May 12th, 2008
A glimmer of good news: Remodeling holding steady
According to the National Association of Home Builders, home remodeling work remained steady in the first quarter of this year.
According to the National Association of Home Builders, home remodeling work remained steady in the first quarter of this year.
The number of vacant homes for sale in the United States hit an all-time high in the first quarter of the year.
During this housing slump, we’ve all read that home prices across the country have fallen. But by how much have they dropped?
Real estate professionals will often correct me when I’m interviewing them. It’s not right to say we’re in a housing slump, they’ll tell me. It’s just a different market. I have to disagree. This is a bonafide slump.
Owners trying to sell their homes don’t need any more bad news. Unfortunately for them, a new survey by the Associated Press and and AOL Money & Finance just gave them some.
Three writers at the Wall Street Journal recently wrote an interesting story on those condo/hotels that were built, reporting that many of the buyers who’ve purchased individual condominium units aren’t happy with their investment. They’ve made far less money off rentals than they expected, and their units aren’t appreciating as quickly as they had hoped.
According to the story, if you’re trying to sell a home in San Jose, Calif., you’re in luck. Forbes ranks it as the best city in which to sell residential real estate. The biggest reason? New home construction in the city dropped 63 percent in 2007.
One theme kept coming up: Real estate agents need to shine some light on the bright side of our current real estate market. They have to do this, the panelists said, because the news media are only focusing on the negative side.
If there’s one thing I’ve learned while watching the housing slump unfold, it’s that we — and by “we” I mean consumers, government regulators, mortgage loan officers, members of the media and real estate agents — love to find someone to blame.
We all know it’s a terrible housing market. But did you know that the market is so rough it’s forcing many homeowners to dealy their retirements?
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Written by Dan Rafter [email] for b5media.
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