Clustrmaps
Posts Tagged ‘Economy’
Most Improved Housing Markets So Far This Year
Many housing markets are still underwater and struggling due to the economy, lost of jobs, interest rates, and foreclosures. However, despite what many people may think, the housing market is actually improving in some areas. The housing market in these areas is not what it used to be before things crashed but it is still an improvement, and may give many people facing foreclosure and other rough times the hope needed to hang on a little longer.
Ask you real estate for advice
If you are thinking about buying or selling your home, it is best if you ask your real estate agent how your housing market is improving and when it is expected to improve even more. This way you can get the best deal possible. They are a great information resource.
Denver, Colorado
In this area, the first quarter home prices have increased by 5.8 percent. The foreclosure rate is only 1.9 percent. They delinquency or late payment rate is only 5.7 percent, compared to 34.3 percent last year and the unemployment rate is only 7.8 percent.
Boston, Massachusetts
In this area, home prices are up six percent. The foreclosure rate is only 2.1 percent compared to 32.8 percent last year, and the delinquency rate is only 7.2 percent compared to forty-three percent last year. The unemployment rate for this area is also only 7.9 percent.
Washington, D.C.
In this location, home prices have seen an increase of 5.6 percent. The foreclosure rate is only 2.3 percent, compared to 28.6 percent last year and in recent years. The delinquency rate is also only 7.9 percent compared to 40.3 percent in previous years and the unemployment rate is only six percent.
Cincinnati, Ohio
Home prices in this area made a comeback in March and April and are up 4.7 percent. The foreclosure rate is also only 2.4 percent, compared to 26.2 percent last year and in previous months. The delinquency rate is 6.4 percent up from 29.5 percent recently and the unemployment rate is only 10.2 percent.
These improvements may not seem like very much when you compare them to prices before the housing market crashed, but compared to what many homeowners, buyers, and sellers are facing now, these are some real improvements and can give many of us hope that the improvement process may be slow, but it is happening.
Number of Views :115Some Not Worrying As Much about Foreclosures
The real estate industry and housing market is still struggling and many people are faced with not being able to pay their mortgage and then facing foreclosure because of it. Many people have to move and find new places to live and work. However, for some people, foreclosure has just become the way things are and some couples are choosing not to worry about it as much as they used to anymore.
For some people, not having to pay their mortgage has allowed them more money and free time for other things, such as spending time with family and friends, or even going on a vacation. Instead of leaving and being ashamed of facing foreclosure, many people have started to see it as a time to focus on other things and enjoy life.
Some people have even thought of a homemade loan modification system or plan which allows them to bring their payments to zero. Then, they can use the money the save to get back on their feet, or stick together and get by. This system does not beg a lender, but allows the homeowner to have a say, by allowing them to just stop making their payments and let the banks deal with the houses if they become a problem.
More than 1.7 million people have been faced with foreclosure and the process to help get people out of these situations has become slower and slower, so many people are deciding the “free rent” system works best for them. It allows them to relax, save money, and enjoy the little things. Many homeowners did not ask for this, but many have also decided that they are going to make the best of the situation and do what they can for their families.
Number of Views :130Mortgage Rates Hit New Low Due to Debt Crisis in Europe
When it comes to the real estate market these days, we have all been hearing ups and downs and it may feel like we are on a rollercoaster. One minute we are hearing some good news, the next minute some not so good news. The fact is that until the economy gets better, the real estate market will continue to struggle and we may all just have to hang on for the ride.
This week mortgage rates have hit some historic lows. This is all due to Europe’s debt crisis. Nervous investors are leaving for the more secure U.S. Treasuries which has caused consumer interest rates to become more influenced and this includes mortgage rates. The current rate for a thirty year fixed loan is 4.87 percent, the lowest it’s been in thirty years.
Other rates such as those for jumbo loans have also fallen. The thirty year fixed jumbo loan is at 4.5 percent which is six percent lower than last year at this same time.
It is a great time for homebuyers to buy and for homeowners to consider refinancing. If you are a homeowner looking to refinance and are also eligible for the Home Affordability Refinance Program which allows homeowners to refinance into low mortgage interest rates even if your property value has gone down, then now may be the best time to consider this option. This program is available from now until June 2011.
This may be a great time for homeowners to refinance or home buyers to get a good deal but only if you are quick about it. These rates will probably only last for a month or two. Europe’s investors will soon be looking for other security besides the U.S. Treasury and this will push these rates back on. So, if you are thinking about buying or refinancing, you better act now while you can still get a low rate. The offer may be gone as quickly as tomorrow.
Number of Views :143Home Sales Rise in Some Areas Due to Tax Credit and the Economy
In many areas, people are still struggling to keep their homes out of foreclosure and struggling to pay their bills, but in other areas the tax credit and the economy are actually helping existing homes to sell more than expected. Every region seems to be benefiting from this except for the west where sales dropped 6.2 percent in March. In this real estate market, it really does make a difference where you live.
The National Association of Realtors said on Monday, that sales of previously owned or existing homes rose 7.6 percent and that this averages out to be an adjusted annual rate of 5.77 million. These have been the best results in five months and this has seemed to inspire a rise in home prices which are now at a median price of $173,000 which is up four percent from last year.
These changes seem to be a result of the federal government giving the housing market a boost with the first time home buyer tax credit of $8,000. The Northeast saw gains of 21.1 percent and the Midwest saw gains of 9.9 percent. Finally, the south saw gains of 8.6 percent.
Now that the tax credit has expired though, ending on April 30th, there may be some drops in these numbers. Many people feel however, that this tax credit and other areas of the economy improving have helped to restore confidence in consumers and they will be more willing and likely to buy homes or to refinance an existing home in the coming months. Some advice for real estate agents might be to act now while consumers may still be willing to buy.
Number of Views :159Cities Where Housing May Be the Most Affordable
With the housing market still struggling in many areas and the government help and assistance backing off, this has left many homeowners with a decision to make. Many homeowners who are trying to sell their homes have had to accept lower asking prices, making more homes in certain areas more affordable to many possible homebuyers. So, if you are home buyer now may be one of the best times to start looking for that house you have always wanted, especially if you are looking in one of the following cities.
Ask your real estate agent for advice
It is a big part of a real estate agent’s job to know where prices are lower and where they may be higher. This way they can get the best deals for their clients. If you are looking to buy a home, it is a good idea to talk to your agent first about how the market looks in your area. This way you can make the best possible decision.
Portland, Oregon
In this area, there are homes that are 3 bedrooms or 3 bedrooms and half bath at 4,147 square feet for $999,999. This is a price reduction of twenty-six percent.
Cleveland, Ohio
In this city, there are listings with reductions up to twenty-seven percent. Some of these reductions include houses with five bedrooms, four bathrooms, and 2,300 square feet for $330,000
Jacksonville, Florida
This area has seen listings reduced by twenty-nine percent. Some of these listings include homes with four bedrooms, four bathrooms, and 5,788 square feet for $1,050,000.
Phoenix, Arizona
This city has experienced listings that have been reduced by thirty-two percent. Some of these listings have included homes that have five bedrooms, five bathrooms, and 7,100 square feet for $4,399,000.
In this economy and with the unstable housing market, it really does depend on where you live to determine what kind of deal you can get on a new home. However, many areas are experiencing reductions and many sellers are willing to accept lower offers. So, now is probably one of the best times to buy if you are looking for a new home. These kinds of deals will not last forever.
Number of Views :144Reasons Why Many Real Estate Markets are still Struggling
Many people are wondering when the housing market is going to recover and every now and then we all hear stories about it being better in some areas versus others. Many people are wondering why their city or town is still struggling and others are getting better. Here are some reasons why these real estate areas may still be seeing some hard times while others are beginning to slowly recover.
Ask your real estate agent for advice
As real estate agents, it is a big part of their job to know the market conditions and why things may be happening and when they might get better. They are a great first resource in helping to get your questions answered and helping you find someone who can answer questions they may not be able to.
Less construction and fewer jobs
Construction work is a big employment opportunity for many people without a degree without this, that means there are fewer jobs to be filled and that means that many people are still struggling. Without the building of homes, that means that many designers, real estate agents, loan officers and more may also be struggling to find work.
Homeowners are feeling more poor than ever before
With the economy struggling and many people facing foreclosure, this is making the people that once felt well off worry more about their money and how it gets spent. If more people are saving money rather than spending it, this is hurting the economy now and in the long run.
People are borrowing less money
The economy is struggling and this may mean that fewer people qualify for loans than before, including even some businesses. If people are borrowing less than this means less government money and then the economy still struggles to recover.
Lower home prices means lower property taxes
If people are getting better deals when they do buy a home, then that means they probably have less property taxes to pay which again means less money for the government to spend. Then once again, the economy still suffers.
Many people may think that the struggling real estate market only affects the buying and selling of homes and their prices, but as you can see, this is not true. The truth is that when one major industry struggles because of the struggling economy then many other areas can feel these affects as well. This information will help you to stay well informed about the real estate industry as well as the rest of the economy now and in the future.
Number of Views :154Vacation Home Sales More Likely This Year
With many people struggling to keep their homes from foreclosure and many people struggling to find jobs and make ends meet, many of you are probably wondering why vacation homes may sell more this year. Well, many people received low mortgage rates and low prices last year because vacation home sales were up eight percent from previous years and the same market conditions seem to be very likely this year as well.
Home buyers seem to be getting better deals on vacation homes for the low prices they are paying. The median sales price of vacation homes last year was $169,000. Also, since the homebuyer tax credit has now expired, many people that already have a home are more likely to focus their attention on vacation homes in other areas and are likely to get a good deal.
Many real estate agents and companies may ignore or put off vacation home sales but the fact that vacation homes make up 500,000 home sales every year, means that maybe more real estate agents should focus more on this market than ever before. People are finding out that they can get pretty nice and spacious vacation homes for less than they ever thought was possible before. For example, one person got a 2,600 square foot home near the water for only $350,000 with low interest rates too.
It is true that many people have to save every penny they earn and may not have the time or money for a vacation home, but other older people thinking about the future and retirement are definitely considering places where they can just relax, sit back and enjoy the view. So maybe its time for more real estate agents to focus more on vacation destinations and homes for their sales.
Number of Views :169Places Where Americans are Losing the Most Equity
Some places seem to be improving despite the economy and the housing market situation in many areas appears to be getting better. However, in some markets Americans are actually losing home equity and making their homes worth less than ever before and not worth much at all. This means that people are still being faced with foreclosure and other housing problems and that the housing market still has a long way to go before it is seeing some real improvements in the future. Here are some places where Americans seem to be losing the most home equity
Ask your real estate agent for advice
If you are not sure whether or not to buy or sell a home, do some research in your local neighborhood and community. It also may be a good idea to ask your real estate agent how the numbers are looking for your area and to talk with them about situation. They are a great resource and may be able to point you in the best direction for you.
Modesto, CA
In this area, most the home equity problems are because people of two loans that are at least sixty days behind in payments or there are investors that defaulted on a second or vacation home. In this area the home equity to home value ratio is: -35% for the first quarter in 2010 down from fifty-seven percent in 2006 first quarter.
Cape Coral, Fort Myers, FL
This area is experiencing similar problems with people defaulting on more than one loan or being too far behind in the payments. The home equity to home value ratio is: -8 % in 2010, down from 68% in 2006 in the first quarter.
Phoenix, AZ
The home equity to home value ratio for this retirement and vacation spot is: -1% in 2010, down from 58 % in the first quarter of 2006.
Las Vegas, Nevada
This area is another popular vacation destination and retirement location but the home equity to home value ratio is: 0.5% in 2010, down from 58% in 2006’s first quarter.
These numbers show us that the real estate market is still experiencing a large amount of foreclosures and loan problems and many cities are still “under water” when it comes to housing. The housing market may be improving in some areas, but for many people, it is still a struggle.
Number of Views :203Cities with Great Real Estate Deals
Even with the economy struggling and many real estate incentives ending, there are still some cities where you can find a good deal these days. These deals may depend on location, size, household income and even job employment rates. So if you are wondering whether or not to buy a new home, you should consider these deals before making your decision. It just may help you make the best decision for you and your family in the future.
Ask your real estate agent for advice
As a real estate agent, they know about all the deals and incentives that their locations offer to home buyers and even sellers. They can tell you which deals they offer and help you decide if you should buy or sell right now or wait until later.
Memphis
This city has had a 17.5 decrease in home prices, making them more affordable for many buyers. Also, possible foreclosures and short sales in the future may make prices even more affordable and worth considering.
Phoenix
Home prices in this area have also dropped by fifty-two percent making them more affordable. This location is also warm, sunny, and dry making it a reasonably good location for retirement.
Cincinnati
Home prices in this location have remained affordable throughout the changes with the housing market. They are also expected to reach the bottom by the end of the year. This makes this location one to consider for many families.
Medford, Oregon
Prices have dropped by twenty-three percent in recent years making homes more affordable. However, when the building new homes market went under the unemployment in this area got higher. So if you are planning on moving to this area or buying a new home here, make sure you have a fairly secure job.
As the economy struggles to recovery, the housing market does too. This is why it is a good idea to keep a close eye on which areas are doing well and which may not be. This way you can make the best decision on whether or not move or buy a home or wait until a better time.
Number of Views :111Real Estate Markets in the Most Trouble
It is no surprise that the real estate industry is struggling due to the economy. We have all heard and seen and may even be experiencing it. They have been programs set up to try to help those in need or those facing foreclosure, or even to get the market back on track. The truth is though, that even with this help, many markets are still in real trouble. Here are some of the markets in the most trouble and why. Maybe this will help us all learn what we can do to help.
Florida
Most of Florida has a delinquency or failure or inability to make mortgage payments, of sixteen percent. In Miami, it is as high as twenty-eight percent. Many people are at least ninety days behind in their payments. In Miami, one quarter of people are ninety dues past due on their payments or far worse. One-fifth of mortgages are also in foreclosure status.
Las Vegas, Nevada
They have a delinquency rate of twenty-one point seven. Mortgages with foreclosure status are 10.2 percent of the total. Some people are saying that building so many high rise condos off the strip, does not seem like a good bet anymore.
Riverside, California
The delinquency rate here is 19.1 percent with 7.7 percent of mortgages in foreclosure status and that is twice the three percent national average.
Detroit, Michigan
This area has a delinquency rate of fifteen point eight percent. Six point six percent of all mortgages are in foreclosure status or worse. This city may never get a break.
These facts show us once again that the housing market is not just hurting in one area but all over in many places that may surprise us. It is important to keep up to date about any changes in the economy and with the housing market. This way we can make well informed decisions now and in the future.
Number of Views :56