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New home sales dipped 1.6% in February to 313,000 from January, but rose 11.6% from the same period a year earlier. The seasonally adjusted annual measure, released by the Commerce Department Friday, fell from a downwardly revised January estimate of 318,000 from 321,000. Analysts surveyed by Econoday expected a much better result of 325,000 for the February estimate. The actual nonadjusted total of new homes sold increased to 25,000 in February from 22,000 both a month and year earlier. The median and average sales prices, also unadjusted, rose 8.3% and […]

KB Home reported a loss of $45.4 million in the first quarter ended Feb. 29, a loss of 59 cents a share, narrowing its loss by 60% from a year earlier. But new orders declined, and investors punished the homebuilder’s stock, which was down about 9% in mid-afternoon trading. Net orders totaled 1,197 in the first quarter of 2012, down 8% from 1,302 net orders in the year-earlier quarter, as a 22% increase in the homebuilder’s Central region was more than offset by decreases in each of its three other […]

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The U.S. Supreme Court handed private property owners a victory yesterday with a decision allowing a couple to appeal an EPA ruling that their property contains a wetlands. The court’s decision is supported by the National Association of REALTORS®, which along with other organizations submitted a friend-of-the-court brief in the case. The ruling is on a narrow procedural issue: whether the owners have the right to appeal the EPA’s wetlands determination or wait until they first restore the property to its original state and then institute expensive and time-consuming monitoring activities, […]

States and municipalities may be inadvertently putting in roadblocks and costing taxpayers more when they approve policies that prolong the foreclosure process, such as by extending mediation services, Alfred Pollard, general counsel for the Federal Housing Finance Agency, testified at a House panel on Monday. Many of those foreclosures that get delayed fall in the books of one of the government-sponsored enterprises, Fannie Mae and Freddie Mac, which the FHFA regulates. Fannie and Freddie have posted big losses the last few years from delinquent loans and already owe the Treasury […]

Buying and selling real estate will most likely be the largest monetary transaction you ever have. You, therefore, want to use experienced real estate professionals to walk you through these processes, step-by-step. I can assist you in your search and purchase of not only single family homes and condos, but also investment properties, apartment buildings and raw land. Additionally, I have access to Bank foreclosures, short sales, probates, and other properties priced below market value. First, you’ll want an agent ready and able to make a full-time commitment to you. […]

Federal Housing Finance Agency general counsel Alfred Pollard warned that state and local laws meant to aid home owners at risk of foreclosure actually delay the process, hurting the housing finance system and neighborhoods. He cited such laws as in Washington, D.C., where mediation can prolong the foreclosure process by as many as 132 days, and in Worcester, Mass., where a $5,000 bond must be posted at the time of foreclosure to ensure the home will be maintained. Pollard said states and localities must “review the balance between home owner […]

New homebuilding is on the upswing in some markets, but the Sun Belt and the Midwest’s Rust Belt continue to struggle with distressed inventories delaying home starts, real estate analysts said. New home activity has “been ticking up steadily since spring of last year,” said David Crowe, chief economist for the National Association of Homebuilders. But he noted there are places where an overhang of distressed housing continues to weigh down demand for newly constructed single-family homes. “The inventory of new homes on a national basis is at a historic […]

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The nation’s shadow inventory remained flat in January compared to October figures but shrunk about 10% from levels seen a year earlier, according to new data from CoreLogic. Shadow inventory totaled 1.6 million units in January, a six-month supply, down from January 2011 when it stood at 1.8 million units, a supply of eight months. The flow of distressed sales (short sales and real estate owned) offset the roughly equal flow of new seriously delinquent (90 days or more) loans into the shadow inventory. “Almost half of the shadow inventory […]