Monthly Archives: September 2011
15 Cities Where Listing Prices Are Rebounding
Prices are rising in Florida: Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Florida cities make up 9 of the top 10 places for highest year-over-year list price spikes, based off of August data of 2.2 million listings in 146 markets.
Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.
Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.
Average list price: $640,332
Year-over-year increase: 27.4%
2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%
Average list price: $405,809
Year-over-year increase: 19.41%
4. Punta Gorda, Fla.
Average list price: $267,066
Year-over-year increase: 16.37%
5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%
6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%
7. Naples, Fla.
Average list price: $713,087
Year-over-year increase: 15.13%
8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%
9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%
10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%
11. Oralndo, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%
12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%
13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%
14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%
15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
I found this to be a very informative article on how to protect your information.
"How to minimize the risks of using free public WiFi hot spots. Surfing the Internet with a public WiFi connection can expose your laptop or tablet computer to digital eavesdroppers and malicious hackers. Here are some ways to protect yourself."
Foreclosure starts surge in Western states
ForeclosureRadar: BofA ramping up filings against delinquent homeowners
By Inman News
Foreclosure starts jumped by double digits from July to August in four out of five Western states tracked by ForeclosureRadar, reversing what had been a declining trend over the past several months, the company said.
The increase in foreclosure starts seen in Arizona, California, Nevada, Oregon and Washington appeared to be driven primarily by Bank of America and related companies, which boosted notice of default and notice of trustee sale filings by 116 percent from July to August.
Wells Fargo and US Bank also ramped up foreclosure start filings, ForeclosureRadar said, while filings by JP Morgan Chase and Citibank were essentially flat, ForeclosureRadar said.
In California, foreclosure starts jumped nearly 70 percent from July to August, totaling 31,965 — the highest level in a year. The average time to foreclose in California increased to 333 days in August, 49 days longer than a year ago.
Notice of trustee sale filings were up more moderately, rising 6 percent from July to August but still down nearly 24 percent from a year ago at 24,020.
California properties sold back to the bank (REO) increased 12 percent from July, to 11,104, down nearly 23 percent from a year ago. Sales to third parties on the courthouse steps were up 10 percent from July, to 3,853, an 11 percent increase from a year ago.
California foreclosure inventories remain down or flat from a year ago. Banks had 107,000 REO homes on their books — about the same as in July — and the number of homes scheduled for trustee sale was down nearly 24 percent from a year ago, to 94,000.
Homes in preforeclosure — those already hit with a notice of default but not yet scheduled for sale — jumped 20.5 percent from July to August, to 134,000. That was 10 percent below the preforeclosure number in California a year ago.
She should have chosen me instead… 🙂 Or at least a Coldwell Banker Agent so that wouldn't happen…LOL
Singer Rihanna Sues Real Estate Company
Pop star Rihanna says serious structural defects in her Beverly Hills mansion has made it “uninhabitable,” and she is suing the seller, home inspector, her real estate company, among others for not disclosing the defects before the sale.
Rihanna alleges in the lawsuit that after the first major rainstorm her 10,000-square-foot mansion had water leak into the home from a second-floor balcony that then seeped into several rooms in the house.
In the lawsuit, she alleges the seller failed to disclose the defects at the time of sale. She’s also suing her real estate agent with Prudential California Realty, claiming her agent failed to perform due diligence and did not provide her with information on sales of comparable properties and “became aware of or should have known of extensive construction defects in the property.”
Rihanna says in the lawsuit that she would not have paid $6.9 million for the home in 2009 if she had known about the structural problems.
None of the companies or individuals named in the lawsuit have made a public statement on the pending case.
Source: “Pop Star Rihanna Sues Over Leaks That Left $7 Million Hillside Home in Calif. ‘Uninhabitable,’” Star Tribune (Aug. 31, 2011)
California cities have seen their home values drop by the largest percentage in the last five years, with some metro areas posting losses of up to 67 percent in that time period. California cities occupied six of the top 10 metro areas with the largest drops, according to a recent Zillow study based on its home-value estimates and Zillow Home Value Index.
Overall, "there will be many ups and downs in home values before this is over, and we continue to expect a true bottom in 2012, at the earliest,” says Stan Humphries, Zillow’s chief economist. “There are still hazards in the form of a full foreclosure pipeline, high negative equity, and fluctuations in demand."
The following are seven cities that have seen home values drop the most since the housing boom, according to Zillow:
1. Merced, Calif.
July 2011 Zillow Home Value Index: $106,514
Zillow Home Value Index 5 Years ago: $328,813
Value difference (by percent): -67.6%
2. Modesto, Calif.
July 2011 ZHVI: $128,777
ZHVI 5 Years Ago: $352,599
Value difference: -63.5%
3. Stockton, Calif.
July 2011 ZHVI: $150,061
ZHVI 5 Years Ago: $404,036
Value difference: -62.9%
4. Las Vegas
July 2011 ZHVI: $117,084
ZHVI 5 Years Ago: $303,656
Value difference: -61.4%
5. Vallejo, Calif.
July 2011 ZHVI: $190,521
ZHVI 5 Years Ago: $468,071
Value difference: -59.3%
6. Salinas, Calif.
July 2011 ZHVI: $282,289
ZHVI 5 Years Ago: $664,404
Value difference: -57.5%
7. Daytona Beach, Fla.
July 2011 ZHVI: $95,193
ZHVI 5 Years Ago: $220,436
Value difference: -56.8%
Source: “Five Years After Housing Market Peak, Bumpy Road Toward Stabilization Underway As Home Values Show Recent Rise in Many Markets,” Zillow (Aug. 9, 2011) and “10 Real Estate Markets With the Largest 5-Year Drop in Home Values,” Inman News (Sept. 8, 2011)
The Federal Housing Finance Agency sues 17 firms to recover losses to Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac
FHFA sues 17 firms to recover losses to GSEs
The Federal Housing Finance Agency (FHFA), as conservator for Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, has filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the GSEs
Complaints have been filed against the following lead defendants, in alphabetical order:
1. Ally Financial Inc. f/k/a GMAC, LLC
2. Bank of America Corporation
3. Barclays Bank PLC
4. Citigroup, Inc.
5. Countrywide Financial Corporation
6. Credit Suisse Holdings (USA), Inc.
7. Deutsche Bank AG
8. First Horizon National Corporation
9. General Electric Company
10. Goldman Sachs & Co.
11. HSBC North America Holdings, Inc.
12. JPMorgan Chase & Co.
13. Merrill Lynch & Co. / First Franklin Financial Corp.
14. Morgan Stanley
15. Nomura Holding America Inc.
16. The Royal Bank of Scotland Group PLC
17. Société Générale
The complaints seek damages and civil penalties under the Securities Act of 1933. In addition, each complaint seeks compensatory damages for negligent misrepresentation.
Certain complaints also allege state securities law violations or common law fraud.
Data through June 2011, released yesterday by S&P Indices for its S&P/Case-Shiller Home Price Indices, show that the U.S. National Home Price Index increased 3.6 percent in the second quarter of 2011, after having fallen 4.1 percent in the first quarter of 2011. With the second quarter’s data, the National Index recovered from its first quarter low, but still posted an annual decline of 5.9 percent versus the second quarter of 2010. Nationally, home prices are back to their early 2003 levels.
As of June 2011, 19 of the 20 MSAs covered by the Indices and both monthly composites were up versus May – Portland was flat. However, all MSAs were down compared with June 2010. Twelve of the 20 MSAs and both Composites have now increased for three consecutive months, a sign of the seasonal strength in the housing market.
The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.9 percent decline in the second quarter of 2011 compared with the second quarter of 2010. In June, the 10- and 20-City Composites posted annual rates of decline of 3.8% and 4.5%, respectively. Thirteen of the 20 MSAs and both monthly Composites saw their annual growth rates improve, although remaining in negative territory in June.