Archive for January 27th, 2009
Continue Reading January 27th, 2009
My story today on the latest S&P Case-Shiller 20-city home price index suggests that year-over-year home price drops in Miami, Phoenix, Las Vegas, San Diego, and other battered markets were leveling off in November.
That’s not all that encouraging since prices are dropping more than 30% in many of those markets. But sales are up as buyers take advantage of falling home prices and really low interest rates.
In Palm Beach County, where home prices have been tumbling faster than almost anywhere in the nation, prices dropped less than 1% in December from the previous month, the Palm Beach Post’s Real Time blog points out.
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Continue Reading January 27th, 2009
Funny market we are in. Homes sales were up 27% in December to more than 500,000 in the State of California. There is just 5 months worth of homes in inventory versus 11 months a year ago, another good sign.
Thirty-year fixed-mortgage interest rates averaged 5.29% during December 2008, compared with 6.10% in December 2007, according to Freddie Mac. The time it took to sell a single-family home was 46.1 days in December 2008, compared with 66.7 days for the same period a year ago. Again another positive trend.
So what’s the one part of the equation not going in the right direction? Home prices. In California, according to the state association of Realtors, the median price fell nealry 42% in December to $281,100.
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Continue Reading January 27th, 2009
An index of home prices in 20 major metropolitan areas fell at a record annual pace in November, to levels not seen since 2004, according to a report released Tuesday.
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Continue Reading January 27th, 2009
An affiliate of Wells Fargo Bank, Wells Fargo Trade Capital, has signed a 10-year lease totaling 44,716 square feet at the SL Green Realty Corp.’s 100 Park Avenue in New York City.
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Continue Reading January 27th, 2009
Kearny Northrop Avenue L.L.C., a partnership of Kearny Real Estate Co. and Morgan Stanley Real Estate Fund V, has signed Vought Aircraft Industries Inc. to a five-year extension on its 1.4 million-square-foot lease and has sold two new industrial buildings totaling more than 20,000 square feet at Kearny’s Century Business Center (CBC) in Hawthorne, Calif.
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