June 20th, 2008
Prices plummeting in California
Then the housing slump came. And California is now suffering more than any other state.
Then the housing slump came. And California is now suffering more than any other state.
According to the National Association of Realtors the housing slump is causing fewer people to purchase second homes. And that is causing an interesting side effect: As the number of unsold vacation homes on the market continues to rise, their owners — who can’t unload them as quickly or for as high a price as they once could — are competing harder than ever to find renters.
The media aren’t causing the housing slump. Real estate agents, mortgage loan officers, greedy homeowners and lazy legislators all worked together to do that. Let’s put the blame where it belongs.
Where you live could have a significant impact on how painful rising gasoline costs are.
According to Prashant Gopal, a writer for BusinessWeek, the next big real estate crisis will hit the country in April of next year. That’s when hundreds of thousands of adjustable-rate mortgages are scheduled to reset to higher interest rates, and, of course, higher monthly mortgage payments. Expect this to bring on a new round of foreclosure activity.
If you’d like some good news to go along with my daily dose of pessimism, then I’ve found the perfect site: www.happyrenews.com. That’s right folks, it’s really called Happy Real Estate News.com. Seriously.
The state of Virginia earlier this year approved a law that would force developers to preserve old trees as they build new neighborhoods. Such a law seems to make sense. After all, there are few things more depressing than a neighborhood dotted with scrawny, sad-looking trees.
Does the steady diet of gloomy housing reports actually make the current housing crisis seem worse than it is? Do negative stories on a near daily basis erode seller confidence?
Trump’s troubles selling his pricey home mirror the struggles many sellers are having in moving their own residences.
A study for the Department of Housing and Urban Development, found that loans prepared by mortgage brokers more often came with higher fees than did those loans arranged directly by lenders.
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Written by Dan Rafter [email] for b5media.
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