Housing Market Update
Falling Prices
While homebuilders are selling a greater number of houses, the median price of new homes fell to $203,800 in July, down 7 percent from June.
New-home prices are down 4 percent from a year ago and down 14 percent from February's peak sales price of $237,300.
Increasing Foreclosures
The number of new properties in foreclosure rose to 78,979 in July, a 4.7 percent increase from June and the most new foreclosures reported in any month year-to-date.
New foreclosures have jumped more than 12 percent in the last two months, pushing the nation's foreclosure rate to one foreclosure for every 1,465 households, according to RealtyTrac.
All Time High Inventory
A total of 2.75 million homes were for sale last month, this set a 17 year high, the most since May 1988.
The number of new homes for sale at the end of the month rose to 460,000, a record, from 452,000. This is a 15% increase over July 2004, when only 400,000 new homes were for sale.
Inventories of unsold condos rose by nearly 24% in July to 406,000 from 328,000 in June. It's the largest inventory of condos on the market ever. Inventories of unsold condos have risen 67% over the past year.
Local News
Inventory of all existing homes for sale in San Diego County reached a 10-year ebb of 2,916 units on March 29, 2004. 18 months later, as of Aug. 10, the inventory had risen to 13,204 homes.
Unsold resale inventory in Palm Desert is currently at around 3,452 properties, up 63 percent from a year ago and is more than twice the 1,400 seen in April 2004.
Falling Interest Rates & Stocks
The bond market continues its latest rally to cut 10 year yields down to 4.16% from 4.42%. This means LOWER INTEREST RATES and should benefit the real estate market.
But you wouldn't know that from the performance of the homebuilders and mortgage REITS over the same period.
Despite lower rates & good news vis a vis record quarterly reporting results, there has been a massive selloff. Warning, danger, Will Robinson?
While homebuilders are selling a greater number of houses, the median price of new homes fell to $203,800 in July, down 7 percent from June.
New-home prices are down 4 percent from a year ago and down 14 percent from February's peak sales price of $237,300.
Increasing Foreclosures
The number of new properties in foreclosure rose to 78,979 in July, a 4.7 percent increase from June and the most new foreclosures reported in any month year-to-date.
New foreclosures have jumped more than 12 percent in the last two months, pushing the nation's foreclosure rate to one foreclosure for every 1,465 households, according to RealtyTrac.
All Time High Inventory
A total of 2.75 million homes were for sale last month, this set a 17 year high, the most since May 1988.
The number of new homes for sale at the end of the month rose to 460,000, a record, from 452,000. This is a 15% increase over July 2004, when only 400,000 new homes were for sale.
Inventories of unsold condos rose by nearly 24% in July to 406,000 from 328,000 in June. It's the largest inventory of condos on the market ever. Inventories of unsold condos have risen 67% over the past year.
Local News
Inventory of all existing homes for sale in San Diego County reached a 10-year ebb of 2,916 units on March 29, 2004. 18 months later, as of Aug. 10, the inventory had risen to 13,204 homes.
Unsold resale inventory in Palm Desert is currently at around 3,452 properties, up 63 percent from a year ago and is more than twice the 1,400 seen in April 2004.
Falling Interest Rates & Stocks
The bond market continues its latest rally to cut 10 year yields down to 4.16% from 4.42%. This means LOWER INTEREST RATES and should benefit the real estate market.
But you wouldn't know that from the performance of the homebuilders and mortgage REITS over the same period.
Despite lower rates & good news vis a vis record quarterly reporting results, there has been a massive selloff. Warning, danger, Will Robinson?
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