Wednesday, September 1, 2010

Charlottesville Albemarle Real Estate Heading into the Fall

A link-fest that limns the housing zeitgeist as the big selling season closes, and The Fall sets in....

The 30 yr mortgage rate is at its 10th week-in-a-row record low: 4.26%.  Not seen since the 1950's.  Interestingly, these rates haven't really been a big enticement to buyers, on a national basis.  (We're predicting under 4% by October, fwiw.)

"...the only effective stimulus of new housing demand will be a precipitous decline in housing prices" in Charlottesville / Albemarle.  (Oh, wait, the RadarLogic analysts are discussing the national housing market.)

ZeroHedge: Not One New House Priced Over $750k Sold During July '10, nationwide.

Pragmatic Capitalism: Here's What Will Start A Housing Recovery in Charlottesville Albemarle

There's no official word of a new homebuyer tax credit.  But just by HUD head Donovan mentioning it, housing analyst Tom Lawler says Donovan May Have Made Near-Term Home Sales Worse, as buyers wait out the announcement.

The NYT wonders what they're smoking at the National Association of Realtors, who remain detached from reality as widespread fear freezes the housing market.

1 in 10 mortgage-holders face foreclosure. 

CNN Money:  Additionally, the number of people falling behind on mortgage payments for the first time is rising.

Forbes Magazine: Is it Really an "American" Dream If the Government Wants You to Be a Homeowner?

US News: Why Housing is Even Worse Than You Think 

The NYTThe article In Defense of Homeownership only applies to buyers who live in markets where prices aren't out of whack with median incomes (voila) or to buyers whose money is not earned through wages.

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