As of 10:50 PM tonight, Trulia shows 206 homes for sale and 63 in foreclosure in zip 60546. Some foreclosures are over $1 mil.
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What Can We Do to Protect Riverside Home Values?
(68 posts)-
Posted Thursday Dec 3, 2009 22:52 #
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December 22, 2009
Homes for Sale 75 $399,000 0.0%
New Homes 0 n/a n/a
Foreclosures 54 $297,283 -0.9%November 24, 2009
Homes for Sale 79 with a median price of $399,000
Foreclosures 51 $300,000 -16.7%Sept 14, 2009
Homes for Sale 77 with a median price of $399,000
Foreclosures 37 with a median value of $354,750June 15, 2009
Homes for Sale 63 with a median price of $429,900
Foreclosures 43 with a median value of $307,575Posted Wednesday Dec 23, 2009 09:52 # -
Maybe we need to get Riverside's new and largest landowner - Warren Buffet - more active in our little village. That might help.
Posted Monday Dec 28, 2009 10:20 # -
Tomorrow there might be a good sign.... or not.
Some actual economic data will be coming through on Tuesday, adding a bit of substance to the sleepy tenor of the markets during this holiday-shortened week. (Markets, banks and government offices are all closed for New Year’s Day on Friday.)
Tuesday brings the latest S&P/Case-Shiller data on housing prices from the month of October. In late November, we were told the S&P/Case-Shiller 20-city home price index rose 0.3% in September from a month earlier, its fifth straight monthly rise. Can the much-watched housing measure make it six in a row?
Even if Case/Shiller does etch a month-on-month gain, it’ll be hard for owners to get excited about it, since year-over-year prices are still down quite a bit. Wall Street analysts expect the year-over-year number on the 20-city index to be down 7.7% in October. That’s a bit better than the 9.4% decline we saw in the year-on-year numbers in September.
Separately, the Conference Board’s consumer-confidence index will also be rolled out Tuesday. The measure — which is closely attuned to labor market conditions — rose to 49.5 in November from 48.7 in October. Economists think the better-than-expected November jobs report might have boosted the spirits of consumers. The consensus expectation of those polled by Dow Jones Newswires is for the Conference Board number to rise to 53 in December.
Posted Monday Dec 28, 2009 20:55 # -
This just in:
Home Prices Rise on Case-Shiller Index
Tuesday, December 29, 12:17 PM ETAccording to the Standard & Poor’s/Case-Shiller home price index, home prices edged higher in October in the 20 real estate markets it surveys.
The home price index rose 0.4 percent to a seasonally adjusted reading of 145.36 in the index for October. Prices rose in 11 out of 20 metro areas that are tracked.Home prices were down more than 7 percent as compared to October of last year, and the index is about 30 percent below its April 2006 peak.
The strongest areas for pricing were San Francisco and Detroit, while Tampa and Chicago saw the biggest price declines.
Posted Tuesday Dec 29, 2009 12:15 # -
> Tampa and Chicago saw the biggest price declines.
Ouch
Posted Tuesday Dec 29, 2009 12:36 # -
Dallas home prices recorded flat. They neither go north, nor south. House prices still decline in Tampa and Chicago. These two cities had the largest home price decline out of the 20 major metropolitan areas, which are tracked by the Case-Shiller Home Price Index.
After five straight months of increasing home values, the Case-Schiller index report this morning showed that housing values for October showed neither increases nor decreases overall. Seven of the major markets showed slight increases led by San Francisco and Phoenix. This was a disappointment to many in the markets who were looking for a sixth straight month of gains.
While Case-Schiller numbers were a disappointment, they really were not a surprise. There hasn't been enough that has changed in the overall economic picture to cause sustained increases in home values. What we are seeing finally is some level of stabilization in values.
High unemployment is still lurking over the economy, though 20% of the major businesses out there are reporting that they expect to have a hiring increase over 2009 numbers. This is positive news for sure, but increases over 2009 isn't saying much since there were almost no hiring increases in 2009.
The consumer confidence index also showed a slight gain last month. Retail sales numbers for the holiday season are still reporting. It appears that the numbers were slightly better than expected, though there was a huge increase in cash sales as opposed to credit card sales.
On the flip side, credit card businesses are showing increases in write offs. Home builders are still reluctant to start or complete any new developments. With the anticipation of higher mortgage rates in 2010, analysts are concerned about the sustainability of the increased home values we have seen over this last year, and many pundits believe we will see another drop in home values later in 2010.
Of course, pundits, economists, analysts all can make their best predictions for next year as much as they are able given what we know now, but all seem to agree that until we see employment numbers rise, 2010 could still be a very rocky year for the economy.
Google case-schiller and see the charts for twenty metro areas...
Posted Tuesday Dec 29, 2009 13:34 # -
Housing predictor...
Illinois
While home sales are improving for the first time in three years in much of Illinois, the champagne corks aren't flying yet in the worst economy since the Great Depression. Homeowners and real estate agents alike are nearly holding their breath, taking a cautious attitude about the market.
The federal backed tax credit, low mortgage rates and lower priced homes triggered the spark in sales in Chicago, but in the Windy City things are well known to be explosive, especially when it comes to anything that deals with politics. The political winds change all the time in Chicago and it will be a long battle before housing markets in Illinois come to a point of stabilizing.
The upward momentum in home sales will be extended with the expansion and extension of the home buyers' tax credit into spring time. The impact of the government back stimulus program has given the Chicago market a move in the right direction. But in Chicagoland home prices are still falling and they will be on that path until the market finds footing to stabilize. Chicago home prices are forecast to deflate an average of 10.2% in 2010.
Interest is growing in Chicago from all over the world as the home of President Obama. But in other parts of Illinois markets are dealing with tougher times.
That's minus 10.2% from where they are now...
I saw Bernanke today on C-Span acknowledging that interest rates had less to do with housing default than misregulation, or lack thereof.
Posted Sunday Jan 3, 2010 22:09 # -
3 reasons home prices are heading lower
By Les Christie, staff writerJanuary 1, 2010: 6:22 PM ET
NEW YORK (CNNMoney.com) -- After four months of gains, home prices flattened in October. Worse yet, industry insiders think that they'll soon start to fall.
Prices have risen more than 3% since May, according to S&P/Case-Shiller.
But most forecasts predict price declines in 2010, with possible losses ranging from anywhere from 3% on up. Fiserv Lending Solutions, a financial analytics firm, forecasts that prices will fall in all but 39 of the 381 markets it covers, with an average drop of 11.3%."We've seen recent price stabilization because of low mortgage interest rates and the impact of the first-time homebuyers tax credit," said Pat Newport of IHS Global Research. "But there are really good reasons to think prices will now start going down."
There are three main reasons for the reversal: a coming flood of foreclosures, rising interest rates and the eventual end of the tax credits.
More foreclosures
For Gus Faucher, the director of macroeconomics for Moody's Economy.com, the huge number of foreclosures that remain in the pipeline is the big problem.Moody's upped its estimate of defaults recently because of shortcomings of the government-led mortgage modification programs. Trial workouts are not being made permanent and completed modifications are redefaulting at high rates.
"There are going to be fewer [successful] modifications than we thought," said Faucher.
Even so, he added, much of the price decline has already occurred and Moody's forecast is for only another 8% drop. The worst-hit markets will be the ones suffering the most foreclosures, places like Arizona, California, Florida and Nevada. (See 7 tips for buying foreclosures)
Resetting option ARMs (adjustable rate mortgages) will also aggravate the foreclosure problem. These mortgages allow borrowers to pick their own payments, which can be so low they don't even cover the interest. Balances swell.
For many of the more than 350,000 option-ARM borrowers, it's time to pay the piper. Their loans will change into fully amortizing mortgages that will carry much higher monthly payments. A very large percentage of these homeowners will default, according to Shari Olefson, author of "Foreclosure Nation: Mortgaging the American Dream."
"We've still only seen the tip of the foreclosure iceberg," she said.
She also predicts more strategic defaults, people deliberately walking away from even fixed-rate mortgages as the value of their homes dips well below the amount they owe.
Olefson's forecast is for price declines of 5% to 15%, depending on the area, with a national median price drop of about 10% for 2010.
Rising interest rates
Also affecting prices will be higher interest rates. Some analysts, according to Newport, think rates for a 30-year mortgage will pass 6% next year as the government curtails housing market support.The Federal Reserve has helped keep rates low through purchases of mortgage-backed securities. But that program is winding down and will end in March.
"The government is throwing everything at the market but the kitchen sink," said Peter Schiff, president of Euro pacific Capital. "It can't prop up housing markets forever."
Schiff is among the bigger bears. Though he gave no specific prediction, he thinks prices -- already down 29% from the peak -- are only halfway to the bottom.
The end of the tax credit
As a tool for supporting housing markets and prices, the tax credit for homebuyers is a two-edged sword. It reduces taxes dollar-for-dollar by up to $8,000 for new homebuyers and $6,500 for buyers who already own a home and should support home prices. But it ends at the end of April.Many buyers will push their deals forward to get in before the deadline and then demand for homes could sink afterward.
One of the few bulls out there is NAR, whose chief economist, Lawrence Yun, is counting on the tax credit to provide temporary support for housing markets until the economy recovers enough to start fueling sales. He predicts price improvement in 2010 of more than 3%.
"The headwind we face is rising mortgage interest rates," Yun said, "but the compensating factors will be the homebuyers tax credit in the first half of the year and increased job creation in the second half."
Posted Tuesday Jan 5, 2010 12:53 # -
Yikes! 63 foreclosures.
March 1, 2010
Homes for Sale 73 with a median price of $399,000
Foreclosures 63 $327,150November 24, 2009
Homes for Sale 79 with a median price of $399,000
Foreclosures 51 $300,000Sept 14, 2009
Homes for Sale 77 with a median price of $399,000
Foreclosures 37 with a median value of $354,750June 15, 2009
Homes for Sale 63 with a median price of $429,900
Foreclosures 43 with a median value of $307,575Posted Monday Mar 1, 2010 19:36 #
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