Real Estate News

After the Cut; Homes discounted up to 40% from the original price
The Wall Street Journal
January 15, 2010

DEL MAR, Calif.
$3.9 million

A nearly 4,400-square-foot home with four bedrooms and three baths, on 0.32 acre 20 miles north of San Diego

DETAILS: This three-story home, built in 1950 and renovated in 1999, has ocean views and a pool. There's also a 30-foot long kitchen, a deck and patio.

BLUE-LIGHT SPECIAL: The asking price is about 40% less than the original $6.6 million price tag, in 2008.

December Lull in House Shopping
The Wall Street Journal
By James R. Hagerty
January 7, 2010

The number of homes listed for sale declined in many U.S. cities in December as house shopping slowed for the holidays.

Analysts expect a jump in listings early this year. More foreclosed homes are expected to hit the market, and more sellers may plant for-sale signs, hoping to attract buyers seeking to qualify for a federal tax credit.

Real Estate Faces Tough Recovery Slog
The Wall Street Journal
By Nick Timiraos and Anton Troianovski
January 4, 2010

Real estate, which sparked the global economic downturn in 2008, struggled to recover in 2009. But the path to a full return to health is littered with land mines that could send the sector spiraling downward again, possibly upending the nascent economic revival.

U.S. Loan Effort Is Seen as Adding to Housing Woes
By Peter S. Goodman
NY Times
January 1, 2010

The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.

Home-selling season starts sooner than you think
By Mary Umberger
Chicago Tribune
January 3, 2010

It's nearly spring -- at least that's the case in the parallel, slightly weird universe of real estate.

Traditionally, the "spring" homebuying season, theoretically the busiest time in the marketplace, begins the day after the Super Bowl. Why this is so has never been clear, but it probably has something to do with finally being able to pry spouses off the couch to tour houses.

This year, "spring" arrives later than usual: The big game is on Feb. 7.

Chicago home prices fall in October
By the Associated Press
Crains Chicago Business
December 29, 2009

Chicago-area home prices showed the second-biggest drop in October of 20 metro areas, according to a report Tuesday.

Local prices fell 1 percent in October compared with September, the first drop after five straight monthly increases, according to seasonally adjusted data from the Standard & Poor's/Case-Shiller home price indices.

Home prices in the Chicago area were down 10.1 percent in October compared with October 2008.

A Picky Home Buyer Pursues An Epic Hunt for 'the One'
'Tire Kickers' Drive Brokers Bonkers, but Lidia Pringle Is in a Class of Her Own
The Wall Street Journal
By Juliet Chung
December 29, 2009

Bay Area real estate has always demanded patience on the part of buyers. Many spend months scouring listings in hopes of finding "the one."

Then there is Lidia Pringle. The 58-year-old former reporter for United Press International became something of a legend in local real-estate circles for conducting one of the longest and most tenacious house hunts that brokers here can recall.

Higher-End Homes Face Price Pressure
by Mark Gongloff
The Wall Street Journal
December 29, 2009

Though the cheapest houses on the market may not get much cheaper, more-expensive homes still have further to fall, which will likely slow the broader housing recovery.

The Standard & Poor's/Case-Shiller home-price indexes for October are due on Tuesday morning. Economists estimate the index tracking prices in 20 major cities was down 7.7% from a year ago.

From the NAR (National Association of Realtors), news of the shrinking inventory is beginning to encourage buyers to get in before it is too late... found at http://www.realtor.org/press_room/news_releases/2009/11/record_big

Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, while inventories continue to decline, according to the National Association of Realtors®.

Fear of Double Dip in Housing
By James R. Hagerty and Sara Murray
The Wall Street Journal
November 19, 2009

The U.S. housing market is sputtering again, adding to doubts about the vigor of the economic recovery.

Just a few months after housing showed signs of leveling off, bad weather and uncertainty over the extension of a home-buyer tax credit sent new-home starts in October tumbling 10.6% from the previous month. They fell to the lowest level since April, the Commerce Department said Wednesday. Starts of single-family houses fell 6.8%.