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January 26, 2010 | By Alejandro Lazo
Sales of previously owned homes nationwide plunged steeply in December, raising concerns that the housing recovery could lose steam after government policies intended to support it expire in the spring. For now, California appears to be bucking the downward trend. U.S. sales in December fell to a seasonally adjusted annual rate of 5.45 million units, down 16.7% from November, the National Assn. of Realtors said Monday. It was the biggest drop in the 42 years that the group has been measuring home sales and comes after first-time home buyers raced to close on their purchases before a federal tax credit of up to $8,000 for first-time purchasers was set to expire Nov. 30. Congress in early November extended the deadline to April 30 and expanded the credit to include up to $6,500 for some buyers who already own homes.
October 8, 2009 | Melissa Rohlin
Home prices in California will increase slightly next year as buyers snap up foreclosures and other properties at the market's low end, the California Assn. of Realtors said Wednesday. At the same time, the number of purchases will decline slightly because there will be fewer of these foreclosures available. In its annual forecast, the Realtors group predicted that the median home price in California would rise 3.3% to $280,000 next year. Sales of houses and condominiums, it said, will decrease 2.3% to about 527,500.
May 30, 2009
Re "Realtors abandon a listing ship," May 25 The thinning ranks in the Realtor membership is not because of Internet-based brokerage, but rather the slowing economy. With property values having fallen 50% or more in the last few years, the number of traditional sales has declined, requiring fewer agents to sell what is on the market. The information available to the consumer has increased over the years, but what remains is the need for a professional to help that consumer evaluate the data, negotiate the best price for the home and provide counsel throughout the transaction.
May 28, 2009 | Peter Y. Hong
Falling prices for previously occupied homes nudged sales nationwide slightly higher from March to April, a trade group reported Wednesday. The National Assn. of Realtors said home sales were up 2.9% in April from March, prompted by a median price 15.4% below the price a year earlier. Total sales last month, however, were 3.5% below the total number of homes sold the same month a year earlier, the real estate industry group said.
May 25, 2009 | Peter Y. Hong
Marco Huerta and Youngmin Bae bought their Burbank home without ever meeting their real estate agent. Instead, they scoured listings for their favorite neighborhoods, haggled over prices and even wrote their offer using Marco's cellphone. There was no housewarming plant on the porch when they moved in, but the couple aren't complaining: They received a $10,000 check as a "rebate" from their agent's 3% commission. "It's a great incentive," said Marco Huerta, 32.
May 5, 2009 | Peter Y. Hong
A reported bounce in U.S. home sales Monday boosted hopes that the housing downturn was nearing its end and that the broader economy was moving toward recovery. The National Assn. of Realtors said its pending home sales index, which tracks signed contracts for home purchases nationwide, rose 3% in March over February's level, and was up 1% from the same month a year earlier. The news helped to push stocks up: The Dow Jones industrial average rose 214.33 points, or 2.6%, to 8,426.
March 26, 2009 | Times Wire Reports
California home prices fell 41% last month from a year earlier, more than double the U.S. decline, as surging foreclosures drove down values, the California Assn. of Realtors said. The median price for an existing, single-family detached home in California sank to $247,590 in February from $418,260 a year earlier, the group said. The U.S. median price fell 16% during the same period, the second-biggest drop on record, according to the National Assn. of Realtors.
October 17, 2008 | Diane Wedner, Times Staff Writer
Get thousands of real estate professionals in one place during the worst market since who-knows-when, and this is what you find: yard signs for use in selling foreclosed properties, and a bunch of guys in yellow vests handing out life preservers. "We're trying to keep Realtors afloat," joked David Bronson of Pismo Beach-based People's Choice Brokers, who, along with his colleague Ben Payne and others, sportingly donned bright yellow nautical gear at this week's California Assn. of Realtors Expo.
October 16, 2008 | Diane Wedner, Times Staff Writer
Home prices across the state will continue to drop next year even as sales, spurred by the low prices on properties in foreclosure, keep rising, according to a California Assn. of Realtors forecast released Wednesday. Doubts about the stability of the nation's financial markets are likely to linger through the middle of next year, compounded by worries about the difficulty of obtaining mortgages for homes in the state's higher-priced areas, the forecast said.
June 10, 2008 | From the Associated Press
Pending home sales unexpectedly increased in April to the highest reading since October, an industry group said Monday, but they remain more than 13% below the year-earlier period. The National Assn. of Realtors' seasonally adjusted index of pending sales for existing homes rose to 88.2 from a March reading of 83, the lowest since the index was started in 2001. The index stood at 101.5 in April 2007. Wall Street economists polled by Thomson/IFR had predicted that the index would remain steady at 83. A reading of 100 is equal to the average level of sales activity in 2001.
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