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The Daily Bulletin reports from California. “Home prices in Southern California are racing downhill, but does that mean it’s a buyer’s market? Each month real-estate agents watch prices plunge and foreclosures soar, and several buyers are still in no rush to make deals. ‘Prices aren’t just falling - they’re falling faster than they were,’ said Michael Carney, executive director of the Real Estate Research Council at Cal Poly Pomona.”
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Original Source: thehousingbubbleblog.com

28 May, 2008| housingblogs | Comments (0) @ 23:40

Is Now A Good Time To Buy?

It sounds like Ryan Frank at the ‘O’ is growing a little tired of the constant cheering too.From the Oregonian:Portland-area home prices dipped a bit deeper in March, leading buyers to question:When is the right time to dig for a deal?The Standard & Poor’s Case-Shiller price index of existing homes in the Portland region fell 4 percent in March, compared with the same month in 2007, marking Portland’s biggest decline on record….
Original Source

28 May, 2008| housingblogs | Comments (0) @ 22:30

S&P Downgrades $34 Billion Alt-A Bonds

From Bloomberg: S&P Downgrades $34 Billion of Bonds Backed by Alt-A Mortgages (hat tip ken and SC) Standard & Poor’s lowered its ratings on $34 billion of securities backed by Alternative-A mortgages, the firm’s largest downgrade for the type of debt …Ratings on 1,326 classes of the bonds created in the first half of 2007 were downgraded, or 14 percent of the total …
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Original Source

28 May, 2008| housingblogs | Comments (0) @ 21:54

CRE: Orange County Non-Residential Permits Value off 40%

From Jon Lansner at the O.C. Register: O.C.’s commercial construction down in ‘08 The Construction Industry Research Board reports … that the estimated value of permits for non-residential construction fell nearly 40% this year so far from the same period in 2007. Permit values fell to just under $527 million so far this year. Last year, developers received permits for projects valued at $873 million from January through April. …
Original Source: feeds.feedburner.com/CalculatedRisk

28 May, 2008| housingblogs | Comments (0) @ 21:35

Art and Life Blog Discovery

Chris Bundy placed some nice photos of our area up from just this week on the High Road. I happened to get a Google Alert for this post on the Art and Life blog. Thanks to Chris, and I’ll be watching for more in the future.
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Original Source: feeds.feedburner.com/TaosRealEstate

28 May, 2008| housingblogs | Comments (0) @ 20:44

Property tax cuts coming to 128,000 L.A. homeowners

News item from today’s L.A. Times: "The number of homeowners in Los Angeles County who will receive a lower property tax bill grew to 128,000 this week because of the deteriorating real estate market…. Those receiving a reduced assessment in Los Angeles County will receive a written notice before June 30. On average, their tax bills will be $750 lower than last year."
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Original Source

28 May, 2008| housingblogs | Comments (0) @ 20:37

Another Flopper

Crumbling Down — John Mellencamp
Today we continue with our daily grind of speculators giving up. The featured property was purchased in 2005, then as much money as possible was taken out of the property, and the lender is left holding the bag.
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Original Source: feeds.feedburner.com/IrvineHousingBlog

28 May, 2008| housingblogs | Comments (0) @ 20:30

E-Loan Taos Real Estate Mortgage Rates for New Mexico May 28, 2008

Best mortgage rates for May 28, 2008 in New Mexico
CONFORMING
Rate
APR
Margin
15-Year Fixed
5.500
5.936
N/A
30-Year Fixed
6.000
6.254
N/A
5/1 ARM
5.250
5.586
2.25
Conforming rates based on a $200,000 loan amount with a property value of $300,000.Single family residence located in New Mexico to be used as a primary home. Assumes the borrower will document income and pay points less than 2%. Interest rates shown are subject to change without notice and assume excellent credit.
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Original Source: feeds.feedburner.com/TaosRealEstate

28 May, 2008| housingblogs | Comments (0) @ 20:19

Biggest little bargain in…Toronto

Things are tight, but even this may be stretching things too far.
For only $179,900 you can own your own little piece of Canada. A real little piece.
The one-bedroom, one-bath house was widely believed to be Brooklyn’s smallest house. But what turned out to be an e-mail hoax, actually shows a real house for sale that occupies what used to be a driveway in Toronto.
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Original Source: spacedoutli.files.wordpress.com

28 May, 2008| housingblogs | Comments (0) @ 20:16

Biggest little bargain in Brooklyn

Things are tight, but even this may be stretching things too far.
For only $179,900 you can own your own little piece of Kings County. A real little piece.
The one-bedroom, one-bath house located near the intersection of Avenue T and Van Sicklen is believed to be Brooklyn’s smallest house and occupies what used to be a driveway. Sitting on a parcel that measures just 7.25 feet wide, the railroad-style home is 113.67 feet deep and has an interior of just under 300 square feet.
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Original Source: spacedoutli.files.wordpress.com

28 May, 2008| housingblogs | Comments (0) @ 20:16

Fewer LI homes sold

Home sales continued to decline last month, down 21.3 percent on Long Island, according to the latest numbers from the New York State Association of Realtors.
There were 1,088 single-family homes sold in April in Nassau and Suffolk counties, 294 fewer than were sold in April 2007.
Prices are also down. In Nassau, the median sales price for a single-family home in April was $460,000, a drop of 6 percent from a year ago. The median sales price for Suffolk was $382,750, a dip of 7 percent from April of last year.
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Original Source: spacedoutli.wordpress.com

28 May, 2008| housingblogs | Comments (0) @ 20:16

Two live crews

Two homes in five days is the goal of a group of professional builders.
Formed by the Long Island Builders Institute, the group called Long Island Home Builders Care will help Habitat for Humanity of Suffolk construct two, three-bedroom, one-bath, 1,100-square-foot homes on Bourdois Avenue in Bellport from June 2 to June 7.
The builders, from Avalon Bay Communities, Ornstein Leyton Company, Pulte Homes and JCV Development, will provide the crews to build homes for two families. Each family will contribute sweat equity by working on their own homes, as well as homes that Habitat will be building for other families.
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Original Source: spacedoutli.wordpress.com

28 May, 2008| housingblogs | Comments (0) @ 20:16

NYC, Nassau not affordable

The New York metropolitan area was second least affordable housing market in the nation and Nassau County was the tenth least affordable, according to a first quarter report from the National Association of Home Builders.
Los Angeles leads the list of least affordable places to buy a house. Seven of the ten least affordable markets are in California.
The most affordable market was in Kokomo, Indiana, where more than 95 percent of the housing is considered affordable to median-income families. Other affordable markets include Lima, Ohio; Battle Creek, Michigan; and Wheeling, West Virginia.
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Original Source: spacedoutli.wordpress.com

28 May, 2008| housingblogs | Comments (0) @ 20:15

Town of Taos News Brief #48, May 28, 2008

Joint Action Consideration:
Consideration of proposals for the Town to lease the Old County Courthouse on Taos Plaza (planned for expanded public restrooms, visitor center, retail and museum space following rennovation), linked to leases by the County of existing Town of Taos Visitor Center for housing displaced staff during construction of the new County complex and 5 acres near Taos Regional Landfill (adjacent to the Kit Carson Electric Cooperative Propane Storage Yard) for proposed County Solid Waste Services location. Proposed 25 year terms.
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Original Source: feeds.feedburner.com/TaosRealEstate

28 May, 2008| housingblogs | Comments (0) @ 20:14

HousingPANIC Quote of the Day (propaganda version)

“I still like and admire President Bush. But he and his advisers confused the propaganda campaign with the high level of candor and honesty so fundamentally needed to build and then sustain public support during a time of war”-Former White House Press Secretary Scott McClellan, May 2008…
Original Source: housingpanic.blogspot.com

28 May, 2008| housingblogs | Comments (0) @ 20:13

What Many Thought Impossible Has Happened

The Seattle PI reports from Washington. “Seattle-area house values continued their record-setting slide in March. Values in the area in March were down 4.4 percent from March 2007, according to the Standard & Poor’s S&P/Case-Shiller Home Price Indices, whose Seattle numbers go back to January 1990. It was the third consecutive annual decrease for the area and the second straight record decline for the Seattle index, which goes back to the start of 1990.”
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Original Source: thehousingbubbleblog.com

28 May, 2008| housingblogs | Comments (0) @ 19:45

Credit And Borrowers: Saving Your Status is Not Always Fair

Posted By:Diana OlickFor many many months I’ve heard many many policy-makers, lawmakers, and decision-makers argue for the good of those poor borrowers who were tricked into faulty mortgage products. They paint a picture of not ignorant, but perhaps uneducated folk who truly believed that they were buying into a sound financial scenario. …
Original Source: media.cnbc.com