New home sales: Down 80% from the boom
NEW YORK (CNNMoney.com) — Don’t look to the new home market for glad economic tidings: Home builders had another dismal sales month in October, falling to just one-fifth of the sales rate during the boom five years ago.
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Real Estate Roundup for November
Real Estate Inventory up. Shadow Inventory Rose and Building Permits are Down.
Latest Real Estate Time Bomb: Title of Foreclosed Properties Clouded; Wells Fargo Dumping Risk on Hapless Buyers
Another ticking time bomb in the realm of real estate bad behavior is bound to go off sooner rather than later, and it is likely to impede normalization of values of residential property.
1-in-5 O.C. homes selling at a loss
Almost one out of every five homes sold in Orange County last spring went for a price lower than what the owner had paid, according to online home tracker Zillow.com
While 18.2% of all homes sold for a loss, that’s down about 2.5% from the same period a year earlier. Zillow spokeswoman Jill Simmons said that losing deals in O.C. peaked at 25% in February 2009, the month after median home prices hit bottom.
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Real Estate Outlook: Mixed Figures
Real Estate Outlook: Mixed Figures
by Kenneth R. Harney
With sharp drops in sales of existing and new homes plastered over the front pages and leading the nightly newscasts, it’s no wonder the real estate doomsayers on Wall Street have been working overtime.
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Home values drop 0.2% from a year ago: Freddie Mac
Home values in the U.S. fell 0.2% in the second quarter of 2010 from the same quarter last year, according to the Freddie Mac Conventional Mortgage Home Price Index (CMHPI).
The CMHPI Purchase-Only Series includes only property values based on home purchases with a conventional mortgage. Freddie calculates the values for the nation, all 50 states and the nine Census divisions. The numbers are not seasonally adjusted.
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Disgruntled Short Sale Buyers Moving To “New” Homes
By David Fletcher
Recently, Tampa Bay Realtor Christine Hensley’s $153,000, 1800-square-foot ten-year old short sale cancelled unexpectedly. The seller allegedly could not get comfortable with what he would really owe the lender after the closing.
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Construction Spending in U.S. Declined Twice as Much as Forecast in July
Construction spending in July fell twice as much as forecast, led by a slump in homebuilding that will depress U.S. economic growth.
The 1 percent drop brought spending to $805.2 billion, the lowest level in a decade, after a revised 0.8 percent drop in June that wiped out a previously estimated gain, Commerce Department figures showed today in Washington. Spending on federal government projects fell by the most in a year.
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Loan picture improves but troubles remain: FDIC
(Reuters) – The U.S. loan picture improved slightly during the second quarter, with the amount of loans 90 days or more past due declining for the first time in more than four years, bank regulators said on Tuesday.
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