Cheap homes lure foreign buyers

Cheap homes lure foreign buyers

By Les Christie

@CNNMoneyJune 12, 2012: 11:18 AM ET

NEW YORK (CNNMoney) -- Lured by bargain home prices, foreign buyers stepped up their purchases of U.S. homes by 24% over the past year, according to an industry trade group.

The National Association of Realtors reported Monday that $82.4 billion worth of homes were sold to international buyers in the 12 months that ended in March, up from $66.4 billion the year before

"Today's advantageous market conditions have drawn more and more foreign buyers to the U.S.," said NAR President Moe Veissi, who owns a real estate firm in Miami. (Related: Where homes prices are rising fastest)

U.S. prices have fallen by about a third from their 2006 peak and are at their lowest level since 2002, and foreign sales were especially strong in states where prices dropped even more sharply. Of the four states cited in the report as tops for foreign buyers -- Florida, California, Texas and Arizona -- only Texas has not recorded a severe home price correction.

Full Story:  http://money.cnn.com/2012/06/12/real_estate/housing-market/index.htm?iid=HP_LN

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Shortage of Homes Creates Fierce Competition

http://www.latimes.com/business/la-fi-inventory-20120610,0,1637144.story

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Cool Ideas for Your (Hot) Outdoor Spaces + A Chance to Win $100

do your outdoor spaces need a little love?

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	What's Hot Lightbulbs Not Banned! Great Gardening Apps Pinterest Organizing Ideas  Are They Ants or Termites?

Hello Duane, We've got curb appeal ideas for little money with these 5 easy DIY projects. Or, show off your personality with a fence that says 'you' and a great deck all dressed up for summer. To help you out, here's a chance to win $100 just by commenting on our Drafty House Rehab. FACEBOOK FAVES: 10 Clever Uses for Hydrogen Peroxide | Wacky Lawn Mowers Cool Ideas for Your Outdoor Spaces Plus, are green houses the new she-cave?

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Shortage of homes for sale creates fierce competition

Shortage of homes for sale creates fierce competition

By Alejandro Lazo, Los Angeles Times June 10, 2012 The newest problem for the slowly improving housing market isn't a shortage of serious buyers, it's a shortage of good homes. Would-be buyers are packing open houses and scrambling to make offers on properties before they are even listed. Bidding wars are erupting. And real estate agents are vying fiercely to represent the few sellers that do exist. Housing inventory has sunk to levels not seen since the bubble years. The number of American homes with a "for sale" sign hit 2.5 million in April, the lowest number for an April since 2006, according to the National Assn. of Realtors. David Dennick, who lives in Echo Park and works as a television editor, has been searching for a home with his wife, Denise, for about two months. The couple have already bid on three properties. They are hoping to find a home for less than $525,000, which is $25,000 more than they originally had hoped to spend. "It is much more competitive than we thought," said Dennick, standing in the entrance of an Eagle Rock open house on a recent Sunday. "It is just frustrating because we thought we would really be able to buy a house; we are a middle-class family." The sharp drop in inventory along with rock-bottom interest rates have helped stabilize even some of the hardest-hit markets, including the Southland, Las Vegas, Phoenix and Miami. Some real estate professionals are concerned that the lack of inventory might turn off potential buyers, stifling the recent recovery in home sales. The much-predicted foreclosure wave that was expected to dump more homes onto the market has not materialized. Fewer borrowers are entering default, and banks are better managing the properties they do have on their books. In addition, professional investors bankrolled by private equity firms and hedge funds are pouncing on bank-owned homes, often turning them into rentals.

Edwin K. Shandrew CRB

Edshandrew@cox.net

www.ShandrewAssociatres.com

949 466 5633

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Save on Cooling - 6/8 Money Pit e-Newsletter

Home Remodeling Repair & Improve Ideas & Solutions Radio & Podcasts Contact Us Community Presented by: The Welcome Mat Before the hottest weather of the season sets in is the perfect time to prepare your A/C system to handle the heat. We'll give you the tips and tricks you need to stay cool while making sure your electricity bills don't make your blood run cold. You can do-it-yourself, but you don't have to do it alone. This Issue How to Lower Home Cooling Costs Take time now to consider the following air conditioning efficiency checklist so that your family is comfortable and your utility bills are manageable through the warmest days of the year. read more Fypon PVC Trellis System Adds Architectural Interest to Garage Doors Accent your garage door in style with Fypon’s PVC Trellis System, which adds architectural distinction and light shading while resisting rotting, decaying, warping, splintering, mildew growth and insect infestation. read more Serena Remote Controlled Cellular Shades Protect Floors, Fabrics and Furnishings from Harsh Sunlight Serena Remote Controlled Cellular Shades from Lutron make for a simple, affordable room upgrade, providing privacy, practicality and convenience at the touch of a button. Serena Shades are available in styles, textures and colors to suit every room design. read more Great Gift Ideas for Father's Day Check out The Money Pit’s Father’s Day gift guide for great ideas on what to get the home improvement-loving Dad in your life. Whatever his DIY comfort level, we’ve got a great selection of time-saving tools, money-saving tech, and more. read more Ask Tom & Leslie: Solution Needed for Low Foundation Wall "Currently during heavy rains water seeps over the foundation wall on the front and right side of our house. Our re-grading options are limited because the driveway of the apartment building next door is way higher than us. What would you recommend to solve our water problem?" read more Share This Information With A Friend! Simply forward this Email. And invite friends to register to receive this E-newsletter each week. If you would like to unsubscribe from our weekly newsletter, please refer to the unsubscribe directions at the bottom of this newsletter. You are currently subscribed to moneypit_e-newsletter as: dabeisner@yahoo.com To unsubscribe: click here or write to Squeaky Door Productions, Inc., 57 S. Main Street #133, Neptune, New Jersey 07753

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Foreclosures made up 26% of U.S. home sales in first quarter

Foreclosures made up 26% of U.S. home sales in first quarter   By Jessica Dickler @CNNMoney May 31, 2012 CNN Money NEW YORK (CNNMoney) -- Homes in some stage of foreclosure accounted for more than one in four home sales during the first three months of the year, according to a report released Thursday. Distressed properties that were either in default, scheduled for auction or bank-owned accounted for 26% of all residential sales during the first quarter, up from 22% in the previous quarter and 25% a year earlier, RealtyTrac said. Altogether, 233,299 distressed properties were purchased during the quarter, an 8% increase from the previous quarter. Those homes sold for an average of $161,214, 27% below the average price of a home not in foreclosure. "Foreclosure-related sales picked up in the first quarter, particularly pre-foreclosure sales where a distressed homeowner is selling to avoid foreclosure -- typically via a short sale," Brandon Moore, chief executive of RealtyTrac said in a statement. Pre-foreclosure sales, which are often sold as short sales, hit a three-year high during the quarter "even as the average pre-foreclosure sales price dropped to a record low," Moore said. There were nearly 110,000 short sales in the quarter, up 25% from a year earlier and comprising 12% of all homes sold during the first quarter, according to RealtyTrac. In short sales, borrowers who owe more on their mortgages than their homes are worth, agree with their bank to sell their homes at the lower market value. In return, the bank agrees to absorb the loss. During the quarter, homes sold in short sales went for an average price of $175,461, the lowest level since RealtyTrac began tracking foreclosures in 2005. Short sales are becoming the preferred method for banks to unload properties in default. Banks typically get about 20% more for a short sale than they would for a foreclosed home. In addition, short sale deals get done much more quickly than foreclosures, which can take years to unload, during which expenses, like property taxes and insurance, mount up. During the first quarter, it took an average of 306 days to complete a short sale, compared to 370 days for a foreclosure. "Lenders are approving more aggressively priced short sales, which in turn is resulting in more successful short sale transactions," Moore said. Meanwhile, sales of properties repossessed by the banks, called REOs, fell 15% year-over-year to 123,778, comprising 14% of all sales during the quarter. Nevada, where housing bubbled during the boom and sank during the bust, had more distressed property sales than any other state, followed by California and Georgia, RealtyTrac said.

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North County leads O.C. homebuying spree

North County leads O.C. homebuying spree    June 4th, 2012,  by Jon Lansner  OC Register Orange County housing hot spots are north and inland — and at the beach as countywide sales pace jumps 16%. That’s a key highlight of our study of how recent housing trends hit various corners of Orange County. For the 22 business days ending May 16 — freshest numbers from DataQuick — our region-by-region analysis of local real estate sales patterns saw Orange County homebuying slicing up by geography this way … North Inland: 771 homes sold in these Orange County ZIP codes in this most recent period, +26.6% from a year ago. This was largest year-to-year gain among the four regions. Median selling price? $434,000 in these 22 ZIPs. This most recent median price change was -9.3% in a year. North Inland accounted for 25% of recent home sales vs. 27% a year ago. Beach Towns: 623 homes sold in these ZIP codes in the most recent period, +26.4% from a year ago. Median selling price? $630,000 in these 17 ZIPs. Median price change was -3.1% in a year. Beach Towns accounted for 20% of recent home sales vs. 18% a year ago. South Inland: These ZIPs — median selling price $464,000 — had 933 sales, +12.0% from a year ago. In these 19 ZIPs, median price change was -1.4% in a year. South Inland accounted for 30% of recent home sales vs. 31% a year ago. Mid-County: These ZIPs — median selling price $347,500 — had 784 sales, +7.0% from a year ago. This was smallest year-to-year gain among the four regions. In these 25 ZIPs, the median price change was +1.5% in a year. Mid-County accounted for 25% of recent home sales vs. 23% a year ago. Broken down another way, total homes sales in ZIPs in the north and mid-section of Orange County were +15.9% vs. a year ago as homebuying the rest of the county ran +17.3% vs. 12 months earlier. Note: All told, countywide sales were +14.9% vs. a year ago. The median selling price was $418,500 for all residences sold in this period. That’s -2.7% in the past year. Note: 408 sales — 13% of all sales — were not included in the regional analysis because ZIP location could not be determined. How did your neighborhood fare? Check our ZIP-by-ZIP data HERE! Vote in our latest real estate poll HERE!

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