Month: June 2009

You know it’s bad news when the home builders are pessimistic… Sales of newly built, single-family homes declined less a percent to a seasonally adjusted 342,000 units last month, but were off more than 30 percent from a year ago, according to the Commerce Department. That’s obviously not good news, but even worse given the… Continue reading New Home Sales Slip Lower in May

Having a super expensive home is generally viewed as a good thing, but the priciest homes in the nation may also take the longest time to recover. A pair of JPMorgan Chase analysts told Bloomberg they believe homes priced over $1 million won’t find a bottom until 2012, largely because the supply of such homes… Continue reading More Expensive Homes May Not Bottom Until 2012

New York metro area home prices are expected to fall another 40.6 percent from the first quarter of 2009, according to Deutsche Bank. It’s actually an improvement from an earlier prediction, when home prices were slated to fall 47.4 percent, but it’s certainly not good news for New York residents, at least those that currently… Continue reading New York Home Prices Predicted to Fall Another 40 Percent

The housing outlook, which seemed to be on the up and up thanks to record low interest rates and a more promising homebuyer tax credit, took a step backwards in the latest home builder survey. “The outlook for home sales has improved somewhat in recent months, due largely to implementation of the first-time home buyer… Continue reading Housing Outlook Negative

Nearly one in four homes currently listed for sale in the United States have had their listing price slashed, totaling a whopping $27.4 billion in reductions, according to Trulia. On average, listed homes have seen price reductions of 10.6 percent, though certain metropolitan areas have experienced much larger price cuts. Detroit homeowners have slashed prices… Continue reading U.S. Home Prices Slashed by $27.4 Billion

Here’s a sliver of good news, though it needs to be taken with a big grain of salt, or perhaps some sawdust. New home inventory slipped to its lowest point since May 2001, according to government figures highlighted by the National Association of Homebuilders. The inventory of new houses for sale declined 4.2 percent to… Continue reading New Home Inventory Lowest Since 2001