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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Mick Mørmøny who wrote (41173)	9/9/2005 9:55:54 PM
From: Mick Mørmøny	Respond to of 306849

New foreclosed real estate drops Inventory remains high as purchases slow Thursday, September 08, 2005 Inman News The number of new foreclosed residential properties nationwide fell between July and August to 24,328 units, according to Foreclosure.com, which tracks residential foreclosures and for-sale-by-owner properties. According to data released Wednesday, a total of 93,440 foreclosed residential properties were available for sale in the U.S. during August, up 3 percent from the 90,611 foreclosed properties available for sale during July. "Foreclosure inventory has been steadily increasing since May, representing a slowdown in the purchase of foreclosed homes," said Brad Geisen, president and CEO, Foreclosure.com. "This trend of sustained high inventory presents a strong investment opportunity for buyers, as lenders are challenged with greater holding and disposition costs the longer that they have to hold on to a property." Texas had the highest number of foreclosed properties for sale in August with 12,920, followed by Ohio (8,192), Michigan (7,422), Georgia (6,798), and Colorado (6,528). The states with the fewest number of foreclosed properties for sale last month were: District of Columbia (8); Rhode Island (10); Hawaii (12); Vermont (30); and North Dakota (52). car.org

To: Mick Mørmøny who wrote (41173)	9/13/2005 1:33:33 AM
From: Mick Mørmøny	Read Replies (1) \| Respond to of 306849

Detached home prices inch higher, attached prices fall By: BRADLEY J. FIKES - Staff Writer NORTH COUNTY ---- The median price for existing single-family homes rose moderately in August, but the price of condos and town houses declined, according to the North San Diego County Association of Realtors. The prices show that single-family home buyers are paying a greater premium to live in North County, as opposed to the rest of San Diego County, said Robert Brown, a professor of economics who compiles a monthly price report for the North County association. The detached home median price in North County reached $637,750 in August, up 2.2 percent from July and 7.2 percent from August 2004. That price is $82,750 higher than the median for detached homes in the rest of the county, a yearly high, Brown said. At the same time, the median price of attached homes ---- town houses and condominiums ---- in North County declined 3.3 percent from July to reach $385,000. That price was 2.4 percent higher than in August 2004. And for the first time this year, the median price of attached housing in the rest of San Diego County was higher than the North County price. North County attached homes sold for a median $4,950 less than in the rest of the county. Brown said he didn't know why North County condo prices would be lower than in the rest of the county. He speculated that people who decide to buy condos might be more likely to move closer to work. A location such as downtown San Diego, which has a plentitude of jobs and condos, might be such a draw, he said. "One of the reasons people buy single-family homes is that they get a yard and larger size of the lot," Brown said. Since condos don't provide those amenities, he said, commuting distance may be more of a factor. But with detached homes, Brown said the data has been fairly consistent this year that people are willing to pay a higher median price to live in North County than in the rest of the county. That North County differential has generally remained in the $60,000 to $80,000 range, he said. Detached prices increased the most over the year in Del Mar's 92014 ZIP code, up 48 percent to $1.98 million on 11 sales, and Ramona, up 39 percent to $735,500 on 41 sales. In Escondido's 92029 ZIP code, the median rose 33 percent over the year to $797,500 on 13 sales. And in the 92024 ZIP code of Encinitas, the median rose just past the $1 million mark, a 32 percent increase on 48 sales. "There are a lot of beach homes for sale" in Encinitas, said Dennis Smith, a Realtor who covers the North County coastal area. "Those beach homes are costly and bring up the median." By contrast, Smith said, "Oceanside has got a lot of inventory right now, especially in the $500,000 to $700,000 range." That inventory is helping to hold down prices, he said. In the 92054 area of Oceanside, the detached median price reached $539,000, an 11 percent increase from a year ago, on 35 sales. And in the 92057 ZIP code of Oceanside, the median price of $455,000 represented a drop of 7 percent on 62 sales. Contact staff writer Bradley J. Fikes at (760) 739-6641 or bfikes@nctimes.com. nctimes.com