Real estate bargain bin. There are some deals to be had buying homes from the government. Plus: 8 on the market now. Who says there are no deals left in real estate? Government Web sites sell homes all over the country and many of them qualify as real bargains. The sites offer homes from Housing and Urban Development (HUD), the U.S. Department of Agriculture and the Veteran's Administration. These agencies take possession of foreclosed homes and return them to the market. Source.
The National Association of Home Builders this week released its latest economic forecast, and it is not the kind that will give you warm feelings. The builders noted downward pressure on home prices, sagging sales and an icy outlook for a number of once-torrid markets. By 2007, just six states will look hot from a home-building standpoint. North Carolina, South Carolina, Florida, Nevada, Idaho and Utah will be the only "red" states when it comes to new-home construction.
The cool-down in the housing market has been expected, and so far it has not raised any major alarms among economists. Mortgage rates may have hit a plateau and mortgage applications also seem to have stabilized. The job market, while not robust, is healthy enough that no repeats of the big employment-loss-driven housing downturns in Texas, New England and California in the 1980s and early 1990s appear in the offing. Source.
San Diego first to feel housing decline. The median price for a San Diego County home declined for the first time in a decade last month when compared to the same month a year earlier. Real estate professionals have been studying the San Diego housing market as the canary in the mine shaft for what might happen in the rest of Southern California as the housing boom ends. San Bernardino County prices will plateau and perhaps dip slightly late this year or early next year, Karevoll said. Nevertheless, the county's underlying economy remains strong, which will minimize the steepness of a future decline, said John Husing, a Redlands-based economist who studies the combined San Bernardino/Riverside county region. With San Bernardino/Riverside county unemployment levels at their lowest in the last 40 years, Husing said he sees no reason for real estate prices to decline significantly in San Bernardino County when this boom cycle ends. Source.
Probate properties offer profit potential. Lack of market exposure key to finding bargains. Probate is the name given to the court procedure to distribute assets of a deceased person, whether that individual died with or without a written will. Although there are several key methods to avoid probate costs and delays, such as use of a revocable living trust or holding title as joint tenants with right of survivorship, each year approximately six million new U.S. probate cases are filed. Not all these estates involve real estate, but several million do. Click here to read more. Source.
~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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