The down turn in real estate in the USA started in 2007. It was about 18 months before the collapse.
...The S&P/Case-Shiller index of property values increased 6.8 percent (click here) from December 2011, the biggest year-to-year gain since July 2006, after advancing 5.4 percent in November, a report showed today in New York. The median projection of 30 economists surveyed by Bloomberg called for a 6.6 percent advance. Nineteen of 20 cities showed gains.
Near record-low borrowing costs and gains in employment are fueling demand and boosting property values as the number of houses on the market drops and foreclosures ease. The improvement is shoring up household net worth and confidence, which may underpin consumer spending even as an increase in the payroll tax reduces take-home pay....
Near record-low borrowing costs and gains in employment are fueling demand and boosting property values as the number of houses on the market drops and foreclosures ease. The improvement is shoring up household net worth and confidence, which may underpin consumer spending even as an increase in the payroll tax reduces take-home pay....
Prices rising and foreclosures dropping in region's housing market (click here)
Rob Varnon
Published 9:55 pm, Tuesday, February 26, 2013
Southwestern Connecticut's housing market is on the mend, matching trends in the western part of the region and starting to catch up in the eastern section.
Two key reports on the housing market came out Tuesday and found positive trends in both prices and foreclosure rates....
...The Bridgeport-Stamford metro region is not included in the Case-Shiller index, but real estate agencies reported that prices in the region are climbing on increased sales and a reduction in the number of homes on the market.
Also on Tuesday, California-based CoreLogic released its report on foreclosure rates and the Stamford-Bridgeport market, which includes Danbury, experienced a drop of 0.25 percent to 4.38 percent in December of 2012 compared to a year ago. But foreclosure rates are still higher than the national rate of 2.9 percent, with large concentrations of foreclosed properties still in the Bridgeport area.
"All indications are that our market is better," said Cheryl Scott-Daniels of CSD Select Homes of Westport and president of the Mid-Fairfield County Association of Realtors.
She said the average sales price in December rose 37 percent to $770,208 in December. And sales increased to 511 from 438 a year ago....
The buyer market for a $770,208 home is not the norm. So, the recovery is limited from the beginning. Improvement in moving these homes is more than interesting.
The buyer market for a $770,208 home is not the norm. So, the recovery is limited from the beginning. Improvement in moving these homes is more than interesting.
