Entertainment Magazine: Real Estate & Home Resources
Americans Lose $1.4 Trillion in Home Values in Q4; More Than was Lost in All of 2007
Eighth Consecutive Quarter of Declines is Worst So Far: Home Values Fall 11.6% in 2008; One in Six Homeowners is Underwater, According to Q4 2008 Zillow (R) Real Estate Market Reports
Home values in the United States fell for the eighth consecutive quarter, declining 11.6 percent during 2008 to a Zillow Home Value Index(1) of $192,119, according to the fourth quarter Zillow Real Estate Market Reports(2), which encompass 161 metropolitan areas.
The declines mean that U.S. homeowners lost a cumulative $3.3 trillion(3) in home values during 2008, with much of that loss coming in the fourth quarter. Homeowners lost $1.4 trillion during the fourth quarter alone; more than the $1.3 trillion lost during all of 2007. Since the housing market's peak in 2006, $6.1 trillion in home values have been lost. Continue reading about the US home report.
Mortgage Problems Continue to Hamper Pending Home Sales
Pending sales of existing- homes activity will be dampened near-term as mortgage disruptions continue to impact the housing market, according to the National Association of Realtors(R). The Pending Home Sales Index*, a forward-looking indicator, fell 6.5 percent to a reading of 85.5 from an upwardly revised 91.4 in July, based on contracts signed in August. It was 21.5 percent below the August 2006 index of 108.9. The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Continue reading...
Real Estate Investment Outlook Tucson, Phoenix, California, Texas, Nevada
There might not be a real estate bubble, but inventory levels are rising and the competition is increasing among builders, developers and home-sellers for homebuyers. The majority of full-time real estate agents hear a lot of feedback every day all year from homebuyers as they visit potential resale and new construction homes. They wonder why builders, developers and home-sellers add finishes or upgrades that say "cheap" or "soon-to-be-out-of-date", in addition to owners who think the laminate wood-grained kitchen cabinets look fine. Old stand-bys like solid oak hardwood floors might not be on the design edge, but quality and durability out sell trendy any day in residential real estate. Continue reading...
The whole mortgage mess is turning into a real made for TV political extravaganza. And, with the elections a year away many things can happen. The government wasn't going to bail out anyone and inflation was the big concern. Now, the politician's are tripping over each other with ways to solve the financial problems. Continue reading...
Tucson Golf Community Housing Market: While golf may be the focus of many Country Clubs or golf communities, many non-golfers are also attracted to the amenities that are included- such as spacious club houses for residents and guests to use for dining, card games, fitness classes or other recreation. There are also swimming pools and tennis courts. A rule of thumb is about a third of the residences play golf. Continue reading...
Luxury Home Market in Tucson: Prices per square foot are used in almost every aspect of real estate. The average price per square foot is just over $200 in some areas in the northeast side. The price per square foot is an excellent guide, however, when comparing homes you have to adjust for lot premiums , quality of construction etc. Continue reading...
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