Where are HOUSING PRICES HEADED???

Where Are Housing Prices Headed?
by The KCM Crew on January 28, 2011 · 1 comment
in For Buyers,For Sellers,Pricing


The National Association of Realtors (NAR) has been reporting great news recently. Last week’s Existing Home Sales Report and yesterday’s Pending Sales Report both showed consecutive months of increases in the number of homes sold. Finally, buyers are jumping off the fence and taking advantage of one of the most opportune times to purchase a home in America’s real estate history. With an increase in demand, price appreciation can’t be far behind, can it?
Actually, the answer is NO! Prices are not determined by demand alone but in the relationship of demand to available supply. The inventory of homes for sale is still too high and about to surge higher. Along with the news of increased demand yesterday, RealtyTrac released their 2010 Year-End Metropolitan Foreclosure Market Report. The report showed that distressed properties across the country are on the rise:
… foreclosure levels remained five to 10 times higher than historic norms in most hard-hit markets, where deep fault lines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond.
The report also explained that the foreclosure epidemic is spreading to more and more of our communities:
… foreclosures became more widespread in 2010 as high unemployment drove activity up in 72 percent of the nation’s metro areas — many of which were relatively insulated from the initial foreclosure tsunami.
(Attention KCM Subscribers: The January issue of Keeping Current Matters has the ‘shadow inventory’ of homes coming to the market broken down by state. Use the chart when talking to sellers about future prices in your region. Click here to login.)
What does this mean for prices?
Here are a few quotes from this week.
Washington Post:
The closely watched S&P/Case-Shiller report shows that housing prices, compared year-over-year, have declined nationally for six consecutive months. The downward path suggests that housing prices could, by spring, hit their lowest level since April 2009, said David Blitzer, the index committee’s chairman.
New York Times:
A new slide in housing prices has begun in earnest, with averages in major cities across the country falling to their lowest point in many years.
CNN Money:
Barclay’s Bank analyst Theresa Chen doesn’t expect a reversal in housing market trends any time soon, since there is no end in sight to the foreclosure crisis.
“We expect softness to persist,” she said, “as home prices continue to face headwinds from the large pipeline of foreclosures entering the market.”
Housing Wire:
“… we believe that home prices will continue to weaken on a month-over-month basis until spring, and a year-over-year basis through the end of 2011,” the Radar Logic said.
Bottom Line
Prices will continue to soften in the first half of 2011 in most regions of the country. This information should be taken into consideration if you plan on selling your house in the next twelve months.
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What's Happening this Weekend in Wilmington, NC and local Beaches

Lots to do this Weekend in Wilmington, NC and its Beaches including the Sorosis Antique Show and Sale - Friday, Saturday and Sunday at the Coastline Convention Center.

Tonite - Fourth Friday Gallery Night 6-9 pm - downtown galleries and studios oepn themselves tot he public in a self guided after hours tour. See details at http://www.wilmingtonfourthfridays.com/.

Wine Tasting, Fun, Wine Sampler, Midtown Wilmington, Noon to 9 pm, Free
Saturday, January 29, 2011

Brewery Tour, Fun, Front Street Brewery, Downtown Wilmington, 3 pm, FREE

Mugs for Jugs Breast Cancer fundraiser, Fun, Front Street Brewery, Downtown Wilmington, 7 pm

Featured Exhibit: Photography in Focus, Fun, Cape Fear Museum, Downtown Wilmington, Admission

Learning Center: Playing with Match, Kids, Cape Fear Museum, Downtown Wilmington, 1 to 4 pm, Admission

Charles Walden, Comedy, Nutt St. Comedy Room, Downtown Wilmington, 7 pm Doors/8 pm Show, $10/$12

Chicago (closing weekend), Theater, City Stage Theatre, Downtown Wilmington, 8 pm, $24/$16

Crowfield, Music, The Whiskey, Downtown Wilmington, 8 to 11 pm

Andrew Kane and the Alibis, Music, 16 Taps, Downtown Wilmington, 8 to 11 pm

Ghost Walk, Tour, Riverfront Park, Downtown Wilmington, 6:30 pm, $12/$10

Haunted Pub Crawl, Tour, Riverfront Park, Downtown Wilmington, 7:30 pm, $15+grog

Hollywood Location Walk, Tour, Riverfront Park, Downtown Wilmington, 2 pm, $12/$10

Illusionist Michael Rosander, Fun, Brown Coat Theater, Downtown Wilmington, 8 pm, $10

Karaoke, Music, Brown Coat Theater, Downtown Wilmington, 10 pm, No Cover

Latino Book Club: Daughters of the Stone, Books, Pomegranate Books, Midtown Wilmington, 3 to 5 pm, Free

Cardio Chaos, Kids, Children's Museum, Downtown Wilmington, 3:30 pm

Live Music, Music, Treehouse Bistro, Carolina Beach, 8 to 10 pm, No Cover

Love Letters, Theater, Cape Fear Playhouse at New Castle, Downtown Wilmington, 8 pm

Movie Studio Tour, Tour, EUE Screen Gems Studios, Midtown Wilmington, Noon & 2 pm, $12/$10/$8/$5

Benjy Templeton, Music, Costellos, Downtown Wilmington, 10 pm

Music Club, Kids, Children's Museum, Downtown Wilmington, 10 am

Nick and the Babes, Music, Soapbox, Downtown Wilmington, 8 pm Doors, TBA

Parent's Night Out, Kids, Carolina Gymnastics, Midtown Wilmington, 6 to 10 pm, $6.25

Richard McMahan's MINI museum, Arts, Cameron Art Museum, Midtown Wilmington, 11 to 5 pm, Admission

Tidewater Camellia Club Show, Nature, Arab Shrine Club, Midtown Wilmington, 12:30 to 5 pm, Free

KURE BEACH NAMED ONE OF USA 'S TOP 10 BEACHES

Top 10 most beautiful beaches in the US according to MY TRAVELGUIDEPOSTS.COM....
Looking for the ultimate beach getaway? Find out the top 10 most beautiful beaches in the US this year!There are so many beautiful beaches to choose from in the US that it’s almost impossible to pick ten of the best. However, after much deliberation, we've come up with a top 10 list where we’ve rounded up what we think are ten of the most beautiful beaches in the US.Kure BeachKure Beach is located in the southern tip of North Carolina, just minutes away from downtown Wilmington NC.Beaches in North Carolina don’t come as beautiful as Kure Beach, which is definitely one of the best beaches in the state!
This beach boasts a beautiful family friendly-feel without the large tourist crowds and hotel resorts other nearby beaches such as Hilton Head brings. The waters are warm and crystal clear, while the sand is...well, soft and lovely! I totally agree and love Kure Beach....

WILMINGTON NC : ARTIC SUNRISE ARRIVES FOR GREEN TOUR

The Artic Sunrise arrived in town to promote the Greenpeace initiative. The Greenpeace Ship Arctic Sunrise is returning to the US to kick off the Coal Free Future Tour. Greenpeace is working with communities across the country to take on the coal plants that harm our health and our planet. Coal fired power plants are the leading man made source of CO2 emissions, making coal one of the biggest threats to our climate. Coal mining destroys mountains and poisons our water and bodies. Communities impacted by the dangers of coal are coming together to take down these potential harmful to the environment. The ship stopped at the downtown docks in Wilmington for free tours on this unusually cold winter day. The ship was here only until Sunday. It was a good thing for families to see on a wintry Saturday down on the river.

Why Buy NOW in WILMINGTON NC

Why Buy Now?

Prices may be soft for the very near term; however, the "cost" of owning a home might actually start to rise. Interest rates, which are currently at very low levels, are projected to increase over the next several months. Demand is beginning to rise and inventory levels are slightly decreasing. The time to buy is now while the cost of owning a home is so very low.

VACATION HOMES, BEACH HOMES - HOT MARKET

Daily Real Estate News January 10, 2011
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Vacation Homes Emerge as Hot Market Vacation communities across the United States are showing big signs of a rebounding real estate market, reporting soaring sales at levels that have not been been seen since the days of the housing boom, The Wall Street Journal reports. The increase has been driven by deep discounts and cash purchases, analysts say."We haven't felt energy like this in a long time. Buyers sense that they've been on the sidelines long enough," says Ned Monell, a real estate professional with Sotheby’s International Realty in Palm Beach, Fla. Palm Beach posted a nearly 40 percent annual increase and a 54 percent increase in homes under contract. The following is a sampling of vacation-home communities that saw an increase last year (percentage is the increase in home sales from 2009 to 2010): ▪ Barnstable County, Cape Cod, Mass.: 9 percent▪ Hilton Head, S.C.: 13.6 percent▪ Mercer Island, Wash. (waterfront): 181.8 percent ▪ Palm Beach, Fla.: 39.3 percent National Association of REALTORS® Chief Economist Lawrence Yun attributes the increase to gains in the stock market and an overall improving economy. He says prices in these areas have come down so much that there’s been high demand for these properties among buyers, particularly in areas with stable labor markets.

What's Happening This Weekend in Wilmington and Local Beaches

This weekend in the Wilmington area is a reenactment at the Fort Fisher Battle grounds to commerate the 146 the anniversary of the end of the American Civil War. Fort Fisher State Historic Site is planning a day of educational events from 10 am to 4 pm. Civil War reenactors will drill, fire off period 21 pound artillery pieces and demonstrate rifel tactics. The visitors center is located just off US 421 south of Kure Beach.

Other area events include the following:

Saturday, January 15, 2011

Brewery Tour, Fun, Front Street Brewery, Downtown Wilmington, 3 pm, FREE

Hidden Battleship, Tour, Battleship North Carolina, Downtown Wilmington, 8:30 to 12:30 & 1:30 to 5:30, $45/$35

Featured Exhibit: Photography in Focus, Fun, Cape Fear Museum, Downtown Wilmington, Admission

Chicago, Theater, City Stage Theatre, Downtown Wilmington, 8 pm, $24/$16

DJ Colby Wahl, Music, Grand Union Pub, Lumina & Mayfaire

Dave Waite, Comedy, Nutt St. Comedy Room, Downtown Wilmington, 7 Doors/8 Show, $8/$10

Cardio Chaos, Kids, Children's Museum, Downtown Wilmington, 3:30 pm

Frank Vignola: Tribute to Django Reinhardt, Music, Thalian Hall, Downtown Wilmington, varied, $25

George Tisdale Band, Music, Bottega, Downtown Wilmington, 9 pm, No Cover

Ghost Walk, Tour, Riverfront Park, Downtown Wilmington, 6:30 pm, $12/$10

Glory Enough For All: The Fort's 146th Anniv, History, Fort Fisher, Kure Beach, 10 am to 4 pm

Haunted Pub Crawl, Tour, Riverfront Park, Downtown Wilmington, 7:30 pm, $15+grog

Bubonik Funk, Music, Soapbox, Downtown Wilmington, 9 pm Doors, $5/$8 Under 21

Hollywood Location Walk, Tour, Riverfront Park, Downtown Wilmington, 2 pm, $12/$10

Karaoke, Music, Brown Coat Theater, Downtown Wilmington, 10 pm, No Cover

Kim Dicso, Music, Holiday Inn Sunspree Resort, Wrightsville Beach, 7 pm, No Cover

Live Music, Fun, Treehouse Bistro, Carolina Beach, 8 to 10 pm, No Cover

Master Hypnotist Gary Conrad, Fun, Brown Coat Theater, Downtown Wilmington, 8 pm, $10/$15

Movie Studio Tour, Tour, EUE Screen Gems Studios, Midtown Wilmington, Noon & 2 pm, $12/$10/$8/$5

Music Club, Kids, Children's Museum, Downtown Wilmington, 10 am, Admission

Parent's Night Out, Kids, Carolina Gymnastics, Midtown Wilmington, 6 to 10 pm, $6.25

Richard McMahan's MINI museum, Arts, Cameron Art Museum, Midtown Wilmington, 11 to 5 pm, Admission

Wine Tasting, Fun, Wine Sampler, Midtown Wilmington, 11 am to 5 pm, FR