July 1, 2009
Post off-topic links, observations, and stories about the Sacramento real estate market here. Please read the comment policy before posting.
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June 18, 2009
From the Sacramento Bee:
Sacramento County showed one of the biggest improvements regionally, with prices for existing homes alone climbing a dramatically higher 9.4 percent - from $160,000 in March and April to $175,000 in May. But that was still 22 percent below the May 2008 median of $225,000.DataQuick analyst Andrew LePage attributed the abrupt May rise to a sales mix reflecting fewer hugely discounted bank repos and more higher-priced homes. “It’s not home appreciation,” he said. “It’s just getting back to a more normal distribution of sales across the home price spectrum.” Still, he said, “It could be that we’ve seen the lowest median in Sacramento County.”
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June 8, 2009 Yes, I will miss NYC, but not the horrible social disruption this town is about to endure. I’ve had a career in banking/finance, and resigned. This is a financial/social 911 folks. I hope this blog has helped those with eyes and ears to see and hear. I’m moving into future growth opportunities out West within up and coming industries near the Rocky Mountains. I plan to start a new blog topic once I get settled in, check back for updates on that. Take care of yourselves and thank you for your kind readership over the past 3 years.
————-
6/8/09 - Foreclosure Auctions in Midtown Manhattan staged at Grand Central Hyatt…
6/2/09 - Can’t wait to hear from an ObamaBot to come along and slam this clip, lol…
5/19/09 - NYPost: VIOLENT CRIME WAVE JOLTS TRENDY DOWNTOWN
Downtown Manhattan, the city’s party mecca, has been hit by an alarming spike in vicious street violence…
5/19/09 - Bloomberg: Hamptons Homes Drop Most Since Realtors Kept Records 1982
Sculptor Fredi Cohen expected the hand-carved sinks and tubs in her East Hampton, New York, home to stand out in the real estate market and help sell her three- bedroom house for $1.25 million. Almost two years later she’s still waiting. “People have stopped buying real estate”…
5/15/09 - “The Worst Is Yet to Come”: If You’re Not Petrified, You’re Not Paying Attention
…”We’re now in Barack Obama’s world where money goes into the most inefficient parts of the economy and we’re bailing everyone out,” says Daviowitz, who opposes bailouts for financials and automakers alike. “The bailout money is in the sewer and gone.”
5/7/09 - Bloomberg: Manhattan Financial District Condos Get Deepest Cuts - snips:
…The condominium in the triangular-shaped Cocoa Exchange building was reduced twice by a total 21 percent over four months… The Financial District suffered the deepest price cuts in Manhattan in the first quarter as securities firms shed more than 180,000 jobs in the Americas. Manhattan apartment sales fell 48 percent from a year earlier…
4/24/09 - Online Journal: Housing bubble smackdown: Huge “shadow inventory” portends a bigger crash ahead - snips:
…Due to the lifting of the foreclosure moratorium at the end of March, the downward slide in housing is gaining speed… In March, housing prices accelerated on the downside, indicating bigger adjustments dead ahead. Trend lines are steeper now than ever before — nearly perpendicular. Housing prices are not falling, they’re crashing and crashing hard… Now that the foreclosure moratorium has ended, notices of default (NOD) have spiked to an all-time high. These notices will turn into foreclosures in four to five months’ time, creating another cascade of foreclosures. Market analysts predict there will be 5 million more foreclosures between now and 2011. It’s a disaster bigger than Katrina… Soaring unemployment and rising foreclosures ensure that hundreds of banks and financial institutions will be forced into bankruptcy… The next leg down in housing will be excruciating; every sector will feel the pain. Obama’s $75 billion mortgage rescue plan is a mere pittance; it won’t reduce the principle on mortgages and it won’t stop the bleeding. Policymakers have decided they’ve done enough and are refusing to help. They don’t see the tsunami looming in front of them plain as day. The housing market is going under and it’s going to drag a good part of the broader economy along with it. Stocks, too…
4/9/09 - NY Times: Housing Slump Hits Manhattan - snip:
…the Manhattan real estate market has just begun a steep slide. It parallels the decline in New York’s financial services industry, and housing analysts say it may continue long after other markets heal. Home Prices in Selected Cities Apartment prices have once more become the talk of the town in Manhattan, but this time the talk is of uncertainty and falling numbers. While brokers say they are seeing more activity lately, especially from first-time buyers taking advantage of lower interest rates, housing analysts are predicting a prolonged slump in prices and sales that could last as long as four or five years. In this year’s first quarter, sales of co-ops and condominiums in Manhattan plunged nearly 60 percent from the first quarter of 2008. Average co-op prices fell as much as 24 percent in the same period, according to various market reports released last week…
3/31/09 - Great info on Economic Indicators and Home Price declines posted at Calculated Risk…
3/25/09 Full 30min Episode Link: http://www.southparkstudios.com/episodes/220760
Stan Figures Out How The US Treasury Dept Works
 |
 |
Originally posted here.
Posted in RSS No Comments »
June 2, 2009 Yes, I will miss NYC, but not the horrible social disruption this town is about to endure. I’ve had a career in banking/finance, and resigned. This is a financial/social 911 folks. I hope this blog has helped those with eyes and ears to see and hear. I’m moving into future growth opportunities out West within up and coming industries near the Rocky Mountains. I plan to start a new blog topic once I get settled in, check back for updates on that. Take care of yourselves and thank you for your kind readership over the past 3 years.
————-
6/2/09 - Can’t wait to hear from an ObamaBot to come along and slam this clip, lol…
5/19/09 - NYPost: VIOLENT CRIME WAVE JOLTS TRENDY DOWNTOWN
Downtown Manhattan, the city’s party mecca, has been hit by an alarming spike in vicious street violence…
5/19/09 - Bloomberg: Hamptons Homes Drop Most Since Realtors Kept Records 1982
Sculptor Fredi Cohen expected the hand-carved sinks and tubs in her East Hampton, New York, home to stand out in the real estate market and help sell her three- bedroom house for $1.25 million. Almost two years later she’s still waiting. “People have stopped buying real estate”…
5/15/09 - “The Worst Is Yet to Come”: If You’re Not Petrified, You’re Not Paying Attention
…”We’re now in Barack Obama’s world where money goes into the most inefficient parts of the economy and we’re bailing everyone out,” says Daviowitz, who opposes bailouts for financials and automakers alike. “The bailout money is in the sewer and gone.”
5/7/09 - Bloomberg: Manhattan Financial District Condos Get Deepest Cuts - snips:
…The condominium in the triangular-shaped Cocoa Exchange building was reduced twice by a total 21 percent over four months… The Financial District suffered the deepest price cuts in Manhattan in the first quarter as securities firms shed more than 180,000 jobs in the Americas. Manhattan apartment sales fell 48 percent from a year earlier…
4/24/09 - Online Journal: Housing bubble smackdown: Huge “shadow inventory” portends a bigger crash ahead - snips:
…Due to the lifting of the foreclosure moratorium at the end of March, the downward slide in housing is gaining speed… In March, housing prices accelerated on the downside, indicating bigger adjustments dead ahead. Trend lines are steeper now than ever before — nearly perpendicular. Housing prices are not falling, they’re crashing and crashing hard… Now that the foreclosure moratorium has ended, notices of default (NOD) have spiked to an all-time high. These notices will turn into foreclosures in four to five months’ time, creating another cascade of foreclosures. Market analysts predict there will be 5 million more foreclosures between now and 2011. It’s a disaster bigger than Katrina… Soaring unemployment and rising foreclosures ensure that hundreds of banks and financial institutions will be forced into bankruptcy… The next leg down in housing will be excruciating; every sector will feel the pain. Obama’s $75 billion mortgage rescue plan is a mere pittance; it won’t reduce the principle on mortgages and it won’t stop the bleeding. Policymakers have decided they’ve done enough and are refusing to help. They don’t see the tsunami looming in front of them plain as day. The housing market is going under and it’s going to drag a good part of the broader economy along with it. Stocks, too…
4/9/09 - NY Times: Housing Slump Hits Manhattan - snip:
…the Manhattan real estate market has just begun a steep slide. It parallels the decline in New York’s financial services industry, and housing analysts say it may continue long after other markets heal. Home Prices in Selected Cities Apartment prices have once more become the talk of the town in Manhattan, but this time the talk is of uncertainty and falling numbers. While brokers say they are seeing more activity lately, especially from first-time buyers taking advantage of lower interest rates, housing analysts are predicting a prolonged slump in prices and sales that could last as long as four or five years. In this year’s first quarter, sales of co-ops and condominiums in Manhattan plunged nearly 60 percent from the first quarter of 2008. Average co-op prices fell as much as 24 percent in the same period, according to various market reports released last week…
3/31/09 - Great info on Economic Indicators and Home Price declines posted at Calculated Risk…
3/25/09 Full 30min Episode Link: http://www.southparkstudios.com/episodes/220760
Stan Figures Out How The US Treasury Dept Works
|
|
Originally posted here.
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June 2, 2009 Post off-topic links, observations, and stories about the Sacramento real estate market here. Please read the comment policy before posting.
Originally posted here.
Posted in RSS No Comments »
May 26, 2009 From the Sacramento Bee:
More than 20,000 troubled homes are growing into a massive “phantom” inventory that could potentially be unloaded onto an already fragile housing market.
…
[ForeclosureRadar’s Sean] O’Toole, for one, believes big banks may continue to foreclose more slowly, and will “dribble out” their accumulated repo properties in hopes of a market change. “I talk to them,” he said. “It’s like, ‘If we don’t foreclose, we see the market heat up again. You get a certain number of people who believe it’s a bottom and the prices come back. Then we don’t need to foreclose. These people can sell and get out from under them and we end up OK.’ ” Dribbling them out slowly would keep prices stable, he said. But it also would prolong the housing correction.
…
Field Check’s [Mark] Hanson doesn’t buy O’Toole’s theory, even as they work off the same data. He predicts a flood of cheap repo inventory on the market this summer. “The government and bank-specific moratoriums and modification initiatives have held back the massive wave of foreclosures,” he said, “kicking the can down the road. But there is only so high the floodwaters can build before breaking the dam.”Yet even a torrent of repo inventory on the market won’t pull median prices – now at $160,000 for existing Sacramento County homes – any lower, he said. That’s because more higher-priced homes are in the foreclosure process and will tug the median upward in coming months. “It does not mean the market is getting better,” he said.
Originally posted here.
Posted in RSS No Comments »
May 22, 2009 SacBee: Area median home prices begin to stabilize
Updated: Capital-area home prices stop slide, for now
DataQuick’s Sacramento real estate market statistics by zip
Originally posted here.
Posted in RSS No Comments »
May 19, 2009 Yes, I will miss NYC, but not the horrible social disruption this town is about to endure. I’ve had a career in banking/finance, and resigned. This is a financial/social 911 folks. I hope this blog has helped those with eyes and ears to see and hear. I’m moving into future growth opportunities out West within up and coming industries near the Rocky Mountains. I plan to start a new blog topic once I get settled in, check back for updates on that. Take care of yourselves and thank you for your kind readership over the past 3 years.
5/19/09 - NYPost: VIOLENT CRIME WAVE JOLTS TRENDY DOWNTOWN
Downtown Manhattan, the city’s party mecca, has been hit by an alarming spike in vicious street violence…
5/19/09 - Bloomberg: Hamptons Homes Drop Most Since Realtors Kept Records 1982
Sculptor Fredi Cohen expected the hand-carved sinks and tubs in her East Hampton, New York, home to stand out in the real estate market and help sell her three- bedroom house for $1.25 million. Almost two years later she’s still waiting. “People have stopped buying real estate”…
5/15/09 - “The Worst Is Yet to Come”: If You’re Not Petrified, You’re Not Paying Attention
…”We’re now in Barack Obama’s world where money goes into the most inefficient parts of the economy and we’re bailing everyone out,” says Daviowitz, who opposes bailouts for financials and automakers alike. “The bailout money is in the sewer and gone.”
5/7/09 - Bloomberg: Manhattan Financial District Condos Get Deepest Cuts - snips:
…The condominium in the triangular-shaped Cocoa Exchange building was reduced twice by a total 21 percent over four months… The Financial District suffered the deepest price cuts in Manhattan in the first quarter as securities firms shed more than 180,000 jobs in the Americas. Manhattan apartment sales fell 48 percent from a year earlier…
4/24/09 - Online Journal: Housing bubble smackdown: Huge “shadow inventory” portends a bigger crash ahead - snips:
…Due to the lifting of the foreclosure moratorium at the end of March, the downward slide in housing is gaining speed… In March, housing prices accelerated on the downside, indicating bigger adjustments dead ahead. Trend lines are steeper now than ever before — nearly perpendicular. Housing prices are not falling, they’re crashing and crashing hard… Now that the foreclosure moratorium has ended, notices of default (NOD) have spiked to an all-time high. These notices will turn into foreclosures in four to five months’ time, creating another cascade of foreclosures. Market analysts predict there will be 5 million more foreclosures between now and 2011. It’s a disaster bigger than Katrina… Soaring unemployment and rising foreclosures ensure that hundreds of banks and financial institutions will be forced into bankruptcy… The next leg down in housing will be excruciating; every sector will feel the pain. Obama’s $75 billion mortgage rescue plan is a mere pittance; it won’t reduce the principle on mortgages and it won’t stop the bleeding. Policymakers have decided they’ve done enough and are refusing to help. They don’t see the tsunami looming in front of them plain as day. The housing market is going under and it’s going to drag a good part of the broader economy along with it. Stocks, too…
4/9/09 - NY Times: Housing Slump Hits Manhattan - snip:
…the Manhattan real estate market has just begun a steep slide. It parallels the decline in New York’s financial services industry, and housing analysts say it may continue long after other markets heal. Home Prices in Selected Cities Apartment prices have once more become the talk of the town in Manhattan, but this time the talk is of uncertainty and falling numbers. While brokers say they are seeing more activity lately, especially from first-time buyers taking advantage of lower interest rates, housing analysts are predicting a prolonged slump in prices and sales that could last as long as four or five years. In this year’s first quarter, sales of co-ops and condominiums in Manhattan plunged nearly 60 percent from the first quarter of 2008. Average co-op prices fell as much as 24 percent in the same period, according to various market reports released last week…
3/31/09 - Great info on Economic Indicators and Home Price declines posted at Calculated Risk…
3/25/09 Full 30min Episode Link: http://www.southparkstudios.com/episodes/220760
Stan Figures Out How The US Treasury Dept Works
|
|
Originally posted here.
Posted in RSS No Comments »
May 15, 2009 After steadily declining this spring, average price per square foot rose 1.8% from March. According to TrendGraphix, that was the first monthly increase in Sacramento County since April 2007. Prices are still below January levels and down 23.1% from last year.
Turning to median price, the Sacramento Association of Realtors reports the median price in Sacramento County (and West Sacramento) fell 29.5% in April. That was the first year-over-year decline since March 2008 not to reach at least -30%.
So far, no “spring bounce” for median price as measured by the MLS. The median for single-family homes has been essentially flat since February. Unlike the previous three years, the median price has remained below January levels.
The median price is now at April 2001 levels.
Sales in April were 17% higher than the previous year. That was the smallest year-over-year increase since March 2008.
Looking at the historical record, sales remain at relatively high levels. While the inevitable spring bounce between February and March was the weakest in at least 9 years, that is not surprising considering the record sales of January and February.
Here’s a look at the percentage of MLS sales which were bank-owned. At its peak in January 2009, REO sales made up three-fourths of total MLS sales. That proportion has dropped off in the last few months as REO inventory has shrunk, presumably due to legislative tinkering and private foreclosure moratoriums.
Originally posted here.
Posted in RSS No Comments »
May 15, 2009 Yes, I will miss NYC, but not the horrible social disruption this town is about to endure. I’ve had a career in banking/finance, and resigned. This is a financial/social 911 folks. I hope this blog has helped those with eyes and ears to see and hear. I’m moving into future growth opportunities out West within up and coming industries near the Rocky Mountains. I plan to start a new blog topic once I get settled in, check back for updates on that. Take care of yourselves and thank you for your kind readership over the past 3 years.
5/15/09 - “The Worst Is Yet to Come”: If You’re Not Petrified, You’re Not Paying Attention
…”We’re now in Barack Obama’s world where money goes into the most inefficient parts of the economy and we’re bailing everyone out,” says Daviowitz, who opposes bailouts for financials and automakers alike. “The bailout money is in the sewer and gone.”
5/7/09 - Bloomberg: Manhattan Financial District Condos Get Deepest Cuts - snips:
…The condominium in the triangular-shaped Cocoa Exchange building was reduced twice by a total 21 percent over four months… The Financial District suffered the deepest price cuts in Manhattan in the first quarter as securities firms shed more than 180,000 jobs in the Americas. Manhattan apartment sales fell 48 percent from a year earlier…
4/24/09 - Online Journal: Housing bubble smackdown: Huge “shadow inventory” portends a bigger crash ahead - snips:
…Due to the lifting of the foreclosure moratorium at the end of March, the downward slide in housing is gaining speed… In March, housing prices accelerated on the downside, indicating bigger adjustments dead ahead. Trend lines are steeper now than ever before — nearly perpendicular. Housing prices are not falling, they’re crashing and crashing hard… Now that the foreclosure moratorium has ended, notices of default (NOD) have spiked to an all-time high. These notices will turn into foreclosures in four to five months’ time, creating another cascade of foreclosures. Market analysts predict there will be 5 million more foreclosures between now and 2011. It’s a disaster bigger than Katrina… Soaring unemployment and rising foreclosures ensure that hundreds of banks and financial institutions will be forced into bankruptcy… The next leg down in housing will be excruciating; every sector will feel the pain. Obama’s $75 billion mortgage rescue plan is a mere pittance; it won’t reduce the principle on mortgages and it won’t stop the bleeding. Policymakers have decided they’ve done enough and are refusing to help. They don’t see the tsunami looming in front of them plain as day. The housing market is going under and it’s going to drag a good part of the broader economy along with it. Stocks, too…
4/9/09 - NY Times: Housing Slump Hits Manhattan - snip:
…the Manhattan real estate market has just begun a steep slide. It parallels the decline in New York’s financial services industry, and housing analysts say it may continue long after other markets heal. Home Prices in Selected Cities Apartment prices have once more become the talk of the town in Manhattan, but this time the talk is of uncertainty and falling numbers. While brokers say they are seeing more activity lately, especially from first-time buyers taking advantage of lower interest rates, housing analysts are predicting a prolonged slump in prices and sales that could last as long as four or five years. In this year’s first quarter, sales of co-ops and condominiums in Manhattan plunged nearly 60 percent from the first quarter of 2008. Average co-op prices fell as much as 24 percent in the same period, according to various market reports released last week…
3/31/09 - Great info on Economic Indicators and Home Price declines posted at Calculated Risk…
3/25/09 Full 30min Episode Link: http://www.southparkstudios.com/episodes/220760
Stan Figures Out How The US Treasury Dept Works
|
|
Originally posted here.
Posted in RSS No Comments »
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