Post Local Housing Market Observations Here!
What do you see in your housing market this weekend? Prices reduced, Incentives? Here's one from San Diego. "The slowing real estate resale market has hit homes in the Murrieta-Temecula area especially hard because of the plethora of new developments in south Riverside County. Prices are plummeting, and unsold inventory is mounting."
"Angel McCormick held her 'For Sale' sign while wearing the bright yellow duck outfit for nearly 11 hours over four days on various well-traveled streets near her home. It brought her lots of smiles and waves, one unappreciated hand gesture..and a few low-ball offers, however, her house remains on the market. 'We don't want to make money on this home. We just want to pay the house off and make the move out of state for my husband's job,' she says."
From New Mexico. "Santa Fe home sales dropped sharply in the third quarter of this year, falling more than 30 percent. Robbie Dobbyns, who is past president of the Association of Realtors, said there was 'a little bit of a lull in the third quarter. Dobbyns also said Santa Fe sales have been slowed by the fact that buyers from elsewhere are unwilling to pay Santa Fe prices after they experienced big declines in their own markets."
From Las Vegas. "Homeowner Denny Segler is what most would call a motivated seller. His house has been on the market for two months, leading this real estate agent to up the ante in order to get it sold. 'I'm offering a new car in the driveway if somebody wants to buy this house. Rather than spend the money and give it to another agent, I'd just as soon give it to the people buying the house,' Segler said."
"Segler realizes that the current glut of homes for sale in the Las Vegas valley, means buyers can be more demanding than in years past. 'As soon as I get someone that's interested in this house, I'm willing to negotiate with them,' he said."
In Colorado. "If you pay the asking price of $2.45 million for the home John Fritzel recently built at 470 Steele St. in Cherry Creek North, he'll throw in either a new $73,000 CLS 550 Mercedes-Benz or a $68,000 GL 450 Mercedes SUV. 'Things are tough, and everyone knows that,' Fritzel said."
From Michigan. "Just how sluggish is business for many home builders? 'We'll build a doghouse right now if you want one,' said Duane Marlink of Hudsonville-based Marlink Builders Inc. 'It's quite slow out there.'"
From Australia. "Debt-stricken families with new homes, cars and plasma televisions in Sydney's sprawling housing estates are relying on charity handouts to buy food. Welfare agencies report a worrying increase in the number of middle-income families with big mortgages seeking help to pay grocery, electricity and gas bills."
"Dubbed the 'pay-later poor' by St Vincent de Paul, they live in homes boasting cable television and the latest electrical goods and use credit cards to meet basic living costs. Many of the families live in so-called McMansions. 'I call them the pay-nothing-now poor - couples who have wanted everything now,' said St Vincent de Paul Society CEO John Picot."
From Florida. "The number of homes in some stage of foreclosure in Palm Beach County and the Treasure Coast soared last month compared with a year ago. 'People are not sitting and hoping for a sale,'" consultant Mark Wiser said. 'They are dropping the price, doing open houses midweek, whatever it takes to get out before foreclosure.'"
"Exotic mortgages allowed local buyers to afford homes in one of the hottest real estate markets in the country. However, those loans are beginning to reset with monthly payments that are out of reach for many, making foreclosure an unwelcome choice in a market where homes aren't selling. At the same time, home values are stagnant or even dropping."
"Spectrum Home Furnishings and its Spectrum's Office at Home stores throughout Southwest Florida are closing their doors. 'You could say it's almost a perfect storm of events,' said John Munzenrieder, who founded the business 23 years ago. 'Basically, it was the housing bubble, new home and condo sales down 50 to 60 percent, our sales were down almost an equal amount, along with hurricanes that drove people off and increased insurance costs for us and our clients.'"