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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
100 Best Places To Live And Launch 2008
Southland home sales highest in eight months
Southern California home sales surged last month to the highest level since August as bargain shoppers took advantage of price slashing. Although some higher-end costal markets also posted gains, the swell in transactions mainly reflects more sales of homes under $500,000 in inland areas where depreciation and foreclosures have been greatest.... full story
A DataQuick breakdown of April single-family house sales by price shows that low-priced houses outsold those at the high end of the price spectrum. There were 973 houses that sold for $500,000 or less last month, compared to 712 that sold above $600,000. The number of houses that sold for $500,000 or less increased 55% last month, up from 629, DataQuick figures show. And the number selling below $400,000 doubled to 549, up from 263 in April 2007. At the same time, there were 47% fewer houses selling last month above $600,000, down from 1,341 in April 2007. The middle? The number of houses selling for $501,000 to $600,000 decreased 32% in April.
Scottsdale is No. 25 on best-places list
from The Arizona Republic, reports that according to Fortune Small Business magazine, Scottsdale is ranked No. 25 among "The 100 Best Places to Live and Launch." Only two other Arizona communities, Oro Valley at No. 44 and Prescott at No. 92, made the list. The magazine said writers and editors looked for "towns that combine a great business environment with alluring leisure opportunities." Writer/editor Maggie Overfelt said Scottsdale fit the best-places bill with its large entrepreneurial community and high volume of tourist traffic, capped off by the ability to hike Camelback Mountain, golf, and dine at five-star restaurants. Other Scottsdale "pros" include its culture and nightlife. Entire list HERE
Home Sales, Prices Seen Rising in Late '08
from Realtor Magazine Online, reports that according to NAR Chief Economist Lawrence Yun, home sales have stabilized over the last seven months and should increase slightly in the second half of 2008. He added, “I believe 2008 will be the year when we have to clean up and recover from the subprime mess." Yun also said while sales should begin to grow later this year, real improvement in the housing market won’t happen until 2009, when sales should climb to 5.71 million units. Thanks to Fed rate cuts, current borrowers with adjustable mortgages are in better shape. Some adjustable loan borrowers may actually see their resets produce lower payments. Yun said, "The Fed has done its job on resets; now it’s up to Congress to encourage the home buying that will help stabilize prices.”
Housing starts post surprising rebound
from MSNBC.com, reports that during the worst downturn in housing in more than two decades, construction of new homes posted the biggest increase in more than two years in April. According to the Commerce Department, housing construction rose by 8.2% in April to a seasonally adjusted annual rate of 1.03 million units. The growth came from a big increase in apartment construction. Apartment building, defined as two or more units, jumped by 36% to a seasonally adjusted annual rate of 340,000 units, while the larger single-family sector dropped by 1.7% to an annual rate of 692,000 units. Considered a good sign of future activity, applications for building permits also recorded an increase in April, rising by 4.9% to 978,000 units. This was the first gain in permits in five months. Read: When Housing Starts Are Stronger Than Expected from Bespoke
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Today we have the Fed speaking and release of Fed mi [read more]
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