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Industry advisor Mark Richardson shares what separates the losing from the winning in today’s market
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Private residential construction spending declines
Residential construction spending dropped in February, with home improvement spending leading the decline, after an unexpected increase in January.
Russian billionaire pays highest known price for U.S. home
A Russian billionaire purchased a new home in California for $100 million, the highest known price paid for a single-family home in the U.S. Yuri Milner, who made his fortune investing in enterprises like Facebook and Groupon, built the 25,500-sf French Chateau-style home in Silicon Valley.
Shadow inventory supply remains high
The “shadow inventory”—the supply of homes in foreclosure or owned by banks but not yet listed for sale—fell in January, but could affect the housing market as weak sales and prices persist.
NAR: Second home sales drop, but hold market share
The number of second home sales dropped in 2010, but the market share held steady, according to new data released by the National Association of Realtors. The 2011 Investment and Vacation Home Buyers Survey found that sales volume for vacation homes fell 1.8 percent in 2010 from 2009, while the volume for investment homes fell 7.8 percent.
Census Bureau: 13 percent of U.S. homes vacant
Thirteen percent of all U.S. homes stand vacant, according to U.S. Census Bureau data.
New home sales reach record lows in February
The housing market contracted last month as new home sales fell to 250,000, 16.9 percent lower than January’s upwardly revised 301,000 and 28 percent lower than February of last year, according to Commerce Department data released today. Every region except for the West saw record low sales last month.
Adjustable-rate mortgages gain in popularity
More borrowers are opting for adjustable-rate mortgages (ARMs) in the years since the housing crisis, but today’s ARMs look different than the gimmicky loans of the past.
Existing home sales decline after three positive months
Existing home sales decreased after three consecutive months of increases as tight credit continued to hold back buyers, the National Association of Realtors found in its latest report. Home resales dropped to a seasonally adjusted rate of 4.88 million last month, down 9.6 percent from January.
Nevada counts record number of empty homes
Newly released U.S. census data shows that Nevada has a record number of empty homes, more the double the amount in 2000.
Home prices continue downward slide
Home prices continued to drop across the U.S. in January, falling for the sixth consecutive month as several factors continue to affect the housing market.