Real Estate News from MarketWatch.com: Find Something Positive for Coral Gables.
November 28, 2010 Leave a comment
The following are snippets last week from MarketWatch.com on real estate news and blues–mostly blues. Do we think that Coral Gables will soon find its property tax values rising. I guess not. Sorry to be so pessimistic about the near term (three to five year) future of real estate in Florida and Coral Gables.
The pending supply or “shadow inventory” of U.S. homes hit 2.1 million units, or eight months of supply, in August, up more than 10% from 1.9 million units, or five months of supply, a year ago, according to a report by CoreLogic on Monday.
Sales of existing homes fell 2.2% in October, according to a report released Tuesday, with activity remaining mired near record lows as worries over prices, a glut of foreclosed properties, restrictive credit and high unemployment combine to weigh on the market.
After a big jump last week, mortgage rates stabilized this week, with rates on fixed-rate mortgages barely changing, according to Freddie Mac’s weekly survey of conforming mortgage rates, released Wednesday.
Rates on 30-year fixed-rate mortgages averaged 4.4% for the week ending Nov. 24, up from 4.39% last week. The rate averaged 4.78% a year ago.
Sales of new single-family homes fell 8.1% in October to a seasonally adjusted annual rate of 283,000, according to data released Wednesday by the Census Bureau and the Department of Housing and Urban Development.