Real Estate News

Home-Price Slide: Slower, Not Over
By Constance Mitchell Ford
The Wall Street Journal
April 30, 2010

Home-sale activity has been picking up in communities across the New York metropolitan area. However, some economists believe that prices, which declined during the fourth quarter in most areas, will continue to move lower.

"Although affordability has been restored to a great degree, prices are still high relative to household income," said David Stiff, chief economist at Fiserv Case-Shiller, a financial-services firm based in Brookfield, Wis.

"We haven't returned to equilibrium yet," according to the economist.

Mr. Stiff said the expiration of the federal tax credit for first-time home buyers, which ends Friday, also will weigh on prices.

Home Prices Still Pressured
Foreclosures, High Inventories Weigh on Market; Consumer Confidence Rises
By Sudeep Reddy
The Wall Street Journal
April 28, 2010

Home prices nationwide slipped for the fifth straight month in February as many markets remained under pressure from foreclosures and high inventories.

Meanwhile, consumer confidence rose in April to its highest level since the financial crisis struck in September 2008.

Existing home sales soar in March
By Julianne Pepitone
CNN Money
April 22, 2010

Existing home sales jumped 6.8% in March, with home buyers racing to get a tax credit that expires in April, according to a real estate industry report released Thursday.

The National Association of Realtors reported that existing home sales rose last month to a seasonally adjusted annual rate of 5.35 million units, up from the revised rate of 5.01 million in February. Sales year-over-year were up 16.1%.

Analysts surveyed by Briefing.com had expected the March sales rate to hit just 5.29 million annual units.

Home resales have been above year-ago levels for nine straight months, according to the report.

How to Buy a Home at Auction
By June Fletcher
The Wall Street Journal
April 23, 2010

Q. I am curious about buying a foreclosure home at auction. I don't want to spend more than $500,000. What's involved? Can you find a good deal at one?

--Columbia, Md.

A. You can pick up a deal at an auction—if you do a lot of sleuthing in advance, and can keep your emotions in check. But realize that seasoned investors often cherry-pick most of the best properties and try to make a deal with the owner before the property hits the courthouse steps. You should find a good buyer broker who's experienced with foreclosures and do the same.

Tax Deal Lifts Home Sales but Price Pressures Loom
The Wall Street Kournal
By James R. Hagerty
April 22, 2010

Tax credits sparked a big jump in home sales last month, as first-time buyers took advantage of low prices and interest rates.

But the longer-term housing outlook remains clouded, with a large inventory of foreclosed homes expected to hit the market later this year.

The Wall Street Journal's latest quarterly survey of housing-market conditions in 28 major metro areas found that inventories of homes for sale, as well as the number of distressed borrowers, remain very high in many metro areas. That portends more downward pressure on prices from bank foreclosures.

The Busted Homes Behind a Big Bet
By CARRICK MOLLENKAMP , MARK WHITEHOUSE And ANTON TROIANOVSKI
The Wall Street Journal
April 22, 2010

The government's civil-fraud allegation against Goldman Sachs Group Inc. centers on a deal the firm crafted so that hedge-fund king John Paulson could bet on a collapse in U.S. housing prices.

It was a dizzyingly complex transaction, involving 90 bonds and a 65-page deal sheet. But it all boiled down to whether people like Stella Onyeukwu, Gheorghe Bledea and Jack Booket could pay their mortgages.

They couldn't, and Mr. Paulson made $1 billion as a result.

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Two Energy Credits To Trim 2010 Taxes
By Laura Saunders
The Wall Street Journal
April 10, 2010

Still smarting from your 2009 taxes, due in a few days? Start whittling the bill for next April.

A good place to begin: two federal tax credits for homeowners who want to save energy, one of which expires at the end of this year. The credits have appeal both for true green diehards and those who are staying put due to housing market doldrums.

The credits took effect in their current form in February 2009. Both offer dollar-for-dollar write-offs against taxes, not just a deduction from income. And unlike many tax benefits, there are no income limits on who can use them.

Specific Attacks On Real Estate Investors By The Obama Administration

by Bryan Ellis on Friday, April 9th 2010

Let’s get straight to the heart of the matter:

Issue #1: Would it bother you if you learned that the Obama administration has specifically targeted investors like you and me for massive tax hikes? These tax hikes apply only to investors and nobody else… Because you are an investor, you have specifically been targeted by this administration for financial penalization and increased government control of your business! (More about this to come…)