Semi-upbeat housing news
ReviewJournal.com – Business – HOUSING: Foreclosures push sales higher
I am starting to find spots of recovery in the housing markets where I have some knowledge. I have been chronicalling here over the last few months the apparent start of a recovery in the Sacramento market. I have also lived for extended periods in Las Vegas and I am sharing the article linked above. Here are a couple of excerpts:
Home sales in Las Vegas increased for the sixth straight month in June
Realtors sold 2,226 single-family homes in June, up 50.8 percent from the same month a year ago and up from 2,026 sales in May.
That has reduced the supply of homes on the Multiple Listing Service from about 18 months at the beginning of the year to 13.7 months at the end of June.
Bank-owned properties are setting the pace in sales and helping establish the bottom in prices…. They account for about 65 percent of closings.
The median home price in June was $225,000, a 4.9 percent slide from May and 26.2 percent decline from a year ago
Similar to Sacramento, foreclosed properties are driving sales, but that inventory needs to be absorbed before semi-normal market conditions can resume. Las Vegas still has tremendous population growth and this market is another sign that the former super hot real estate market are starting to recover from the pull back.
An op-ed piece from the Los Angeles Times shoots a hole in the plans for those who want to tell everyone where to live for the greater good of all-in their opinion.
Suburbias not dead yet – Los Angeles Times
Read it at your leisure, but here is my favorite line:
The “out of the suburbs, back to the city” narrative rests more on anecdote than demographic or economic fact.
Although the current correction in housing is quite severe, primarily due to the easy and somewhat deceptive credit practices during the rapid runup, it appears it is not “different this time” for the U.S. real estate market. Granted, I write about markets I am familiar with and not looking at the “Big Picture” but I see the market working off excess inventory and a leveling of home prices.
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