Real Estate Newsletter (12/25/2008)
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Welcome to the Real Estate Newsletter (12/25/2008). In this edition we have included news, articles and videos. You can find more resources on our website: eRealEstatePro.com.
Real Estate News
Existing home sales sink in South
Existing home sales in Southern states sank nearly 24 percent in November compared to the same month last year, while the median sales price fell nearly 11 percent to $154,500, the National Association of Realtors reported Tuesday.The marked drop in sales in the South _ as in the rest of the country _ showed how job losses, Wall Street weakness and dwindling consumer confidence forced more people out of the housing market.Without adjusting for seasonal factors, November sales dropped 17 percent nationwide from a year ago, while the median sales price slid 13 percent to $181,300. (More)
Home sales in 2008 slowest in a decade
U.S. home sales in 2008 are expected to be the worst in a decade, November data confirmed Tuesday, and there appears to be no quick turnaround coming next year.Existing home sales plunged to a rate of 4.49 million last month, down 8.6 percent from October, and worse than economists predicted. Total sales, not calculated as an annual rate, fell 17 percent in November from a year earlier to 322,000, the National Association of Realtors said.The median sales price tumbled 13 percent to $181,300, the largest decline since record-keeping began 40 years ago. (More)
Bush reverses pardon of New York developer (AFP)
US President George W. Bush on Wednesday rescinded his pardon announced a day earlier of a New York real estate developer, the White House said, after new information came to light about the man accused of fleecing hundreds of homebuyers. (More)
Mortgage rates fall to new record low (AP)
Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market. (More)
Home prices may rise on mortgage refinancing boom (Reuters)
Reuters – Veteran banking analyst Richard Bove said he expects housing prices in the United States to stabilize and/or rise after a likely boom in mortgage refinance, as mortgage rates fall and loan applications increase. (More)
Real Estate Videos
Real Estate Vultures
some parts of the country, housing prices are falling at double-digit rates. A bad situation for homeowners, but a possible opportunity for investors. Money reporter Stacy Johnson explores what’s next, and who might benefit…
Real Estate Articles
Basics of Obtaining a Real Estate License
The United States of America is a country filled with unlimited opportunities in the real estate industry. Are you willing to start your career in this lucrative arena? (More)
Simple Solutions For Home Owners Facing Repossession From Banks
Facing repossession can be a daunting time in one?s life. As daunting as it is, it needs to be dealt with sooner rather than later. It go?s without saying that a situation of this severity will not si… (More)
People in Real Estate Hit by Bankruptcy
The Administrative Office of United States Courts has released a report indicating the surge in bankruptcy filings in the country. In September, total bankruptcies increased by 30 percent from October of last year. The figure may not be shocking to Americans who are bombarded daily with news on the latest companies surrendering to the distress created by the economic crisis but the effects to which industry is the next to suffer remains in heavy speculation. (More)
Real Estate Seminars – When is it a Scam?
They will use buzzwords like “secret”, “virtually risk-free!” and, of course, “this is not a get-rich-quick scheme.” They also clearly state what they are going to deliver for their fee, not couch it in terms like “secrets” or “confidential information.” (More)
Hoboken Real Estate Market
In a world that seems to be financially collapsing with every day we wake up, many are reluctant to look beyond the doom and gloom of the media. The saying that bad news sells newspapers is true. I… (More)
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