Saturday, February 5, 2011

Week 5 Real Estate and relate news round-up




The Census Bureau released its quarterly report on residential vacancies and homeownership on January 31, 2011. The homeownership rate dropped .4% to 66.5%, its lowest level since 1998. 


Still, the traffic online, where I imagine most folks go before even heading to an open house, is an important sign, as we head into the Spring market. 


From this blog, yesterday: The 743 new contracts represents an increase of 4.8% over last year. 


Las Vegas always wins the title for worst foreclosure rate in the country. But these 10 unexpected cities have the fastest-growing rates out of the 100 worst-hit places.



In a little bit of a contrarian view to whats happening.
"Eighty million baby boomers are about to retire," went the argument. "They're not going to hang around in places like Chicago, New York, Boston and Pittsburgh all winter if they can help it.


liminating the deductions for mortgage interest and real estate taxes would raise taxes disproportionately for middle-class households and make the tax system less progressive, according to a new study from the National Association of Home Builders (NAHB).

Friday, February 4, 2011

January contracts up over last year

The Richmond area saw an increase of 34 new contracts for single family homes in January of 2011 over 2010. The 743 new contracts represents an increase of 4.8% over last year.

Though there are details concerning pricing that we will not know until after they close, the average size of the homes appears to be approximately 100 square feet larger.
The price they were listed for is only $1,300 more than the closed sales from last year. Based on our list to sales price ratio, I would expect to see about a 3 - 3.5% decline in average prices. I expect the average price per square foot to come in about 4.5% less than for the same period last year.
What does this mixed bag of info mean? Maybe nothing. What I suspect is that the prices have caught up with (lower) demand, and we may be seeing what the bottom of the market looks like.
I would love to hear your thoughts.