U.S. Home values declined an average of 8.4 percent in the first three periods of 2008, down $2 trillion in total value, according to Zillow.com Real Estate Market Report, released this week.
Thirty of the 163 metropolitan statistical areas covered by Zillow, either showed gains in the median value of homes in the area or values stabilized.
Here are the 10 areas where values increased and declined the most.
Places Where Values Increased the Most
- Ithaca, N.Y., 5.6%
- State College, Pa., 4%
- Jacksonville, N.C., 3.9%
- Winston-Salem, N.C., 3.4%
- Bay City, Mi., 3.2%
- Rochester, N.Y. 3.1%
- Greenville, S. C., 2.8%
- Anderson, S.C. 2.7%
- Burlington, N.C., 2.6%
- Spartanburg, S.C., 2.0%
Places Where Values Decreased the MostSource: Zillow.com (12/15/08)
- Las Vegas-Paradise, Nev., -24.6%
- Bakersfield, Calif., -24.9%
- Madera, Calif., -26.2%
- Gainesville, Ga., -26.4%
- Riverside-San Bernardino-Ontario, Calif., -30.4%
- Modesto, Calif., -31%
- Salinas, Calif., -32.4%
- Merced, Calif., -32.5%
- Vallejo-Fairfield, Calif., -33.2%
- Stockton, Calif., -35.5%
Friday, December 19, 2008
Where Prices Have Increased and Decreased the Most in 2008
Wednesday, December 17, 2008
When will Real Estate hit bottom?
After one of the most challenging Real Estate downturns in history, many people have only one major question that they want answered... "when will we see prices hit bottom?"
We can only speculate about when the turnaround will take place, but most professional economists are hinting at a price bottom in the second quarter of 2009. In Seattle, we can expect home prices to dip another 6-10% between now and then - followed by a recover that will drift around the rate of inflation over the next several years. That being said, many properties, both distressed and otherwise, have already taken a huge hit on price. This fact, combined with record low interedt rates and near record high inventories create one of the best BUY NOW markets in history.
If you can qualify for a loan, which is still easier said than done for most people, then you should be out there right now looking for your next great investment. Until recently you needed almost 50% down on investment properties in order to receive enough income to have the building pay for itself. What are the numbers now??? let's just say that things are looking great for anyone with the means to buy!
We can only speculate about when the turnaround will take place, but most professional economists are hinting at a price bottom in the second quarter of 2009. In Seattle, we can expect home prices to dip another 6-10% between now and then - followed by a recover that will drift around the rate of inflation over the next several years. That being said, many properties, both distressed and otherwise, have already taken a huge hit on price. This fact, combined with record low interedt rates and near record high inventories create one of the best BUY NOW markets in history.
If you can qualify for a loan, which is still easier said than done for most people, then you should be out there right now looking for your next great investment. Until recently you needed almost 50% down on investment properties in order to receive enough income to have the building pay for itself. What are the numbers now??? let's just say that things are looking great for anyone with the means to buy!
Monday, December 1, 2008
Modular Housing Qualifies for Green Certification
NAHBGreen verification is now available for modular homes, providing the green-building certification process to the sector that manufactures 20 percent of the country's housing stock.
The Modular Green Approved initiative was introduced on Nov. 25 by the National Association of Home Builders (NAHB), the NAHB Building Systems Councils (BSC), and the NAHB Research Center.
Modular Green is a new program provided by the NAHB Research Center, which also oversees the National Green Building Certification initiative for traditionally constructed houses.
Traditional homes are inspected onsite by NAHB Research Center-trained verifiers who examine the insulation, framing and other components of the building envelope –as well as the materials and products that help produce water efficiency, better indoor environmental quality and other hallmarks of green building.
While a modular or systems-built home is built to the same codes as a traditional, site-built home, the inspector can’t see behind the walls when it arrives at the building site, making the verification process more difficult. By ensuring that the house and its components meet green requirements in the factory through this new program, the rest of the inspection can be conducted onsite.
“Consumers have become wary of vague, unverifiable green claims,” says Bret Berneche, BSC Modular Council President and CEO of Cardinal Homes, a modular manufacturer in Wylliesburg, Va. “With this program, consumers can be comfortable knowing they are getting a product that is verified against a nationally recognized program.”
Because modular homes are factory-constructed, they make use of resource efficiencies that make them less costly to manufacture, meaning they are more affordable and environmentally friendly.
"This is a very important step for the industry as more and more builders rely on systems-built construction methods," NAHB President Sandy Dunn said in a statement. "Modular construction helps builders reduce their overhead and go green with ease by assembling a significant portion of the home in the factory."
Source: NAHB
The Modular Green Approved initiative was introduced on Nov. 25 by the National Association of Home Builders (NAHB), the NAHB Building Systems Councils (BSC), and the NAHB Research Center.
Modular Green is a new program provided by the NAHB Research Center, which also oversees the National Green Building Certification initiative for traditionally constructed houses.
Traditional homes are inspected onsite by NAHB Research Center-trained verifiers who examine the insulation, framing and other components of the building envelope –as well as the materials and products that help produce water efficiency, better indoor environmental quality and other hallmarks of green building.
While a modular or systems-built home is built to the same codes as a traditional, site-built home, the inspector can’t see behind the walls when it arrives at the building site, making the verification process more difficult. By ensuring that the house and its components meet green requirements in the factory through this new program, the rest of the inspection can be conducted onsite.
“Consumers have become wary of vague, unverifiable green claims,” says Bret Berneche, BSC Modular Council President and CEO of Cardinal Homes, a modular manufacturer in Wylliesburg, Va. “With this program, consumers can be comfortable knowing they are getting a product that is verified against a nationally recognized program.”
Because modular homes are factory-constructed, they make use of resource efficiencies that make them less costly to manufacture, meaning they are more affordable and environmentally friendly.
"This is a very important step for the industry as more and more builders rely on systems-built construction methods," NAHB President Sandy Dunn said in a statement. "Modular construction helps builders reduce their overhead and go green with ease by assembling a significant portion of the home in the factory."
Source: NAHB
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