2007 Housing Outlook "bleak" With "bright Spots" From A Businessweek.com Survey

'07 realty outlook bleak with bright spots from MSNBC.com,
reports that Business Week.com asked economists and leading real estate research firms to provide their outlooks for the housing market in 2007. The consensus was that home prices will continue to fall in some markets, and the rate of price appreciation will slow in most places. Foreclosures will continue to increase, and long-term mortgage rates will rise. Housing starts will see double-digit depreciation. But there were some bright spots-- the slowing market and price decreases will allow more people to afford a home. And with fewer home starts, the market will begin to get into a supply-demand balance that leads to more realistic prices. The article does mention Phoenix, quoting Santo Rizzo of Chicago-based Rizzo Realty Group, a national real estate investment firm, recommending investing for the long term in Phoenix, Las Vegas and Orlando for their stable economies, high resale marketability, vacation market statuses, low vacancy rates and favorable price-to-income ratios.

Study: Growth in Web use for real estate from MSNBC.com,
reports that a new study by The Pew Internet and American Life Project reports that more Americans are using the Internet to find a home, thanks to the greater number of home listings and other real estate information on-line. The report says that 39 percent of Americans have gone on-line to search for a home, up from 34 percent in 2004 and 27 percent in 2000. Services like Zillow.com are also cropping up to help people judge home prices, survey neighborhoods and evaluate school districts, long before they even get into their vehicle to look. More than half of on-line adults under 30 have looked for homes on the Internet, and that half the Internet users have taken a virtual tour.

Homeowners on the move to Refi City: Refinancings are on the rise, but despite unexpectedly low rates not all are seeking the security of fixed-rate mortgages.

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