Thursday, May 14, 2009

NAHB - "Remodeling Market Shows Signs Of Recovery" (5-14-09)

"The residential remodeling market showed signs of improvement during the first quarter of 2009 with significant growth in all indicators, according to the latest National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI). The current market conditions measure rose to 34.5 from 25.5 in the fourth quarter of 2008. Future expectations jumped to 30 from a historic low of 18.6 the previous quarter."

NAR - "Weak Economy and Lack of Credit Hobble Commercial Real Estate" (5-14-09)

"Credit availability and refinancing issues have seriously affected commercial real estate markets, but recent actions by the Federal Reserve may help ease the crisis, according to presentations at a commercial real estate forum today at the Realtors® Midyear Legislative Meetings & Trade Expo. While the commercial and multifamily real estate industry plays a vital role in the economy, it has been facing its worst liquidity challenge since the Great Depression. Hundreds of billions of dollars in commercial loans are expected to mature this year, and more than $1 trillion will mature over the next few years."

NAR - "Realtors® See Buyers Returning to Market" (5-14-09)

"Historically high housing affordability and low mortgage interest rates, combined with buyer opportunities in the distressed sales market, have increased home sales in many areas of the country."

CAR - "Entry-level housing affordability reached 69 percent in Q1 09" (5-14-09)

"C.A.R. First-time Buyer Housing Affordability Index stood at 69 percent in the first quarter of 2009 compared with 46 percent (revised) in the first quarter of 2008. The median price of an entry-level home in California was $213,040 in the first quarter of 2009."

San Francisco Chronicle - "Lawmakers eye adds to new-home tax credit" (5-14-09)

"Three months after the California Legislature created a state-tax credit for new-home purchases, a group of lawmakers - backed by home builders - is pushing to expand or extend it. One bill, AB765, would add $200 million to the $100 million originally allocated for the credit."

Wall Street Journal - "Obama Administration Expands Mortgage-Aid Plan" (5-14-09)

"The Obama administration in March unveiled key details of its $75 billion housing market rescue plan -- known as the Making Home Affordable Program -- which works by paying mortgage servicers to reduce borrowers payments. The aim of the ambitious effort, which was recently expanded to help lower the cost of second mortgages as well, is to help as many as 9 million homeowners avoid foreclosure."

Orange County Register - "Brightwater developer is back in the black" (5-14-09)

"California Coastal Communities, builder of the Brightwater development overlooking Bolsa Chica wetlands, reports today that it completed the sale of five homes there during the first 3 months of the year, including three ocean-view homes worth an average of $3.2 million. That’s up from two homes closed in the same period a year earlier."

Inman - "Homeowners ready to call bottom" (5-14-09)

"Although most homeowners believe their homes have lost value in the last 12 months, even more seem to think that homes prices will stabilize or bounce back in the next six months, Zillow said. The survey found 60 percent of homeowners think their own home lost value in the last 12 months. Zillow said its analysis of market trends reveals that 80 percent of U.S. homes lost value in the last year."

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