Home Prices Stabilizing in Key Markets

Home Prices Stabilizing in Key Markets


ZipRealty says in its third quarter report that homes in key markets all over the country are selling above the asking price.

The report shows that the spread between the sales-to-list price ratio lessened significantly in most markets, but high-end housing markets in many areas continued to offer great bargains for buyers.

The 10 hottest ZIP codes in the ZipRealty markets where the selling prices was greater than the asking price were:

1. Greater Grand Crossing – Chicago, Ill. (60619)

2. Oakland, Calif. (94603)

3. The Loop – Chicago, Ill. (60603)

4. Excelsior – San Francisco, Calif. (94112)

5. Fort Lauderdale, Fla. (33309)

6. San Bernardino, Calif. (92411)

7. Oakland, Calif. (94621)

8. Covington, Wash. (98042)

9. Berkeley, Calif. (94702)

10. North Las Vegas, Nev. (89030).

The coldest ZIPs, where selling prices were below asking, were:

1. Statesville, N.C. (28677)

2. Singer Island, Fla. (33404)

3. Philadelphia, Pa. (19140)

4. Boca Raton, Fla. (33434)

5. Jacksonville, Fla. (32206)

6. Chester, Pa. (19013)

7. Naples, Fla. (34102)

8. Palm Beach, Fla. (33480)

9. Reading, Pa. (19602)

10. Durham, N.C. (27703)

Source: Zip Realty, 10/26/10

30-Year Mortgage Rates Plumb New Depths

30-Year Mortgage Rates Plumb New Depths


Freddie Mac reports that the average interest on 30-year fixed mortgages slipped to an all-time low, for the third consecutive week, to 4.19 percent.

At the same time, 15-year fixed-rate loans and the five-year adjustable-mortgage rate both also hit record lows. Rates on the former were 3.62 percent, while the latter averaged just 3.47 percent.

Source: The Wall Street Journal, Nathan Becker (10/15/10)

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Housing Recovery Predicted for Early 2012

Housing Recovery Predicted for Early 2012


The Concord Group real estate strategy firm predicts that with 18 months worth of housing inventory on the market, it will take until the first quarter of 2012 for demand for new homes to equal what it was in 2000.

Concord Group calculates that new home sales in 2010 were 70 percent below peak demand in 2005 and at the lowest point since 1963.

Concord says these regions have the strongest long-term growth potential:
· Orange County, Calif.
· San Jose, Calif.
· Seattle
· Washington, D.C.

Source: The Concord Group (10/12/2010)