Next-generation real estate innovators eye transparency. Part 1: New wave of Web innovators lands in real estate. A new wave of online real estate innovators is gathering force, offering consumers more interactive and comprehensive online home searches and more transparency in property data and transactions. In this three-part report, we explore how newcomers like Zillow, Trulia, HomeThinking, PropertyShark, Redfin and others are bringing a new focus to the online consumer. Click here to read more.
Real estate foreclosures on the rise. Western states post 'rapid increase'. The number of new foreclosed residential properties available for sale nationwide increased 9 percent from February 2005 to February 2006, according to data released today by Foreclosure.com, while the total number of foreclosed properties available for sale dropped 7 percent from January 2006 to February 2006. February marks the second consecutive month of declining new foreclosures in the United States, Foreclosure.com reported. About 88,093 foreclosed residential properties were available for sale in the United States in February. There were 21,402 new foreclosures listed for sale in February, a 10.8 percent drop from the prior month. Click here to read more.
Southland Home Prices Hit Record High. Southern California's median home price reached a new record last month, but sales continued to slow as the region's housing market continued its shift from red hot to lukewarm, data released today showed. The median price of all new and existing homes sold in the six-county region in February was $480,000, up from $469,000 in January and about 13% higher than a year ago, research firm DataQuick Information Systems reported. Last month's results eclipsed the previous high of $479,000 reached last December and November. While last month's year-over-year price increase is high by historical standards, it is relatively modest in light of the huge gains the region has seen in recent years and the lowest annual increase since March 2002 when prices rose 12.7%, according to DataQuick. The number of homes sold last month was the lowest in five years, DataQuick said. A total of 19,905 homes changed hands, 7.0% fewer than a year ago, and 0.9% fewer than in January. Click here to read more.
Builders strike a delicate balance. Materials prices have soared due to overseas demand, but the extra cost has been absorbed by the still-strong O.C. real estate market. While the mantra of the real estate market is location, location, location, the chant in the building-materials market might well be globalization, globalization, globalization. In a clear example of how global markets are affecting local lives, mammoth overseas projects like China's Yangtze River Dam are driving up the cost of the Santa Ana (I-5) Freeway widening and other construction in Orange County, people in the industry say. Click here to read more.
REAL ESTATE MATTERS: Part 3: Housing Market Flattening, But No Crash; How to Handle ‘Year of the Buyer’. Experts have predicted that the torrid pace of home sales and double-digit price growth would slow this year, and some segments are already experiencing this. In this three-part report we take the housing market's latest pulse to get a feel for what's happening across the country and what real estate executives advise brokers and agents can do to stay on top. Check the HNN archives for parts 1 and 2. In what some have described as "the year of the buyer," as the real estate market continues to slow, real estate brokerages and agents are changing tactics to meet the challenge. Getting tough with sellers and insisting on realistic, lower prices is only one part of the puzzle, according to Gib Souza, president of the Bay East Association of Realtors in the San Francisco Bay Area. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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