Category Archives: North Salem

China home price rises quicken, uptrend takes hold | Pound Ridge NY Real Estate news

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A recent uptick in land costs – typically a prelude to home price rises – have changed market sentiment and pushed would-be home buyers back to the market in a bid to beat increases.

China’s top state think tank warned last week that China should enforce new property controls next year to curb speculation and prevent an expected modest recovery in house prices from turning into a steep rebound.

The view was echoed by analysts.

“The Chinese government would like to keep the stability of the real estate market. If home prices and sales rebound too quickly next year, the government might unveil fresh tightening policies, including expanding property tax beyond Shanghai and Chongqing,” said Liu Yuan, a head of research at property consultancy Centaline.

Rocketing property prices were a major consequence of China’s last economic stimulus effort, the 4 trillion yuan ($635 billion) package launched in 2008 at the depths of the global financial crisis.

Compared with a year ago, however, home prices are still falling nationwide. The 0.7 percent drop in November was the ninth such decline but easing from a year-on-year fall of 1.1 percent in October, according to Reuters calculations.

Reuters started its weighted China home price index in January 2011 when the NBS stopped providing nationwide data. The NBS now only publishes price changes for each of the 70 major cities.

(Reporting by Xiaoyi Shao and Nick Edwards; Editing by Jacqueline Wong)

via articles.chicagotribune.com

Property values continue to gain momentum | Pound Ridge Homes

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Monday Morning Cup of Coffee takes a look at news coming across the HousingWire weekend desk, with more coverage to come on bigger issues.

Residential property values in the U.S. continued to gain momentum in October, showing signs of an ongoing expansion in national economic activity, according to FNC’s latest residential price index. By comparison, September values showed little change.

Home prices in the U.S. were up for the eight consecutive month in October by 0.4%, leading to a total appreciation rate of 5.1% year to date. On the other hand, foreclosures dropped from 26.7% at the beginning of the year to 17.6% in October.

See the full residential price index by clicking here.

Bank of America CEO Brian Moynihan said the U.S. government, lender and borrowers need to reset their expectations that anybody can become a homeowner.

“We need to look hard at some of the old assumptions and ask the question is homeownership the right solution for everyone?” Moynihan said.

Moynihan believes the rest should include an alteration in the government’s role in housing and an “orderly transition” in the role of Fannie and Freddie. In order to get even the lowest-income families into homes, Moynihan said the FHA needs to return to its original focus on helping low- and moderate-income borrowers.

“FHA has been instrumental in sustaining the market the past few years, but they have come a long way from their original mission,” he said.

Read the full article by Bloomberg by clicking here.

Boston will enforce a program that gives the Natick Housing Authority, provider of low-income housing for state-assisted families and the elderly, nearly $255,000 in order to fix up 28 vacant units. There are 33 agencies taking part in the state-enforced program.

The program will provide $2.2 million in grant money to help local housing agencies fix up vacant units so they can be rented. Vacant units that are eligible for renovations must require repair costing between $2,500 and $25,000 and the grants will be doled out as reimbursements after the work is complete.

The state officials are tightening the rules a bit, however, requiring that tenants be in the refurbished units by March 31 in order for the local agencies to receive reimbursements.

Read more about the newly announced housing program by clicking here.

The Missouri Division of Finance closed Sunrise Beach, MO.-based Community Banks of the Ozarks on Dec. 14. 2012. The Bank of Sullivan acquired all assets and deposits. The Federal Deposit Insurance Corporation was named Receiver.

Community Bank of the Ozarks owns two branches and $42.8 million in total assets and $41.9 million in total deposits as of Sept. 30, the St. Louis Post-Dispatch reported. According to the FDIC, the two branches will operate as branches of Bank of Sullivan beginning Dec. 15.

It is estimated the closure of Community Bank of the Ozarks will cost $10.4 million for the Deposit Insurance Fund.

via housingwire.com

Snagging real estate bargains on Florida’s ‘Forgotten Coast’ | Mt Kisco Real Estate

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When the real estate bubble finally burst across the U.S., tiny St. George Island was pounded as if a Category 5 hurricane had just passed through. Home values dropped by 75 percent. That $3 million lot now cost $750,000.

“There were many people who bought during the time of house price escalation and didn’t flip,” Collins said. “They wound up underwater (an ambivalent phrase if there ever was one in Hurricane Alley), owning more for the property than they could possibly sell it for. We have been dealing with foreclosures and some short sales for the last four years.”

It’s important to remember that the Franklin County market peaked in 2005, far ahead of the rest of the country. So, the question is, does recovery happen ahead of the country as well?

Sadly, that’s not the case, but Collins and Parker see sunshine after the housing hurricane.

“People who wanted to buy but couldn’t when the prices were so high have started coming around,” Collins said. “These are not investors, but professionals with families.”

Over at Alligator Point, Parker is seeing a brisk business from a different kind of client. “I sold over 70 properties this year,” Parker said. “Most of my buyers are newly retired or getting ready to retire. They always wanted a place on the water and now they can afford it.”

via inman.com