US – NAR expects some commercial real estate growth next year

December 14, 2011

The commercial real estate segment could experience some growth in 2012, the National Association of Realtors said Monday.

“Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market. However, with modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year.”

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US – Single Family 3Q home prices remain weak: Case Shiller

December 14, 2011

The third quarter brought another dose of persistently disappointing home prices, with the U.S. national home price index up only 0.1% from the second quarter and down 3.9% from year-ago figures, the S&P Case-Shiller report.

The national index decline is not as steep as the 5.8% decline posted in the second quarter, but home prices overall are back to first quarter of 2003 levels.

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US – Home refinancing and multifamily demand on the rise

December 14, 2011

Overall bank lending increased slightly since the previous report, and home refinancing grew at a more rapid pace while residential real estate remained sluggish.

New York, Philadelphia, Cleveland and Kansas City reported increased loan demand. Several districts reported an increase in home refinancing activity. Boston noted plentiful financing and favorable terms for premier properties, while financing remained harder to obtain for riskier properties and for those in secondary and tertiary markets.

Atlanta saw soft loan demand as companies continued to reduce their debt loads and limit expansion and capital improvement plans.  Residential real estate activity remained sluggish, according to the report. Single-family home construction was weak and commercial construction was slow.

Dallas was a bright spot on the housing front with continued improvement in the district.

“Inventories of existing homes fell further since the last report, and new home inventories remained lean,” the Dallas district reported. “Single-family home sales are better, according to contacts, but economic uncertainty is keeping many would-be buyers on the sidelines. Apartment demand rose even more since the last report, and contacts are very positive in their outlooks. Some respondents noted increased sales of apartment complexes to investors.”

Multifamily construction picked up in New York, Philadelphia, Cleveland, Chicago and Minneapolis. San Francisco remained “anemic,” while St. Louis and Kansas City reported decreased activity.  In the Atlanta district, which includes Florida, condo activity was expected to rise.

“Contacts in South Florida signaled that condominium development was expected to get under way soon because of strong demand from foreign investors, many of whom pay with cash,” the report said. “Developers plan to cover costs by requiring a significant upfront payment from the purchasers before construction begins.”

The survey was based on information collected on or before Nov. 18.

 

Source: Housing Wire


US – Average Time to Foreclose Sets New Record 631 Days

December 14, 2011

Mortgage delinquencies continued their decline in October and are nearly 30% off their January 2010 peak, but foreclosure inventories and the foreclosure process reached all-time highs during the month, according to Lender Processing Services.

Foreclosure inventories reached 4.29% of all active mortgages, an all-time high, while the average days delinquent for loans in foreclosure extended as well, setting a new record of 631 days since last payment.

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U.S. unemployment rate falls to 8.6%, country adds 120,000 jobs

December 14, 2011

The United States added 120,000 jobs in the month of November, pushing the unemployment rate down to 8.6%, a government report said Friday.  The Labor Department noted that the unemployment rate from April through October held in the narrow 9 to 9.2% range.

The number of unemployed citizens also edged down by 594,000 to 13.3 million in November.

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US – Oct. home prices down in metro Denver, but not as much as nationwide

December 14, 2011

Home prices in metro Denver continue to decline in October, but not as much as prices nationwide and in many states, a new report from CoreLogic Inc. says.

Prices in the Denver-Aurora-Broomfield area slid 1.3 percent in October from the previous month, and were off 0.4 percent from October 2010, according to CoreLogic.  When distressed, or REO, sales are stripped out, the year-over-year price increased by 1.3 percent in October.

The price for homes statewide dropped 1.2 percent in October from a year earlier, and just 0.1 percent without distressed sales.

CoreLogic (NYSE: CLGX) of Santa Ana, Calif., provides consumer, financial and property information and analysis to business and government.

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US – San Diego Home Sales Lowest in 4 Years

December 14, 2011

The Berkland Group said its research found that the biggest price drops year-to- year were for homes selling for $600k to $800k, which is the price range impacted by the new loan limits. The lower price ranges, below $400,000, represented 68% of total sales, down from 36% of total sales four years earlier, indicating that affordability remains a problem, the company says in the report.

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