Jude's Real Estate Rumblings

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Home Prices Improving, Says Case-Shiller Home Price Index

Home Prices Improving, Says Case-Shiller Home Price Index - Denver was the best year-over-year performer with only 0.1% decline in the latest Standard & Poor's S&P/Case-Shiller Home Price Indices released today.  The annual rate of decline of the 10-City and 20-City Composites improved compared to last month's reading. This marks approximately nine months of improved readings in these statistics, beginning in early 2009.  Sales of existing homes - those included in the S&P/Case-Shiller Home Price Indices - have been very strong in recent months, working off the inventories of houses for sale.
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-standard-poors-sp-case-shiller-home-price-index-home-prices-in-2010-homes-for-sale-1825.php

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0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • December 29 2009 02:45PM

Denver real estate fares better than most

Denver real estate fares better than most - Times were tough for metro Denver commercial and residential real estate businesses in 2009, but not as bad as in many other U.S. cities.  The constricted debt market remained one of the biggest problems for all real estate businesses, including commercial developers and homebuilders.  The federal government’s $8,000 first-time homebuyer tax credit did what it was supposed to — stimulating sales of both newly built and existing homes in lower price ranges.  “For Denver’s housing market, 2009 was a year of so many industry changes, from short sales to new loan and appraisal rules,” said Leeann Iacino, president/CEO of Re/Max Professionals.  “It was a year for not only the real estate professionals to retool their business, but also for the consumer to really understand all the changes.”
http://www.bizjournals.com/denver/stories/2009/12/28/story4.html?b=1261976400^2642401&s=industry&i=commercial_real_estate

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0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • December 28 2009 10:49AM

Tax Credit Gets Buyers Off the Fence

Tax Credit Gets Buyers Off the Fence - The new $6,500 move-up Homebuyer Tax Credit is apparently motivating buyers, according to a survey of 1,500 real estate practitioners.  Existing home owners accounted for 41% of home purchases in November, up from 38% in October. 
http://www.realtor.org/rmodaily.nsf/pages/News2009122302

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0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • December 28 2009 10:46AM

4 out of 10 Recent Buyers Used FHA Loans

4 out of 10 Recent Buyers Used FHA Loans - According to the most recent REALTORS® Confidence Index, 39% of recent buyers purchased a home with a FHA-insured loan.  The number of first-time home buyers continued to climb to 51%.  “FHA helps provide affordable mortgage financing to home owners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,” said NAR President Vicki Cox Golder.  “These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.”
http://www.realtor.org/rmodaily.nsf/pages/News2009121801



0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • December 21 2009 11:58AM

Fewer homebuyers calling off contracts

Fewer homebuyers calling off contracts - Cancellation rates for buyer contracts on newly built homes were down by half in late 2009, and the rate of home shoppers who buy was up, indicating an improving Denver-area housing market.  Weekly cancellations in November and December averaged roughly 22%, compared to 40% to 45% for the same months of 2008, according to Metrostudy Inc.  “The conversion rate of people who walk in and sign a contract has gone up,” said Roger Reinhardt, executive vice president of the Home Builders Association of Metro Denver (HBA).  “That’s a good sign.”  Metro Denver’s weekly home-sale conversion rate increased to nearly 6% in December from roughly 5% for the same month of 2008 and 4% one year earlier, according to Metrostudy.
http://www.bizjournals.com/denver/stories/2009/12/21/story11.html?b=1261371600^2611191&s=industry&i=resi_real_estate


0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • December 21 2009 11:53AM