Making sense of the story

• There are certain signs to help determine if a particular neighborhood is on the verge of a rebound.  For instance is local employment on the upswing?  That’s a critical factor for a region to get itself on the path to recovery.  Improving jobs picture has led to shrinking housing stock across the country, as investors and bargain hunters have started buying up foreclosures that have been preventing a recovery.
• For years, buyers were scared of overpaying for a home, but less so now.  Many buyers have grown accustomed to thinking they’ll score deals, so they tend to act slowly, and typically start bidding around 10 percent to 15 percent below list price.  However, a growing number of buyers are beginning to realize that if they wait too long in this market, they may miss out.
• Sellers can hold firm on price if they’re patient.  The days of having to deal with low-ball offers are coming to an end.  The higher the price, the more patient the seller must be.  Cheaper homes are affordable to more buyers and appealing to investors, so recoveries usually start there.
• Sellers should keep in mind that while they don’t have to placate low-ball offers anymore, they also can’t shoot for the moon either.  Working with a REALTOR® and setting a realistic price from the get-go is key.
• Sellers should know what they’re competing against.  Homeowners should let their home’s value dictate the price.  While this may seem self-evident, some owners may have lost sight of it during the bust.  On the one hand, some sellers clung to the false hope of a return to boom prices, so they set prices unrealistically high.  Others may have gone too far the other way, and set their price too low.
• It’s also important that sellers understand they’re no longer competing with gutted foreclosures.  Buyers are tired of looking at worn-down, neglected, distressed properties and often don’t have much extra money to do a lot of fixing up.  REALTORS® often report their clients are willing to pay a little more for a home that’s ready to move into.

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http://money.cnn.com/2012/04/19/real_estate/housing-market.moneymag/index.htm?iid=HP_River

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http://www.latimes.com/business/realestate/la-fi-harney-20120422,0,7259627.story

However, data on home prices changed little from the previous month – marking a fifth month of seasonal lows.

The March Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:
Mortgage delinquency rates continued a downward trend and are substantially below year ago levels. In addition, foreclosure completions ticked downward last month, although increased activity is expected in the coming months as firms lift processing delays following the landmark mortgage servicing settlement reached with the five largest banks in early February.
More than 5.8 million modification arrangements were started between April 2009 and the end of February 2012.
As of February, more than 970,000 homeowners received a permanent HAMP modification, saving more than $530 on their mortgage payments each month.

http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2012/HUDNo.12-068

Renting used to be cheaper than buying, but in many U.S. cities that’s no longer the case as rent continue to climb and home prices stagnate.

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http://money.cnn.com/2012/04/05/real_estate/buy-rent-home-prices/index.htm?iid=HP_LN

With U.S. borrowers owing a collective $700 billion more on their mortgages than their homes are worth, and foreclosures ramping up again in many places, it might seem surprising that experts are increasingly optimistic.

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http://www.washingtonpost.com/business/economy/housing-experts-optimistic-despite-dismal-data/2012/03/26/gIQA7UH2eS_story.html

Housing appears to be rated a “buy” these days, especially among investors, who see a ripe and rising rental market and big potential for income.

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http://www.usatoday.com/money/economy/housing/story/2012-03-04/cnbc-real-estate-is-it-time-to-buy/53338660/1

Among new Internet-based real estate ventures to pop up in recent months is one that enables house hunters to simultaneously search for just about every lifestyle criteria imaginable.  Another protects would-be tenants from unwittingly renting from a struggling owner in the midst of a foreclosure.
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http://www.latimes.com/business/realestate/la-fi-lew-20120226,0,7465346.story

Mortgage rates are the lowest on record.  But by a key historical measure, they should be even lower.
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http://online.wsj.com/article/SB10001424052970204131004577237550558739754.html?mod=WSJ_RealEstate_LeftTopNews

The share of REO sales rose in December to 24.6 percent, up from November’s 23.5 percent, but down from the 28.3 percent recorded in December 2010.