Vacation Home Sales Down 22%

March 31, 2009
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Tough economic conditions coupled with strict lending requirements have been blamed for the 22% reduction in the number of vacation and investment home sales last year. The National Association of Realtors reported that the sale of second homes comprised only 30% of the entire housing market which is a reduction of 40% compared to 2005 figures when anyone can just get financing easily.

Investment Bank Westwood Capital LLC managing director Daniel Alpert said the availability of debt was clearly the reason for the existence of the vacation home market. Alpert said people were buying vacation homes before because the loose lending rules allowed them to do that with very little down…

Yuba County Is Under Water

March 31, 2009
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Yuba County used to be a booming destination but no thanks to the economic and real estate crisis the County has been turned into the roughest place for residents who are paying or not paying their mortgages. SMR Research conducted a research on “Giants of the Mortgage Industry” and it found out that nearly 78% of the collective mortgage debts in the country are tied to homes that are worth less than what is owed by the owners.

Yoda County used to be the center of a building boom with over 4,200 houses built between 2002 and 2008. However, the average price of homes in the County went down by 57.8%…

Chinese Wants To Buy A Piece Of The USA

March 31, 2009
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The Chinese are bent on getting a piece of the Unites States of America and they are signing up for home-buying tours bound for the US. China is being touted as the next largest economy apart from the US and Japan and this trend is just one of the signs that will confirm the country’s economic strength. The rising interest among the Chinese to own a piece of land in the US was brought about in part by the downturn in US real estate prices.

Law firm partner Yin Guohua, who is among a group of Chinese elite who have recently come back from an 11-day tour of the US, said…

First Time Home Buyers Still Intend To Purchase

March 30, 2009
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Notwithstanding the worsening economy, first time home buyers still intend to buy their dream houses especially now that home prices have gone down to its lowest rates, making it more affordable for them.  First time home buyers have the incentive of getting a tax credit for their home purchase. And provided they have good credit ratings, they can avail of the record low mortgage rates. However, there is still the problem of obtaining the mortgages which they have to contend with.

A poll conducted by Century 21 Real Estate shows that first time home buyers are willing to take the chance of having their mortgages approved considering the benefits of buying…

Fairfield Is Hot Again

March 30, 2009
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Fairfield is hot again and this is the reason why buyers would put up a $400,000 for a four-bedroom house in Fairfield, California despite the falling home prices all over the country. Fairfield is just 40 miles from Sacramento and San Francisco where over 80% of homes for sale are either facing foreclosure or are already owned by the banks. Most of the residents of Fairfield are trying their luck with short sales but buyers who would like to play safe would pay up the same amount of money because Fairfield is indeed a hot real estate area again.

No, this is not indicative of a resurging real estate. Blame it…

US Home Foreclosures Down by 10% In November

March 30, 2009
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Just when everyone thought that the housing industry was going down, down, down—here comes a report confirming that the number of home foreclosures actually went down by 10% in November last year. Last November’s data show 201,950 home foreclosure filings which included auction sale notices, default notices and band repossessions. This may be the first double-digit reduction in monthly foreclosure rate but it’s not reason enough to celebrate considering that the foreclosure numbers have increased by 68% compared to the same period in 2006.

Under the recent foreclosure rate of the United States, there is one foreclosure filing for every 617 households. Realtors however expect a surge in foreclosure filing during…

Aaron Spelling’s “The Manor” Up For $150M

March 30, 2009
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Here’s your chance to own a luxury real estate for a jaw-dropping price of $150 million. Price is not even an issue if you realize that the property being sold which is located in the exclusive Holmby Hills is owned by the late producer Aaron Spelling who is known for producing Charlie’s Angels and Beverly Hills 90210. The property has not changed hands since his death but it is now being sold by his widow Candy. It’s not cheap and is in fact considered the most expensive home for sale in the United States—that’s not a lot though considering how home prices have dropped in the Land of Milk and…

Rowland Residents Protest Over 755-Unit Apartment Complex

March 30, 2009
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You would expect people to be glad about new real estate investments in their neighborhood but this is definitely not the case in Rowland where residents have taken to the streets to protest the construction of a 775-unit apartment complex. At least 75 protestors demonstrated near the site of the 15.5-acre proposed development in Brea Canyon Cutoff which is at present the home of the Southlands Church International and the Southlands Christian School. Apparently, the protestors are parents and employees of the affected institutions.

The real estate development, which will build one and two-bedroom apartments as well as large townhome style units, is being proposed by Trammell Crow Residential. The new…

China’s Real Estate Market Still Risky

March 30, 2009
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China may be in a totally different continent but the economic recession has become such a global issue that property investment fund executives from all over the world are worried about China’s real estate market. Despite an improved condition, China’s real estate market remains to be risky and unattractive for foreign investors. This was the conclusion made by foreign executives who attended a major real estate conference in Shanghai last week.

At present, the executives claim, China may have to deal with difficulty in getting financing for its property deals unless of course building prices in the area will drastically fall. China’s poorly developed real estate market which is characterized by…