Recession Lowers Real Estate Confidence

January 31, 2009
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Investment outlook on real estate has plunged to the lowest levels seen as far back as 30 years ago, according to the Florida real estate trends quarterly survey which got 381 responses from leaders and professional advisers in the real estate industry. Occupancy rates also have bleak prospects as more large superstores are following the steps of Linens ’n Things, Circuit City and Sound Advice.

Residential real estate is not an exemption as Florida home prices are seen to continue falling. RealtyTrac reported last week that Florida had 385,309 units closed, posting 133 percent increase from 2007 and 412 percent from 2006— the second highest rate of foreclosures in 2008. UF…

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Filed Under: Economy Crisis, Real Estate Crisis

Home Prices In UK To Further Go Down This Year

January 22, 2009
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The real estate industry should brace itself for another year of turmoil as home prices are expected to continue to decline in 2009.  While major lenders have refused to give their views and predictions as to how low the house prices will fall this year, there are bits and pieces of information that have slipped in the process revealing a grim prospect for the industry.

Predictions of the housing gloom in Britain went from 10 to 20% with the highest reduction percentage predicted by chartered financial planner Armstrong Davis which predicted gloom in the UK real estate market up to 2010 and 2011.

Halifax said the 15% decrease in home prices last…

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Filed Under: Real Estate Crisis

Getting out of The Housing Mess

January 21, 2009
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The American housing industry is a mess and while there are lots of intelligent minded people in the United States no one knows for sure the exact formula to get out of the housing mess.

Experts have gloomy predictions and they do not see any recovery in the real estate sector for at least two years. However, there are ways to turn things around and it requires effort from both the private and the government sectors.

Apparently, the unwillingness of the lenders to modify loans is further pushing the country into unemployment and massive foreclosures. What usually happens is an economic crisis followed by unemployment and then foreclosure. This time though, the…

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Filed Under: Real Estate Crisis

Non-Payment Of High Rate Property Taxes Means Trouble

January 15, 2009
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The full-blown crisis in the housing market is starting to be felt and among its indicators is the rise in the number of homeowners who have failed to pay their property taxes. Housing Authority executive director Ken Cole said people who opt not to pay taxes is a sign that they are in trouble. And when you get an increasing trend on non payment of property taxes then that means more trouble.

In California’s Santa Cruz County alone, one out of every ten households is behind in the payment of property taxes. Property taxes are an additional burden to homeowners who are already deep into mortgage problems.

The Housing Authority and other…

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Filed Under: Economy Crisis, Property Tax, Real Estate Crisis

Construction Spending In The US Down Again

January 14, 2009
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Construction spending in the United States has hit a downturn for the second consecutive month no thanks to the soft housing market which used to be a sizzling industry. The country’s construction spending in November last year went down by 0.6% but the slump is only half of the 1.2% reduction predicted by Wall Street. Construction spending also went down by 0.4% in October of the same year.

This is perhaps the worst slump experienced by the construction industry in over two decades and it does not end there because experts believe that the housing industry will keep falling until the surplus in unsold homes is significantly reduced. The reduction in…

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Filed Under: Real Estate, Real Estate Crisis

Housing Woes Leads To Lesser Divorce

January 8, 2009
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The housing market slump has reduced the number of divorce cases forcing couples with high mortgage payments to just live together to save on costs. It may be bizarre but this is one of the few positive things that have come out of the worsening economic crisis. The decreasing rate of home prices as well as selling difficulties is making the already-difficult divorce process more complicated at this time.

While divorcing couples used to fight over home ownership, today’s couples are in fact trying to leave the burden of having to pay for their homes to the other spouse. While no updated divorce records are available, lawyers have confirmed that their…

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Filed Under: Real Estate, Real Estate Crisis

US Not The Only Country Hit By The Economic Slowdown

December 25, 2008
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It is not only the United States that has been hit by foreclosures and real estate slowdowns but apparently even other countries like the United Kingdom. UK’s construction industry has experienced a slowdown with a severe decline and contraction of the building work sector.

UK’s construction industry provides employment to 1.9 million people but the world crisis is expected to leave 400,000 of those employed by the sector jobless before the end of 2010. The country’s house building or construction industry was the first to go down according to the National House Building Council. The number of registered new homes has gone down by 62% from August to October this year…

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Filed Under: Real Estate, Real Estate Crisis

California’s Housing Finance Agency Faces Budget Crisis

December 24, 2008
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The budget crisis being faced by the State of California’s Housing Finance Agency has led to the suspension of the state’s down payment assistance and fixed-rate mortgage loan programs after being implemented for the past 30 years. A total of $1 billion worth of mortgage loans is being purchased every year by the Agency thanks to an investment account coming from state bond issues.

The agency said it has no choice but to suspend the program considering the $40 billion budget deficit faced by California.  With the state unable to issue bonds or commercial papers, a total of $3.8 billion worth of funds for infrastructure projects have been shut down by…

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Filed Under: Real Estate, Real Estate Crisis

Crisis forces people to stay home permanently

December 22, 2008
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The deteriorating economic condition has forced Americans to stay and own their homes permanently. Less people are moving out with the movement of only 38.6 million people noted between 2006 and 2007. This is even lower than the moving rate between 1982 and 1983 which is also a year of economic slowdown.

This is starting to worry real estate brokers who are faced with lesser clients to get commissions from. Add to this the surge in the number of people seeking work as real estate agents and you get zilch!

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Filed Under: Real Estate, Real Estate Agents, Real Estate Crisis
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