Realtors Cheer Prediction of Rising Home Prices

Realtors Cheer Prediction of Rising Home Prices
November 14, 2009, San Diego Union-Tribune

The National Association of Realtors' chief economist predicted yesterday that housing prices will rise for the first time in four years in 2010 as sales return to a normal pace. “Things are much better,” Lawrence Yun said to applause at the organization's annual convention in San Diego, attended by an estimated 20,000 delegates. Yun cited low interest rates, improved affordability among would-be home buyers and increased sales activity, primarily for starter homes. “We're seeing price stabilization on a month-to-month basis,” he added.

Entry-level Homebuyers Make Up Biggest Share of Market Ever
November 13, 2009, Los Angeles Times

First-time buyers made up a bigger share of the housing market in 2009 than any other year on record, according to a study released this afternoon. The number of first-time home buyers rose to 47% of all home sales from 41% of transactions in last year’s study, and was the highest on record dating back to 1981, according to the Washington-based National Assn. of Realtors.

Regulators Shut 2 Banks in Fla., 1 in Calif.
November 13, 2009, Associated Press

Regulators shut down two banks in Florida and one in California on Friday, boosting to 123 the number of U.S. bank failures this year as loan defaults rise in the worst financial climate in decades. The Federal Deposit Insurance Corp. took over Orion Bank, based in Naples, Fla., with about $2.7 billion in assets and $2.1 billion in deposits, and Sarasota-based Century Bank, with $728 million in assets and $631 million in deposits. Pacific Coast National Bank in San Clemente, Calif. was also shut down. It had $134.4 million in assets and $130.9 million in deposits.