The S&P/Case-Shiller index of property values in 20 cities fell 3.3 percent in February from one year ago, the biggest year-over-year decline since November 2009, the group said Monday in New York. At 139.27, the gauge was just shy of the six-year low of 139.26 in April 2009, two months before the economic slump ended.
Values will probably keep falling as foreclosures swell the supply of unsold homes, which means the construction industry will take time to recover.
Home prices fell 0.2 percent in February from the prior month after adjusting for seasonal variations, an eighth consecutive decrease, the report from Case-Shiller showed. Fourteen of the 20 cities posted price declines in February from the previous month, led by Seattle and Miami.
Our neighborhoods in New York City, Brooklyn, Queens and the Bronx, are no exception. Due to high volumes of foreclosure properties, housing prices are still coming down.
Having said that, You Can Still SELL YOUR HOUSE FAST. For more info, please visit our website.
Wednesday, April 27, 2011
Saturday, April 16, 2011
Banks' Earnings Reports Show the Gloomy Housing Market will Continue...
This past week, JP Morgan Chase and Bank of America released their 1st quarter earning reports.
It turned out that their Mortgage Loan Divisions are dragging down their net earnings.
With the U.S. housing market showing no signs of a hitting a bottom and foreclosures continuing to mount, the outlook for financial companies is cloudy at best.
No bank better exemplifies this problem than Bank of America, which missed analyst expectations on Friday when it announced $2.39 billion loss in its home loan business.
Therefore this past week alone, the shares of Bank of America plunged by almost 5 percent.
Considering the above, this gloomy housing market may continue for a while, at least till the end of the year.
The local NYC areas including Brooklyn, Queens and the Bronx would follow suit. Therefore, the princes are more than likely to keep falling. Therefore selling a house will probably become much harder, going forward.
But if you find yourself in a situation where you need to sell your house right away, there is still a way.
It turned out that their Mortgage Loan Divisions are dragging down their net earnings.
With the U.S. housing market showing no signs of a hitting a bottom and foreclosures continuing to mount, the outlook for financial companies is cloudy at best.
No bank better exemplifies this problem than Bank of America, which missed analyst expectations on Friday when it announced $2.39 billion loss in its home loan business.
Therefore this past week alone, the shares of Bank of America plunged by almost 5 percent.
Considering the above, this gloomy housing market may continue for a while, at least till the end of the year.
The local NYC areas including Brooklyn, Queens and the Bronx would follow suit. Therefore, the princes are more than likely to keep falling. Therefore selling a house will probably become much harder, going forward.
But if you find yourself in a situation where you need to sell your house right away, there is still a way.
Thursday, April 14, 2011
MBA Data Suggests the Housing Market is Heading for a Double-Dip
MBA, the Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 6.7 percent in the week ended April 8. It was the third week of declines in a row and applications were at their lowest level since the week of January 21.
Historically speaking, March, April and May are the spring home purchasing season, when the sales of the houses pick up strongly in the US.
Having said that, this MBA data shows no signs of strength. Rather, it is at the weakest level since January. This suggests that we may be heading for a double-dip recession in the US housing market, economists predict.
Considering the above, if you are trying to sell your house now or in the near future, you'd probably have a very hard time.
However, there is ALWAYS a way to SELL YOUR HOUSE FAST in Any Condition. Especially, in Brooklyn NY or the surrounding areas including the Bronx and Queens.
For more info, please visit our tutorial website.
Wednesday, April 6, 2011
Home Builder's Struggle Continues, signaling a Delayed US Housing Recovery !!!
KB Home, the fifth-largest U.S. homebuilder, reported today a wider quarterly loss and said net orders fell by a third, indicating that a recovery in the housing sector remains elusive five years into the housing meltdown.
The company posted a net loss of $114.5 million for the three months that ended Feb. 28. Compared with a net loss of $54.7 million, a year earlier, the loss more than doubled from last year.
KB Home revenue totaled $196.9 million, down 25% from $264 million a year earlier. Home deliveries in the quarter plunged 28% to 949.
KB Home's results echo the comments made by rival Lennar Corp , which posted lower revenue and orders last week.
Lennar, the third-largest homebuilder, had warned that the important spring selling season was not shaping up into a recovery from the housing slump.
This doesn't bode well for the local Brooklyn Housing Market that has been depressed for a quite while.
If you, however, find yourself in a situation where you need to sell your house right away, please visit our website for more info.
The company posted a net loss of $114.5 million for the three months that ended Feb. 28. Compared with a net loss of $54.7 million, a year earlier, the loss more than doubled from last year.
KB Home revenue totaled $196.9 million, down 25% from $264 million a year earlier. Home deliveries in the quarter plunged 28% to 949.
KB Home's results echo the comments made by rival Lennar Corp , which posted lower revenue and orders last week.
Lennar, the third-largest homebuilder, had warned that the important spring selling season was not shaping up into a recovery from the housing slump.
This doesn't bode well for the local Brooklyn Housing Market that has been depressed for a quite while.
If you, however, find yourself in a situation where you need to sell your house right away, please visit our website for more info.
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