Real Estate News

In One Home, a Mighty City's Rise and Fall
Price of Typical Detroit House: $7,100
By Michael M. Phillips
The Wall Street Journal
September 26, 2009

On a grassy lot on a quiet block on a graceful boulevard stands the answer to a perplexing question: Why does the typical house in Detroit sell for $7,100?

$1 million going further in many housing markets
By Adrian Sainz
September 26, 2009

A million dollars doesn't buy you what it once did. In most U.S. neighborhoods, it now gets you a lot more.

During the housing boom, prices rose so high and so fast that even cookie-cutter homes in the paved suburbs of South Florida and California could cost a cool million. In Santa Clara, Calif., a high-tech hot spot, the median price hit $836,780 in 2007.

What the housing 'rebound' means for you
Homes are selling again, but the market today is divided by price point. Your best strategy depends on where your home sits on that spectrum.
By Amanda Gengler
Money Magazine
September 24, 2009

Home sales are rising. Builders are buying lots. And prices are no longer in free fall. After so much pain, there are signs of life in the housing market.

New home sales rise for 5th straight month
August sales inch up by 0.7% from July but are 3.4% lower than year-ago sales.
By Julianne Pepitone
CNNMoney
September 25, 2009

Sales of newly constructed homes rose for the fifth straight month in August, a government report said Wednesday.

New home sales inched up 0.7% last month to a seasonally-adjusted annual rate of 429,000, the Commerce Department reported. That was an increase from a downwardly-revised reading of 426,000 in July.

Marriott to Halt Development of Time-Shares, Luxury Projects
By Kris Hudson
The Wall Street Journal
September 24, 2009

Marriott International Inc.'s disclosure Wednesday that it will stop developing new time-share and luxury-residential projects and write down the value of such properties under construction by $760 million marks the beginning of the next phase of the shakeout in the vacation-home industry.

Seeking Real Estate Bargains? Try Looking at the High End; Mainstream Home Prices May Be Rising, But Luxury Properties Still Offer Deep Discounts
By Brett Arends
The Wall Street Journal
September 23, 2009

Falling real estate prices are becoming as much a feature of high-end neighborhoods as ocean views, infinity pools and four-car garages.

While the latest data suggests prices for mainstream homes may be stabilizing after several years of pain, the news for luxury homes isn't looking as good.

Another housing slump coming?
Analysts say 7 million soon-to-be foreclosed properties have yet to hit the market.
By Elizabeth Strott
Thursday, September 24, 2009

Any optimists touting a housing recovery might want to pause and think about this: Amherst Securities Group analysts believe the market faces another major hurdle because about 7 million properties that are likely to be seized by lenders have yet to hit the market.

The "huge shadow inventory" reflects mortgages already being foreclosed upon or now delinquent and likely to be and, assuming no other properties are on the market, it would take 1.35 years to sell this inventory based on the current pace of existing-home sales, analyst Laurie Goodman wrote in a note to clients.

Home Buyers Get a Reprieve
By Sudeep Reddy and James R. Hagerty
The Wall Street Journal
September 24, 2009

The Federal Reserve, in a move aimed at keeping interest rates low for home buyers through early next year, decided to extend and gradually phase out its purchase of mortgage-backed securities.

The Fed's action signals its belief that the economy, while in recovery, remains fragile and that housing, which has seen some improvement in recent months, has only started to pull out of its slump.

Corus Auction Promises Property 'Mark'
By Lingling Wei and Anton Troianovski
The Wall Street Journal
September 23, 2009

About 10 investors are expected to submit bids to the Federal Deposit Insurance Corp. by Friday for $5 billion in condominium loans and other property held by the failed Corus Bank, in a key test of U.S. commercial real-estate values.

Recalibrating Affordability Expectations
By Liam Denning
The Wall Street Journal
September 21, 2009

Before the housing bubble, a quaint notion held sway that homeowners should be able to afford the houses they live in.