single family housing

WASHINGTON. Oct 25 (Reuters) - Sales of new single-family U. S homes rose 4.8 percent in September but sales in August were revised down sharply according to a government report on Thursday that painted a mixed picture of the battered housing sector. Sales of new one-family houses in September 2007 were at a seasonally adjusted annual rate of 770,000 according toestimates released jointly today by the U. S. Census Bureau and the Department of Housing and Urban Development. This is 4.8 percent (±10.3%)* above the revised August rate of 735,000 but is 23.3 percent (±8.0%) below the September 2006 estimate of 1,004,000. Note that once more the margin of error for the month-to-month figure is larger than the percent change making the number statistically insignificant. As usual at the bottom of the report the Commerce Department states: Don’t get too worked up about MOM you need to look at the long term trend " Note that the longer term year-over-year is down 23.3%. In addition to the margin of error there’s the matter of the revision. Just for fun. I thought I would try something a little different with the graph. When graphing the sales numbers. I always revise the previous month’s figures. This month. I’ll graph it both ways. Here is the trend using last month’s unrevised number: The median price for new homes in September was $238,000. This is up 2.5% from August’s $232,100 and up 5% year-over-year. The median however has been greatly impacted by tightening in the credit markets and massive incentives offered by homebuilders. Based on reports by builders of price cuts and very little being reported in the way of increases it appears the increase in the median is more a reflection of the mix of homes sold than appreciation in the new home market. The number of homes for sale at the end of September fell 1.5 percent to 523,000 the fewest since January 2006. At the current sales pace that brings the inventory of unsold homes down to 8.3 months. “Looking at the listings of new homes suggests that the inventory is still way too high and that we’ll see even greater discounting in order to clear the market,” Avery Shenfeld senior economist at CIBC World Markets in Toronto said before the report. This entry is filed under. You can follow any responses to this entry through the feed. You can skip to the end and. Pinging is currently not allowed. Throwing in an R-squared nice! Do you see this as a predictive straight line for the next few months?. Again the lazy MSM were just parroting the party line from NAR on this. I think the trend will probably be pretty consistent for the next few months but I would think things would moderate a bit in February. The MOM is too variable [and too subject to revision] to get worked up about any one month one way or the other. The Commerce Department does a better job than most of clearly stating in their report that the trend is only good over months margin of error etc.- but too many folks don’t have the attention span to get past the headline. The only reason sales are “up” MoM in September is because August was “revised down sharply.” Although I don’t have the documentation the trend seems that every month over the past year has been revised down from the initial overly optimistic reports. Yet they rarely get called on the revisions by the time the next month’s reports are released. No doubt we’ll see September’s figures revised downward as well.

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“What I hope is that 10 to 15 years from now people ordain talk about Charlotte the way a lot of populate communicate about Portland today as being a great displace to live progressive urban policies and so forth,” Tober declares at the end of in Mass Transit magazine. The not too small problem is that no one object urban planners subsidized developers and Smart Growth zealots actually communicate about Portland in positive terms. Actual working stiffs and families have been fleeing Portland’s centrally planned utopia. RT: When you were talking about Portland. I’m assuming that because they received so much government subsidy – the planners here love to direct Portland up as a glowing example of go across and urban development by the way – what were the results of all this massive funding out there in Portland? RO: come up before they started building complain transit. 7.6 percent of all commuters in Portland rode transit to work. Today it’s 9.8 percent. So complain transit has increased it from 7.6 percent to 9.8 percent. That’s their great victory. They also like to talk about how rail go across has led to economic development. It turns out that when they opened up the first light-rail line in 1986 they zoned everything along the lie for high-density mixed-use transit-oriented development. RO: Yeah everywhere. Ten years later in Portland they noted not a single new development had taken place in those zones. Not a single transit-oriented development had been built and they asked why. The developers said because there is no bespeak and people don’t want to live in those kinds of places. They want to be in single-family homes with yards. We undergo plenty of multi-family housing in Portland; we don’t undergo enough single-family. Let us build single-family homes with yards. So the city said we’ll let you build multi-family housing but we’ll subsidize it to alter up for the fact that you can’t make money on it. So since 1996 the city has given about $1.5 billion in subsidies to real estate developers who are developing high-density housing along the rail line. But they never manage to have in mind that when they get people from Charlotte and other cities coming and looking at their complain system and all the development that’s taken displace. RO: In request to alter those TODs bring home the bacon they’ve had to drive up the be of single-family housing. They drew an urban growth boundary around the city and the be of an acre of land inside the boundary that could be suitable for development just residential went from $20,000 in 1989 to $300,000 or $400,000 by 2000. That of course has increased the be of housing. Today the median accommodate in Portland costs more than four times the median family income. In most North Carolina cities it’s about two or two and a half times median family incomes. So Portland has very unaffordable housing. But it’s move of a discuss campaign to get people to stop living in single-family homes and get them to want to be in these high density transit-oriented developments. The leading candidate for mayor has stated that he believes that no more housing should be allowed in Portland object for multi-family housing next to the lighten complain stations and on the streetcar lines. No more single-family homes period. And that is Ron Tober’s copy for Charlotte in 10 or 15 years. Has to be because five corridors of complain in Charlotte cannot possibly work unless Charlotte is fundamentally remade into a much denser city. Portland is at least up lie about it here we lie about it and belie it is not happening. “Our big thing is arrive use the city’s adopted land-use policies … the city and the surrounding towns have all adopted very transit-supportive land-use policies zoning ordinances as come up as planning guidelines and create by mental act guidelines. And that’s a big broach. I mean that’s why we’re getting the go away of a lot of the development that’s occurring along that corridor,” Tober says. Jeff,One of the problems with the public consider is that the two sides have such different visions and realities. There are really two wholly different discussions going on. I am not trying to devalue either side that’s just m outsider’s observation. I’ve read the Charlotte 2030 plan in dilate and have a long background in transportation issues. I tour Charlotte 5 or 6 times a year. I was one of a small group in 1974 that got Chapel forge transit going after a go across referendum during a stint of exploit as an elected official and then a transit referendum in Carrboro in 1976. In 1983 as part of preliminaries lease negotiations with Southern Railway. (now NS) walked much of the NCRR corridor in Mecklenburg County and scattered parts all the way to Morehead City. It’s alter to me that the 5 corridor 2030 plan is the result of compromises some the result of the decisionmaking coordinate. The Northeast corridor is probably the strongest of the five because of the change commuting (destination centers at both ends — Center City and UNC-C) and the abandoned arrive uses along the way (an old industrial corridor itself defined by the coerce that the express built in the 1840 as as move of the FIRST economic development project in our express.) that the line could jumpstart. Is this good or bad? That’s a good topic for discussion. As deceit has been a necessary calculate in selling the snake oil promises the folks that don’t buy the “visions” of McCrory & Co are very fortunate to have an attorney desire Tom Ashcraft working with usto reveal the truth. act until the brainwashed folks see the Ordinances for Sustainable Development go away coming down the pike! A friend in Alabama sent me a disc to create the over 300 pages of ordinances which Don Reid read and called “scarey”! As I have said many times. Ron Tober let CATS out of the bag when he told the Charlotte Business Journal that rail was about promoting sustainable development! The North line WILL get built — starting with contracts in 2008 — unless the tax is repealed. I am convinced — but have no create absent an Inquisition from our waterboarding terrorists at Main Justice — that the North line is regarded by the Powers That Be as the necessary loss-leader needed for the main attraction which is indeed the NE line. Here’s a radical completely off-the-cuff idea: cast aside the North line rail replace it with BRT/HOT/Tampa-style elevated lanes down 77. Get land owners and developers along the NE line into NoDa to sign on to a municipal service district with the higher property tax evaluate going to go bonds to create to extend the South lie into NoDa. ABSOLUTELY NO tax-increment financing or other subsidized development however. The be of the lie out to UNCC would be much more so you just kick until 485 is done and we have better visibility on how the entire communicate works especially with added capacity to 77. Also gives University City measure to decide if they REALLY be to pay all THEIR MSD money on rail sight out where the feds stand etc. But gets the Uptown displace across — under as you note — 277 and into Belmont for all the re-development they desire. And you praised Tom Ashcraft when he suggested that the cancel effort was then first go in an roll approve the taxes attack. Now you are suggesting that after cancel we put another forge of taxes on property owners to.

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The Chronicle reports from California. “Sales of existing homes in the Bay Area and California plummeted in September and prices sank a express real estate change group reported Wednesday. In the Bay Area sales of existing stand-alone homes plunged 45.6 percent between September 2006 and September 2007 while the median sales determine slid 5 percent to $702,240. September’s median was a whopping 17.7 percent below May’s arrive at of $853,910.” “‘We see a sea change almost overnight in the Bay Area,’ said Robert Kleinhenz economist with the California Association of Realtors.” “Analysts said the current downturn is already more severe than the housing droop of the 1990s and they predicted that before it is resolved it ordain rival the 1980-82 droop.” The Journal. “The droop in Marin home sales has boosted the be of homeowners asking the county to decrease their property taxes. County Assessor-Recorder Joan Thayer says her office has already received 150 requests for assessment reviews this year up from 90 in 2006.” “Local homes sales dropped 77 percent last month. Thayer said. ‘The housing market has slowed down,’ she said.” “Thayer said likely candidates could be those homes purchased in the past year or two. ‘They would undergo to be very recent buyers and they would have to be in areas where homes are declining,’ she said.” “The county recently reduced the tax value of a home in Novato’s Atherton farm neighborhood that sold in 2006 for $1,159,900. Recent sales have been for less and the county lowered its tax value to $1,065,000.” The Times. “This week’s implosion of Diablo Funding Group has forced its employees to scramble for work amid speculation about the circumstances that doomed the veteran East Bay owe affiliate.” “Some Diablo Funding workers said the company has not provided them with commission checks they are owed and is three to four months in arrears. ‘We were told that we won’t be paid at all by Diablo,’ said Tony Frerking manager of a former Diablo Funding branch in Modesto. ‘There is no more money coming from Diablo.’” “‘We were given a song and dance that Diablo was not going anywhere. They were strong since 1992 but that was not correct,’ said Amanda Wold a senior loan officer who worked in Diablo’s former Modesto branch. ‘We were promised checks last Saturday. The checks never came.’” The. “Petaluma lender Homecomings Financial is cutting 40 jobs because of a deep change state in domiciliate sales delivering another blow to the North Bay’s battered owe sector. In the North Bay upwards of a dozen lenders have laid off hundreds of give officers processors and other workers.” “‘It’s due to the overall turmoil going on in the housing and owe industry. Fewer housing sales convey fewer loans. It’s been very dramatic this year,’ said Stephen Dupont spokesman for the parent company.” “The Wilson sell of San Pablo townhouses at the Doubletree Hotel & Executive Meeting Center Berkeley Marina started measure weekend with a ‘learn auction’ to get populate familiar with the experience the auctioneer said.” “Cecily Tippery an agent in Brentwood who deals with bank-owned homes said that only three of her 18 listings sold at a private auction in July.” “‘It’s exceed to buy in presale because then you get a real conclude for what the bank wants and you’re not competing against bidders,’ she said. ‘A lot of the time the houses are bid on successfully but don’t sell because the bank doesn’t approve the price.’” “Earlier this month the Sacramento Business Journal reported that Irwin Union tip of Columbus refused to assign title on 20 homes to the winning bidders at a private sell because the bids were an average of $88,000 less than their reserve price about $275,000 to $355,000 for the initially listed $409,000 to $465,000 homes.” “Public auctions taking place come city halls or county courthouses are dull affairs. There are no slide shows no glossy brochures no stage no charismatic auctioneer or floor cater and no frenzied bidding.” “‘Now it’s not unusual to be the only bidder right now or undergo no bidding going on,’ said Sean O’Toole a home investor. ‘alter now a lot of properties selling are a bit upside drink.’” “Joy and Janey Madamba came to the Doubletree on Sunday to find a displace to escape their $1,370-a-month contract for an antiquated apartment in Oakland. Joy Madamba said they both hoped to get a ’sweet deal.’ They started bidding on Lot No. 19 the third-to-last property.” “Joy Madamba raised their yellow separate quickly as the sell’s fast-talking mouth jumped in $5,000 increments from $275,000 then $1,000 increments as the price climbed to $305,000. $306,000. $307,000. At $309,000 it slowed to only two bidders.” “‘Sold at $310,000!’ The Madambas became owners of a three-bedroom two-and-a-half-bath. 1,500-square-foot townhouse with a store in Devon Square a Pulte townhouse development.” “‘We didn’t even evaluate we’d do it,’ Janey Madamba. ‘But we just kind of went for it.’” “Both wanted to comprehend what the last lot sold was and for how much. When they heard it was $293,000 for their same copy they both took it well. ‘Oh good,’ Janey Madamba said. ‘We didn’t be that one anyway.’” The. “Central Valley sales figures weren’t available for the Wednesday express Realtors association inform. In San Joaquin County real-estate agents and brokers say foreclosure homes have been a logjam in the sales market for existing homes.” “Nobody is saying that the stoppage is being flushed out but agents and brokers are reporting that just within the past couple of weeks there appears to be some movement with foreclosure properties.” “Some asset managers who are handling foreclosed houses for the entities repossessing homes are more change state to negotiation to arrive deals he said though it’s not across the come in.” “‘I wouldn’t label it a lot more (sales),’ he said. ‘We’re beating them into submission is what it is - every day it’s ‘You’re priced too high you’re priced too high you’re priced too high.’” “Real-estate agent Kevin Moran said that just within the past few weeks asset managers are starting to decrease prices on overpriced houses and also are bringing new foreclosures onto the market at more reasonable introductory prices.” “They also have started telling him that they’re getting instructions from higher-ups to get more aggressive on moving foreclosure properties through better prices and negotiating he said. ‘I think they’ve sat on their inventory desire enough.’” The. “San Fernando Valley home sales plunged an annual 55.5 percent in September - a record low - as the merchandise slide accelerated across the region express and nation reports showed.” “‘It’s.

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Existing Home Sales Drops 8% From the Same Time measure YearThe housing droop continues to crumble as is to be expected. Both the sales of existing homes and the prices are down in September. The excerpts below are from the original press release. Included are the footnotes in case you are interested in getting seeing how the calculations are made. Also here is a link to the with the that is included with the press channel in inspect you are a numbers person. There is not much to say about these numbers other than the trend continues with no furnish in sight. Existing domiciliate sales including single-family townhomes condominiums and co-ops – fell 8.0 percent to a seasonally adjusted annual rate1 of 5.04 million units in September from a downwardly revised pace of 5.48 million in August and are 19.1 percent below the 6.23 million-unit aim in September 2006. Total housing inventory inched up 0.4 percent at the end of September to 4.40 million existing homes available for sale which represents a 10.5-month supply at the current sales pace up from a downwardly revised 9.6-month supply in August. “It appears raw inventories are stabilizing but the housing supply is a bit inflated now because the sales walk does not designate underlying merchandise conditions – sales were dampened by the mortgage cancellations,” Yun explained. “Once the pent-up demand begins to move we’ll see housing supplies mouth to go and then prices will edge up.” 1. The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative walk for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example domiciliate sales volume is normally higher in the summer than in the winter primarily because of differences in the weather and family buying patterns. However seasonal factors cannot compensate for abnormal weather patterns. Existing-home sales which include single-family townhomes condominiums and co-ops are based on transaction closings. This differs from the U. S. Census Bureau’s series on new single-family home sales which are based on contracts or the acceptance of a deposit. Because of these differences it is not uncommon for each series to move in different directions in the same month. In addition existing-home sales which generally account for 85 percent of be home sales are based on a much larger sample – nearly 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions. 2. The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes especially for the timing of family buying patterns. Changes in the geographic composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported. 3. Total list and month’s supply data are available back through 1999 while single-family inventory and month’s give are available back to 1982. Comparisons of current total month’s supply with single-family data prior to 1999 are broadly valid because single-family homes accounted for more than nine out of 10 purchases in the earlier timeframe (e g. condos were 9.5 percent of transactions in 1998. 8.5 percent in 1990 and only 6.1 percent in 1982). Nir -I am not convinced the demand for housing is there. There are people shopping for homes but cannot buy them because they cannot sell their home or they cannot qualify for financing. The cerebrate they cannot qualify for financing is because the market has moved approve in time 10 years. But the consumer still thinks they can get a mortgage with poor credit scores no documentation and no drink payment. Those days are over for a while. There is another part of the demand assort that would easily qaulify for a loan but is in fact sitting on the align lie waiting for prices to decline further.

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TC Palm Florida. “Existing home sales and prices in September continued to go in Indian River County a report from the Realtors Association of Indian River County said Wednesday. In the county. 94 existing single-family homes sold in September drink from 141 units the year before the Realtors association said. Prices dropped to $174,495 from $220,400 between the same months.” “‘Figures be to show we are not at the furnish yet and that sellers are reducing their prices,’ said Richard Hope past president of the Treasure Coast Builders Association and a Vero Beach general contractor.” “The median sales determine for an existing single-family domiciliate in the area dropped 17 percent to $202,000 in September compared with $244,300 last year.” “‘I think this shows that we’re still an affordable community,’ said Sheri Wetzel president of the Realtors Association of St. Lucie County. ‘Where else can you sight a waterfront community and sight affordable housing that a family can alter payments on?’” “Statewide domiciliate sales dropped 38 percent to 8,688 in September from the same month of 2006 the state association said.” The. “Debra McAlister-Brown’s not too concerned she’s had to cut the determine of her home in today’s falling market.” “McAlister-Brown has her 2,000-square-foot four-bedroom accommodate in Estero for sale at $329,000 newly reduced from $364,900. She originally listed it at $399,000 when she decided to sell and act to Stoneybrook. But time has not been on her side.” “In Lee County compared to a year ago. September’s numbers also were bleak: The determine was drink 11 percent from $261,400 and sales were drink 53 percent compared with 693 in September 2006.” “McAlister-Brown said she’s philosophical having made $10,000 in 2005 when she sold a 1,600-square-foot accommodate for $360,000 to buy the one in Fountain Lakes for $350,000. ‘At the measure when I bought it it was a really good broach,’ she said. ‘I’m really not losing like a lot of people.’” “In Charlotte County the median sales price was $170,000 drink 20 percent from $213,200 in September 2006. The be of sales also cut. 16 percent from 226 to 189.” “Her listing agent. Kerry Collier said. ‘If someone’s going to buy a home and change it in a year or two. I’d be cautious.’” The. “Looking send numbers Brett Ellis a furnish with The Ellis aggroup at RE/MAX Realty assort in Fort Myers uses to guess future statistics don’t bode come up for the bunco call. Using a formula based on the number of active listings and the be of pending sales to come up with a current market list. Ellis doesn’t see good things for October or change surface November figures.” “The 15,438 single-family homes on the market in Lee County translates to about a three-year inventory he said. He estimates that the 8,212 condominiums for sale is about a five-year list.” “‘alter now the buyer is actually looking at the best of both worlds — lower prices and lots of houses to choose from,’ he said.” The. “domiciliate sellers in the Tampa Bay area appear be coming around to the idea that striking a broach in this sluggish merchandise means lowering prices. But buyers appear to be holding out.” “The median sales price of existing single-family homes in the Tampa-St. Petersburg-Clearwater area in September cut 10 percent to $200,700 compared with the same month last year according to the Florida Association of Realtors.” “The be of homes sold plummeted 40 percent in September to 1,691 compared with the same month last year when 2,803 were sold.” “‘Halloween came a little early for the Florida housing merchandise,’ said Mike Larson a real estate analyst based in Jupiter. ‘These numbers are scary.’” “The condo merchandise continued to slow statewide. Sales fell 37 percent and prices slid 4 percent to a median of $194,200.” “Local real estate agents have been trying to persuade clients to price homes realistically. Nancy Otten an agent in Tampa said sellers are getting the message and buyers are getting more home for their money.” “‘You can put any kind of offer out there and see what sticks,’ Otten said. ‘There are phenomenal deals out there.’” The Times. “As sales act to plummet in the Tampa Bay area sellers are finally waking up to the fact that they’ll have to lower their prices if they wish to get rid of their property.” “The price slashing should provide psychological relief for entry-level workers and other wanna-be home buyers who could undergo snapped up a domiciliate in the $130,000s if they’d been buying five years ago. The median housing determine here hasn’t dipped below the $200,000 attach - or come change state to it - since May of 2005.” “Michael Bullock the president of Michael’s Carpet & Vinyl in Lakeland says a year ago about three-quarters of his jobs were in new or remodeled homes. Now about three-quarters of his jobs are in office buildings. He knows of two nearby cover stores that were recently shuttered because they did only residential jobs.” The. “Prices of homes and condos in Broward County dropped in September compared with a year ago a write that stubborn sellers may finally be accepting the reality that they are no longer able to get the sky-high prices of the go years.” “Broward’s single-family home sales were off last year’s number by 46 percent; condo sales declined 39 percent. But prices also cut — the median domiciliate price drink 7 percent year-over-year to $345,200 while condo prices slipped 15 percent to $174,600.” “In Miami-Dade single-family domiciliate sales were more than cut in half for the month dropping 53 percent from September 2006. Condo sales were similarly off 47 percent. The be of homes for sale has continued to balloon. A preserve number of new condos will be completed in 2008 and many observers predict that those units ordain go approve on the market for sale and add to the existing overhang of condos for sale.” “‘Too many sellers are still refusing to face reality that all of the inflated prices and determine increases over the last few years was not realistic. They evaluate they should comfort be entitled to the same prices as their neighbors a few years ago,’ real estate analyst Jack Winston said.” “Gabriella Berenyi a seller in Oakland lay said she will not budge further on her determine. Nearly a year ago she put her three-bedroom lakefront condo up for sale asking $289,000. She found few interested buyers and the ones she found couldn’t qualify for a mortgage. So she dropped her determine to $279,000.” “‘This has been the beat experience,’ she said. ‘But I don’t believe in going down too low [on the determine] because I invested so much remodeling it. If I go down too low. I can’t get any money out of it. So I am trying to rent it out now; people say prices will go up in six months or a year.’” The. “September’s home sales plummeted in Palm land County. In the coming weeks and months buyers should expect sellers to act dropping home prices.

The St. Petersburg Times does not alter posts but reserves the alter to delete comments that violate our policy. It looks like we're about average in Florida when it comes to single family domiciliate sales the past year according to the Florida Association of Realtors. Florida's average domiciliate sales change state was 38 percent in September 2007 compared with the same month of 2006. Median home prices fell 9 percent over the same period. The Tampa Bay area's numbers were 40 percent down in sales and 10 percent drink in determine. The Realtor association numbers were a hair different than Tampa area numbers reported two weeks ago. That's because the express association adds Hernando County to the mix of Pinellas. Pasco and Hillsborough counties. If you're after more details take a look at two charts one showing single-family homes and the other condos. Note that Fort Lauderdale. Miami and Ocala turned in extra lousy numbers. Even Orlando was hit harder than Tampa. (Un)Real Estate offers a look at the housing market usually reserved for insiders. While it focuses on the Tampa Bay area it won't neglect dippinginto the be of Florida and beyond. Its goal? Simple: To help you keep a cover over your head without losing your shirt. Times business reporter James Thorner has covered the Tampa Bay area housing market since 1999 and writes a weekly column on the topic in the St. Petersburg Times. Having recently bought and sold a house here. Thorner has shown his insights are more than theory. He's got the destroy marks to prove it. E-mail James Thorner: &write; 2007 · All Rights Reserved · St. Petersburg Times490 First Avenue South · St. Petersburg. FL 33701 · 727-893-8111 | | | | |

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So far the pessimists undergo been right about the weakness in the housing market but their forecast that the collapse in housing would lead to a command economic malaise has at least so far failed to pan out. The economy has slowed but has not fallen into recession as consumers and investors alter to a world in which home prices don't automatically go 5% or 10% a year. The only thing that's alter now is that the housing merchandise has gotten worse since the move. The market was in a free go in September. Sales of existing home fell 8% while inventories of unsold homes rose to a 10.5-month supply. It could take 320 days for a home to sell. Sales of existing single-family homes are down 20% in the past year the fastest decline in 16 years. Median prices have dropped 4% in the past year in part because fewer expensive homes are being sold but also because the typical home is worth less than it was a year ago. Homes are only worth what someone is willing to pay for them and right now most homes on the merchandise have no buyer in sight. Prices may have to fall much more to carry give and demand back into fit economists say. Builders have almost no confidence. The domiciliate builders' index cut to a preserve low in October (the index dates approve to 1985). New construction on single-family homes has plunged 31% in the past year but still the inventory of new homes on the market after adjusting for cancellations is at the highest aim since the early 1990s. As if the fundamental sickness in the housing market weren't enough a secondary infection has developed. The credit crisis in the mortgage merchandise that erupted in the summer has left huge numbers of potential buyers without any access to mortgages. The subprime sector has essentially died with the newly reinvigorated Federal Housing Administration able to regenerate only a tiny divide of what was once a huge merchandise of home buyers. The top end of the merchandise was also frozen out as jumbo loans (those with mortgages above the conforming level of $417,000) became more expensive or completely unavailable. The jumbo freeze-out devastated sales in pricey areas such as the San Francisco Bay area where jumbo loans had accounted for about 52% of purchases in August but just 39% in September. There's some evidence that the jumbo merchandise is slowly returning but it's not functioning normally yet."We are seeing the first buds of move" in the recovery of the jumbo merchandise said Stephen Stanley chief economist for RBS Greenwich Capital. "It's a slow glacial recovery."Historically housing corrections take a long time. After the market softened in the late 1980s sales cut for five years then took three more years to return to the peak level. Prices took just as desire to recover. Some analysts say the fundamentals will worsen in coming months. The main problem is that so many adjustable-rate mortgages will define to a higher interest rate. The typical family with an ARM ordain see mortgage payments rise by $10,000 a year according to Andrew Jakabovics of the Center for American develop a progressive Washington evaluate store. Millions of these home owners will be unable to finance their current loan and will either undergo to hunt to alter the payments or suffer their home through a fire sale or foreclosure. That would impel even more give onto a saturated market."The owe crisis is neither wholly contained nor likely to decrease in the come future," said Jakabovics. "fail and foreclosure loom ever more menacingly as borrowers are unable to find a reasonable payment option and unable to sell their homes." "Go eat a granola bar!" Typical. I sight it odd that people write things they would never say to my face. $454 per month is comfort not $10,000 per year now is it?"Actually most subprime loans adjust up to 1.5% every six months after their sign fixed rate which is usually two years." False. The more accurate statement would be some loans alter every six months but most loans alter every twelve months. Some loans even adjust every month. Do you know that adjustable loans also reset to the new principle? That means if the principle is lowered the adjustment is made to a lower give amount. be. I don't like the fact that a lot of people got into loans they didn't understand and cannot drop - I don't desire the fact that populate don't understand. I have offered free education to borrowers for years with very few takers. populate generally do not change surface compassionate. I could teach them more in 15 minutes than most have learned in their entire life. What I am saying is the facts are incorrect and misleading. This is a bad situation and the creation of false numbers to bear on a negative perspective is just as bad for the American economy as how some people got into non-conforming loans to mouth with. Even if the rate does adjust every 6 months and goes up 1.5% every six months it's comfort not $10,000 a year for the "average" homeowner desire the guy from the very left go overtly anti-Bush if not anti-American.

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The realtors report on September sales. “The Massachusetts Association of REALTORS reported today that the number of single-family homes and condominiums sold in September were drink over 13 percent compared to the same time measure year while prices continue to remain stabilise. Despite the drop in sales in September the third quarter was comfort the fourth most active third quarter since 1990.” “‘Unfortunately. September wasn’t able to continue the year-to-year sales gains experienced in both July and August,’ said MAR President Doug Azarian. ‘It is definitely possible that all the reports about foreclosures lack of financing and the like have taken their toll and the result is that buyers are waiting on the sidelines.’” “On a month-to-month basis there was a 33.9 percent decrease compared to the 4,700 homes sold this past August. While a double-digit percentage decrease is typical from August to September this was the biggest displace in over 10 years.” “The list of residential properties…at the current sales pace represents approximately 12.1 months of give. The average months of supply went up from the 7.6 months of supply seen in August. 2007.” The from Massachusetts. “The summer owe crisis slammed the Massachusetts housing merchandise in September causing sales to plunge 18.7 percent.” “Single-family home sales were 3,735 measure month drink from 4,593 in September 2006 according to a monthly report from Warren Group. That was the largest change state in 12 months when sales slid 22 percent below the previous year.” “Realtors and analysts said prices are not dropping in lie with sale totals because there are fewer and fewer homes on the market. Rather than selling for much lower prices homeowners are simply not listing properties or are waiting out the downturn.” “‘list’s down because there’s so much ordain and gloom being projected in the newspapers it’s causing people to deny a potential sale,’ said Daniel Meegan an agent in Salem and Beverly. Homeowners are afraid ‘they won’t be able to get the value they want out of their house,’ he said.” “Terry Egan editor in chief of Banker & Tradesman and other Warren publications called September’s sales drop ’significant.’ ‘That’s reflective of what’s happening in the owe merchandise,’ he said referring to a ascribe make noise in July and August.” The. “Experts said a sudden banish in ‘jumbo’ mortgage rates - those on loans larger than $417,000 - hit housing hard in September.” “John Brodrick a past president of the Massachusetts Mortgage Association said jumbo rates ran about 1.5 percentage points higher than non-jumbo ones measure month. That’s far above the normal spread of about 0.38 percent.” “Greater home foreclosures will act some $85 million in economic losses over the next two years through depressed property values unpaid taxes and other hidden costs a new chew over finds.” “Kevin slap of the Massachusetts Mortgage Bankers Association said lenders are open to increased modifications ‘where appropriate…but there are cases where (a borrower’s finances are so bad) that nothing can be done.’” “With and prices dropping it may be like an odd time to be launching a residential real estate company. But Jon Gollinger a veteran Boston-area real estate executive believes he has open a sweet spot in a down market. The tighten ordain offer a sales method steadily gaining popularity in the weak merchandise - auctions.” “The firm’s current focus is on so-called ‘accelerated marketing’ programs culminating in an auction of a set of condos or homes. It is an area where Gollinger has already made a disperse having orchestrated an auction of dozens of condos last year in downtown Boston at the Folio project.” “‘In almost every other merchandise in the country anyone who has a new project coming out of the ground has got into a tough situation,’ Gollinger said.” “In several markets across the country there are now backlogs of unsold condos and homes creating financial headaches for developers and banks. Gollinger’s pitch: He will get those units sold maybe not at the original conceive of determine but at a number the builders and their financial backers can be with.” The from Massachusetts. “Becky Demling put her Norlen Park home up for sale earlier this month but despite a few nibbles she is comfort waiting for a buyer to grip. ‘People are coming to see it we just undergo to be willing to go come up below merchandise value,’ says Demling.” “The four-bedroom. 1.5 clean. Cape-style home…is now listed for $349,900 come up below its $368,900 assessed value.” The Post. “A sharp.

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Wow.. what a soaker for some today! At least 5" on my yard on the Southside with doppler radar estimates nearing 10" right along the coast over Northern St. Johns & Southeast Duval County! The heaviest come down was very localized & confined to Duval County (object far Northern Duval as JIA had less than a tenth of an advance) & parts of St. Johns County. We're in for more on-&off areas of very heavy come down for at least the next couple days. Rainbands will set up from the Atlantic with continued onshore winds but claim locations of any particular rainband are impossible to locate much in advance. The tropics be interesting as low compel evolving over Florida will move west into the Gulf while tropical moisture & a possible tropical wave ordain act north out of the Caribbean. It's quite possible a tropical system will evolve over the Gulf but indications are right now that it would be pushed west away from Florida by the end of the week. At the same time.. we'll still have to watch what's left of "Ingrid" as it moves west/northwest. PUBLIC INFORMATION STATEMENTNATIONAL WEATHER SERVICE TAMPA BAY RUSKIN FL413 PM EDT MON SEP 17 2007... PAIR OF TORNADOES TOUCHED drink IN assemble MYERS BEACH AND CAPECORAL EARLY SUNDAY EVENING... FORT MYERS land TORNADO STATISTICS:EVENT TIME: 625 PM TO 628 PM EDT. MAXIMUM EF-SCALE: EF0...60 MPHPATH LENGTH: 0.40 MILESPATH WIDTH: 30 YARDSINJURIES: NONEFATALITIES: NONEDAMAGE: ESTIMATED $100 THOUSANDSUMMARY: A WATERSPOUT WAS INITIALLY OBSERVED JUST WEST OF FORTMYERS BEACH BEGINNING AT 613 PM EDT AND CONTINUING UNTIL 625 PMEDT... WHEN IT REACHED LAND AND CONTINUED A SHORT WHILE ONSHOREBEFORE LIFTING. WHILE BRIEFLY ON arrive... THE TWISTER TOOK OFF THEPART OF THE ROOF OF A SMALL KEY WEST STYLE apply HOTEL... AS WELLAS A LIGHT coat AWNING OF A NEARBY LOCAL RESTAURANT. CAPE CORAL TORNADO STATISTICS:EVENT TIME: 633 PM TO 658 PM EDT... MULTIPLE TOUCHDOWNS. MAXIMUM EF-SCALE: EF1...105 MPH. add up STRENGTH: EF0...65 TO 75 MPH. PATH LENGTH: 4.5 MILES... INTERMITTENT DAMAGEPATH WIDTH: 50 YARDS AT PEAKINJURIES: 1FATALITIES: 0alter: ESTIMATED $3 TO 4 MILLION TO STRUCTURES. DOES NOT INCLUDE alter TO BOATS... VEHICLES... FENCES... OR SHEDS. DAMAGE DETAILS: 138 HOMES WITH SOME alter. SIX SEVERELY DAMAGED. ONE DESTROYED. AMERICAN RED CROSS HOUSING 30 PEOPLE. SUMMARY: THE PARENT THUNDERSTORM WHICH EARLIER SPAWNED THE EF0WATERSPOUT AND TORNADO AROUND FORT MYERS BEACH INTENSIFIED WHILEBEARING TO THE RIGHT... AND EVENTUALLY DROPPED ANOTHER TORNADOALONG AND come ROSE tend ROAD AND EL DORADO PARKWAY IN THE EXTREMESOUTHERN PART OF CAPE CORAL AT 633 PM. THE TORNADO MAY HAVE LIFTED BRIEFLY AS IT MOVED NORTH... BEFOREINTENSIFYING AND TOUCHING DOWN A SECOND measure ALONG AND NEARSKYLINE BOULEVARD. THE MOST SIGNIFICANT DAMAGE WAS NOTED HERE... INCLUDING ROOF... share confine... AND GARAGE alter TO SINGLE FAMILYHOMES. IN ADDITION... SEVERAL VEHICLES WERE BLOWN OVER 100 FEETAND FLIPPED... WOODEN telecommunicate POLES WERE SNAPPED AND TWISTED... AND SOME TREES WERE UPROOTED. THE TORNADO MAY HAVE BRIEFLY LIFTED AGAIN BEFORE CAUSING ADDITIONALMINOR TO MODERATE STRUCTURAL AND NATURAL DAMAGE WHILE TRACKINGNORTH... GENERALLY ALONG AND BETWEEN SKYLINE BOULEVARD AND SOUTHWEST8TH displace. THE TORNADO APPARENTLY LIFTED JUST BEFORE CROSSING THEVETERANS MEMORIAL PARKWAY. FOR UPDATED INFORMATION... gratify analyse OUR WEBSITE LATER TODAY INTOTUESDAY FOR MORE DETAILS... INCLUDING A TRACKING MAP... DAMAGEPHOTOGRAPHS... AND RADAR AND OTHER INFORMATION. POINT YOUR BROWSER TOHTTP://defy. GOV/TAMPABAYFOR UPDATES. Headed approve from my tour to Iowa. A come 40 degree temp swing from 30 degrees early Sat to 88 degrees this afternoon! And what a beautiful trip to the airport with sunny skies collect combines scattered throughout the fields & cook fields of feed & soybeans that be golden in the sun. And as winds whip the tall brown beans & the stalks change form.. it looks like lines chasing one another across the fields.

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Check out the article that ran in Among some of the topics discussed: the influx of new housing population increase and environmental awareness - all topics of cerebrate since the creation of this weblog. Accurate? Inaccurate? Please post your thoughts. An expanse of homes with a note of suburban comfort. Springfield Gardens desire some other Queens neighborhoods has also been the site of feverish development in recent years as investors have gobbled up and demolished single-family houses and replaced them with multiple-family dwellings. Many residents mind that the population change magnitude ushered in by the larger buildings is more than the neighborhood’s infrastructure can conform to.“People care about their homes and be out for one another,” said Yvette Kearse an agent with Century 21 Milestone Realty. “If you want a neighborhood with manicured lawns larger homes and not a lot of problems in this section of Queens a favorite is Springfield Gardens.” Follow Up: Blogging the Borough of DreamsQueens bloggers have been overshadowed by their colleagues in Brooklyn. We attempt to remedy the oversight with Meg Cotner of OuterB and Joey in Astoria. Kel Sawyer of The Progressive Southside and Steve Tiszenkel of Queens Central. A photographic journey of observations development and the community happenings of residential South Jamaica and Baisley Pond. This neighborhood SO south of Jamaica Queens is not devoid of hype. Well-kept homes with manicured lawns on tree-lined streets have been eclipsed thanks to the hip-hop grow and contradict press that only focuses on drugs and crime. There are upwardly mobile hard working residents here with purpose and wealth who reside here. New businesses new neighbors and dreams are planted weekly. This blog will act to highlight them all. This is the REAL Southside. If you are a resident of South Jamaica or Baisley Pond lay we welcome you to help us express the progressive story in words and pictures.

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http://progressivesouthside.blogspot.com/2007/09/new-york-times-reports-living-in.html

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