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Fredericksburg, MD Real Estate

January 13th, 2010 · Real Estate Information

Fredericksburg, Virginia
Image via Wikipedia

The real estate in Fredericksburg, Maryland continues to suffer as a result of the economic recession that began in 2008.  The worst problem locals in Fredericksburg face are sharply declining home assessment values.  Although there are hopes that the Fredericksburg real estate market has hit bottom, there are no sure signs that values won’t continue to decline before any significant improvement is made.  Short sales and high foreclosure rates are also major contributing factors to the continuing declines in home assessment values.  Luxury homes have suffered the most, with homes priced over $500,000 experiencing the largest declines in home values.

According to the Baltimore Sun, Maryland prices are expected to decline on average 19.7 percent throughout all of Maryland when the December property assessment notices for almost all Maryland homeowners are posted.  Real estate experts believe that the recent property assessment declines may be the largest in the state’s real estate history and that property values will most likely decline a little bit more over the next few months.  However, experts have also noted that commercial real estate properties have increased slightly in value, resulting in an overall 16.1 percent decline in Maryland real estate properties.

The Southern Maryland Newspapers Online has also reported the sharp declines in home assessment values.  According to Southern Maryland Newspapers Online, 99 percent of the real estate market in Maryland suffers from declining property assessment values.  In Charles County, only six of the 18,344 homes were estimated to have increased in value.  For locals, the only silver lining may be that the real estate market has hit bottom, meaning that the only direction the market can go is up.  However, the question is when the real estate market will show signs of improvement.

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Kansas City Real Estate

December 30th, 2009 · Real Estate Information

Kansas City
Image by tlindenbaum via Flickr

Kansas City has shown sluggish but consistent improvement in its residential real estate market over the past few months.  However, the commercial real estate in Kansas City continues to worsen as office vacancies continue to increase and landlords have trouble collecting rents and retaining tenants.  However, many real estate experts have noted that the recent expansion and improvement of the Kansas City economy may offer hope for the improvement of the Kansas City real estate market as well.

According to iMarket News.com, Kansas City has experienced some “modest” improvements in its economy over the past few months.  During the months of October and November, Kansas City has posted slight improvements in its economy based upon consumer spending, manufacturing, and other business activity including real estate and construction activity.  Economic experts believe that Kansas City is showing significant signs of recovery from the economic recession that began in 2008.

The Kansas City Star has also reported that the residential real estate in Kansas City is showing signs of improvement and offering hope for the future.  Realtors posted a surge in home sales during the month of November by about 63 percent from that of November of the previous year.  However, almost all home sales consist of resale, with only about 250 of the total home sales in Kansas City being those of new homes.  The average sales price of an existing home also rose by about 9 percent to $148,018, but the average sales price of a new home dropped by about 14 percent to $280,350.  Currently, Kansas City has a 6.5 month inventory of existing homes and a 10.2 month supply of new homes.  Aside from slow sales of new homes, luxury home markets continue to struggle even more, with very few prospective buyers willing to pay that much money for a home given the current economic situation.  Nevertheless, recent increases in affordable housing projects offer hope for increased real estate activity in the coming months.

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Miami Beach real estate

December 23rd, 2009 · Market Watch

Seal of Miami-Dade County, Florida
Image via Wikipedia

Miami Beach real estate is still in trouble, believes Joe Weisenthal of the Business Insider on November 5, 2009.  The writer opens by saying “Even after all this time, the infamous South Florida condo market remains mired in a funk. But actually the numbers are improving, slightly.”  Unfortunately, foreclosures have become a regular part of life in Miami Beach where “lenders filed an average of 272 foreclosure actions per day in October 2009 against properties in the tricounty South Florida region, representing an eight percent year-over-year increase compared to 2008 and an 86 percent increase from 2007.  Miami-Dade County, where Miami Beach, Aventura, and Coral Gables are located, realized a 10 percent increase in foreclosure actions in October 2009 on a year-over-year basis with 1,928 filings. In previous Octobers, there were 1,752 foreclosure actions filed in 2008 and 1,376 initiated in 2007.”

One good thing for Miami Beach homes for sale is that home transactions and sales are beginning to become more familiar as the number of deals closed begins to rise.  Monica Hatcher of the Miami Herald wrote on October 23, 2009, that “sales of existing South Florida home continued apace in September, as buyers hurried to close on purchases before the $8,000 first-time home buyer tax credit expires Nov. 30.”  More good news came in the numbers that showed “sales of single-family homes in Miami-Dade were up 51 percent in September from the same month a year ago, and condo sales were up 73 percent.”

Real estate in Miami Beach has very followed the trends of other similar cities and communities around the United States.  Interestingly, according to James Hagerty of the Wall Street Journal on November 17, 2009, “the average U.S. home price nearly doubled between January 2000 and April 2006, according to the First American Loan Performance index. Since then, the average has fallen about 30%. The drop has been 53% in the Las Vegas metropolitan area and 39% in Miami, where about a quarter of all households with mortgages are behind on their payments or in foreclosure.”

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Tucson real estate

December 18th, 2009 · Market Watch

City of Tucson
Image via Wikipedia

Tucson real estate appears to be stabilizing, says Joe Pangburn, reporter for the Inside Tucson Business newspaper, on October 26, 2009.  Initially stating “signs that the new home building industry may be stabilizing: Closings and median prices in September were up,” Pangburn was also pleased with the increase in property prices as of late.  “Price-wise, the median sales price of a new home in September was $185,000, up from $182,000 in August. It was the fourth consecutive month that the median has been under $200,000. The median price in both September 2007 and 2008 was $235,000.”

Another positive indicator for Tucson homes for sale is the number of building permits issued each month.  According to experts, “the 221 permits issued in September, were down from 235 in August and down from 231 in September 2008. September was the fifth consecutive month that the number of permits issued has been above 200.”  This means that more people have the financial means to begin construction on projects or continue to develop their current properties.

Roger Yohem, another writer for the Inside Tucson Business newspaper, cited Brent T. White, an associate professor at the University of Arizona’s James E. Rogers College of Law as believing many people do not foreclose their properties to avoid shame and minimize anxiety.  Luckily, foreclosure notices are appearing at a decreasing number of homes.  The article states that “Arizona cities are no longer on top 10 lists for numbers of foreclosures, according to third-quarter data from RealtyTrac.  Tucson is now down to No. 42 for foreclosures with 1.04 percent of properties receiving foreclosure notices. The Phoenix-Mesa-Scottsdale metropolitan area is down to No. 12 with 2.43 percent of properties receiving a notice. Prescott was the only Arizona city to see an increase, up 77 percent to 1.44 percent of properties receiving foreclosure notices, enough to put that city at No. 29 on RealtyTrac’s list.”  This spells good fortunes for real estate in Tucson which will begin its long and arduous trek back to health as the global recession begins to ease up and relieve financial pressure from millions of Americans.

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Columbus Real Estate

December 15th, 2009 · Market Watch

City of Columbus

Despite rising numbers in foreclosures and the continuing concern for job security in Columbus, Ohio, many real estate experts are optimistic that the coming months will bring improvements in the Columbus real estate due to an improving economy in terms of business and growth.  Experts are beginning to see increases in commercial activity, and government data has shown that the output of goods and services from Columbus has increased over the past year.  Many real estate experts believe that as businesses stabilize, job security will become less of a concern and many prospective Columbus home-buyers will have more confidence in making real estate investments.

The Columbus Business First has reported a continuing rise in foreclosure rates in the Columbus and central Ohio region.  The number of foreclosures in the first nine months of 2009 reached almost 9,500, which was a 4.3 percent increase from the 9,100 foreclosures filed in 2008 during the same time period.  Experts have also concluded from the data that the central Ohio region will end in a total of about14,000 houses by the end of the year.  Real estate experts are saying that the concern for job security and rising unemployment rates are causing many home-owners to feel that they just can’t afford their house anymore.  Many experts believe that improvements in unemployment rates are the key factor in the improvement of the Columbus real estate market.

The Columbus Business First also noted that there might be some hope for the future of the Columbus real estate market due to signs that the economy of the central Ohio region is improving.  Government reports have noted that there has been an increase in the output of goods and services from the central Ohio region over the past year, suggesting that economic activity is increasing and many businesses should be ready for growth and expansion in the near future.  As businesses become more established again, unemployment rates will decline and job security will become less of a concern.  As the Columbus economy improves, many real estate experts believe that the Columbus real estate will improve as well.

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Catskill Real Estate

December 8th, 2009 · Market Watch

Regular NY upstate landscapes

Located less than an hour south of Albany in upstate New York, the city of Catskill has a real estate market that performs similarly to that of Albany.  Although the Catskill real estate market suffered losses as a result of the recession of 2008, recent months have shown, as indicated by realtors and real estate experts in the Albany region in New York, that the Catskill real estate activity is beginning to pick up speed after months of struggles due to a frozen credit market and declining home values.  Recently, realtors have posted positive results indicating that the end of the Catskill real estate struggles are near as a full recovery looms on the horizon.

According to the Business Review in Albany, real estate markets throughout upstate New York are beginning to show an increase in activity with substantial increases in home sales.  Although some markets are still experiencing slight declines in home sales by 1-3 percent, some counties such as Schoharie County and Montgomery County are posting astounding increases in home sales by around 50 percent in October of 2009.  However, most regions are still suffering from declining home values and decreases in median sales prices, although the declines have slowed.  The upstate New York region posted a 4 percent year over year increase in total home sales for the first time this year as 824 sales were made in October of 2009 compared to the 791 sales in October of the previous year.  However, for the region as a whole, median home sales prices declined by about 8 percent to $174,500.

The Times Union has also reported the recent uptick in home sales in the upstate New York region.  According to the Times Union, Schenectady County has had one of the most successful real estate markets showing the most improvement over the past few months.  Real estate experts have pointed out that the most successful real estate markets in the upstate New York region have been those offering the most affordable homes.  Given the current financial strains that many families in America are experiencing, many prospective home-buyers are only looking for the bargain or low-end homes.  Despite many real estate markets posting increases in home sales, many markets still suffer from declining median home prices.

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Breckenridge real estate update 2009

December 3rd, 2009 · Real Estate Information

Ten Mile Range outside Breckenridge
Image by StevenM_61 via Flickr

Breckenridge real estate, like the rest of Colorado is beginning to dig itself out of the mess created as a result of the national economic recession that has affected homes for sale everywhere.  As of November rankings, Colorado dropped out of the top ten places of foreclosures, according to staff at the Northern Colorado Business Report on November 12, 2009.  “The October report shows Colorado’s foreclosure activity dropping by 18.75 percent from September and 6.08 percent from October of 2008.”  While this comes as good news for owners of Breckenridge homes, analysts and experts warn that caution must still be exercised.  In fact, “the fundamental forces driving foreclosure activity in this housing downturn – high-risk mortgages, negative equity and unemployment – continue to loom over any nascent recovery.”

Many critics have also chastised President Obama’s recent recession aid package.  Chris Serres of the Minneapolis-St. Paul Star Tribune wrote on November 10, 2009, that “The Obama administration’s $75 billion mortgage rescue program leaves many struggling homeowners in the cold, despite some progress. Only a small fraction of borrowers are receiving permanent relief from their banks under the federal program.”  Nevertheless, expansion of the tax credit program for first-time home buyers has been a success as many real estate analysts and professionals have noticed an increasing rate of purchases by people new to the home-buying business.

Recent purchasers of real estate in Breckenridge and other places in Colorado are benefiting from dropping mortgage rates that are helping people to pay off the cost of their homes with greater ease.  Yahoo! Real Estate claimed on November 13, 2009, that the 15-year fixed mortgage dropped more than half a percent compared to the previous week while the 3/1 Year ARM dropped just 0.076%.  While the percentage differences are quite small, put against hundreds of thousands of dollars, every little bit helps troubled homeowners in avoiding foreclosure.

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Durham real estate update 2009

December 2nd, 2009 · Real Estate Information

Durham, North Carolina
Image via Wikipedia

Durham real estate has seen significant growth in its housing market as the area begins the long road to recovery following one of the most devastating recessions to so badly affect the U.S. economy and way of life.  While most mortgage rates saw tiny improvements, the only mortgage type to see an increase was the 30-year fixed mortgage, which only rose 0.013 percent to 5.008%, according to Yahoo! Real Estate.  Even better news was a price change of 20.1 percent for foreclosed homes, when compared to October 2009.  This over-month change reflects a growing pool of interest buyers who are looking to purchase a piece of Durham real estate for themselves.

The Triangle Business Journal reported on November 10, 2009, that Durham homes for sale are seeing their prices consistently rise.  The staff writer claimed that “the Durham metropolitan area, bucking the national trend, posted higher home sale prices during the third quarter. The Raleigh-Cary area wasn’t so fortunate.”  Citing the National Association of Realtors, “Durham’s median home sale price rose 3.6 percent year over year in the third quarter and the median existing single-family home price in Durham rested on $184,300.”  This comes as extremely exciting news for owners of real estate in Durham because “nationally, existing home prices dropped 11.2 percent to $177,900. The median is the value at which half of the homes sold for more and half sold for less.”

Luckily, Durham real estate very much followed the trend of the rest of North Carolina by watching the growth of foreclosures slow through February, confirmed a report on November 11, 2009 by WRAL of Raleigh, Durham, and Fayetteville.  The story quoted that “foreclosure filings in the state dropped by 3 percent compared with October 2008.”  This comes as a sign of improvement in what used to be one of the worst housing markets to sink in the nation.

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Oakland real estate market

November 11th, 2009 · Market Watch

ANTIOCH, CA - OCTOBER 15: Real estate for sal...
Image by Getty Images via Daylife

The Oakland real estate market seems to be rallying after the effects of the national economic downturn have started to wear off. According to an October 15, 2009 article in the Press Democrat, “Bay Area home sales continued to rise in September, driven by foreclosure sales and buyers eager to take advantage of a tax credit due to expire at the end of November, according to a report Thursday. A total of 7,879 new and resale houses and condos sold in the nine-county Bay Area last month, up 8.4 percent from last year, according to MDA DataQuick, a La Jolla real estate information service. It marked the 13th straight increase in sales, on a year-over-year basis. Sales rose even as the traditional summer homebuying season drew

to a close. Normally, Bay Area sales decline 11 percent between August and September. But this year, sales rose 4.8 percent from August, bucking the historical trend, according to MDA DataQuick. Sales of foreclosure properties continued to sink but still accounted for almost 1 in 3 deals in September.”

Oakland home sales have also been affected by home prices in the Bay Area, according to an article in the Contra Costa Time. The piece, written on November 9, 2009 by Eve Mitchell, found that “Home value depreciation in the nine-county Bay Area has slowed down in yet another apparent sign of a stabilizing real estate market, according to a report released Monday. In the third-quarter period ending Sept. 30, home values dropped 8 percent to $483,612 from the same period a year ago, while rising 1.2 percent from the second to third quarter, said the report released Monday by Zillow.com, an online real estate community.”

A November 3, 2009 article in the San Francisco Chronicle, there is additional positive news for real estate in Oakland. The piece, written by Chip Johnson, found that “New housing development has arrived at one of the most forgotten outposts on the Oakland landscape – a West Oakland neighborhood long known by locals as the Lower Bottom. Central Station is a project to build 1,200 units of mixed housing at the site of the city’s old Southern Pacific train station, and it’s a long way from anywhere.”

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Fredericksburg real estate market update

November 11th, 2009 · Market Watch

Sign Of The Times - Foreclosure
Image by respres via Flickr

Fredericksburg real estate is predominately homogeneous and very heavily influenced by the larger trends of the Washington Metropolitan Statistical Area. The largest difference between the downtown portions of the greater Washington Area and Fredericksburg is the nature of the properties – Fredericksburg is predominately light commercial and suburban.  According to a November 8, 2009 article in the Baltimore Sun by Jamie Smith Hopkins, “Sales in the summer were up about 7 percent from a year earlier in the D.C. region, and there were 5.4 months of inventory – “below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply,” the report notes…The market decline hit our southern neighbor first, and it started to recover first, too. D.C.’s job market is one of the strongest in the nation, which doesn’t hurt.”

There are some problems for Fredericksburg homes for sale, especially those which are so-called short sales. According to an October 28, 2009 article in the Washington Post, the rate of foreclosures in the Washington area has doubled in recent months. The piece, written by Renae Merle, noted that “The number of Washington area homeowners in foreclosure has more than doubled in the past year, according to a report to be released Wednesday that shows the problem remains most acute in a few counties and could get worse as more borrowers fall behind on their payments. About 2.7 percent of local borrowers are in the foreclosure process, meaning that the bank has started the legal process to take back the property, according to the report by the Urban Institute.”

This negative sentiment for real estate in Fredericksburg was echoed by an October 28, 2009 article in the Washington Examiner. According to this article, written by David Sherfinski, noted that “Tens of thousands of additional foreclosed homes are expected to flood the Washington area soon, and the housing crisis is sending ‘ripple effects’ down to renters and school-age children, according to a report released Wednesday. More than 100,000 mortgages – almost 8 percent of all loans in the region – were delinquent in June. Further, 51,500 were more than 90 days past due, the report said.”

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