A New Year, a New Statistic - Home Prices Plunge 19%
RISMEDIA, April 2, 2009-While the new year is a time for many to start over, a report released yesterday on U.S. housing prices may encourage many to start house shopping. Prices of single-family homes in the U.S. dropped a drastic 19% for the year from January 2008 through January 2009, according to Standard & Poor’s S&P/Case-Shiller Home Price Indices, one of the leading measures of U.S. home prices.
According to the S&P/Case-Shiller Home Price Indices, 13 out of the 20 metro areas across the U.S. saw record rates of annual decline, while 14 areas reported declines in excess of 10%, compared with the rates in January 2008. Following the lead of the 14 metro areas, the 10-City Composite and the 20-City Composite also set new records, with annual declines of 19.4% and 19.0% respectively.
“Home prices, which peaked in mid-2006, continued their decline in 2009,” says David M. Blitzer, chairman of the Index committee at Standard and Poor’s. “There are very few bright spots that one can see in the data. Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and nine of the MSA’s falling more than 20 percent in the last year. Indeed, the two composites are very close to that rate and have been reporting consecutive annual declines since October 2007. The monthly data follows a similar trend, with the 10-City and 20-City Composite showing thirty consecutive months of negative returns.”
As of January 2009, average home prices across the U.S. are at similar levels to what they were in late 2003. From the peak in the second quarter of 2006, the 10-City Composite is down 30.2% and the 20-City Composite is down 29.1%.
While all 20 metro areas reported negative monthly and annual rates of change in average home prices, seven metro areas and the 20-City Composite recorded a record monthly decline in January. Seven metro areas reported declines in excess of 4% in January, with Phoenix leading at -5.5%. On a somewhat positive note, Cleveland, Los Angeles and Las Vegas reported a relative improvement in home prices in year-over-year returns, in terms of lesser rates of decline than the previous month’s values.
In terms of annual declines, the three worst performing cities are Phoenix (down 35%), Las Vegas (down 32.5%) and San Francisco (down 32.4%), while Dallas, Denver and Cleveland had the best results in terms of annual decline: 4.9%, 5.1% and 5.2%, respectively.
Looking at the data from peak-thru-January 2009, Dallas is the least hurt (down 10.8%), while Phoenix is down 48.5% from its peak in June 2006. The rate of decline from the individual heights of each marketplace show how much each market has taken back in terms of the gains they earned within the past 10-15 years. All 20 metro areas are in double digit declines from their peaks, with nine of the MSA’s reporting declines greater than 30% and five of those (Las Vegas, Miami, Phoenix, San Francisco, San Diego) in excess of 40%.
For more information, visit http://rismedia.com/2009-04-01/a-new-year-a-new-statistic-home-prices-plunge-19/#
Thursday, April 2, 2009
Wednesday, March 11, 2009
Maytag Recalls Refrigerators
March 10, 2009
The U.S. Consumer Product Safety Commission, in cooperation with the firm named below, today announced a voluntary recall of the following consumer product. Name of product: Maytag®, Jenn-Air®, Amana®, Admiral®, Magic Chef®, Performa by Maytag® and Crosley® brand refrigerators.
Hazard: An electrical failure in the relay, the component that turns on the refrigerator's compressor, can cause overheating and pose a serious fire hazard. Description: The recall includes certain Maytag®, Jenn-Air®, Amana®, Admiral®, Magic Chef®, Performa by Maytag® and Crosley® brand side by side and top freezer refrigerators. The affected refrigerators were manufactured in black, bisque, white and stainless steel.
Sold at: Department and appliance stores and by homebuilders nationwide from January 2001 through January 2004.
FOR MORE INFORMATION ON MODELS AND SERIAL #'S - CLICK LINK BELOW
Maytag Recalls Refrigerators
provided by
Tammi Burgee * Senior Account Manager * 214 -732- 5999 * tammi.burgee@fnf.com www.homewarranty.com * 1-800-862-6837
March 10, 2009
The U.S. Consumer Product Safety Commission, in cooperation with the firm named below, today announced a voluntary recall of the following consumer product. Name of product: Maytag®, Jenn-Air®, Amana®, Admiral®, Magic Chef®, Performa by Maytag® and Crosley® brand refrigerators.
Hazard: An electrical failure in the relay, the component that turns on the refrigerator's compressor, can cause overheating and pose a serious fire hazard. Description: The recall includes certain Maytag®, Jenn-Air®, Amana®, Admiral®, Magic Chef®, Performa by Maytag® and Crosley® brand side by side and top freezer refrigerators. The affected refrigerators were manufactured in black, bisque, white and stainless steel.
Sold at: Department and appliance stores and by homebuilders nationwide from January 2001 through January 2004.
FOR MORE INFORMATION ON MODELS AND SERIAL #'S - CLICK LINK BELOW
Maytag Recalls Refrigerators
provided by
Tammi Burgee * Senior Account Manager * 214 -732- 5999 * tammi.burgee@fnf.com www.homewarranty.com * 1-800-862-6837
Tuesday, February 17, 2009
Obama to unveil new rescue plan: Geithner
Treasury nominee offers no estimate of cost, signals more money needed
By Greg Robb, MarketWatch
Last update: 4:56 p.m. EST Jan. 21, 2009
Comments: 1081WASHINGTON (MarketWatch) --
President Obama is working on a comprehensive bank-rescue package that will be unveiled in the next few weeks, according to Timothy Geithner, Obama's nominee to be the nation's next Treasury secretary.
In testimony Wednesday before the Senate Finance Committee, Geithner didn't say how much the new package would cost. He refused to give specifics, saying that Wall Street wouldn't benefit from advance signals.
Paul Volcker, the former Federal Reserve Board chairman, told the panel that the cost of fixing the banks would cost several trillion dollars. No one took issue with that estimate.
More government assistance would be needed, Geithner added, because the crisis is far from over. More money also will have to be used to get credit markets back to normal.
The Senate has just approved giving Treasury the second half of the $700 billion rescue fund.
Geithner said the new plan would address concerns arising from the first bailout overseen by former Treasury chief Henry Paulson, with assistance from Federal Reserve Chairman Ben Bernanke and Geithner in his role of president of the New York Federal Reserve.
The Treasury would begin to work more closely with the Federal Deposit Insurance Corp. and the Fed, according to Geithner.
He also promised top-to-bottom reform of the government's rescue plan for financial markets in remarks during his confirmation hearing. "We have to fundamentally reform this program to ensure that there is enough credit available to support recovery," Geithner told legislators.
Moreover, he vowed aggressive action to get the economy back on track and pledged to strengthen what he called a "fragile" U.S. financial system.
'We need to make it work'
Geithner had an unenviable task in his question-and-answer session with the panel: explaining to the senators why the $700 billion TARP, or Troubled Assets Relief Program, hasn't cleaned up the mess.
As the current president of the Federal Reserve Bank of New York, Geithner was a key participant in discussions with Paulson and Bernanke that led to the first bailout plan.
"Obviously, you played an instrumental role in developing this rescue plan," said Sen. Olympia Snowe, R-Maine.
Geithner said he was at the "center" of the efforts to stem the crisis. He said he urged aggressive action beginning in early 2007, when the first sparks of the financial fire were seen.
But Geithner suggested he had much more influence on central-bank efforts, although he urged Paulson to seek new power.
The government did move to counter the crisis, but not aggressively enough, he commented.
Geithner said the first rescue package was absolutely necessary, and was a success in that the crisis would have been far worse without it. But he admitted that the financial system "remains under stress."
The nominee told the panel that he understands the frustrations with the plan, but that the only course was to fix it. "This is an important program and we need to make it work," according to Geithner.
He said the first plan suffered because it appeared "ad hoc," with confusion about its ultimate goals.
Geithner was contrite about his tax errors, saying the unpaid taxes were 'careless' and 'avoidable' mistakes. But he said that they were 'unintentional' errors, and that he had used TurboTax software to prepare his returns.
Talk of a different approach, like establishing a "bad bank" to quarantine "toxic" mortgage assets, surfaced last week, just as Bank of America Corp. and Citigroup Inc. revealed new problems.
Geithner acknowledged that the concept of a "bad bank" was under consideration.
http://www.marketwatch.com/news/story/new-bank-rescue-plan-tap-treasury/story.aspx?guid=%7B2E1F34AA%2DD303%2D4509%2D9878%2D7672D719B26E%7D&dist=
Treasury nominee offers no estimate of cost, signals more money needed
By Greg Robb, MarketWatch
Last update: 4:56 p.m. EST Jan. 21, 2009
Comments: 1081WASHINGTON (MarketWatch) --
President Obama is working on a comprehensive bank-rescue package that will be unveiled in the next few weeks, according to Timothy Geithner, Obama's nominee to be the nation's next Treasury secretary.
In testimony Wednesday before the Senate Finance Committee, Geithner didn't say how much the new package would cost. He refused to give specifics, saying that Wall Street wouldn't benefit from advance signals.
Paul Volcker, the former Federal Reserve Board chairman, told the panel that the cost of fixing the banks would cost several trillion dollars. No one took issue with that estimate.
More government assistance would be needed, Geithner added, because the crisis is far from over. More money also will have to be used to get credit markets back to normal.
The Senate has just approved giving Treasury the second half of the $700 billion rescue fund.
Geithner said the new plan would address concerns arising from the first bailout overseen by former Treasury chief Henry Paulson, with assistance from Federal Reserve Chairman Ben Bernanke and Geithner in his role of president of the New York Federal Reserve.
The Treasury would begin to work more closely with the Federal Deposit Insurance Corp. and the Fed, according to Geithner.
He also promised top-to-bottom reform of the government's rescue plan for financial markets in remarks during his confirmation hearing. "We have to fundamentally reform this program to ensure that there is enough credit available to support recovery," Geithner told legislators.
Moreover, he vowed aggressive action to get the economy back on track and pledged to strengthen what he called a "fragile" U.S. financial system.
'We need to make it work'
Geithner had an unenviable task in his question-and-answer session with the panel: explaining to the senators why the $700 billion TARP, or Troubled Assets Relief Program, hasn't cleaned up the mess.
As the current president of the Federal Reserve Bank of New York, Geithner was a key participant in discussions with Paulson and Bernanke that led to the first bailout plan.
"Obviously, you played an instrumental role in developing this rescue plan," said Sen. Olympia Snowe, R-Maine.
Geithner said he was at the "center" of the efforts to stem the crisis. He said he urged aggressive action beginning in early 2007, when the first sparks of the financial fire were seen.
But Geithner suggested he had much more influence on central-bank efforts, although he urged Paulson to seek new power.
The government did move to counter the crisis, but not aggressively enough, he commented.
Geithner said the first rescue package was absolutely necessary, and was a success in that the crisis would have been far worse without it. But he admitted that the financial system "remains under stress."
The nominee told the panel that he understands the frustrations with the plan, but that the only course was to fix it. "This is an important program and we need to make it work," according to Geithner.
He said the first plan suffered because it appeared "ad hoc," with confusion about its ultimate goals.
Geithner was contrite about his tax errors, saying the unpaid taxes were 'careless' and 'avoidable' mistakes. But he said that they were 'unintentional' errors, and that he had used TurboTax software to prepare his returns.
Talk of a different approach, like establishing a "bad bank" to quarantine "toxic" mortgage assets, surfaced last week, just as Bank of America Corp. and Citigroup Inc. revealed new problems.
Geithner acknowledged that the concept of a "bad bank" was under consideration.
http://www.marketwatch.com/news/story/new-bank-rescue-plan-tap-treasury/story.aspx?guid=%7B2E1F34AA%2DD303%2D4509%2D9878%2D7672D719B26E%7D&dist=
Saturday, January 17, 2009
Downpayment Assistance Program
DPAGroundSwell2 was launched today to coincide with the introduction of H.R. 600, FHA Seller-Financed Downpayment Reform Act of 2009, by Representative Al Green (D-TX). H.R. 600 is the 2009 version of last year's bill (H.R. 6694) that would restore seller-funded downpayment assistance (DPA).
Reformed DPA will help stimulate the housing market by providing working-class Americans with a path to homeownership and generate $150 billion in home sales this year. Purchasing a home now puts homebuyers in a position to build equity as markets recover.
CONGRESS INTRODUCES BILL THAT WOULD REINSTATE DOWNPAYMENT ASSISTANCE: NEHEMIAH RESPONDS
- Bill Would Broaden Opportunities for Sustainable Homeownership Without Government or Taxpayer Dollars -
Sacramento, CA, January 16, 2009 -- The following statement was issued today by Scott Syphax, president and CEO of the Nehemiah Corporation of America in response to H.R. 600, a bill introduced in Congress that would reinstate seller-funded downpayment assistance (DPA). Prior to the October 1, 2008 ban on DPA, Nehemiah was the oldest and largest provider of downpayment assistance.
"There is an overlooked solution to today's housing crisis and fortunately several members of Congress recognize the role DPA plays in getting us there. We commend Congressman Al Green [and additional members of Congress] for working tirelessly to support a bill (H.R. 600) that creates opportunities for sustainable homeownership, which serves as the cornerstone to strengthening a crumbling housing market and breathing life back into the economy. With foreclosures on the rise and banks maintaining their stranglehold on credit, DPA offers a simple solution without spending a single government or taxpayer dime according to the Congressional Budget Office. Further, it enables worthy families to take advantage of depressed home prices, therefore reducing the glut of homes on the market. We urge Congress to reach across the aisle and prioritize broadening opportunities for responsible homeownership in America by reinstating DPA."
http://www.nehemiahcorp.org/
Copyright © 2008 Nehemiah Corporation of America. All Rights Reserved
Broker of Texas Sold Team Realty, Cindy Stewart, talks about DPS:
This program alone will really kick off the market!
By losing the DPA it is likely to be one of the biggest reason that people are not buying. They don't have enough cash to make the down payment.
I would say that 99.9 percent of our clients that used this help are still in their homes.
1- Because they had a good job and credit, just not cash. If we lend smart we will keep our people in homes and buying homes.
2- This will help investors the most.
3- This will bring back the under 200K buyers by the droves.
Reformed DPA will help stimulate the housing market by providing working-class Americans with a path to homeownership and generate $150 billion in home sales this year. Purchasing a home now puts homebuyers in a position to build equity as markets recover.
CONGRESS INTRODUCES BILL THAT WOULD REINSTATE DOWNPAYMENT ASSISTANCE: NEHEMIAH RESPONDS
- Bill Would Broaden Opportunities for Sustainable Homeownership Without Government or Taxpayer Dollars -
Sacramento, CA, January 16, 2009 -- The following statement was issued today by Scott Syphax, president and CEO of the Nehemiah Corporation of America in response to H.R. 600, a bill introduced in Congress that would reinstate seller-funded downpayment assistance (DPA). Prior to the October 1, 2008 ban on DPA, Nehemiah was the oldest and largest provider of downpayment assistance.
"There is an overlooked solution to today's housing crisis and fortunately several members of Congress recognize the role DPA plays in getting us there. We commend Congressman Al Green [and additional members of Congress] for working tirelessly to support a bill (H.R. 600) that creates opportunities for sustainable homeownership, which serves as the cornerstone to strengthening a crumbling housing market and breathing life back into the economy. With foreclosures on the rise and banks maintaining their stranglehold on credit, DPA offers a simple solution without spending a single government or taxpayer dime according to the Congressional Budget Office. Further, it enables worthy families to take advantage of depressed home prices, therefore reducing the glut of homes on the market. We urge Congress to reach across the aisle and prioritize broadening opportunities for responsible homeownership in America by reinstating DPA."
http://www.nehemiahcorp.org/
Copyright © 2008 Nehemiah Corporation of America. All Rights Reserved
Broker of Texas Sold Team Realty, Cindy Stewart, talks about DPS:
This program alone will really kick off the market!
By losing the DPA it is likely to be one of the biggest reason that people are not buying. They don't have enough cash to make the down payment.
I would say that 99.9 percent of our clients that used this help are still in their homes.
1- Because they had a good job and credit, just not cash. If we lend smart we will keep our people in homes and buying homes.
2- This will help investors the most.
3- This will bring back the under 200K buyers by the droves.
Wednesday, January 14, 2009
Keller News
The Keller City Council on Tuesday:Issued a notice of intent to issue $8.45 million in certificates of obligation, bonds that do not require a vote, to pay for previously committed projects including a fire station, drainage improvements, park land acquisition, and parking lot improvements for Johnson Park.
Updated an interlocal agreement with Tarrant County to begin the third phase of Rufe Snow Drive improvements, which are scheduled to begin construction this summer. The council approved a resolution expressing intent to reimburse cost for this project with future bond proceeds.
Approved a bid for traffic signals to be installed at the Keller-Smithfield Road intersection with Bear Creek Parkway East and emergency signals on Bear Creek Parkway at Fire Station No. 4.
from http://www.kellercitizen.com/
The Keller City Council on Tuesday:Issued a notice of intent to issue $8.45 million in certificates of obligation, bonds that do not require a vote, to pay for previously committed projects including a fire station, drainage improvements, park land acquisition, and parking lot improvements for Johnson Park.
Updated an interlocal agreement with Tarrant County to begin the third phase of Rufe Snow Drive improvements, which are scheduled to begin construction this summer. The council approved a resolution expressing intent to reimburse cost for this project with future bond proceeds.
Approved a bid for traffic signals to be installed at the Keller-Smithfield Road intersection with Bear Creek Parkway East and emergency signals on Bear Creek Parkway at Fire Station No. 4.
from http://www.kellercitizen.com/
Thursday, January 8, 2009
Homebuyers
Now, no matter where you live in the United States, owning your own home may be more affordable than you think!
If you are currently renting or wanting to move up, HomeSteps would like to help you on your way to homeownership.
We will pay up to 3.5%* of your purchase price in closing costs for all offers presented on HomeSteps homes between October 23, 2008 – January 31, 2009.
To qualify for this great money-saving offer, just ask your real estate agent to show you the available HomeSteps homes in your area and to include this closing cost offer at the time of your initial offer on a HomeSteps home.
If you want more information please give me a call at 817-501-7309.
This was provided by HomeSteps, a Freddie Mac Unit.HomeSteps® 2008 Ask An Agent Sales Promotion
Now, no matter where you live in the United States, owning your own home may be more affordable than you think!
If you are currently renting or wanting to move up, HomeSteps would like to help you on your way to homeownership.
We will pay up to 3.5%* of your purchase price in closing costs for all offers presented on HomeSteps homes between October 23, 2008 – January 31, 2009.
To qualify for this great money-saving offer, just ask your real estate agent to show you the available HomeSteps homes in your area and to include this closing cost offer at the time of your initial offer on a HomeSteps home.
If you want more information please give me a call at 817-501-7309.
This was provided by HomeSteps, a Freddie Mac Unit.HomeSteps® 2008 Ask An Agent Sales Promotion
Subscribe to:
Posts (Atom)
