Wednesday, March 29, 2006
Condos/Patio Homes Picking Up Steam
At least as far as requests for building permits are concerned, the trend to live hassle-free in a condo or patio home is increasing in popularity. More...
Saturday, March 04, 2006
A Cheap Way to Improve Your Home's Appearance
According to this C-J article, interior paint is a great way to improve your home's look. Well, duh! I just had to remark about the super-simplified title, but it's an otherwise insightful piece about what's new in paint.
A Cheap Way to Improve Your Home's Appearance
According to this C-J article, interior paint is a great way to improve your home's look. Well, duh! I just had to remark about the super-simplified title, but it's an otherwise insightful piece about what's new in paint.
Thursday, March 02, 2006
First Lady Calls for Preservation of Portland Neighborhood
The West End's Portland neighborhood was tagged by First Lady, Laura Bush to receive matching funds regarding initiatives targeting the area's preservation. Read more here.
Wednesday, March 01, 2006
Home Sales Update from NAR
NAR: January Existing-Home Sales Ease( February 28, 2006) --
Sales of existing homes were down in January while home prices continued to appreciate at double-digit rates, according to the NATIONAL ASSOCIATION OF REALTORS®.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 2.8 percent to a seasonally adjusted annual rate1 of 6.56 million units in January from an upwardly revised pace of 6.75 million in December. Sales were 5.2 percent below the 6.92 million-unit level in January 2005.
David Lereah, NAR’s chief economist, said sales are tracking the trend in the association’s Pending Home Sales Index. “Our leading indicator, based on pending sales, has been trending down since hitting a record last August,” he said. “In the wake of interest rates peaking in November, I expect we are in a bit of a trough that may be followed by a modest rise and then a general plateau in the level of sales activity. Existing-home sales should stay below the record levels experienced over the last two years, but they’ll maintain a historically high pace.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.15 percent in January, down from 6.27 percent in December; the rate was 5.71 percent in January 2005. In November, the 6.33 percent fixed rate was the highest in over three years.
The national median existing-home price2 for all housing types was $211,000 in January, up 11.6 percent from January 2005 when the median was $189,000. The median is a typical market price where half of the homes sold for more and half sold for less.
NAR President Thomas M. Stevens from Vienna, Va., said home prices continue to show the long-term effects of tight supply. “Although housing inventory levels have been improving, it is far from being a buyer’s market in most of the country and we see the momentum of double-digit appreciation being sustained in home prices,” said Stevens, senior vice president of NRT Inc. “Even when home sales slow, they still supply solid returns. The longer you own, the bigger the gain.”
Total housing inventory levels rose 2.4 percent at the end of January to 2.91 million existing homes available for sale, which represents a 5.3-month supply at the current sales pace.Single-family home sales dipped 1.5 percent to a seasonally adjusted annual rate of 5.77 million in January from an upwardly revised 5.86 million in December, and were 4.8 percent lower than the 6.06 million-unit pace in January 2005. The median existing single-family home price was $210,500 in January, up 13.1 percent from a year earlier.
Source: NAR
Ed.'s Note: Mr. Stevens hit the nail on the head when he remarked, "The longer you own, the bigger the gain." The ability to make quick money on as grand a scale as we've been seeing in the last few years may be waning, but for homeowners purchasing for owner-occupation or rental income, the news is good. As the market softens, smart investors will likely look for good deals and hold property for rental income.
Sales of existing homes were down in January while home prices continued to appreciate at double-digit rates, according to the NATIONAL ASSOCIATION OF REALTORS®.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 2.8 percent to a seasonally adjusted annual rate1 of 6.56 million units in January from an upwardly revised pace of 6.75 million in December. Sales were 5.2 percent below the 6.92 million-unit level in January 2005.
David Lereah, NAR’s chief economist, said sales are tracking the trend in the association’s Pending Home Sales Index. “Our leading indicator, based on pending sales, has been trending down since hitting a record last August,” he said. “In the wake of interest rates peaking in November, I expect we are in a bit of a trough that may be followed by a modest rise and then a general plateau in the level of sales activity. Existing-home sales should stay below the record levels experienced over the last two years, but they’ll maintain a historically high pace.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.15 percent in January, down from 6.27 percent in December; the rate was 5.71 percent in January 2005. In November, the 6.33 percent fixed rate was the highest in over three years.
The national median existing-home price2 for all housing types was $211,000 in January, up 11.6 percent from January 2005 when the median was $189,000. The median is a typical market price where half of the homes sold for more and half sold for less.
NAR President Thomas M. Stevens from Vienna, Va., said home prices continue to show the long-term effects of tight supply. “Although housing inventory levels have been improving, it is far from being a buyer’s market in most of the country and we see the momentum of double-digit appreciation being sustained in home prices,” said Stevens, senior vice president of NRT Inc. “Even when home sales slow, they still supply solid returns. The longer you own, the bigger the gain.”
Total housing inventory levels rose 2.4 percent at the end of January to 2.91 million existing homes available for sale, which represents a 5.3-month supply at the current sales pace.Single-family home sales dipped 1.5 percent to a seasonally adjusted annual rate of 5.77 million in January from an upwardly revised 5.86 million in December, and were 4.8 percent lower than the 6.06 million-unit pace in January 2005. The median existing single-family home price was $210,500 in January, up 13.1 percent from a year earlier.
Source: NAR
Ed.'s Note: Mr. Stevens hit the nail on the head when he remarked, "The longer you own, the bigger the gain." The ability to make quick money on as grand a scale as we've been seeing in the last few years may be waning, but for homeowners purchasing for owner-occupation or rental income, the news is good. As the market softens, smart investors will likely look for good deals and hold property for rental income.
New Albany is a Good Place for a Bargain
According to this C-J article, New Albany offers updated historic properties at a very "un-Louisville" kind of price. Get web access to these properties here.
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