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 |
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| Real estate confidence bubble: Inventory expands, time on
market lengthens |
June 01, 2004 | |
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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
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Signs of a slow-down have surfaced in some housing
markets |
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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.
The best web templates providers online who offer high quality web Templates HTML web templates for both novice and experienced users. Build your own website with a professional web template. "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.
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New Home Sales Tumble 11.8 Percent |
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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.
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No Slowing Seen In Housing Boom |
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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.
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Real Estate News |
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Assessor Records and Maps |
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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,
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Assessor parcel maps are for assessment use only and do NOT
represent a survey. The Assessor parcel maps are compiled from
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information required for assessment. See the recorded documents for
more detailed legal information.
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