Has The Real Estate Market Bottomed?
UCLA sees 16% home-price gain in 2010
October 29, 2009, Orange County Register
Double-digit housing appreciation will return to Orange County next year, with the median home price rising somewhere from 15.9 percent to 16.6 percent, UCLA economists forecast in a report released today. That compares to a projected 8.8 percent gain in California next year and a 2.4 percent increase nationwide. It also differs sharply from Cal State Fullerton’s outlook. An economist there said Tuesday that Orange County home prices will rise 2 percent to 3 percent next year – at most.
Has The Real Estate Market Bottomed?
October 29, 2009, Forbes
Some positive housing statistics have come out recently. The Case-Shiller index, which tracks changes in the values of residences in 20 metropolitan areas in the U.S., is up 2.9% in the second quarter. The previous quarter it was down 7.9%. The consumer confidence index was 54.5 in August, up from 47.4 in July. But does this data mean the market is turning around? Housing experts say in certain areas yes, while in others not so much.
Foreclosure Hot Spots Spread to Idaho and Utah
Oct. 30, 2009, United Press International
Foreclosures fell in five of the top ten markets for distressed sales during the third quarter, but new foreclosure hot spots cropped up in unlikely Western markets, according to RealtyTrac's Q3 2009 Metropolitan Foreclosure Market Report. Though ten cities in California, Florida and Nevada continued to account for more foreclosures than any other in the nation, the biggest year-over-year increases occurred in Boise City-Nampa, Idaho, and two Utah markets, Provo-Orem and Salt Lake City. Many other metro areas among those with the 50 highest foreclosure rates reported sharp increases in foreclosure activity.
Experts Say Economy Crushing Las Vegas Real Estate Market
Oct. 30, 2009, Las Vegas Sun
The sagging economy will weigh on the Las Vegas real estate market and boost foreclosures on residential and commercial properties, according to a panel of local business executives. The group, composed of a lender, a bankruptcy attorney and a consultant, said the Las Vegas recovery will lag not only the nation but competing markets such as Phoenix. Michael Shustek, CEO of Vestin Group, a real estate lender and asset manager, said many residential foreclosures have been limited to low-end homes, but a wave of foreclosures at the higher end of the market is coming.