A Daily Shot of News

Despite continuing declines in median sales prices in New Haven, Connecticut, recent months have offered optimistic views of the future of the New Haven real estate market due to increasing home sales topping the previous year’s level during the same period.  Many real estate experts have attributed the federal tax credit for first-time homebuyers to the increase in sales.  However, realtors are also quick to point out that it is only the homes in the lower price ranges that are selling.  The luxury home market continues to struggle as it has experienced extremely sluggish activity over the past months.  With the federal tax credit about to expire though, many real estate experts are concerned whether the real estate in New Haven will continue to show the improvements it has made over the last few months.

The New Haven Register has reported how successful the federal tax credit for first time homebuyers has been in spurring activity in the New Haven real estate market.  Over the past few months, New Haven has experienced an increase in home sales, a 9 percent increase compared to that of the same period the year before.  1,517 homes sold last quarter in New Haven, an increase from the 1,390 sold during the same quarter in 2008.  Realtors have noted that most homebuyers are coming onto the market with more confidence and the desire to take advantage of the tax credit.  However, the median sales price in New Haven has declined to $299,297, a 13 percent decline from $344,175 a year before.  Almost all of the home sales consist of less expensive homes catering to first time, entry-level buyers.  Realtors continue to note that the more expensive homes are still struggling to find buyers.

On another note, the New Haven Register has also reported the recent improvements seen in the commercial real estate market.  New Haven has posted a vacancy rated of 10.6 percent, down from the 13.7 percent posted in the third quarter of 2008.  Realtors have reported an increase in the number of tenants looking for office space in New Haven over the past few months.  New Haven is known for having a fairly stable commercial real estate market due to a number of well established businesses and institutions such as Yale University.  However, just outside of New Haven, vacancy rates for commercial real estate have increased slightly, as most businesses tend to stay only in the business sector in the center of the city.

Located about half an hour south of Seattle, Tacoma has shown a stable number of home sales and median sales price over the past few months.  This has given real estate experts quite optimistic views of the Tacoma real estate market in the coming months since real estate levels in Tacoma have a tendency to drop sometime during the third and fourth quarters.  Home sales continue to be dominated by low-end homes, especially distressed properties that have previously been foreclosed on.  Home sales, median prices, and mortgage filings have increased very slightly over the past few months, giving many real estate experts hope that a full recovery for Tacoma real estate is near.

According to DQNews.com, the Seattle-Tacoma region has maintained stable home sales and median price rates, with some regions even posting slight increases.  This contrasts the tendency for the region to experience slight declines during this time period between August and September.  Since 1994, the region has tended to experience on average an 11 percent decline in real estate sales between the months of August and September.  In September, a total of 3,794 new and resale houses and condos were sold in the region, one more sale than that of the previous month and a 5.5 percent gain over the 3,595 sales posted in September of 2008.  So far, the Seattle-Tacoma region has posted year over year rises in home sales for three consecutive months, after 37 consecutive months of annual sales declines.  In September, about 18.3 percent of all home sales in the region consisted of sales priced below $200,000, a 9 percent increase from August.  The median sales price for all new and resale houses and condos remained at $300,000, the same from the previous month, but down 6.2 percent from the year before.

The News Tribune has reported an even more positive outlook on the real estate in Tacoma, saying that many realtors are actually posting significant gains in home sales over the past few weeks in Pierce County.  Most realtors say that the extension of the federal tax credit for first time homebuyers has played a major role in enticing people to invest in Tacoma real estate.  Many real estate experts believe there will be another spike in home sales in the coming weeks as the federal tax credit expiration date comes closer.

Although the Anchorage real estate market has declined as a result of the economic recession that began in 2008, the declines are not nearly as large compared to that of the rest of the nation.  Foreclosure rates are up and home sales are down, but many real estate experts still consider Anchorage to have a real estate market filled with prosperity.  However, subprime loans are not considered to be the cause of the economic struggles in Anchorage, but it is rather job security that is the major concern.  Most mortgages that ended in foreclosure were caused by a previous job loss rather than the loan being risky.  Nevertheless, many experts still believe that the Anchorage real estate hasn’t hit bottom yet and most likely won’t be ready for a full rebound until 2010 or most likely 2011.

According to the Anchorage Daily News, Alaska foreclosure rates have risen by 36 percent, but experts are quick to point out that that is only relative, with 0.88 percent being the percentage of homes actually foreclosed on.  0.88 percent ranks Alaska with the third lowest foreclosure rate, compared to the 7.32 percent foreclosure rate in Florida.  Almost all of the foreclosures were in Anchorage and the most populated areas of the valley.  Currently, real estate experts are unsure of the future of the Anchorage real estate due to the high volatility of the region’s economy.  Job security continues to be the major concern in the area.  So far, home prices have remained stable and declines in employment rates have slowed.  Although signs of bottom have not been verified yet, most experts believe that the real estate in Anchorage won’t fully recover in the near future.

The Anchorage Daily News also reported that the commercial real estate in Anchorage is also faring significantly better than other real estate markets across the nation.  The Anchorage office vacancy rate is only 7 percent, compared to the 12.7 percent posted for the national commercial property vacancy.  The Anchorage retail vacancy is only 4 percent compared to the national average of 7.5 percent.  The industrial vacancy for Anchorage is 3 percent, significantly lower than the 9.6 percent average for the nation.  Although these numbers are high compared relatively to past Anchorage levels, Anchorage has not suffered as much as most other real estate markets throughout the nation.

Located in Orange County in Southern California, the Mission Viejo real estate market has shown promise for the future due to an increase in home sales over the past few months.  Much of Southern California has shown positive signs for the recovery of the real estate market in the near future, with home sales increasing, even though median home prices have been steady at below-average rates.  However, issues such as the financial stability of the state of California and job security are major concerns and obstacles to the full recovery of the Mission Viejo real estate market, as well as the economy of California as a whole.

According to DQNews.com, Southern California show an improving real estate market despite median prices that are still below previous years’ levels.  In September of 2009, about 21,539 new and resale houses and condos were sold in Southern California, which as up 0.2 percent from 21,502 in the previous month and up 5.1 percent from 20,497 in the previous year.  The increase in home sales is due primarily to the fact that housing in the region is much more affordable now because of a large inventory of foreclosed or distressed properties for sale, offering prospective home-buyers the “bargain” rates that many are looking for.  However, the median home price for new and resale houses and condos has declined by about 10.9 percent from $308,500 in September of 2008 to $275,000 in September of 2009.  Many real estate experts expect foreclosure rates to continue to increase during the next few months and that consistent and significant signs of recovery aren’t likely to show until well into 2010.

The Orange County Guide to Local Real Estate has reported the improvements in the Anaheim real estate market, as well as the Orange County real estate market as a whole.  They have reported that home sales in the region increased by about 7.2 percent in July 2009, mortgage applications have increased, and that interest rates have declined to hit a five-week low.  Mission Viejo posted that 102 homes of the 145 homes listed were sold in September of 2009, an improvement over the 94 sold of the 126 homes listed in September of 2008.  However, the average sales price has declined during the same period from $538,496 to $468,417.  Many real estate experts believe that the Mission Viejo real estate market is gaining the momentum in needs to make a full recovery.

Located just outside of Raleigh, Durham continues to face an uncertain economic future as its real estate market continues to suffer along with most North Carolina real estate markets.  Many North Carolina real estate markets have faced high foreclosure rates, a frozen credit market, a struggling commercial real estate market, and declining home prices since the beginning of the economic recession that began in 2008.  So far, few North Carolina real estate markets have been able to post any improvements over the past few months.  Real estate experts continue to wait for signs that the North Carolina real estate markets have hit bottom and are ready to rebound for a full recovery.

The Triangle Business Journal in Raleigh and Durham have reported that despite the 6 percent decline in the number of foreclosed homes in North Carolina, the state still remains as 29th in the nation for highest number of foreclosed homes.  A total of 4,317 homes in North Carolina were foreclosed on as of August 2009, which is equal to one in ever 956 households.  Despite slight improvement over the past few months, North Carolina’s foreclosure rates are still 26 percent higher than they were in July of 2008.  The Triangle Business Journal has also reported that the Raleigh and Durham real estate market has suffered a slight 2.5 percent decline in home prices between the fourth quarter of 2008 and the first quarter of 2009.  Currently, the median home price is at $199,365, down from $209,204 during the market’s peak in the first quarter of 2008.  Since then, the priced has dropped by about 5 percent.  Local real estate companies have reported that about 61.6 percent of homes in the area have lost value in the last 12 months, with 15 percent of those homes being sold at a loss.

The Charlotte Business Journal has also commented on the struggles and gloomy future of the commercial real estate market in North Carolina.  Many businesses are still filing for bankruptcy, and others that are in trouble are opting to move out of the state.  The frozen credit market has also posed as an obstacle to the development and expansion of the commercial real estate industry that is necessary to accommodate the predicted growth of many businesses in the region by 2030.  As the Durham real estate and surrounding regions continue to suffer, real estate experts continue to wait for signs of recovery.

Like most Tennessee real estate markets, Memphis continues to struggle as a result of the economic recession that began in 2008.  Many experts are unsure when the real estate market will be ready to rebound into a full recovery since most believe the Memphis real estate market has not yet hit bottom.  Many believe that the main factor influencing the success of the Tennessee real estate markets is the affordability of housing, given that most of the Southeastern Tennessee real estate, which is a much less expensive market than the rest of Tennessee, seems to be fairing the best during these troubling economic times.

According to the Memphis Business Journal, jumbo real estate loans seem to be the main sign of the negative housing indicator in most Tennessee real estate markets.  Jumbo mortgages, which are loans above $417,000, have declined by more than 70 percent according to numerous real estate agencies.  Many markets are also reporting the the sales of properties priced above $400,000 are basically at a standstill.  Germantown has reported that it has a 41 month supply of properties valued above $500,000 based on the current sales rate in the area.  The real estate in Memphis has also experienced a 58 percent decline in sales of homes priced at $400,000 and above and a 32 percent decline in sales compared to the first quarter of 2008.  This has also given way to the 36 percent decline in home listings that many real estate agencies in Memphis are reporting.  The 36 percent of residential listings that have experienced a sales price reduction in September of 2009 puts Memphis at the top of the list of the 50 largest U.S. Cities.

However, The Daily News in Memphis has reported a more positive outlook on the real estate in Memphis due to the recent number of high-dollar real estate investments made in the residential, commercial, and industrial sectors.  Despite several million dollar deals such as the purchase of the Wyndridge Apartments by Resource Real Estate Inc. For $9.5 million, accounting for the largest commercial activity during the month of September, Memphis real estate sales are still at levels lower than that of 2008.  Sales in September averaged $660,078, down 13 percent from $758,789 the previous year.  However, September’s sales were up 17 percent from the $563,925 in the month prior to that.  Nevertheless, it seems that there is still no sure sign that the Memphis real estate market will consistently improve in the coming months.

Like many other Orange County real estate markets, the Anaheim real estate market is beginning to show promise for the future.  Although median home prices in the region are still below the previous years’ average and the median home prices have not shown any significant or consistent increase over the past few months, the number of home sales in Anaheim have increased significantly.  Many communities are even beginning to post year over year gains in terms of the number of homes or condos sold.  However, many real estate experts still believe that the real estate in Anaheim and the surrounding region will most likely struggle and experience slight declines over the next few months before the market can rebound to experience a full recovery.  Issues such as job security and the financial security of the state of California still pose as major obstacles to the full recovery of the Anaheim real estate market and the region’s economy as a whole.

DQNews.com has reported that even though the median home prices in Southern California has failed to show any significant improvement, the real estate market has shown promise for the future due to an increase in home sales, with many communities experiencing home sales more productive than that of the year before.  In September of 2009, Southern California reported that 21,539 new and resale houses and condos were sold, which was a 0.2 increase from that of the previous month, and a 5.1 percent increase from 20,497 homes sold in the previous year.  Many real estate experts attribute the continuing rise in home sales to the large inventory of foreclosed and more affordable homes for sale.  Many home-buyers are taking advantage of the “bargain” deals made possible due to the large number of foreclosed or distressed properties for sale.  Although home sales are up, median prices in Southern California have declined by about 10.9 percent from that of the previous year.  The median price for a Southern California home in September of 2009 was $275,000 compared to $308,500 in September of 2008.

The Orange County Guide to Local Real Estate has also reported the positive outlook of the real estate in Anaheim and the rest of the Orange County real estate markets in the future.  Home sales experienced a reported increase by 7.2 percent in the month of July 2009, and the number of mortgage applications has increased over the past months as interest rates decline to a five-week low.  Many experts believe that although the Anaheim real estate market most likely won’t begin a full recovery in the near future, it is gaining the momentum it needs to recover when the time is right.

Although Oregon real estate markets are not posting nearly as sharp declines as the struggling markets in California, Oregon has still had its fair share of real estate problems primarily as a result of the economic recession that began in 2008.  Most Oregon real estate markets took a hit right after the recession began, but as many real estate experts have observed, the past few months have provided a very positive outlook on Oregon real estate.  The Medford real estate market, as well as many others in Jackson County in southern Oregon have posted significant real estate improvements over the past few months, with many communities posting year over year gains.  It appears that most Oregon real estate markets have hit bottom and are already beginning their recovery.

Southern Oregon’s Mail Tribune has reported the success of the region’s real estate improvements, with the real estate in Medford being one of those posting success over the past few months.  Due to the relatively large inventory of foreclosed or distressed homes in the region, many prospective home buyers have been eager to take advantage of the “bargain” rates that have been offered during the past few months of economic troubles.  Due to the great affordability of these houses, Jackson County has reported that as of October 2009, the number of new or resale homes in the region have increased by 44.7 percent compared to that of the previous year.  Realtors are also reporting that homes are selling about 30 percent faster than they were the year before.

The Ashland Daily Tidings has also reported that the southern Oregon area has experienced a 35.8 percent increase in home sales in April compared to the year before and a 30.6 percent increase in sales just during the three month period ending April 30.  During that time, realtors said that the time it took to sell the homes hadn’t significantly changed, but the median home price had risen to $194,500, just $500 short of the median price for the previous quarter.  The main source of home sales has been the large inventory of foreclosed homes, many of which have experienced a 17.1 percent drop in value.  Although experts believe that the inventory of foreclosed homes will rise in the coming months, they still expect those rates to be a lot lower than those expected in many California real estate markets.

Real estate experts throughout the Midwest are optimistic that the end of the real estate struggle in the region is soon over.  Although median home prices are still generally below previous years levels, many major real estate markets are starting to post significant year over year gains in home sales.  The Des Moines real estate market has posted the largest of those gains.  Des Moines real estate experts are reporting that the real estate in Des Moines has improved greatly due to the first time home-buyers tax credit, as well as historically low interest rates and a large inventory of affordable housing options.

The New York Times reported that the Midwest has proven to be one of the most successful markets with significant improvements seen over the past few months.  The National Association of Realtors said that as of November, there were 111,000 home sales in the Midwest, up 26 percent from October of 2008.  The median sales price for the region has increased by 1 percent to $146,000, though many markets are still experiencing slight declines.  October experienced the largest jump in home sales, which many realtors attribute to the initial deadline of the federal tax credit and the favorable market conditions compared to that of the previous year.  The New York Times also noted that Des Moines led the Midwest with the largest increase in home sales.  Real estate in Des Moines posted a 39 percent rise in the number of home sales from a year ago.  However, the median sales price declined by about 5 percent to $144,000.  Real estate experts in Des Moines say that the federal tax credit has been a major factor in the improvement of the Des Moines real estate market over the past few months.

The Des Moines Register also noted the 39 percent jump in home sales in Des Moines.  Realtors reported that most homebuyers are trying to take advantage of the federal tax credit.  The number of homes sold between the $100,000 and $175,000 range has increased by 50 percent compared to that of a year ago.  Most experts believe that home sales will increase slightly in the coming weeks as the new deadline for the federal tax credit draws closer.

While job security and the financial security of California continue to pose as major obstacles to the full recovery of the Irvine real estate market, many experts are hopeful that the slight increases in home sales in the region are signs that the real estate in Irvine has hit bottom and is ready to begin its recovery.  Some communities in Southern California are already posting year over year gains in the number of homes sold.  However, many experts realize that the Irvine real estate is not out of the woods yet, considering that the median home price is still significantly lower than it was in the previous year and that the median home price has not shown any significant or consistent increase over the past months.  Nevertheless, many are still optimistic that the Irvine real estate market is gaining the momentum it needs to help pull it out of the recession of 2008 that caused much of the economic struggles in Southern California.

DQNews.com has reported that many of the real estate markets in Southern California have posted slight increases in home sales over the past few months but slight declines in the median home price during the same period.  In September 2009, about 21,539 new and resale houses and condos were sold in Southern California, a 0.2 percent increase from the previous month and a 5.1 percent increase from the previous year.  Many experts attribute the increase in home sales to the large inventory of foreclosed homes appealing to those in search of new homes at “bargain” prices.  The rate of foreclosures is also expected to increase slightly over the next few months.  The median home price in Southern California has declined by about 10.9 percent from $308,500 in September 2008 to $275,000 in September 2009.

The OC Metro has reported an optimistic sign that the Irvine real estate may be picking up speed again.  According to the OC Metro, 3000 The Plaza in Irvine has had 19 sales in just the past 2 months.  3000 The Plaza is an extremely well known luxury tower home to 105 upscale condominiums.  Earlier in the year, the tower filed for Chapter 11 bankruptcy protection, the same time at which 50 units had been sold.  Now that people are beginning to buy again, especially in the expensive home market, many people are optimistic that the real estate in Irvine is soon to show significant improvement.