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February 2009
• Feb. 25, 2009 - Case Schiller show housing markets declining
The National Market
Updated data through December 2008, showed continued broad declines in the price of single-family homes with 13 of the 20 metro areas showing record rates of decline. Average home prices across the US are at similar levels to what they were in the 3rd quarter of 2003. From the peak in the 2nd quarter of 2006, average home prices are down 26.7%.
The composite index of 20 metropolitan areas showed a decline of 2.5% from November to December 2008, an increase from the decline of 2.3% from October to November. The composite year over year decline was 18.5%.
The Weakest and Strongest Markets
The weakest markets in terms of year over year declines are from the sunbelt. Three markets, Phoenix, Las Vegas and San Francisco have given back 34.0%, 33.0% and 31.2% respectively of the value of homes since last December. Incredible!!! Dallas and Denver were the strongest markets, showing declines of 4.0% and 4.4% from last year.
The NY Metro Market
The New York metropolitan area showed a decline of 1.7% in the period from November to December, an increase from the 1.6% from October to November. The annual decline in the NY area measured 9.2%.
Opinion and Analysis
While there is much talk locally of how much prices have fallen, and they have fallen significantly, the decline in this area is generally less than one-half of the national rate of decline. I anticipate that our local NY metro market will turn upward before the nation as a whole, but our rate of increase will be less than some of those markets that have fallen so very hard.
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• Feb. 24, 2009 - Home Prices & Consumer Confidence Fall
U.S. home prices plunged at a record pace in December and consumer confidence hit a new low in February. The consumer confidence index fell to 25.0 in February, the lowest since the index began in 1967, from 34.7 in January. Consumers’ outlook showed no sign of turning around, according to the report, boding ill for the consumer spending that drives some two-thirds of the U.S. economy.
Prices of U.S. single-family homes fell 18.5 percent in December from a year earlier, with the pace of decline speeding up, according to the S&P/Case Shiller home price index. The S&P/Case Shiller composite index of home prices in 20 metropolitan areas fell 2.5 percent after dipping 2.3 percent in November. However our NY Metro region continues to relatively outperform the nation as a whole with prices only falling 1.7% in December, and year over year prices are down in the NY Metro area 9.2%, less than half of the rate of decline of the nation overall.
Thank heaven for small favors.
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• Feb. 21, 2009 - Slow Week
This has been a very slow week in the real estate market. There seems to be lots of news, soem good, some not so good. Our leaders in Washington have passed new legislation that is supposed to stimulate the economy. There is also a new plan to stem the tide in foreclosures. While foreclosures are not as much of a problem in our local area, the abilty to refince homes at attractive rates should help firm up housing prices.
I have updated the absorption rates in our area and in general the absorption rate has stopped increasing significantly. The number of short sale home and vacant homes available have declined as well.
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View more entries tagged with: Foreclosure, Short Sale, Real Estate, Nj, Essex, Morris, Union |
• Feb. 11, 2009 - Absorption rates continue to increase!!
For the first time since I have been reporting these numbers, not a single town has a single digit absorption rate. In Chatham, only 3 homes closed in the last 30 day period with 128 currently on the market. Not a good sign at all. However, there are more than a dozen homes under contract, that hopefully will close.
Accross the board, we saw about a 2% increase in listings. I think that this is a precursor things to come as we get nearer to the spring market. Sellers are also starting to adjust to lower home values and pricing their homes more realistically. Buyers however, still think that they can buy homes for 75 or 80 cents on the dollar. This is not the case any longer as the starting prices are now much lower.
See all of the details at http://fine-home-sales.com/absorption-rates.asp
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Real Estate in Millburn/Short Hills focusing on Bank Owned, REO, Foreclosures, Short Sales, Bankruptcy and the art of negotiating the best price for my real estate buyer or real estate seller.
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