The number of residential projects in the U.S. is decreasing. The decrease is a result of decrease of the residential projects by the private companies. Private companies residential properties projects have dropped 18.3 percent.

The drop in residential properties is the highest since 1994. Spending on construction has reduced by 2.6 percent.

The private parties are reducing their construction activities because the market is down. Construction companies are cutting back on their projects so as to keep themselves away from too much of inventory and to save themselves from loss.

Let’s see the figures of Construction

2007          -2.6%
2006         +5.3%
2005         +10.6%

This 2.6% is a record […] Continue Reading…

Since 1965, U.S. has seen the biggest one year drop in home ownership. The main reasons are

Foreclosure
Mortgage

A recently released government report confirmed it. The Census Bureau report clearly showed that homeowners owned 67.8% of occupied homes in the U.S. A year earlier it was 68.9%. This drop in ownership rate is the highest year-over-year drop. The highest home ownership rate was 69.2 % in the last quarter of 2004.

You will find 2.18 million empty homes in the fourth quarter. All these are ready to sell and available in the market. This is a record in itself. See the data […] Continue Reading…

Prices are falling down, but the price is still far from affordable from the middle class. Most of them still cannot buy homes of their own.

According to a recent report by the Center for Housing Policy, despite the decreasing house prices, middle class in America is not able to buy a house for themselves because the house prices are high enough an they do not earn enough to pay for it.

The study compared 201 metro areas to find out the housing costs. They took into account 60 major vocations and their salaries. Among the vocations compared were those of […] Continue Reading…

Senator Chris Dodd proposal for a fund to buy defaulting subprime mortgages and to restructure loans

It’s a new news for the sub prime mortgage borrowers at risk. A proposal has been floated to rescue the borrowers from the sub prime mess. It was proposed to the Senate Banking Committee.       

Senator Chris Dodd, the committee chair announced about his efforts on this proposal. He disclosed about creating a Home Ownership Preservation Corporation.  This corporation is supposed to purchase mortgage. Those mortgage securities will be purchased which are having subprime loans.

These properties will be purchased at a higher price from the […] Continue Reading…

We covered “How real estate agent can help you in buying a house” in previous posts. Now we will discuss how a real estate agent can help you in selling your home.Do you know one fact? A recent study revealed that when a real estate agent sells your home, then you can expect to get 27% more money than when you yourself sell it. So, this is the importance of the using a real estate agent for selling your home.

Relocation, need of bigger house, need of a smaller house whatever may be the reason for selling your home, you […] Continue Reading…