The stats are in! According to the most recent report by the Naples Area Board of REALTORS®, the second quarter of 2014 when compared to the same period in 2013, shows real estate transactions in various segments in Naples have led to maintaining the market stability in the area. Read more…
Banks are handing out mortgages of as much as $10 million to the wealthy in record numbers while first-time homebuyers struggle to get loans. Read more…
Forbes recently rated the best cities for job growth in 2014. Read Full Article…
Since I’ve been writing this column, friends and colleagues and even a few strangers have asked to buy me a cup of coffee and discuss how I get my subject ideas. Read full article…
It does my heart good lately to hear of people of all ages and backgrounds picking up a guitar, writing a story, coaching Little League, planting a garden, starting a scrapbook or trying their hand at woodworking or genealogy. Whatever they have chosen to do, they have stepped out of their routines to discover something new. Read full article…
Washington, DC, October 27, 2011
Pending home sales declined in September, although activity remains above a year ago, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, fell 4.6 percent to 84.5 in September from 88.6 in August but is 6.4 percent higher than September 2010 when it stood at 79.4. The data reflects contracts but not closings.
Lawrence Yun, NAR chief economist, said the housing market is being excessively constrained. “A combination of weak consumer confidence and continuing tight lending criteria held back home buyers, even though the private sector added nearly 2 million net new jobs in the past 12 months,” he said.
The PHSI in the Northeast declined 4.7 percent to 60.6 in September but is 4.0 percent above a year ago. In the Midwest the index dropped 6.2 percent to 71.5 in September but remains 12.3 percent higher than September 2010. Pending home sales in the South fell 5.5 percent in September to an index of 91.6 but are 5.0 percent above a year ago. In the West the index declined 2.1 percent to 105.8 in September but is 5.6 percent higher than September 2010.
“America’s monetary policy is contradictory and confusing, where some consumers with the best financial capacity and top-notch credit scores pay higher mortgage interest rates,” Yun said. “The Federal Reserve evidently has been attempting to lower mortgage rates, yet more consumers are faced with taking out jumbo loans that carry higher interest rates.”
Yun emphasized the need to reinstate higher loan limits in 42 states. “Just leaving excessive cash to sit in banks and not work into the economy is a drag on the overall recovery,” he said. “We need a comprehensive approach to address housing issues – not additional impediments.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.
Naples ranked 5th in U.S. News Rankings and Reviews most relaxing beaches. It was the highest ranked U.S. mainland location, and only a few Hawaii and Caribbean beaches were ranked higher. That is a tremendous statement for the quality of our area beaches. More….
PENDING SALES CONTINUE THEIR
STRONG TREND …
UP 13% IN THE NAPLES AREA
Overall, pending sales for the 12 months ending November 2010 increased 7%, while the median closed price for the same period increased 3% for properties over $300,000.
Single-family closed sales increased 6% with 3,975 sales for the 12 months ending November 2010 compared to 3,756 sales for the same period the prior year ending November 2009.
Single-family pending sales in the $1 to $2 million category increased 49% for the 12 months ending November 2010 with 263 contracts compared to 176 contracts for the 12 months the prior year ending November 2009.
Condo pending sales for the 12 months ending November 2010 increased 16% with 4,466 contracts compared to 3,849 contracts for the 12 months ending November 2009.
If you could live in any state, except the one you live in now, what state would you choose to live in?
The Harris Poll has asked this question every year since 1997. While California tops the list of most popular states to live in among Echo Boomers (now ages 18 to 33) and Gen Xers (ages 34 to 45), Hawaii is the top pick for Baby Boomers (ages 46 to 64) and Matures (ages 65 and over). Among Echo Boomers, Hawaii drops out of the top five.
Here are the top-10 states across the age groups:
- North Carolina
- New York
Source: Harris Interactive (10/19/2010)
Even with their retirement nest eggs diminished by the tough economy, some retirees aren’t giving up on their dreams of living in beautiful spots. Instead, they are searching for similar but cheaper alternatives.
SmartMoney calls these locales “doppelgangers” — more affordable twins with similar climate, culture, and amenities than their better-known other half.
Here are their suggested substitutes:
● Prescott, Ariz., as an alternative to Sedona, Ariz.
● St. Augustine, Fla., instead of Sarasota, Fla.
● Chattanooga, Tenn., instead of Ashville, N.C.
● Bloomington, Ind., instead of Madison, Wis
● Caron City, Nev., instead of Boulder, Colo.
● Auburn, Ala., instead of Pinehurst, N.C.
● Bellingham, Wash., instead of Eugene, Ore.
● San Luis Obispo, Calif., instead of Santa Barbara, Calif.
Source: SmartMoney, Catey Hill (10/20/2010)