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Thursday, February 25, 2010

Where house Prices are actually increasing


This month, after three years of record declines, the battered housing market has shown a few signs of hope. Tuesday the S&P/Case-Shiller 20-city Home Price Index, which is a gauge of sale prices in the country's major markets, shows a seasonally adjusted 0.3% increase between November and December.

This, in addition to February news from the Department of Commerce that housing starts were up 2.8% in January, gives economists expect for a recovery. All of this portends good things for the national market in general - but in some exacting areas there are very clear signs of life.

Asking prices on single-family homes have raised as much as 36% from the previous year in some cities; an indicator that Michael Simonsen, CEO of Altos Research, a Mountain View, Calif. market research firm, says reflects "a bounce off the bottom of the bubble bursting."

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Wednesday, February 24, 2010

US home price continue to spit


US house prices meanwhile continued to bump along in December, notching a small monthly fall while recording slowing annual declines, while consumer confidence fell sharply on fears about the labor market.

Home prices in the 20 largest US cities fell by 0.2 per cent between November and were off by 3.1 per cent from the same month a year ago, according to the closely -watched Case-Shiller house price index. The annual price refuse has eased each month this year.

In the last three months of 2009, US house prices fell by just 2.5 per cent. That represents a sharp development from the first quarter, when they plunged by 19 per cent.

Last week, President Barack Obama announced $1.5bn in support for housing finance agencies in the states worst-hit by the housing crisis - Nevada, California, Arizona, Florida and Michigan. All have seen falls of more than 20 per cent in home prices.

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Tuesday, February 23, 2010

Oldest 'Full House' Victorian home in San Francisco offers in rare sale


The oldest and biggest of San Francisco's iconic Victorian row houses known as the Painted Ladies is up for sale for the first time in 35 years, the San Francisco Chronicle reports.

The Painted Ladies, overlooking the city, offer a popular photo backdrop for tourists, TV shows and movies. They were feature in the opening montage of the '80s TV show Full House.

The Chronicle says owner Michael Shannon is asking $4 million for the ornate, 4,600 square foot Queen Victorian with Italianate touch.

Shannon tells the newspaper that he and his late partner bought the house in the year 1975 for $60,000. At the moment, that included a parlor full of hippie "spillovers" from Haight-Ashbury.

"They were gone by the end of the day," he says.

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Wednesday, February 17, 2010

January house prices up 19% for year


The number of home sales decline 2.8 per cent in January compared with the close to record level in December, the Canadian Real Estate Association said Wednesday.
Ontario accounted for about half the national decline, but activity was also down in Alberta, British Columbia, and Manitoba. Conversely, home sales reached new heights in Quebec, the association said.
The average price of all homes sold through the body's online Multiple Listings Service in January 2010 was $328,537, up 19.6 % from one year ago. In January 2009, the average Canadian house price hit its lowest level in three years.

Inventory levels keep on being depressed, which is contributing to the price gains. Strong demand for resale houses continues to draw down supply. There were 170,199 homes listed for sale on MLS in Canada at the end of January 2010, a decline of 18 % from levels reported for the same month in 2009.
That put the inventory level at 6.6 months, well below the 12.8-month level it was at in Jan 2009.

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Monday, February 15, 2010

Latest house price continues to rise


The latest Scottish House Price Monitor from Lloyds TSB suggested the average price of a house rose to £160,074 in the three months to 31 January 2010.

This represented an increase of 5.9% on the previous quarter.
But prices have fall by 6.8% in the past year, with the number of sales halving since the onset of recession.

Home prices also rose by 7.3% in Aberdeen and 8.4% in the north.

Detached houses had been declining in price every quarter for the last two years, but this fall has been reversed with a raise in the latest quarter of 12.6%.
Between December 2008 and December 2009, the number of transactions rose by 25%, helped in the final month by the rush to close contracts before the end of a stamp duty holiday on lower value homes.

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Friday, February 12, 2010

Housing market Price Stabilizing

Home prices rose in more than 40 % of U.S. cities in the fourth quarter of last year. That's a sharp development from the third quarter, when prices rose in only 20 percent of cities.

The government fueled the housing market last year by spending to lower mortgage rates and offers tax credits of up to $8,000 for first-time buyers. As a result, sales surged and prices stabilizing.

How long the housing rebound can maintain remains to be seen. There are concerns it will hesitate when the government's support ends this spring.

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Wednesday, February 10, 2010

House prices increase 'despite cold weather'

House prices in the UK continued to increase again in January, despite the freezing weather causing buyer interest to fall.

According to the Royal Institution of Chartered Surveyors (RICS), the snow and cold also caused fewer people to put their homes on the market.
Such a lack of choice, mixed in with the bad weather, may have prompted people to put their plans to buy a new house on the backburner and instead look for flats to rent in another part of London, where they are likely to be able to move in swiftly.

The RICS study also exposed during January, 32 per cent more chartered surveyors reported a rise than a fall in House prices - up from 30 per cent in December.

High Property prices may be another inspiration for people choosing to rent rather than buy.

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Wednesday, February 3, 2010

Maharashtra strategy to build 32 lakh houses in 5 years

Following up on its election promise of a slum-free state, the Democratic Front government is sketch up a plan to provide houses to 32 lakh families, including 10 lakhs currently living in slums.

Most of these slum dwellers were in Mumbai. The residual 22 lakh families have no houses. They will have the choice of going in for affordable housing or a 20m x 20m plot for community housing.

With this, the government hopes to increase these 32 lakh families above the poverty line. Currently, as a lot of 70 lakh families in the state are below the poverty line.

The grand housing plan is part of the state government's 'vision document' to fulfill the various promises the Congress-NCP alliance had made during the elections last October.

The official said it has not yet been decided if chief minister Ashok Chavan will go through the department-wise presentation before the document is taken up for talk in the cabinet.

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