A trade group reported yesterday, sales of existing homes dropped to their lowest level in nearly two years in January, and the number of unsold homes on the market rose. A survey showed a surprising dip in consumer expectations, and the Commerce Department revised upward measures of economic growth and inflation in the fourth quarter, also reported yesterday.
Wednesday, March 01 2006 @ 01:55 AM MSK
Contributed by: jron
Jane Fairchild couldn't imagine how she'd ever own a home, A high school social worker and single mom earning $46,000 a year. Fairchild had no idea about the numerous programs available to help potential home buyers in her salary range, like many lower- to middle-income earners.
Tuesday, February 28 2006 @ 12:15 AM MSK
Contributed by: jron
In a report, a woman named Jennifer Schneidt was already having trouble making ends meet when she and her children were evicted three weeks ago for illegally subleasing her cousin's manufactured home in Warren. Since then, the 20-year-old and her three kids have been living with that cousin in Hazel Park, but the one-bedroom house is hardly an ideal living situation.
The first sign housing in 2006 may lose its luster after five record years, new-home sales in the U.S. fell to the lowest level in a year in January and the number of properties on the market was the most ever.
Providing further evidence that the nation's five-year housing boom is slowing, sales of new homes fell for the second time in three months in January. The Commerce Department reported Monday that sales of new single-family homes dropped by 5 percent to a seasonally adjusted annual rate of 1.233 million units last month.
The decline, or stabilization, of activity may soon affect the market in another way and it's called downsizing. Entering 2006, the real estate market has been stabilizing, meaning that sales activity has slowed due largely to rising mortgage rates.
Records show Theresa Lewis told buyers they didn't need down payments, that mortgages would be covered by rental payments and the properties could be re-sold at a profit, as former real estate broker accused of persuading buyers to buy foreclosed properties financed with fraudulent loans is facing prison time, reports said.
The event is co-hosted by RCI's parent company, Cendant Vacation Network Group, and specialist industry consultants, Ragatz Consulting, under the theme of New Horizons in shared ownership. The event aims to attract a high profile audience of business investors, real estate developers and specialists from the industry. On April 29, set for Dubai's Burj Al Arab Hotel 28.