Door Number 3: January 2010

Thursday, January 28, 2010

Do Not Be Confused By Sensational Headlines

Recently fans of Michael Jackson purchased a house he rented in Las Vegas for over $3 million. The story is being publicized as a sign Las Vegas market conditions are improving. I completely disagree, when it comes to the Las Vegas market which was completely over-inflated well beyond California. This was the biggest sale in over a year, for the city of Las Vegas. Developments are the major force in Las Vegas real estate transactions. Unfortunately, the only development seeing substantial returns is the City Center, and even they have not been able to sell out. Research your area, and your prospective property before purchasing. Don't fall victim to sensational headlines.

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Are Foreclosures A Good Deal?

Foreclosures have not always been a good deal. Sometimes they can even cost more than purchasing a non-bank owned property, when you consider the repairs that the buyer will end up paying for. So is there good news? Yes. Across the nation foreclosed properties are selling at prices 28% below (on average) similar properties that are not in foreclosure. Remember though, that we also need to take into account the prevalent practice of allowing homeowners to price their property and many of them have priced their properties well above market value.

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Tuesday, January 26, 2010

The best news from the worst place?

Freddie Mac's CEO believes the housing market is about to plateau before it rebounds. However, it is hard to trust the man at the helm of Freddie Mac. I equate it to trusting the chef at a restaurant where I got food poisoning... but read the article and tell me what conclusions you arrive at.

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Tuesday, January 19, 2010

Home Values In Los Angeles Are UP!

GREAT NEWS! Home prices are up in Los Angeles. In December 2009 prices increased 1.4% when compared to November 2009, and by 4% when compared to December 2008. We have all heard news about how the volume of residential real estate sales has increased, but could a steady increase in home values be a light shining at the end of the tunnel we have been trapped in since the mortgage crisis broke. Or has the market been falsely inflated by government incentives?

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Thursday, January 14, 2010

Earthquake Relief

Sorry it has been a few days since I have posted. Life has been really busy, with work and a pending move. But today I am not writing about real estate. Today I am writing to inform you all where you can go to make a donation to the victims of the earthquake in Haiti. Every dollar helps, and they certainly need it.

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Saturday, January 9, 2010

Banks Are Ready To Write Mortgages On Vacation Homes

At the height of the financial crisis it was hard to get a loan for a primary residence, let alone a vacation home. However, now banks are prepared to write mortgages on second homes. Though there seems to be hesitation on the part of borrowers. With the national unemployment rate hovering around 10% this hesitation seems more than justified.

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Friday, January 8, 2010

Improving Real Estate Conditions = Upward Trend In U.S. Stock Market

U.S. Stocks have steadily increased to a 1-year high, hovering around 10,600 points! While holiday sales have assisted the stock market, it is an “easing real estate concern” that has significantly bolstered the market. Across the nation sales are up, and in many areas home values are also on the rise. The real estate industry was at the heart of our financial crisis and it looks as if it will also be at the crux of our financial salvation.

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Westchester Sepulveda Boulevard Improvement Complete

Westchester residents have reason to celebrate as a 2-mile stretch of Sepulveda Boulevard running through their city has recently been improved. One of many public projects, this renovation has added landscaping and increased the street’s width to accommodate heavier traffic. I expect this will positively affect neighboring real estate as the city did an excellent job (see link below). Furthermore, stay tuned for news on other public projects in the LA area.

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Thursday, January 7, 2010

Shanghai Home Values Increase By 68%

What if your home’s value increased 68% in one year? Yes. One year. That is what residents of Shanghai have experienced. It will be interesting to see what Chinese homeowners do with their newfound equity. Will they make smart decisions...? Or unload their equity in lines of credit like many Americans did before the market crash.

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Happy New Year?

Happy New Year! I just got back into the country and was disappointed to see that interest rates have gone up past 5%! Though it does seem from what I have read thus far that rates are on a slight downward trend. However, this is a far cry from the 3.5% that was forecasted for January/February 2010 just weeks ago... I will keep you all posted.

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