February 8, 2008
- Most Middle Class Workers Still Can't Afford a Home
Most Middle Class Workers Still Can't Afford a Home
Despite the housing slump, most middle income workers still don't earn enough to buy a median-priced home in their hometowns, according to the Center for Housing Policy.
The center, an arm of the affordable housing advocacy group the National Housing Conference (NHC), compared housing costs in 201 metro [...]
January 29, 2008
- 2008 Housing Outlook
2008 Housing Outlook
Although home prices nationwide are down 4.2 percent from a year ago, some economists are predicting "the worst is yet to come."
Just how bad will it get? According to Fiserv Lending Solutions, the median home price nationwide is expected to tumble 5.7 percent this year, which would make it the worst year for [...]
January 27, 2008
- Housing Prices To Free Fall in 2008
Housing Prices To Free Fall in 2008
In keeping with our promise not to water down reality in what we cover for you at this site, we bring you news of a Merrill Lynch report released recently that said "The worse housing financial crisis in decades is only going to get worse."
The investment bank forecasted a [...]
January 15, 2008
- More Interest Rate Cuts Coming?
More Interest Rate Cuts Coming?
The Federal Reserve is hinting that more interest rate cuts might be needed to offset the deterioration in the credit markets leading to deeper problems for the housing sector and overall economy.
The central bank lowered its key federal funds rate - an overnight bank lending rate that affects how much consumers [...]
January 14, 2008
- More Declines in the Housing Sector
More Declines in the Housing Sector
The number of Americans signing contracts to buy previously owned homes fell more than forecast in November, signaling a further deterioration in housing.
The National Association of Realtors' index of pending home sales dropped 2.6% to 87.6, after a 3.7% gain in October that was larger than previously estimated. The figures [...]
January 13, 2008
- A Look Back at What Went Wrong in 2007
A Look Back at What Went Wrong in 2007
Experts thought 2007 would bring a real estate recovery - not the worst collapse on record. What does that say about forecasts of a turnaround in 2008?
A year ago at this time many top economists were looking for a recovery in the housing market to begin in [...]
January 4, 2008
- New Home Sales Hit 12-Year Low
New Home Sales Hit 12-Year Low
Sales of new homes have plunged even more than expected to their lowest level in more than 12 years, leaving the market glutted with unsold homes and pointing to more trouble ahead for the battered housing market.
New home sales tumbled 9 percent in November to a seasonally adjusted annual rate [...]
December 27, 2007
- Home Builders Blaming the Media
Home Builders Blaming the Media
According to new figures released recently, U.S. home builders remained pessimistic in November and are now beginning to blame the news media for their woes, worried that the national media's tendancy to report negative housing stories as if there is one real estate market, when, in fact, there is no such [...]
December 22, 2007
- Help on the Way for Strapped Homeowners
Help on the Way for Strapped Homeowners
The Senate moved against the worsening mortgage crisis, voting recently to make it easier for thousands of homeowners with ballooning interest rates to refinance into federally insured loans.
The legislation, approved 93-1, would allow the Federal Housing Administration to back refinanced loans for borrowers who are delinquent on payments because [...]
December 20, 2007
- The Future of the Columbia SC Real Estate Market
The Future of the Columbia SC Real Estate Market
The subprime mortgage crisis has extended itself throughout the economy. According to Congress' Joint Economic Committee, some 3.7 million homes will probably foreclose as a result of the crisis. As of August, 1.7 million of those homes had already foreclosed, and another 2 million are expected during [...]
December 19, 2007
- Home Equity Diminishing
Home Equity Diminishing
Homeowners began to lose hold of their homes long before spiking foreclosures and the housing slump slammed the economy.
Piece by piece, some gave away their homes by tapping equity to take cash out to pay for cars, weddings and vacations. Others never owned one brick. During the country's most recent housing boom, [...]
December 17, 2007
- Pending Home Sales Rise Unexpectedly
Pending Home Sales Rise Unexpectedly
Pending sales of existing U.S. homes rose modestly in October, bucking Wall Street forecasts, but the decline from a year ago was the third largest on record, a reminder of just how far the housing market has fallen.
The National Association of Realtors reported recently that its Pending Home Sales Index, based [...]
December 8, 2007
- Existing Home Sales Down
Existing Home Sales Down
The National Association of Realtors announced recently that total existing home sales - including single-family homes, townhomes, condominiums and co-ops - decreased 1.2 percent in October when compared to the previous month's sales.
October marked the eighth straight month that the pace of sales has declined from the month before, and it [...]
November 30, 2007
- Weak Demand for Home Ownership Feared
Weak Demand for Home Ownership Feared
The percentage of U.S. homes that are vacant and for sale remained at elevated levels during the third quarter, and the percentage of people who own their homes continued to decline, according to a Census Department report. These are the starkest signs yet of the severity of the damage in [...]
November 26, 2007
- Home Builders See Worse Times Ahead
Home Builders See Worse Times Ahead
Home builders' confidence stayed at record low levels in a November as a slight uptick in buyer traffic was balanced out by a slightly more pessimistic view six months down the road.
The overall National Association of Home Builders index was 19, which was the same as the upwardly revised October [...]
November 24, 2007
- Home Sales Decline in 46 States
Home Sales Decline in 46 States
Sales of existing homes fell in 46 states during the July-September quarter as the housing market's slump worsened
The new third-quarter figures from the National Association of Realtors underscore the severity of the housing market's slump, which has economists increasingly pessimistic about the economic outlook.
Vermont and North Dakota were the only [...]
November 17, 2007
- Heating Costs To Be Even Higher
Heating Costs To Be Even Higher
Winter heating bills will be even worse than initially thought this year as surging oil prices are pushing up costs for a variety of heating sources.
The average U.S. household will pay $986 in heating costs this winter, up 10.9% from the 2006-07 season and $9 higher than the original forecast [...]
November 15, 2007
- Real Estate Downturn Continues
Real Estate Downturn Continues
The downturn in housing shows no signs of improvement as Toll Brothers, the largest U.S. luxury home builder, said tighter credit is likely to weigh on its future bottom line. S&P added to the negative tone when it lowered its credit rating on four home builders. Moody's also has several home builders [...]
November 14, 2007
- A Little Good News About Columbia Area Real Estate?
A Little Good News About Columbia Area Real Estate?
It seems there's nothing but bad news for the housing market every day: More mortgage resets are ahead in the next year, lenders are tightening standards and homes continue to pour onto the market. All point to home values continuing to move lower in the near future. There [...]
November 9, 2007
- Existing and New Home Sales Down Again
Existing and New Home Sales Down Again
Month-over-month sales of previously owned homes, including single-family homes, townhomes, condominiums and co-ops, fell 8 percent in September, according to the Existing Home Sales report issued recently by the National Association of Realtors (NAR).
With last month's sales figures, NAR reports the annual rate of existing home sales is on [...]
