Small signs of hope in real-estate market gloom Real Estate Weekly ...

By MarketWatch

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There?s no doubt that the state of the nation?s housing is sobering, which is how folks at Harvard University?s Joint Center for Housing Studies characterized the country?s housing trends in a report released this week.

Household formation is way down, depressing housing demand, and many homes are selling for less than they were purchased. Sure, affordability has improved. But few are willing to risk the purchase of a new home during uncertain times like these.

Still, it?s possible that a market turnaround could come quickly, according to the Center?s research director.

According to Movoto.com, a real-estate brokerage, some signs suggest conditions at least are starting to improve. The average number of days a home is on the market now is 140 days, down from 150 days in December, according to the firm. Median listing prices have risen to $246,000, up from $224,900. Movoto?s data is based on real-estate listings in 16 of the 20 biggest U.S. metro areas.

Read more real-estate news in this week?s pages, including more on the Harvard report and a Realty Q&A about a real-estate scam called ?flopping.?

Granted, no one in their right mind would be calling a housing recovery just yet. Conditions still look grim. But the clouds have to part sometime.

? Amy Hoak , Real Estate writer

Cheaper homes hit hardest by price declines

The values on the country?s most modestly priced homes fell steeper than their upscale counterparts during the downturn, according to a report released Monday by Harvard University?s Joint Center for Housing Studies.
Read more: Cheaper homes hit hardest by price declines.

Real-estate scam that?s devastating prices

?Flopping,? which involves an intentional misrepresentation of house prices, can have a devastating impact on property values, Lew Sichelman says.
Read more: Real-estate scam that?s devastating home prices.

Why it?s time to buy real estate ? if you can

Despite all the gloom in the real-estate market, there are growing indications that it is a good time to buy. Mortgage rates are near 50-year lows. Homes have become more affordable than they have been in years. And a historic glut of homes, meanwhile, has created a buyer?s market.
Read more: Why it?s time to buy real estate ? if you can.

U.S. halts mortgage fees to three big banks

The Obama administration on Thursday halted payments to three of the largest U.S. banks until they make ?substantial? improvements to their performance in a mortgage assistance program.
Read more: U.S. halts mortgage fees to three big banks.

1-year ARM falls to record low below 3%

One-year adjustable-rate mortgages fall to 2.95% this week ? their lowest level in the history of Freddie Mac?s weekly survey of conforming mortgage rates ? after a weaker than expected jobs report pushed all mortgage rates lower, Freddie Mac reported on Thursday.
Read more: 1-year ARM falls to record low below 3%.

Housing recovery to be drawn out: Fed?s Yellen

The housing recovery will be a long, drawn-out process even as the economic recovery progresses because of the high share of distressed sales, the large inventory of vacant homes and tight mortgage credit, the number-two Federal Reserve official says.
Read more: Housing recovery to be drawn out.

Goldman hedges its mortgage hedges

Goldman?s current defense of its actions during the 2007 meltdown of the mortgage industry flies in the face of immense profits it made during that time, writes David Weidner.
Read more: Goldman hedges its mortgage hedges.

Source: http://www.marketwatch.com/story/small-signs-of-hope-in-real-estate-market-gloom-2011-06-10

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