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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". |
REAL ESTATE LINKFEST: It's not all bad news
from the Arizona Republic, reports that housing construction of single-family homes and apartments fell 14.6 percent in October to an annual rate of 1.486 million units, the slowest pace since July 2000. Building permits fell 6.3 percent to an annual rate of 1.535 million units, the slowest pace in nine years. "A tornado hit the housing sector in October," said Joel Naroff, chief economist at Naroff Economic Advisors,a private forecasting firm. "Builders have seen the light from the housing market meltdown and are now moving as rapidly as possible to reduce supply." With inventories of unsold new and existing homes near record levels, many analysts said the slump was likely to last for many months, possibly until the middle of next year. However, some analyst found hints of a turnaround. A monthly survey of builder sentiment conducted by the National Association of Home Builders was up in November for the second straight month, the first back to back gains since mid 2005. (We don't need more houses built. We need to work down the inventory)
New Home-Building Activity Falls to Lowest Level in 6 Years
Housing starts fell in October by 14.6% to the lowest level since July 2000. Building permits, an indicator of future building activity, fell for a ninth straight time.
Declining Affordability Pushes Homes Out of Reach for Some
Despite low mortgage interest rates, a smaller percentage of first-time buyers are entering the market, according to an annual report released by the National Association of Realtors.
Home prices down 1.2% in third quarter from CNN Money
Rustbelt markets and Florida lead the decline. Sales volume plummets nearly 13%. Table: See latest prices for 150 markets. (more) "Surprisingly, 102 of 148 metro markets had price gains while only 45 fell. One remained the same."
California October Home Sales from DQNews - "The median price paid for a home last month was $467,000. That was up 0.2 percent from September's $466,000, and up 2.9 percent from $454,000 for October a year ago. " However, Buyers “Not Willing To Overpay” In California ", according to Ben Jones. Ben: I got news for you, Californians have always been willing to "overpay" to live on the left coast.....
Crains New York Business Economic Spotlight Chart - November 2006: Crain's looks at inventory gowth in NYC
St Francis Woods Beauty for sale in San Francisco: 315 Santa Clara Not everyday you get a house with a pool house where the pool is actually inside the pool house. But hey, it gets chilly here. A ginormous, late-period Marston & Hurd Spanish that seems like it got stripped down and remodeled in fifties or sixties; pool house looks to be same era. Needs work, but the pool house could be demo'd and a spec house put up. On a great street in St. Francis Woods. We're betting into escrow by the time that fat guy's hooking up the reindeer; on the market for 8 days.
The Big Picture examines the NAR report on Existing Home Sales, Prices Fall Barry states, "In my experience, the reported median sale drop of 1.2% simply does not accurately reflect reality; I suspect it is being biased upwards by "trophy" property prices prices and other adjustments." I am not sure what he is saying since the trophy property claim has always existed and made little difference. Similar to the reverse claim about tear downs, HUD owned and REOs skewing the numbers down.
Looking to buy into a Manhatten Co-op? Here's What Co-op Boards Look For from Noah.Housing Bubble and Real Estate Market Tracker
on Nov 20th, 2006 in Market Overview by Judy Weil
REITs are getting pricey on a historical yield basis.
1. REIT O'Rama from Random Roger
2. A TALE OF TWO MARKETS (revisited) from Millionaire Now!
- Are Financials Suddenly Cheap? Part Ii
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