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Cash Transactions Boost Home Market

Fort Lauderdale: Riverview Gardens CondoAlmost one third of home sale transactions in the U.S. last year have been all-cash, according to an article in the Wall Street Journal.  Which might explain why mortgage applications have been down, as all-cash transactions completely bypass the mortgage process.

The Journal reports that more and more homebuyers are selling other investments to pay cash for real estate.

"Lending is very tight, so we are seeing people who can't qualify for loans but are invested in the market, cash out (and buy a home)." says Mitra Kalita of WSJ. "You are starting to see people who may have been on the sidelines, now taking the plunge."

For the real estate market to rebound, however, we need to see lending requirements loosen so that first time home buyers can bring vitality to the economy.  Most of the cash buyers are baby boomers looking for a retirement home and taking advantage of markets that have been hardest hit.

Read the full article at WSJ.

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Posted on February 01, 2012 12:39:19 by Blog Author IPTV.Boyz http://www.brokeriptv.com/cash-transactions-boost-home-market
 
Luxury Home Inventory Down in Denver

4040Saunderton Front of HomeThe number of residential luxury homes for sale in Denver dropped to 566 in December of last year, down from 650 available homes in November 2011.  Year over year, the inventory level dropped 35% from 875 available homes, according to Dennis Huspeni of the Denver Business Journal.

The average sale price was $1.51 million in December, up from November's average sales price of $1.44 million These numbers were from the 11 county area surrounding Denver where most of the homes sold were in Douglas County. "There's a very limited inventory out there." said Gary Bauer a Littleton broker, who compiled the results from Metrolist data. "But I think in 2012, we'll see improvements in the number of transactions and the average sales price."

Statistics reported include:

  • 502 luxury homes sold last year, compared to 505 in 2010.
  • Sales Volume is down 1 percent from $773 million in 2010 to $763 million in 2011.
  • The average sales price stayed the same, at $1.5 million, year over year.

Read the full story at Denver Business Journal

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Posted on January 23, 2012 10:12:45 by Blog Author IPTV.Boyz http://www.brokeriptv.com/luxury-home-inventory-down-in-denver
 
Jobless Claims at 4 year Low

InterviewNew applications for unemployment benefits dropped to a near four year low in the latest week, according to an article on Bottom Line.

The US Department of Labor announced that, in the week ending January 14, 2012, there was a decrease of 50,000 claims for unemployment from the previous week. Claims were at 352,000 from a revised 402,000 the previous week.

Bottom Line states that the "4-week moving average" is a better indicator of the labor market because it "smooths out the wrinkles in the data".  "The average for the 4 week period was 379,000, a decrease of 3,500 from the previous week's average of 382,500."

"We have to see if there are some seasonality issues involved here, but on the surface this number looks to be very positive and is pretty much consistent with other data we've seen recently that suggest improvement in underlying fundamentals in the U.S.," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in the article.

Read the full article at Bottom Line@msnbc.com

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Posted on January 19, 2012 12:30:44 by Blog Author IPTV.Boyz http://www.brokeriptv.com/jobless-claims-at-4-year-low
 
Denver and Greeley Home Markets Improving

IBS 2011The National Association of Home Builders' list of improving housing markets nearly doubled in January, as more cities showed signs of a real estate market rebound.

The list, now including Denver and Greeley, contains 76 improving markets in 31 states and DC. "The fact that the list of improving housing markets nearly doubled this month shows that a significant, positive trend is developing," NAHB Chairman Bob Nielsen said in a statement

For the complete list of all 76 metro areas on the Improving Markets Index list go to www.nahb.org/imi.

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Posted on January 10, 2012 14:53:05 by Blog Author IPTV.Boyz http://www.brokeriptv.com/denver-and-greeley-home-markets-improving
 
Home Inventory Low in Denver

Red Oak, Texas Home for SaleIt's a good time to put your home on the market. The availability of good homes for sale in the Denver metro area is dwindling. 

"Inventory is down 40% from last year," said Carole Dieterich with The Kentwood Company Cherry Creek at 44 Cook Street, Suite 900, 303-475-2965, "Buyers are frustrated with the low number of homes available to pick from." Carole went on to say that she has been getting a steady flow of phone calls from other REALTORS® looking for homes to purchase for qualified buyers.

According to a report from Metrolist, the inventory of metro Denver single family homes and condominiums continued to fall in December 2011.  The number of available homes on the market fell 12% from November.

Year-end numbers for home sales were also included in the Metrolist reportDennis Huspeni of The Denver Business Journal writes about the highlights and trends from 2011:

  • Average Days on Market: 108 (average of 92 in 2010)
  • Average Sales Price: $255,492 (average of $257,000 in 2010)
  • Homes under Contract: 47,373 (49,313 in 2010)
  • Closings: 39,387 (38,818 in 2010)

Many home sellers are still wary to enter the market, but basic economics tells us that when inventory decreases, the potential to get a better price increasesThe key is that your property needs to be in top condition.  A REALTOR® can give you home selling tips to make sure your home sells in the shortest amount of time possible.

Analysts predict a slight increase in sales in 2012 but nothing dramatic.  Everyone is focused on the economy and 2012 looks like there will be an steady increase in transactions and prices.

Read the full story at The Denver Business Journal.

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Posted on January 04, 2012 08:31:54 by Blog Author IPTV.Boyz http://www.brokeriptv.com/home-inventory-low-in-denver