A quick succession of events and the U.S. stock market collapsed with some of the biggest names in global investment banking, sinking without a trace. The real estate market, which uses blogging as a means to reach out to global consumers, went into an overdrive of postings that reflected apprehension, fear, and a total lack of comprehension. Blogs went buzzing with the general fear that the property market, that had seen a boom particularly with Japanese, Canadian, and German buyers scooping up U.S. property, would now see an unprecedented downward spiral.

Looking for bargains

However, foreign investors have not run with their money. The dollar going weak has made the real estate market more attractive to them. Though the weak dollar and resulting credit situation has led the economy to a short term recession, experts feel that the trends of immigration and globalization, in the long term, will revive the real estate market in the country. 

Blogging to woo the International Market

Real estate professionals in the U.S. have experienced the international reach of blogs. Blogging has proved to be an extremely resourceful means to woo foreign buyers to the U.S. property market and to expose U.S. buyers to real estate sectors in other countries. Blogging has turned real estate into a borderless entity.  The Internet today is full of sites that enable you to search for property, gives access to brokerage company information, and third party portals. Most of these are blog postings that enable individuals and companies to connect, overcoming geographical and cultural barriers. Your world today is a global village giving you access to global property information.

Summer lull sees properties stay on market

VANCOUVER, B.C. - September 3, 2008 - The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of

53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006. New listings for detached, attached and apartment properties declined 1.7 per cent to 4,331 in August 2008 compared to August 2007, when 4,408 new units were listed.

"In August, properties on average remained on the market longer than we've seen in recent years," REBGV president, Dave Watt said. "As the market heads into the traditionally more active fall season, we have begun to see property listings recede and prices moderate."

Sales of detached properties declined 58.5 per cent to 535 in August 2008 from the 1,288 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 1.6 per cent from August 2007 to $737,985. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 4.3 per cent.

Sales of apartment properties in August 2008 declined 50.8 per cent to 740, compared to 1,504 sales in August 2007. The benchmark price of an apartment property increased 1.7 per cent from August 2007 to $374,366. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent.

Attached property sales in August 2008 are down 50.5 per cent to 293, compared with the 592 sales in August 2007. The benchmark price of an attached unit increased 3.8 per cent in Greater Vancouver between August 2007 and 2008 to $463,433. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3.2 per cent.

As of August 31, 2008, active residential listings totalled 17,950 in Greater Vancouver, a 6.2 per cent decline from the 19,138 active listings seen on July 31, 2008.

 Here are all the changes that are making a difference when buying Metro Detroit real estate.  It doesn't matter if you are buying Livonia real estate, a Detroit home, or an Oakland County home for sale.

 I recently read a blog about a guy who wasn't licensed in real estate that I believed was going to take advantage of seniors.  He wanted to have the seniors buy a home with a hard money loan.   He wanted a hard money loan to avoid FHA safeguards and check and balances.  ( Read the rules FHA has about flipping homes below)   Hard money loans usually have interest rates of 12 to 18% rate.  His company or friends would then fix up the house.  Their charges would be added as a second mortgage to the Metro Detroit home.  Then they would "try" to refinance the senior into a reverse FHA mortgage.  Then the senior would own a home that they have little or no investment into, and be able to live in it the rest of their lives payment free.

It is a great plan to buy Metro Detroit foreclosures and Metro Detroit real estate and have them appraise for a lot more when fixed up.  In theory it is great but Banks and FHA are looking at appraisals hard. 

For a home to be resold through FHA FINANCING, the previous purchase of that home must have happened at least 91 days ago. So, if you purchase a Canton home on April 3 of this year, you cannot get FHA Financing for the Metro Detroit home until approximately July 4.

Also any resales that occur between 91 and 180 days after the last transaction (SOLD) date have a 100% stipulation. If the Metro Detroit home is being sold for more than 100% of the last sales price, FHA will require additional documentation (i.e. a second appraisal) to validate value of the subject property.

So rehabbing or "flipping" through FHA is going to become much harder for inflated appraisals.  Homes that are not truly worth the price the rehabber is trying to get are most likely going to be rejected by FHA and the balance checks they have put into place. 

Check out the side categories for more buyers tips, and mortgage information.  Feel free to Search Michigan homes for sale on my other website. 

Earlier today I got an update from Inman News-

One of the stories that cought my eye was "Los Angeles Times Axes Real Estate Section" written by Glen Roberts Jr.

It's a shame, but some customers still do insist on seeing an ad in the paper - but it really is unnecessary.

When you compare the internet to the print news, you see that the newspapers lose by a huge margin.  A smart Agent can reach many more potential Clients and do it faster, with more elaborate ads, tours, etc then a newspaper ever could.

So many real estate searces start ONLINE these days - I've seen estimates at 90% (or even higher).

Just a quick bit of news......

I was sitting down and reading my morning PROVINCEnewspaper, and read an article on the state of the U.S. Housing market.

Specifically, the article dealt with what appears a turnaround in the house sales in the state of California. because California constitutes 25% of the housing stock in the U.S., any moves. positive or negative will reflect on the nations housing trends and business.
This review was conducted by a banking analyst, Charles Peabody of Portales and partners.
prices seem to be bottoming out and there has been increase in home sales and reduction in "days on te market' time.
Days on the market "DOM", are important measure as to where the market is or where it may be going. A reduction in DOM would signal a return to a more balanced selling market and eventually as the market strengthens, a sellers market.
An increase of DOM, would indicate that the buyers are gaining an upper hand in increased inventory and better selection of products. Thus the "buyers market"

One paragraph particularly aroused my interest because it dealt with the DOM. The following comments refer as DOM  interim of months.
The dcrease from 16.8months in january to 7.7 months in June, was quite substantial. The home sales rose to 17.5% from a year ago, but the prices plunged 37.7%.

So what are the DOM in the Vancouver market?
In review of the Vancouver area market, not including the Fraser Valley or East of Port Coquitlam, our market looks like this;

Vancouver Housing is at a 7.58 months supply, and Vancouver condo inventory is at a 6.2 months supply.
As the saying goes, statistics are for loosers, so make what you like from this. I am sure that an enterprising reporter could write a headline, "Vancouver market collapses to California's level of activity"
Would he be right? If you saw the numbers without the explanatory statistics, would you believe it?

On the other han, someone could write a headline stating that, "Greater Vancouver Prices up over a year ago"
Would he be right? Of course he would. The statistics show that the home prices are up 7% and condo prices are up 7.8% from last year.

So who is right? They both are, but we all love bad news and that is what sells the papers.
Just two people looking at something with a different perspective.

If you thinking of buying or selling, sit down with your Realtor and get him to give you the goods about the market.
Sometimes it may be something you may not want to hear, but your Realtor is much better informaed than you are and he can give you the Buyers perspective as well.

So, Happy Home Hunting and Happy Home Selling. No matter what the statistics say, someone is always buying and someone is always selling.

For more information on buying and selling a home visit; www.jeffreystark.net