From: Mike Francis [mikefrancis]
Sent: Tuesday, June 01, 2004 8:55 AM
To: mikefrancis
Subject: Brokers see signs of slowing real estate boom
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Brokers see signs of slowing real estate boom )
Real estate confidence bubble: Inventory expands, time on market lengthens June 01, 2004
in this issue
  • Signs of a slow-down have surfaced in some housing markets
  • New Home Sales Tumble 11.8 Percent
  • No Slowing Seen In Housing Boom
  • Today's Rates
  • Real Estate News
  • Realtors Click Here - Close on Time
  • Assessor Records and Maps
  • Find a Home in the MLS

  • Tuesday

    By Glenn Roberts Jr. Inman News

    Some of Dee Dee Trosclair's clients are getting antsy these days and asking why their homes aren't selling like hotcakes. Home buyers, meanwhile, are getting more serious about making a move, said Trosclair, a Realtor for Keller Williams Realty in Dallas.


    Presented by Mike Francis

    Signs of a slow-down have surfaced in some housing markets

    Some of Dee Dee Trosclair's clients are getting antsy these days and asking why their homes aren't selling like hotcakes. Home buyers, meanwhile, are getting more serious about making a move, said Trosclair, a Realtor for Keller Williams Realty in Dallas.

    Subtle signs of a slow-down have surfaced in some housing markets across the country, as inventories of for-sale homes build up and some homes take longer to sell. The sale of high-end homes in particular has been stagnant in some markets. Rising interest rates are high on buyers' minds, Realtors report, and some agents said they're worried that a growing number of homeowners are financially overextended.

    Trosclair said she worked with one first-time home buyer who saw the interest rate rise one-half percent during the time it took to negotiate the contract and lock in the rate on her mortgage. "The slight adjustment almost placed her out of the market," Trosclair said.

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    "This year it seems that more buyers are in the market, and it appears that the listing inventory is up significantly and that's favorable for buyers, of course. Buyers appear to be ready to move now with the motivation of higher rates in the future. "Sellers are expressing concern that there are many homes available in their neighborhoods, and they may have to take a loss if they purchased in the last three years. Five years ago inventory was lower and the market seemed very much in balance," she said. A buzz of home-building activity in the region is a likely contributor to the slowing sales of existing homes. "Builder competition is catching many of the would-be existing-home buyers," she said.

    New Home Sales Tumble 11.8 Percent

    WASHINGTON (Reuters) - Sales of new U.S. homes sagged well below expectations in April to post their biggest monthly drop in more than ten years as rising mortgage interest rates cooled the busy housing market, a government report showed on Wednesday.

    Sales of new homes tumbled 11.8 percent to a seasonally adjusted annual rate of 1.093 million units from an upwardly revised record high of 1.239 million in March, the Commerce Department said.

    Analysts polled by Reuters were expecting sales to ease to a 1.200 million unit pace.

    April's rate was the lowest level of new home sales since November in what is normally the peak season for real estate sales. The decline -- the largest monthly drop since January 1994 -- could signal the end of a housing boom fueled by the lowest mortgage interest rates since the early 1960s.

    No Slowing Seen In Housing Boom

    The U.S. housing market shows no sign of a nationwide bubble and should remain strong for the next decade even if interest rates rise somewhat, according to an analysis from leading industry economists released yesterday.

    There's no slowdown in sight for housing demand, according to the group of five economists who collaborated on the first 10-year projection offered by the Homeownership Alliance, a Washington-based association of 18 national housing organizations.

    Instead, the report compiled by Fannie Mae, Freddie Mac, the Independent Community Bankers of America, the National Association of Home Builders and the National Association of Realtors offered the promise of a continuing boom driven by population growth, including immigration, and new jobs.

    Among the 10-year predictions: · Demand for new housing will remain steady at about 2 million units a year, with aging boomers, boomer babies and immigrants competing for places to live. · The national homeownership rate will grow to as much as 72.4 percent from its 2003 record of more than 68 percent. · Total home sales will average about 8.5 million per year, on par with recent record years. · Home price increases should average 5 percent a year nationally through 2013, with price gains above 6 percent in areas where supply is tight, such as the Washington market.

    Today's Rates

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    Real Estate News

    Realtors Click Here - Close on Time

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    Assessor Records and Maps

    The Clark County Assessor's Office makes every effort to produce and publish the most current and accurate information possible. No warranties, expressed or implied, are provided for the data herein, its use, or its interpretation. The assessed values are subject to change before being finalized for ad valorem tax purposes. The Assessor parcel maps are for assessment use only and do NOT represent a survey. The Assessor parcel maps are compiled from official records, including surveys and deeds, but only contain the information required for assessment. See the recorded documents for more detailed legal information.

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