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The Norris Group Real Estate News Roundup 12/10/09

According to RealtyTrac, foreclosure activity decreased by 8 percent in November. Hanley Wood Market Intelligence reports that Orange County builders had their first positive month in October, after 13 months of contract declines. A survey from HomeGain shows that 48 percent of agents and brokers believe that home prices willstay the same, and 24 percent believe that prices will increase. Data from the U.S. Treasury Department shows that 31,382 of the 1 million three-month modifications have become permanent.

The Norris Group Real Estate News Roundup 11/20/09

An amendment was passed which allows federal regulators to dismantle financial firms considered to be “too big to fail”. According to PMI Group, new home sales decreased by 3.6 percent. The NAHB estimates that families earning the national median income can afford 70.1 percent of the new and existing homes sold in Q3 of 2009. First American CoreLogic reports that home prices declined by 9.8 percent in September from the previous year.

The Norris Group Real Estate News Roundup 10/9/09

The House of Representatives unanimously passed a one-year extension of the first time homebuyer $8,000 tax credit. A new Wells Fargo report projects big losses due to ALT-A and Option ARM recasts. Congress doubts that Treasury Department’s $50 billion loan-modification program will help 3-4 million foreclosures. The OC Register reports the smallest home-price loss in two years. Keep in mind a number of larger properties are now foreclosing which will make the median price number skewed. This week along we watched at trustee sale as a home worth $1.1 million got sold in the inalnd empire at $400,000.

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