The Housing Bubble Blog

It's Friday desk clearing time. Boston, "It was on the market for more than two years, but Brad Whitford's 5,567-square-foot custom Federal-style Cape in Marshfield Hills was finally sold for $3 million. The original asking price was $4.9 million." From New York. "The local housing market continued...

The Gold Coast Bulletin reports from Australia. "Interest rates have hit their highest level in six years and Prime Minister John Howard says the pain for households is necessary to get inflation under control. But leading industry figures have warned there will repossessions 'within weeks' as a...

The Modesto Bee reports from California. "New home sales have declined dramatically throughout the Northern San Joaquin Valley this year. New home sales were down nearly 59 percent the third quarter of this year compared with the same period a year ago in Stanislaus County, according to The Gregory...

A housing report from the Virginia Pilot. " A pronounced slump in home-building permits in Hampton Roads will dampen demand for construction workers during this quarter and next year, economic forecasters at Old Dominion University said Wednesday. The full effect of the downturn in home-building...

The Herald Tribune reports from Florida. "A downtown Sarasota property once slated to become a luxury condominium sold Thursday for $555,000 at a no-reserve, open-air auction. That price was nearly $200,000 less than the developer paid two years ago for the same piece of dirt and probably half what...

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The North County Times reports from California. In North County, the weighted average price for a new detached home in the last quarter fell to $885,683, a 4 percent drop from the second quarter this year, according to a MarketPointe survey. The survey said the weighted average price for a new...

The Mail Tribune reports from Oregon. "Even though sellers have been reluctant to lower prices, it appears that has been one way of attracting buyers during the calmer market. Jim Torrey, who bought a house in Medford last month, said he noticed a trend of price reductions when walking through the...

The Arizona numbers are out for October. "The local single-family resale market had a slight upturn in October 2006, as recorded sales rose to 4,985 transactions from 4,875 sales in September, but still well below the 8,420 recorded sales of last year. This is the lowest monthly level for October...

The Star Telegram reports from Texas. "Existing-home sales in North Texas slipped again in October. The 4 percent drop from year-ago levels was the seventh down month this year. 'It's really crazy right now,' said (realtor) Jane Crook in Colleyville. 'It's definitely a buyer's market.'" "Crook said...

Myrtle Beach Online reports from South Carolina. "Skyrocketing insurance premiums and steadily growing inventory have sent real estate sales tumbling on the Grand Strand. Single-family home sales dropped 20 percent to 428 in October from 538 in October 2005, according to the MLS for Horry and...

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The Desert Sun reports from California. "Ernie Vincent sees plenty of lookers, but not so many home buyers. 'The notion that consumers are in a 'wait-and-see mode' is true,' said Vincent, VP of Palm Springs Modern Homes. Home builders across the Coachella Valley have their pulse on the slowing...

The News Tribune reports from Washington. "Home buyers take heart. New figures show Pierce County’s hot home market is continuing to cool off. A dramatic increase in the number of homes being offered for sale could bring a better balance to the supply-demand equation, say real estate experts." "The...

Some housing bubble news from Wall Street and Washington. "Hovnanian Enterprises said it expects to recognize impairment charges and report a fourth-quarter loss. 'Our financial results for the fourth quarter continued to be negatively impacted by high cancellation rates and increased use of...

The Review Journal reports from Las Vegas. "Looking for an affordable home? Your chance to buy a foreclosed home at below-market value in Las Vegas comes Nov. 19 at the JW Marriott. Hudson & Marshall is offering nine Las Vegas homes valued from $275,000 to $460,000. They're among more than 100...

The Palm Beach Post reports from Florida. "From 2000 to 2005, the bookends of the boom, the median price of an existing home in Palm Beach County and the Treasure Coast shot up close to 200 percent. The result was that a number of first-time home buyers resorted to interest-only loans,...

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The Seattle Times reports from Washington. "October's local home-sales activity continued to reveal a softening market, according to statistics released today by the Northwest MLS, which covers 19 counties." "Brokers throughout the Puget Sound region reported more homes on the market and fewer...