site on Tuesday.
But the economists still predict that the average selling price of a house will fall somewhat next year, it said.
The 49 economists expect home prices, measured by the government's Office of Federal Housing Enterprise Oversight index to fall by 0.5 percent next year, the WSJ reported on its Web site. That contrasted with a 13.4 percent increase in 2005.
After several years of double-digit increases, house prices stopped climbing this year. Prices still have some way to fall before they stabilize but there are signs that the most drastic part of the downturn, marked by a sharp pullback in demand and new construction, have run their course, the paper said.
Read more >>
Saturday, November 11, 2006
Changing Marketplace Complicates Home Valuation Process for Realtors(R) and Appraisers
NEW ORLEANS, Nov. 10 /PRNewswire/ -- In today's transitioning realestate marketplace, pricing a home properly is one of the biggestchallenges that sellers face. Providing accurate property valuations inthis environment can be complicated, as well.
In the session, "The Low Appraisal: Recourses and Remedies," today atthe 2006 REALTORS(R) Conference & Expo here, a panel of experts toldRealtors(R) how to handle a transaction in which a buyer and seller agreeon a sales price that's higher than the home's appraised value.
For consumers, appraisals are an often unnoticed but essential part ofthe home buying or refinancing process. Most lenders require propertyappraisals when granting mortgages to ensure that they are not lending morethan a home's value. Appraisals also protect buyers by preventing them frompaying too much for a home. High appraisals can sometimes be an indicationof mortgage fraud, which has already resulted in $546 million in losses inthe first half of 2006, according to the Federal Bureau of Investigation.Low appraisals can prevent buyers from getting a mortgage and inhibit ahome sale.
The National Association of Realtors(R) represents about 30,000 state-licensed and certified appraisers throughout the country. NAR recommendsthat lenders be required to inform borrowers of the methods used to value aproperty to determine the amount of the mortgage loan, and that borrowershave the right to obtain a copy of all value estimates or value opinions onthe property.
Read more >>
In the session, "The Low Appraisal: Recourses and Remedies," today atthe 2006 REALTORS(R) Conference & Expo here, a panel of experts toldRealtors(R) how to handle a transaction in which a buyer and seller agreeon a sales price that's higher than the home's appraised value.
For consumers, appraisals are an often unnoticed but essential part ofthe home buying or refinancing process. Most lenders require propertyappraisals when granting mortgages to ensure that they are not lending morethan a home's value. Appraisals also protect buyers by preventing them frompaying too much for a home. High appraisals can sometimes be an indicationof mortgage fraud, which has already resulted in $546 million in losses inthe first half of 2006, according to the Federal Bureau of Investigation.Low appraisals can prevent buyers from getting a mortgage and inhibit ahome sale.
The National Association of Realtors(R) represents about 30,000 state-licensed and certified appraisers throughout the country. NAR recommendsthat lenders be required to inform borrowers of the methods used to value aproperty to determine the amount of the mortgage loan, and that borrowershave the right to obtain a copy of all value estimates or value opinions onthe property.
Read more >>
Thursday, November 09, 2006
Tempe previews its soaring skyline
By Garin Groff, Tribune
November 9, 2006
It takes a crane to build tall buildings, and a dozen of them have sprouted up in Tempe’s skyline. “And there are a dozen more on the way,” Tempe Mayor Hugh Hallman said Wednesday.
Those cranes will bring an unprecedented change to the East Valley’s skyline, a look the city showed off for the first time Wednesday as it released a computer-animated video of new buildings coming soon to downtown and Town Lake.
The video offered the best idea yet of what Tempe will look like with a 30-story condo tower and several other buildings that range from 12 to more than 20 stories. The footage gives a bird’s-eye view, as if it were shot from a helicopter, and reveals the planned buildings from multiple angles.
While the local and nationwide real estate market has slowed and even killed some projects, Hallman said the downtown’s features have made the area immune to larger market forces.
“It doesn’t apply here,” he said.
Read more >>
November 9, 2006
It takes a crane to build tall buildings, and a dozen of them have sprouted up in Tempe’s skyline. “And there are a dozen more on the way,” Tempe Mayor Hugh Hallman said Wednesday.
Those cranes will bring an unprecedented change to the East Valley’s skyline, a look the city showed off for the first time Wednesday as it released a computer-animated video of new buildings coming soon to downtown and Town Lake.
The video offered the best idea yet of what Tempe will look like with a 30-story condo tower and several other buildings that range from 12 to more than 20 stories. The footage gives a bird’s-eye view, as if it were shot from a helicopter, and reveals the planned buildings from multiple angles.
While the local and nationwide real estate market has slowed and even killed some projects, Hallman said the downtown’s features have made the area immune to larger market forces.
“It doesn’t apply here,” he said.
Read more >>
Monday, November 06, 2006
As prices fall, US home buyers benefit
More affordable housing would be a boost for the economy, some experts say.
By Ron Scherer and Patrik Jonsson Staff writers of The Christian Science Monitor
NEW YORK AND ATLANTA – Six months ago, the 1920s-era Southern bungalow in Atlanta's Kirkwood neighborhood probably would have sold at its full price asking price of $325,000. But after playing hardball with the seller in the past few months, Phil Hagedorn and his fiancée, Kristen Burgess, got the price down by $25,000. And the seller paid the closing costs.
"It's absolutely getting better for buyers," says Mr. Hagedorn, a medical school student. "I had a gut feeling that [the price drop] was going to happen."
Falling housing prices in some areas are now making it possible for people like Hagedorn and Ms. Burgess to enter the housing market. If this were to happen nationally, it would be good news for the housing market since, currently, affordability is a major issue for many would-be buyers. This year, the percentage of household income going to mortgage payments has been at the highest point since 1990.
Read more >>
By Ron Scherer and Patrik Jonsson Staff writers of The Christian Science Monitor
NEW YORK AND ATLANTA – Six months ago, the 1920s-era Southern bungalow in Atlanta's Kirkwood neighborhood probably would have sold at its full price asking price of $325,000. But after playing hardball with the seller in the past few months, Phil Hagedorn and his fiancée, Kristen Burgess, got the price down by $25,000. And the seller paid the closing costs.
"It's absolutely getting better for buyers," says Mr. Hagedorn, a medical school student. "I had a gut feeling that [the price drop] was going to happen."
Falling housing prices in some areas are now making it possible for people like Hagedorn and Ms. Burgess to enter the housing market. If this were to happen nationally, it would be good news for the housing market since, currently, affordability is a major issue for many would-be buyers. This year, the percentage of household income going to mortgage payments has been at the highest point since 1990.
Read more >>
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