Consumer search behavior on Trulia continues to reflect national trends in the real estate market. In this month’s report (PDF), foreclosures take a front seat as cities with an increasing number of foreclosures are also posting an increasing number of consumer searches. For the month of October, all five cities in our “Movers and Shakers” list of biggest search gainers were among the nation’s largest metro areas with the highest foreclosure rate, according to a Q3 study by RealtyTrac. Buffalo, New York and Kansas City, Missouri were among the cities with the biggest decline in search queries in October. Those cities are feeling the pain of an increasing number of foreclosures, however, the overall pace of those markets may also be slowing.
The housing market has suffered a one-two punch from the subprime mortgage meltdown and subsequent credit crunch, and the dizzying effects of the market’s downward fall are widespread. Recently, the ripple effect has been felt all the way down Wall Street - from new home builders who are saddled with inventory, to home-improvement retailers who face big earnings losses, to mortgage lending companies forced to cut jobs or close.
Meanwhile, many of the hundreds of thousands of families who bought homes using loans with so-called “teaser” interest rates and minimal down payments are defaulting on their loans and facing foreclosure. Foreclosed homes are often listed below market price and the additional inventory of available homes, along with foreclosed homes’ reduced sales prices, can further depress a struggling market.
Here are some highlights from our analysis of median list prices and Real Estate Owned (REO) prices in the cities with the highest foreclosure rates:
Download the full report here (PDF)
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December 3rd, 2007 at 9:54 am
Despite the “subprime meltdown”, huge quantities of cash are being spent on luxury items such as second homes, fractionals and timeshare resorts. Those ready to buy a timeshare now could be looking at a fairly good buyers’ market. Certainly, buying resale will beat a retail price anytime. But, with so many people going into foreclosure on residential homes, some of those owners will be willing to part with their “second home” for a loss. If you spend wisely, you could save 25 to 50% off retail.
January 17th, 2008 at 8:05 pm
these reports are worth reading to get more insight of real estate industry. I specially recommend it to newbies
February 26th, 2008 at 11:16 am
Dear Sirs,
My name is Sanches and I am new to this forum. I hope, I am posting in the right
section, and my
apologies, if I posted inappropriately,
moderators, please move this post accordingly.
About this time last
year, I found information about
investment funds, that are rarely published on
official investment resources. The earnings, which people could
receive by participating in such
programs, appeared
incredibly high at
first, but as I investigated more about them, I joined selected ones too. These days, I consider
myself to be the successful
player. To take my online adventures on the next level, I
now created the blog, which
outlines detailed information
about selected investment websites. To see it, click here. I would deeply
appreciate
everyone’s comments.
March 1st, 2008 at 10:24 pm
Glad to be here,
I am Jason Lee , I am new to this forum. I didn’t find relevant
thread to post this, and my apologies, if I posted inappropriately,
please advise the right
thread.
Few months ago, I stumbled upon information about
investment private clubs, that are not readily available to the public. The yields, which investors could
receive by participating in such private clubs, seemed
extremely high at
first, but as I searched more reviews about them, I began to make a lot of money. Today, I consider
myself to become the successful
investor. My next step, is marketing field, so, I
made available the blog, which
outlines detailed information
about selected investment websites. You can see my current picks, click here.
I would deeply appreciate
everyone’s feedbacks.