Thursday, January 29, 2009

Key housing index getting better, not worse.

Deep in the recently released monthly report by the California Association of Realtors, rests the following nugget:
"C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in December 2008 was 5.6 months, compared with 13.4 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate."

Full report here: http://www.car.org/newsstand/newsreleases/dec08salesandprice/

Wednesday, January 28, 2009

7,500 more ways the Government is trying to help folks buy homes

With all of the news of a "new" economic stimulus package taking shape in Washington DC, many have forgotten about the very recently passed Housing and Economic Recovery Act of 2008, which, in part, provides a $7,500 (maximum) tax credit for qualifying first time homebuyers. With consumer credit expensive and difficult to come by, this can be very helpful to the new homeowner that suddenly needs appliances and furniture. Courtesy of the NAHB. details are here: http://www.federalhousingtaxcredit.com/print.php?page=faq.php

Tuesday, January 27, 2009

Grasping at any positive real estate news.

In the Inland Empire, by far the lion's share of home sales are foreclosure or distress related. Of late, we have noticed many bank owned properties being re-listed at cheaper prices and some are selling quickly at or above the new list price. In some cases, nice homes are moving with multiple offers. So we were pleased to read this recent story confirming the street buzz and anecdotal evidence that sales of homes are moving at a faster clip. The New York Times recently cited as much reporting on the National Association of Realtors report in the following story: http://www.nytimes.com/2009/01/27/business/economy/27econ.html?partner=permalink&exprod=permalink