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www.californiarealestatecenter.com... Read On
Today, the NAR released it’s existing home sales data and again the West is down in sales volume… in fact, we are down 14.4% off last year. That’s a pretty big number as indicated by the chart. To the delight of many (homeowners) home prices have remind fairly stable.According to the charted data it would appear that the sharp volume decrease may be over and we may possibly see an increase as the peak sales months approach. Will home prices continue to hold or will they also follow the existing home sales trend. If inventory continues to build and mortgage rates stay the same or increase, I suspect that home prices will also begin to flatten and eventually maybe even fall. One thing that is concerning is the tightening of mortgage lending guidelines from lenders and Wall Street on the ever popular “pay option arms” as these creative mortgages have fueled the jump in prices. What do you think will happen?Data: NAR Existing Home Sales... ...
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www.californiarealestatecenter.com... Read On
Yesterday, Inman news reported a story based on First Republic Prestige Home Index. According to the report, Luxury real estate values rose to an all-time high in Los Angeles, San Diego and San Francisco in 2005 but slowed significantly in the 4th quarter.Here are some highlights regarding average prices:San Diego: $2.09 millionSan Francisco Bay area: 2.88 millionLos Angeles: 2.3 millionIt will be important to keep on eye on the high end market as often times it is a leading indicator of the rest of the real estate market.... ...
www.californiarealestatecenter.com ...Full Story
By ALEX VEIGA AP Real Estate Writer LOS ANGELES -- Hovnanian Enterprises Inc. said Wednesday it trimmed its loss in the fiscal second quarter as the homebuilder...... ...
www.miamiherald.com ...Full Story
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