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A recent article from CNN and Fortune, here, provides some expectations for 2013 in the world of real estate and housing.
- Property prices will rise: the markets have hit bottom on prices; demand is slowly improving and housing inventories are shrinking, albeit slowly.
- The fate of housing is more directly dependent on employment and job prospects: for activity to proceed at a positive pace, the national and regional employment rates have to continue to improve.
- Delinquency rates will continue to decline: payment delinquencies have been declining since 2009 and this will continue
- Interest rates will remain low: the Federal Reserve has committed the national economy to at least a year and a half of artificially low short-term interest rates.
- First-time home buyers will return in greater numbers compared to recent years: the number of first-time buyers (typically 25-34 year olds) will increase as job prospects improve and the ratio of cost-of-ownership vs. cost-of-renting declines; the report claims that it is now cheaper to own than to rent in some markets.
You can see the complete article at http://money.cnn.com/gallery/real_estate/2012/12/27/housing-market-predictions.fortune/index.html
The National Assoc. of Realtors announced “Pending home sales rose strongly in October with mixed regional results.”
The NAR chief economist said buyers are responding to favorable market conditions. “We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation, and rising consumer confidence about home buying now that home prices have clearly turned positive.”
See the full article at: http://www.realtor.org/news-releases/2012/10/pending-home-sales-rise-in-october
From: Daily Real Estate News | Tuesday, September 04, 2012
The states with the highest percentages of foreclosures are seeing a drop, but distressed sales still remain high. Georgia and Nevada had the biggest bulk of foreclosure sales in the second quarter, RealtyTrac reports.
The states with the highest percentage of foreclosure sales in the second quarter — in which foreclosure-related sales account for at least one in five sales — were:
- Georgia: 43 percent of all residential sales
- Nevada: 43 percent
- California: 40 percent
- Michigan: 35 percent
- Arizona: 33 percent
- Illinois: 27 percent
- New Hampshire: 24 percent
- Colorado: 22 percent
- Wisconsin: 22 percent
- Minnesota: 22 percent
- Oregon: 21 percent
- Florida: 21 percent
When broken down by city, California metros occupied seven of the top 10 spots for the highest percentage of foreclosure-related sales. Modesto, Calif., had the highest percentage of any metro area in the country, with 57 percent of all residential sales being foreclosures. Other California metro areas with a high percentage of foreclosure sales included: Stockton (54 percent); Riverside-San Bernardino-Ontario (47 percent), Bakersfield (46 percent), Sacramento (45 percent), Fresno (44 percent), and Oxnard-Thousand Oaks-Ventura (39 percent).