|
|||||
 |
Dennis Norman This story is part of my ongoing series on how local laws negatively impact the property rights of property owners in the St. Louis area Unfortunately I don’t have to try too hard to find examples of local laws that seriously impact the rights of property owners in the St. Louis area, particularly those [...] Dennis Norman Today the National Association of REALTORS released it’s January Pending Home Sales Index showing a decrease of 7.6 percent in the index from December, 2009 to January 2010 (seasonally adjusted) and a 12.3 percent increase from last year. Here are highlights from the report: January’’s pending home sales index (seasonally adjusted) was 90.4 (the index is based [...] Dennis Norman You may want to consider possible legal issues before deciding to “walk away” Homeowners who are considering “walking away” from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home. In addition, homeowners who sell their [...]
Dennis Norman Back in December I wrote a post about a $35 million economic development initiative that was approved by the Missouri Housing Development Commission which included $15 million to pay the first-year of property taxes for qualified homebuyers who purchase a new or existing home after January 1, 2010. Missouri Treasurer, Clint Zweifel, said he expected this would [...] Dennis Norman The United States Court of Appeals for the Eleventh Circuit recently consdered an appeal by the plaintiffs of a class action lawsuit again D.R. Horton, Inc. and DHI Mortgage, Co brought by John R. Yeatman and Eleanor E. Yeatman on behalf of themselves and all similarly situated individuals. The lawsuit stems from the Yeatman’s [...] Dennis Norman What do sex offenders and owners of vacant property have in common? UPDATE: March 8, 2010 – I found out today the bill that was actually perfected last Friday was a floor substitute…Unfortunately the changes made to the bill were minor- they changed the public data base so that you have to enter a [...]
Dennis Norman According to a report issued this morning by the the Federal Housing Finance Agency (FHFA) St. Louis area home prices increased by 1.32 percent in 2009. Granted that’s not much but, hey, after what we’ve seen the last couple of years in the housing market I think this is very good news. This information [...] Over Fifteen Percent of Missouri Borrowers are Underwater-Another 5.6 Percent Are Almost Underwater
Dennis Norman According to a report released today by First American CoreLogic more than 11.3 million U.S. mortgages, or 24 percent of all mortgaged properties, are in a negative equity position meaning the borrowers owe more on their mortgage than their home is [...] Dennis Norman American homeowners’ confidence in their own homes’ values falls to lowest level in almost two years According to the Zillow 4th quarter, 2009 Homeowner Confidence Survey, American’s aren’t feeling so good about the value of their homes, and, in fact, just one in five (20 percent) believe their own homes’ values increased during 2009. [...] Dennis Norman Radarlogic Housing Market Report Shows First November-December Increase in Home Prices Since 2004 For the US – However It shows a Decrease For December for St. Louis - When I received the Housing Market Report from Radarlogic, I was happy to see some good news; home prices increased in December from November and a 44 [...] Dennis Norman Deceleration in Rise of Mortgage Delinquencies Short Lived Back in July, 2009 when speaking in North Carolina President Barack Obama announced “we may be seeing the beginning of the end of the recession“. My thoughts then were that was very optimistic and I didn’t agree (for whatever that is worth). Since then some economists [...] Valentine’s Day is a time for love…Are you feeling left out because you haven’t found Mr or Mrs Right? Maybe you aren’t looking in the right places…. have you tried hanging out in the laundry room of Apartment complexes? All right, I know what you are wondering, what does this have to do with real [...]
Dennis Norman St. Louis ended 2009 With The Highest Foreclosure Rate and Mortgage Delinquency Rates On Record For the St. Louis Area According to date from First American CoreLogic, St Louis finished 2009 with 1.43 percent of the homes in St. Louis with a mortgage in some stage of the foreclosure process and 5.73 percent of [...] Dennis Norman Big Losses Are Forecast For Commercial Real Estate and Expected to Crush Some Community Banks-Can the Housing Market Avoid the Fallout? This morning the Congressional Oversight Panel issued a report, “Commercial Real Estate Losses and the Risk to Financial Stability” which expressed concerns about coming losses in Commercial Real Estate and also described how [...]
Dennis Norman Fannie Mae is offering 3.5 percent in closing cost assistance or an equivalaent amount in appliances for people purchasing a Fannie Mae-owned HomePath® property. Fannie Mae is trying to entice buyers to buy one of their HomePath® homes by offering to pay up to 3.5 percent in closing cost assistance or an equal amount [...] Dennis Norman Today the National Association of REALTORS released it’s December Pending Home Sales Index showing an increase of 1.0 percent in the index from November (seasonally adjusted) and a 10.9 percent increase from last year. Here are highlights from the report: December’’s pending home sales index (seasonally adjusted) was 96.6 (the index is based upon 100.0 being [...] Dennis Norman The U.S. Department of Commerce released a report showing the sale of New Homes in December were at a seasonally adjusted annual rate of 342,000, a 7.6 percent decrease from the revised November rate of 370,000 and is 8.6 percent below a year ago. My Mantra As has been my long-running mantra, I don’t like [...] Dennis Norman For the St. Louis area 2009 marked another year of “bad” records for the housing market; record numbers of foreclosures, mortgage delinquencies as well as sales numbers and prices lower than we have seen in several years. However, as I compiled St. Louis area home sales data for 2009 and compared it to the [...]
Dennis Norman NAR’s “seasonally-adjusted” numbers show sales down 16.7 percent for the month…2009 finishes with 5,156,000 homes sold…My projection for the year was 5,143,000 homes….missed it by 13,000 (2/10 of 1 percent) hmm..not bad for a “non-economist” According to the latest report from the National Association of REALTORS(R), existing home sales in December decreased [...] Dennis Norman We are long overdue for some good news on the St. Louis housing market and data from December home sales brought just that. Based upon my comparision of homes sold in December 2009 with the year prior, it appears to me the St. Louis housing market may have found it’s bottom and now [...] Dennis Norman MortgageDaily.Com tracks mortgage company failures on it’s website The Mortgage Graveyard. According to The Mortgage Graveyard 225 mortgage-related firms in the U.S. ended operations or failed in 2009, higher than any year since they began tracking data in 1998. This was an increase of over 80% from 2008 which saw 124 firms fail. The [...] Dennis Norman In the past I think closing costs associated with the purchase of a home were pretty much a mystery to many, if not most, home buyers with many not even being sure what they were paying for. Most buyers simply went through the process, paying for closing fees, notary fees, title examination, title insurance, [...] Dennis Norman Or should I say “It’s all in the headline”?
So what am I talking about? The pending home sales data that was released by the National Association of REALTORS today, of course. Actually I could be referring to any data on the housing market whether new home sales, foreclosure rates, interest rates, existing home sales [...] Dennis Norman In a just a few days we will say goodbye to 2009; a year that has been brutal to the housing market. So as the new year comes in, what will 2010 hold in store for the housing market? To answer this question I turned to the housing forecast just released by Fannie Mae [...]
Dennis Norman NAR’s “seasonally-adjusted” numbers show sales up 7.4 percent for the month…”actual” numbers show a 5.2 percent decrease….Sales up 44 percent from last year, lest we not forgot last year was the worst in over 10 years… According to the latest report from the National Association of REALTORS(R), existing home sales in November increased 7.4 [...]
Dennis Norman New homes were started in November at an annual rate of 482,000 homes and I asked why in my post last week since new home construction was already outpacing sales….well, today the gap got worse.. This morning the U.S. Department of Commerce released a report showing the sale of New Homes in November were [...] According to NAR 51 percent of recent homebuyers are first-time buyers and 39 percent of recent home sales have relied on an FHA loan Dennis Norman The National Association of REALTORS just released a report showing that 51 percent of the homes sold recently have been to first-time home buyers and that 39 percent [...]
Dennis Norman Just moments ago, the Missouri Housing Development Commission passed at $35 million economic development initiative. Part of this initiative (to the tune of $20 million worth) is aimed toward helping stimulate home sales in Missouri. The initiative includes: $15 million to pay the first year of property taxes for qualified homebuyers who purchase a new [...] New home construction is on the rise in November…. WHY??? They aren’t selling as fast as they are being built…didn’t we learn our lesson? The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for November 2009 showing an increase in new home construction activity [...] Dennis Norman Not surprisingly, builders in St. Louis (those that have managed to survive thus far) are not racing out to build homes. According to the latest data reported by the Home Builders Association of St. Louis, there were 228 permits issued in October for new homes in the St. Louis metro area (St. Louis [...] |
||||
|
Connecting St. Louis Information St. Louis The author and owner of this site are providing the information on this web site for general information only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided as is, with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose Powered by WordPress & the Atahualpa Theme by BytesForAll. Discuss on our WP Forum |
|||||
Recent Comments