Home Sales Can't Forecast Trend

Search by tag or site

TheMoneyBlogs
Home
About
Create your own blog
Contact us

My Home About Me

Millionaire Now! by Larry Nusbaum

This blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth".

Home Sales Can't Forecast Trend

Posted on 03/10/2007 09:51:06 | Link | Post Comment

Home sales can't forecast trend
from the Arizona Republic, reports that median prices for existing homes in the Southeast Valley continued to bounce around in February, showing little indication of any trend for the rest of the year. Ahwatukee Foothills had the highest median resale price at $373,000 in February. Jay Butler, director of Realty Studies at ASU, called it a "pitiful month" for forecasting events because it, along with January, is usually one of the slowest months for sales of existing homes. The sales recorded in February reflect purchase decisions made over the holidays, when people weren't in a mood to shop for real estate. In fact, throughout the metro Phoenix area, the number of sales of existing homes was the lowest for any February since 2003. Compared with February 2006, median prices last month rose in Ahwatukee Foothills and Chandler, and fell in Gilbert, Tempe and Mesa, according to Realty Studies numbers. "It's just one of those markets that has no trend," said Jay Butler.

5 indicted in Arizona real estate fraud case from the Arizona Republic,
reports that a group of former housing counselors, loan officers and an escrow agent have been indicted on fraud and conspiracy charges in one of the biggest real estate fraud cases in Arizona since the housing crash of the late 1980's. The group is accused of defrauding the Department of Housing and Urban Development of $1.9 million through a pre-foreclosure scam that targeted dozens of first-time homeowners across the Valley from 2001 through 2003. The group is accused of submitting documents to HUD making it appear that houses that had defaulted mortgages were worth less than they were, then turning around and selling the homes for much more. Because HUD insures the mortgages, HUD was left to satisfy the debt with the lender. At least 65 homes throughout the Valley were purchased in the scam. For a list of the defendants and their companies, please refer to the article.

The connection: dot-com crash and housing boom
Subprime tsunami threatens to extend housing downturn
Inman News writer Matt Carter filed his in-depth four-part series on the crisis in subprime mortgage lending today. Part one looks at how economic events like the dot-com stock market bust and the flow of global investment capital helped ease access to credit, fueling a housing boom. He offers a fascinating historical overview: HERE I already addressed why this is wrong HERE.

Subprime Defaults Prompt Calls For Rules to Protect Borrowers - LATE!
from the WSJ, reports that as more homeowners fall behind on their mortgage payments, the debate is heating up over whether lenders should be required to ensure that the loans they issue are suitable for their customers.

Home prices: Don't expect quick rebound from CNN Money,
reports that home prices might not seem like they've dropped by much, but history, economists and forecasts suggest recovery is years away

71% of investment pros see U.S. housing woes likely continuing

WHY THE WSJ GETS IT WRONG, AGAIN

<< My Home | TheMoneyBlogs Home

Add Your Favorite Blogs Here

Examples

Morpheus Trading - Mon Jul 21, 2008 08:33AM
NOTE: Please click on the charts below to enlarge them if [read more]

Morpheus Trading - Mon Jul 21, 2008 08:31AM
NOTE: Please click on the charts below to enlarge them i [read more]

Millionaire Now! by Larry Nusbaum - Tue Jul 22, 2008 09:23AM
Hedge funds have made billions this year shorting the banks, [read more]