Housing: Best time to buy in four years

Home values have declined across the country, giving homebuyers the best buys they've had since 2004.

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By Les Christie, CNNMoney.com staff writer

March 4 2008: 5:30 PM EST

Most under-valued housing markets Where to find the best bargains City State Median home price % undervalued Houma LA $116.5 -31.2% Dallas TX $134.5 -30.0% Houston TX $119.3 -29.1% Shreveport LA $101.2 -28.6% Lafayette LA $128.8 -26.2% College Station TX $104.1 -25.8% Fort Worth TX $111.7 -24.9% Alexandria LA $93.3 -24.8% Monroe LA $93.4 -24.6% Lake Charles LA $99.9 -23.8% Source:National City Corp. and Global Insight

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Housing: Best time to buy in four years Hope Now: We've helped 1M home owners Say good-bye to granite countertops Home price plunge accelerates

NEW YORK (CNNMoney.com) -- It may be the best time to buy a house in more than four years.

Home prices have dropped so quickly and so far that valuations - the difference between what a home should cost and its actual price - are the lowest they've been since 2004, according to a report.

The Cleveland-based bank National City Corp. (NCC, Fortune 500), together with financial analysis firm Global Insight, revealed Tuesday that more than 88% of the 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007.

"Housing valuations are almost back to long-term norms," said National City's chief economist, Richard DeKaser. He called current affordability "the best in the past four years."

But DeKaser cautioned that home prices could fall even further.

"This isn't to say home price declines are over," he said. "We could move below historic norms. By the end of 2008, housing markets could be broadly under valued."

Prices still improving

There are still 21 housing markets, or 6% of those surveyed, that are severely over valued, including Atlantic City and Madera, Calif. That's down from 56 overvalued markets at the peak of the housing bubble in 2006.

The report compares actual median home prices with what the authors determine are proper home values based on population density, relative income levels and interest rates, as well as historically observed market premiums or discounts, to determine whether markets are over or under valued.

The report also factors in market intangibles that make some areas more desirable places to live, and more expensive.

"Declines are no longer confined to once-frothy markets," said DeKaser.

The survey covered home valuations during the last three months of 2007, but DeKaser pointed out there's reason to believe that valuations are even more favorable for buyers today.

Price declines have continued into 2008 and interest rates, although they have inched up lately, have been steady or lower compared to late last year. There have even been wage gains; personal income rose 0.5% in December. Soaring foreclosure rates have added inventory to many housing markets, depressing home prices further.

The biggest gains in affordability occurred in California, Michigan and Florida, which are areas that have also been some of the hardest hit by foreclosures. Those states registered 43 of the 50 biggest price declines.

Bend, Ore. currently tops the overvaluation list. Home prices there were judged to be about 59% higher than their fair-market value. Miami, despite a median home price decline of 5.7% last year, is the most overvalued big city, by 44%.

All the best bargains were found in Louisiana and Texas. Houses in Houma, La. were under valued by 31.2%, according to the report. Dallas was the most undervalued big city, by 30%.

Have you lost your job, your business or your home? Are you raiding retirement accounts to pay the bills? We want to hear from you. Tell us how you're being affected by the weakening economy and you could be profiled in an upcoming story. Send emails to realstories@cnnmoney.com.

Best Buyers Real Estate Market Forecast in 2008

Article located at: http://www.prweb.com/releases/2008/2/prweb704063.htm

The nation's weakening real estate markets should produce the best buyers real estate market in years in 2008, making it the best time to purchase property in years, according to the latest Housing Predictor forecast.

Destin, FL (PRWEB) February 19, 2008 -- The nation's weakening real estate markets are providing the best buyers housing markets in years in much of the U.S. and 2008 promises to be the best time in years for home and condo buyers to find a deal in real estate, according to the latest analysis by Housing Predictor.

By cutting interest rates, the Federal Reserve has triggered what is slowly transforming into an investors surge in real estate sales. Pent up buyers' demand in many markets is becoming evident with increasing inquiries after a housing slump that resulted from an over supply of inventory.

The mortgage meltdown has produced record levels of foreclosures throughout the majority of the nation's housing markets, which won't be sold off entirely for many years. Housing Predictor forecasts foreclosures will top 5.6 million properties through 2011.

Housing prices in the overwhelming majority of the nation's local real estate markets have fallen, some by as much as 50 percent from their market's peak. The majority of markets will still see deflation in 2008. Housing deflation is forecast in 190 of the 251 local markets Housing Predictor forecasts in 2008. But the best time to purchase real estate to make a profit is when prices are down.

Location, location, location has long been the real estate mantra, but buying real estate for the best possible price is key to investing and making a profit in real estate. Only 2 percent of all buyers nationally make their real estate purchases at the bottom of the market.

Investors are beginning to flock to many hard hit markets to make purchases of foreclosures or negotiate lower prices in the conventional re-sale market. The Worst 25 housing markets selected by Housing Predictor is where some of the best deals are in today's market place. But hard pressed markets aren't the only place where buyers are finding deals.

Higher interest rates, combined with poorly underwritten mortgages, new creative finance products and an epidemic of mortgage fraud slowed the majority of the nation's booming real estate markets. But an increasing number of real estate investors are beginning to show that many markets are slowly bouncing back, despite widespread housing deflation and a recessionary national economy.

To read the full Buyers market forecast, check your market's forecast and search foreclosures, visit http://www.HousingPredictor.com.

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Candice's Notes: Please reread this statement at the beginning of the article:
The nation's weakening real estate markets should produce the best buyers real estate market in years in 2008, making it the best time to purchase property in years, according to the latest Housing Predictor forecast.

New bank brings momentum to Orlando

Beth Kassab | Business Columnist

February 18, 2008

On the 10th floor of the American Momentum Bank tower (also known as Capital Plaza II, overlooking Lake Eola), nearly 200 movers and shakers gathered in the bank's new executive offices last week for drinks and hors d'oeuvres to welcome the business to town.

Fittingly, the unstated theme of the evening was dollar signs. They were visible everywhere you looked -- and I'm not talking about the greenbacks in the vault.

No, this bank has set itself apart with its who's who board of directors and its record-setting startup capital of $100 million, most of which came from founder and Texas tycoon Donald Adam.

At one point during the evening, a well-known local shaker leaned over to me and wryly observed, "There's a lot of money in this room."

You can say that again.

In addition to Adam, who sold his Texas-based bank chain to Citigroup in 2005 before starting American Momentum in Tampa, there was a host of other wealth on hand for the event.

The board of directors includes, among others: Jim Pugh, chairman of Epoch Properties and one of Orlando's most well-known philanthropists; retired U.S. Sen. Connie Mack, R-Fla.; Dick Batchelor, a local consultant and former Democratic legislator; and Mel Sembler, a Tampa builder and former U.S. ambassador.

Eric Waldron, a former SunTrust executive and a former chief executive of Riverside Bank, is in charge of American Momentum's Orlando-area branches. He said the bank, which is attempting to offer big-bank services with a community-bank feel, will target municipalities, corporations, not-for-profits, and real estate developers as clients.

"I think our timing is perfect," Waldron said of the 15-month-old bank, which is coming into the marketplace just as economic conditions are forcing already stretched big banks to give up business from good borrowers.

And with the capital behind this bank, it can afford to give out the big loans others are denying.

"We have the funds behind us to make major loans up to $25 million," he said. "That's unusual for a community bank."


Deluxe apartments in the sky

Just over six months ago, I wrote about how the struggling condo market had produced an oversupply of penthouses in downtown Orlando.

It's a small slice of the overall market, but significant nonetheless because of the multimillion-dollar prices developers were originally hoping to get for those rooftop units.

At the International Builders' Show last week, I asked some developers what they thought would happen to the deluxe condos in the sky.

"I predict that you're going to see a lot of penthouses with stereos and mattresses on the floor, because it's going to be some of the best buys in town," said ZOM Development chief executive Steve Patterson.

The penthouses, many of them outfitted with features like wet bars, high-end kitchen appliances, even remote-controlled bathtubs, are selling for less than anticipated.

At 55 West, which recently went through foreclosure, the new developer was even considering alternative uses or configurations for the penthouses, which originally were on the market for about $2.7 million each.

Patterson, who is developing the Paramount, a condo tower with a Publix on the ground floor that's expected to be complete this summer, said penthouses will likely "represent some of the best values in the market" for a while.

"I'm already starting to see some of those trade here in Orlando, in particular," he said. "We definitely were guilty of probably over-building the market to some degree."

Candice's Notes: This weekend I spoke with a gentleman who is a Commerical Loan banker and he said as much as media claims this market is not stable, loan applications suggest otherwise. The best time to buy is now.

Housing market holding steady

Tier escapes downfalls of overdevelopment

JOSEPH GERONIMO / Press & Sun-Bulletin

A home carries a “sold” sign on Allendale Road in Binghamton.

By Debbie Swartz
Press & Sun-Bulletin

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Average and median home sale prices in Greater Binghamton increased in 2007, compared to the previous year, in contrast to declines in those prices nationally.

"Real estate is local and our local market has remained steady and strong," said Greater Binghamton Association of Realtors Inc. President Lynda Sardella.

The average selling price of a home in Greater Binghamton increased from $119,317 in 2006 to $128,114 in 2007, according to data from the Greater Binghamton Association of Realtors, which includes sales from Broome and Tioga counties and parts of Chenango County and northern Pennsylvania.

The median selling price of an area home increased from $95,000 in 2006 to $110,000 in 2007, the association said. That 15.8 percent increase put the region on Forbes magazine's top 10 list of "sizzling housing markets" in November.

By comparison, average housing prices in the U.S. decreased 1.9 percent for existing homes and 2.1 percent for new homes, according to the National Association of Realtors.

The reason behind the local price increases is supply and demand, said John Burns Jr., owner of Century 21 John Burns Realty in Vestal.

"There were more people chasing fewer properties," Burns said.

While the local price increases were sizable, they don't come close to what other areas have seen over the last several years, Burns said. Even within the state, regions such as Albany and Westchester have housing prices 50 percent higher than Greater Binghamton, he said.

"I don't think we've even come close to catching up to other areas," he said.

His office gets calls from many interested buyers looking to move to the region due to its inexpensive housing, low crime and other marketable features, Burns said. Many are moving from places where real estate costs have skyrocketed.

"We've sold a lot of homes to people in the New York City area," Burns said.

Many housing markets across the country, including those in Nevada, Florida and California, have been hit hard due largely to extensive overdevelopment, Burns said.

"We never got that supply," he said. "We never had that building boom."

The sagging economy, Burns said, has also hurt those markets, as some owners of vacation properties sell off second homes.

The investor-driven real estate markets that have been hit the hardest are a far cry from buyers in Greater Binghamton who are looking for owner-occupied houses, Burns said.

"The people that are buying our real estate live in it," he said.

While figures show the number of houses sold in Greater Binghamton decreased in 2007 compared to the previous year -- 2,165 in 2007 from 2,496 in 2006 -- the market is still strong, said Sardella, also a real estate agent for Re/Max Renaissance Realty in Vestal.

"We're still doing very well," she said.

One reason for a decline, Burns said, is the tightening of the loan process for investors who are looking to purchase non-owner occupied rental units.

"That's where the market has softened up," he said.

The best year on record for Greater Binghamton was 2005 -- the same year Lockheed Martin Systems Integration in Owego hired hundreds of employees to build the presidential helicopter. That year, 2,611 homes sold and gross sales topped $25.4 million.

"It was a great year," Sardella said.

The plentiful inventory of homes, low interest rates, and properly priced houses are encouraging news for those looking to purchase real estate in 2008, she said.

"This is a fantastic time if somebody is considering buying a home," Sardella said.

Properties in our region will sell, whether they're in Binghamton, Vestal, Endicott or Whitney Point, Burns said.

"If something is properly priced, a sale will occur," he said.

On the national stage, trends in existing home sales are expected to increase in 2008, according to the National Association of Realtors, but the sale of new homes will likely take until 2009 to recover from the current slump.

An upswing is expected in the local real estate market in 2008, as empty nesters look to downgrade to smaller homes and young families look to upgrade, Sardella said.

"2008 is going to be a great year," she said, "because the rates are low."

Candice's Notes: Positive articles do exist with actual facts shown correctly.

Maggi Hall's West Volusia Properties merges with Adams, Cameron real-estate firm

BEACON PHOTO/PAT HATFIELD

Part of the Downtown scene — The distinctive country-house look of West Volusia Properties has been a part of the Downtown DeLand scene since West Volusia Properties restored the historic home, starting in 2001.

BEACON FILE PHOTO

Ready for the future — DeLand activist and real-estate broker Maggi Hall is joining her West Volusia Properties firm with Adams, Cameron & Co., but don't expect her to slow down.

BEACON PHOTO/PAT HATFIELD

Part of the new Garden District — The Florida Wild Veterinary building at 115 E. Euclid Ave. in DeLand, directly behind the West Volusia Properties office, is an example of the renovated and restored Garden District. Maggi Hall plans to spend more time here, with her veterinarian daughter, Dr. Erin Hall Holder.

Published 2-06-2008

By Pat Hatfield
BEACON STAFF WRITER

In what may be the real-estate merger of the year, DeLand real-estate broker Maggi Hall and her company, West Volusia Properties Inc., has joined forces with Adams, Cameron & Co., which wants to expand in West Volusia.

Hall founded West Volusia Properties in 2001, in a renovated house at the corner of South Woodland Boulevard and Euclid Avenue, on the edge of DeLand's Garden District, which she helped develop.

Adams, Cameron President John Adams said he and Hall have had a good relationship, ever since Hall represented the seller when Adams purchased a building across the street from West Volusia Properties on South Woodland Boulevard in DeLand a few years ago.

Recently, Hall said, "He wandered across the street and said, 'Do you want to join forces?'"

Hall said yes, and will be working with Adams as a broker-associate and an officer in the Adams, Cameron corporation.

Hall's intention has been to retire at age 65, "and that's two years away," Hall said. Working with Adams will give her time to take care of her current listings, many of which are for friends.

Adams, Cameron offers the advantages of offices throughout Volusia and Flagler counties, Hall added. Plus, "Real estate is being marketed in different ways, now, more toward the Web," and Adams, Cameron has superior Internet programs, as well as a caring, family business, she said.

The transition will allow Hall, who was a major force in cleaning up DeLand's Garden District, once a haven for crime, more time to focus on another passion: animals.

She intends to devote more time to working with her daughter, veterinarian Erin Holder, who operates Florida Wild Veterinary Hospital at 115 E. Euclid Ave. in DeLand. Holder rescues and finds adoptive homes for stray and abandoned pets, and Hall has been involved in this effort, and in supporting rescue groups such as United Humanitarians of West Volusia.

In the meantime, Adams, Cameron welcomed Hall aboard Feb. 5 with a cake with a ship atop it. The company, founded in 1963, is one the largest real-estate firms in the Volusia-Flagler area.

BUSINESS Briefcase

Port Orange, DeLand split fire grant

February 3, 2008

Article Found at:

http://www.orlandosentinel.com/news/local/volusia/orl-vbiz0308feb03,0,34651.story

The Port Orange Fire & Rescue and the DeLand Fire Department have received a grant of $22,332 from Brown & Brown Insurance and Fireman's Fund Insurance Co. The money will be shared equally, with $11,166 going to each.

Port Orange's portion will purchase new protective fire shelters, which firefighters use as a last-line defense during brush fires and wildfires. In instances where the fire overtakes them, firefighters lie flat on the ground and cover themselves with the shelter as the fire burns over them.

The DeLand Fire Department will purchase three new portable radios and an air tank fill station, which refills oxygen tanks for firefighters to use while battling fires or working in other hazardous environments.

The grant package is part of a nationwide program, Fireman's Fund Heritage, funded by Fireman's Fund Insurance. The program is designed to provide needed equipment, training and educational tools to local fire departments.


Law firm elects vice president

F.A. "Alex" Ford Jr. has been elected vice president of the Landis Graham French, P.A. law firm. Ford, who works in the firm's office, handles cases that concentrate on representation of landowners in eminent domain, condemnations, zoning, land use and real estate. He has been with the firm since 1983.

Landis Graham French was established in 1902 and is the oldest law firm in Volusia County and one of the oldest in continuous existence in the state.

The firm also has offices in Daytona Beach and Deltona.

Candice's Notes: Local growth is important to keep up with.

Welcome! A new year with lots of new exciting adventures. This will be my first blog in a new blog address. Blogging is important because it allows for anyone who has a question that is not imperative but is curious to be able to ask on the market or my boutique. It also allows for every day updates on the market with an exact link to the paper/site reporting and my own personal imput. I look forward to the opportunity to possibly someday service your new home needs.