Archive for October, 2011

Marketwatch – New home sales rise to 313,000 pace in September


By Jeffry Bartash

WASHINGTON (MarketWatch) – Sales of new single-family U.S. homes rose by 5.7% in September as prices fell to the lowest level in nearly a year, The Commerce Department said Wednesday. New home sales climbed to an annual pace of 313,000 in September from August’s slightly revised level of 296,000, on a seasonally adjusted basis. Economists polled by MarketWatch had forecast new home sales to rise to 300,000. Yet sales are still 0.9% lower compared to one year ago. The median selling price of new homes, meanwhile, fell by 3.1% to $204,400, marking the lowest level since last October. The supply of new homes available fell to 6.2 months at the current sales pace from 6.6 months in August, matching the lowest level since April 2010. The South accounted for more than half of all new home sales last month, while sales fell in the Northeast and Midwest.

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U.S. housing starts jump 15%, hit 17-month high – Marketwatch


Apartments lead September gain; single-family starts rise 1.7%

By Steve Goldstein,
MarketWatch

WASHINGTON (MarketWatch) — Housing starts surged 15% in
September to the highest level in 17 months, according to government data
released Wednesday, as increased demand for rental stock as well as rebuilding
after Hurricane Irene contributed to the upturn.

The Commerce Department said starts rose to a seasonally adjusted annual rate
of 658,000, which also is 10.2% above the September 2010 reading and the best
level since April 2010 — the month the homebuyer tax credit expired. The figures
were well ahead of the 590,000 forecast in a MarketWatch-compiled economist
poll.

The rise was led by a 53% surge in starts of buildings with five or more
units to 227,000, the best reading in three years; single-family starts rose a
more modest 1.7% to 425,000, which is only a two-month high.

Rental demand is booming, as buyers struggle to get the credit needed to
purchase homes even with mortgage rates near record lows and as some show a
reluctance to re-enter the housing market over fears of declining prices.

“The big gain in multfamily is consistent with what we have seen in
construction spending and is leading the slow recovery in the construction
industry,” said Jed Kolko, chief economist of real estate web site Trulia.
“That’s in response to rising rents that show the relative tightness of the
rental market.”

The starts data can be highly volatile, with September’s data having a margin
of error of plus or minus 13.7%.

The less-volatile building permits figures declined 5% to 594,000, and
single-family permits eased 0.2%.

August’s reading on housing starts was revised modestly higher, to 572,000
from 571,000, and August’s reading on permits was revised higher to 625,000 from
an initial reading of 620,000.

In any case, the data still show that housing has a long way to go to recover
— at the peak, there were 2.07 million units started in 2005.

The glut of foreclosed and soon-to-be-foreclosed homes, the number of
underwater mortgage owners, high unemployment and tough credit standards all
have contributed to weakness in housing.

But data of late have shown signs of stabilization.

On Tuesday, home-building stocks rallied on the release of builders confidence data for
October that recovered to the highest level — a still-bleak 18 on a scale of
1-to-100 — since May 2010.

Builders extended gains Wednesday, with PulteGroup and D.R. Horton stronger in early action.

As with the home-builders sentiment data, the figures on housing starts were
led by activity in the West, where starts gained 18.1% to hit a three-year high.
In the South, the largest market for new homes, starts rose 15.7% to register
the best reading since April 2010.

However, both those markets were led by apartments; single-family starts
dropped 9.4% in the South and were flat in the West.

Trulia’s Kolko said what appears to be happening is that the hardest-hit
areas like California, Florida and Nevada are seeing shifts in demand to
apartments, because the vacant houses can’t be rented out.

“It requires management to have and maintain rental units, and a lot of
vacant stock is not where renters tend to live,” he said.

Separately, the Labor Department said consumer prices rose 0.3% in September.

// Steve Goldstein is MarketWatch’s Washington
bureau chief.

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Wildridge Real Estate Market Update


Activity Picks Up Across the Valley Driven by Lower-end Properties

Wildridge sales are steady but the real story is the explosion in the lower-end of the market.  Sales and under contract properties in the under $1 million market are hot.

Click on the links below to view the latest market update and the current listings and 2011 sales in Wildridge.

Market Update 10-11

Fall is in full session across the Valley but winter is fast approaching.  We’ve already seen snow and three ski areas are open.  It’s about time to pull those skis and snowboards out of storage.

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NAHB home-builder gauge jumps 4 points to 18 – Marketwatch


By Steve Goldstein

Fixes to reflect that April 2010 was when the
homebuyer tax credit ended.

WASHINGTON (MarketWatch) – Home-builder confidence in October rose by the
largest amount since the ending of the now-expired home-buyer tax credit
program, though the gauge remains mired at historically weak levels, according
to an index released Tuesday. The National Association of Home Builders/Wells
Fargo housing market index rose by four points to 18, the biggest one-month gain
since April 2010. The index, which measures builder confidence in the market for
new-built single-family homes and is closely correlated with single-family
housing starts data, came in stronger than the 14 reading seen by a
MarketWatch-compiled economist poll. That said, the index – designed so that a
reading of 50 is consistent with a “good” assessment – is still not back to
pre-recession levels. The index hasn’t been above 50 since April 2006

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October, 2011 Beaver Creek Real Estate Market Update


Beaver Creek sales are steady but the real story is the explosion in the lower-end of the market.  Sales and under contract properties in the under $1 million market are hot.

Also, foreclosures sales are up but foreclosure filings are down.  What does this mean?  All this and more in this month’s Market Update.  Click on the links below to take a look.

BC Market Update 10-11

Listings & Sales 10-11

Fall is in full session across the Valley but winter is fast approaching.  We’ve already seen snow and three ski areas are open.  It’s about time to pull those skis and snowboards out of storage.

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Looks Like Winter!


I took this photo this morning, Saturday, 10/8/11, in Beaver Creek.  Wolf Creek Ski Area received 3 feet of snow yesterday and is opening today.  Here was an email I received from the Colorado Department of Transportation today:

“Chain law in effect westbound I70 milemarkers 195-190.  Applies to all commercial vehicles, vans and buses with 16+ capacity.

Beaver Creek - 10/8/11

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