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When Barron’s called the bottom of the market for expensive second homes just about a year ago, some folks wondered what kind of caviar we’d been eating. Prices of high-end homes had sunk 20% from their 2007 peak, and vacation homes were doing even worse, with some markets off 40%. America’s mainstream housing scene was getting pounded by foreclosures, and anxious pundits were warning of a double-dip recession. Not to put too fine a point on it, but we were right. Home prices in moneyed enclaves from Beverly Hills to Aspen to Greenwich climbed more than 10% last year, according to data…

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the February edition of the Obama Administration’s Housing Scorecard. The latest housing figures show increased existing home sales as home affordability remains high, but officials caution that the market remains fragile, as prices are unsettled. In the face of the deepest economic recession and housing crisis in decades, the Obama Administration has taken unprecedented action to promote stability in the market – keeping millions of families in their homes and helping millions more to save money by refinancing. But the data…

Condo buyers who sat out last year’s real estate market, waiting for prices to bottom or their own financial footing to improve, find themselves in an enviable situation. Prices have plunged, and mortgage interest rates, while slowly rising, remain near 5 percent, creating the best home affordability in decades for consumers who qualify for loans. There’s just one problem. It’s not just the borrower who has to be up to snuff; it’s the building, too, and there are buildings that lenders won’t touch.Among the deal killers: too many renters in a building, pending litigation, inadequate association reserves and delinquent assessments. Those are…

Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? Before you make an offer, it pays to know a little about the seller’s situation. If a home is being sold for below what the current seller owes on the property and the seller does not have other funds to make up the difference at closing the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of…

A report released by Florida Realtors clears up the confusion by explaining the three different levels of foreclosure activity that analysts consider, and listing the state numbers for each during 2010. The Florida Foreclosure Report found general confusion about the definition of foreclosure. One group might focus on the number of homeowners who received at least one notice of foreclosure and consider that the number of homes in foreclosure. A second group might focus only on the number of homes actually taken over by a bank. But while the number of foreclosure notices could be rising, the number of homes…

According to the latest housing data released by the Florida Association of Realtors (FAR), Florida’s existing home and existing condo sales both rose significantly in January 2011. Existing home sales increased 14 percent last month with a total of 12,151 homes sold statewide compared to 10,702 homes sold in January 2010, according to Florida Realtors. January’s statewide sales of existing condos rose 36 percent compared to the previous year’s sales figure. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in January; 16 MSAs had higher condo sales. “Now is a great time for anyone thinking of buying a…

The NC real estate contract has changed dramatically for 2011. The new North Carolina real estate contract, called the Offer To Purchase And Contract, will require a totally different approach to the home buying process. Let’s take a look at the major changes to the NC real estate contract. Due Diligence Period: The biggest change to the NC real estate contract is the addition of a due diligence period. This is a mutually agreed upon period of time that the buyer will have to fully investigate the property and decide whether to proceed. The length of time and the fee…

Ten reputable sources offer slightly differing opinions on mortgage rates and housing prices in 2011. What will happen with the real estate market in 2011? Many predictions are being thrown about but smart buyers and sellers need to consider the sources of these predictions before taking them too seriously. Here you’ll find the 2011 real estate predictions from ten leading resources. Predictions on Mortgage Rates in 2011 1.Bloomberg Television: In a Bloomberg Television appearance, Harvard University’s Joint Center for Housing Director Nicolas Retsinas predicted that mortgage rates won’t increase in 2011 but once they do start to go up they may increase…

Florida and Arizona have long been the favorite 2 states for retirement migration. In a recent Del Webb survey among baby boomers on retirement preferences the top reasons for choosing where to live in retirement were cost of living, health care, climate, and opportunities for culture and recreation. Family and friends were further down the list. Boston College’s Center for Retirement Research found the same general reasons for retirement moves, but in a different order: family, financial, better location, leisure/climate, and health. Looking at these and related reasons, is there a logical explanation why boomers now prefer North Carolina over…