Market Trends and Condition

This is a short article that talks about the market condition. Read it here:

http://www.cnbc.com/id/47177720

Each week we bring you some short real estate article highlights, and here they are for this week:

Most Americans Not Moving – Instead Remodeling

With the lack of confidence in the housing market and any return to appreciation soon, homeowners are deciding to remain in their current homes and instead remodel or in some other way improve their residence. An American Express survey shows that only 10 percent of Americans plan to move. 44 percent of those say that they’ll buy a home, while 42 percent say that they’ll rent.

Of the remaining homeowners, 70 percent say they have a project, planning on spending an average of $3,500. Of these projects, 58% will be interior remodel and the top project in that category is paint, at 37 percent.

3 Generations Under 1 Roof

Federal and state programs designed to help homeowners and improve the housing market are falling far short of their goals according to one report released by a federal watchdog. The Special Inspector General for the Troubled Asset Relief Program (TARP), said that just 3% of $7.6 billion available in the Hardest Hit Housing Markets program had been tapped as of December 31, 2011. This program was available in 18 states and the District of Columbia.

Critics say that too much of the resources made available went to help the unemployed to pay their mortgages, rather than for mortgage modifications or principal reductions that would force banks to take a hit. TARP is a $700 billion bailout program that Congress passed in 2008 to keep major banks afloat and help struggling homeowners.

Edward DeMarco, the head of the Federal Housing Finance Agency, has been steadfastly against offering principal reductions to homeowners with Fannie Mae and Freddie Mac mortgages, but he seems to be wavering. Under Congressional pressure, he has stated that the idea of principal reduction might make sense, although more study is needed. He has been against the idea primarily because homeowners not in trouble could demand equal treatment.

Dg-ers,

I am not an authority on the news; I can say I rarely watch, but people manage to tell me news when they think I should know it! I do however, listen to banter, comments and any talk from the trenches I can get.

Especially right now because my ratio is slipping badly. I'm offering higher than I normally do, sweetening my deals more than I have before, and getting rejected, here and in Reno. My buyers and competitor associates are saying yea-- it's tough, but my buyers aren't up-ping there max criteria enough, so I'm deal poor right now.

An article this week at MSNBC.com is titled “Bust leaves market littered with homes under $10,000.” There are buyers enjoying rock-bottom prices in many areas around the country, and this article pointed out a few examples.
Orlando

A real estate broker took a lunch break and closed on a four unit apartment building. In better times, this building sold for $120,000. His closing purchase price was $25,000.

Cities and Number of Homes For Sale for $10,000 or Less

• In 10 of the largest real estate markets, there were at least 100 homes listed at $10,000 or less.
• Atlanta – 234 homes
• Chicago – 165 homes

We’ve been in a housing crisis for more than five years now. Many analysts are reporting hopefully that things are getting better and that housing markets are turning the corner. While prices have been rising in many areas, there are many who see it merely as a reflection of the slowdown in foreclosures in 2011 as a result of the robo-signing scandal and the banks slowing of foreclosure activity while they adjusted procedures.

Hello all,

I ran across this and thought everyone might want to check it out.

http://realestate.msn.com/going-fast-strong-demand-has-melted-away-inven...

See article from Yahoo

http://realestate.****/promo/homes-for-the-price-of-a-car.html

An article this week at Fortune.com, titled The one number to watch for a housing recovery, speaks to the reliance on home prices to try and call a market turn. In the last few months, many economists have concluded that the housing market may indeed have turned and is in a healing mode. Many would doubt this, especially if they’re using home sale prices as the indicator of a market trend change.