October 28, 2013 |
Signed contracts for previously owned homes fell sharply in September, an indication the rising cost of housing has sapped demand, according to a trade group. The National Assn. of Realtors said Monday that its pending sales index fell 5.6% from a downwardly revised figure in August--the fourth consecutive monthly decline. Pending sales--which represent contracts signed, but not closed--reached the lowest level since December 2012. “Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,” the Realtors' chief economist Lawrence Yun said in a statement. QUIZ: How well do you understand the Fed stimulus?
October 24, 2013 |
Jayceon Taylor, the rap musician known as Game or the Game, has listed his house in Glendale for sale at $1.799 million. Built in 1958 and updated, the gated two-story features an open floor plan, high ceilings with skylights, a game room (really), four bedrooms, five bathrooms and 4,667 square feet of living space. The one-third-acre lot contains a swimming pool and custom-built barbecue area. Taylor, 33, is a fixture on the West Coast hip-hop scene and has worked with Dr. Dre, G-Unit and Chris Brown, among others.
October 11, 2013 |
Jay Joerger was set to close a long-planned sale of his Palm Springs condominium this week until he was blindsided by an unexpected problem: the shutdown of the federal government. The condo sits on land owned by an Indian tribe, so the sale must be approved by the U.S. Bureau of Indian Affairs. But the bureau has ceased nonessential functions, delaying many home sales in Palm Springs and nearby areas. "It's stopped cold right now," said Joerger, a painting contractor from Fullerton.
September 26, 2013 |
Americans signed fewer contracts for home purchases in August as interest rate increases and higher prices tempered demand, according to a real estate trade group. The National Assn. of Realtors said Thursday that its pending sales index fell 1.6% from July. The index represents contracts signed for existing homes, but not yet closed -- providing a look into future market activity. Pending sales remain 5.8% higher than last year. The monthly decline was to be expected, said Lawrence Yun, the association's chief economist.
September 25, 2013 |
New homes sales rose nationwide in August, after a big decline a month earlier. Sales of newly built homes climbed 7.9% from July to a seasonally adjusted annual rate of 421,000, the Commerce Department said Wednesday. That rate is a 12.6% increase from August 2012. July's disappointing sales figure was revised downward and August sales came in slightly lower than the 425,000 rate analysts polled by Bloomberg News expected. Amid the housing recovery, developers this year have increased construction of new homes, but the pace has yet to return to historically normal levels.
September 23, 2013 |
Buyers signed fewer contracts for homes in California last month, as higher mortgage rates hampered demand, according to a new report. Pending home sales fell 5% in August from July, the California Assn. of Realtors said Monday. The group's pending-sales index dropped 9% from last year. The index represents contracts signed but not yet closed -- a sign of future market activity. “Rising interest rates over the past several months at the specter of a tapering of the Fed's stimulus program sent buyers to the sidelines in August,” the association's chief economist, Leslie Appleton-Young, said in a statement.