Business Insider Magazine - Los Angeles South Bay » home sellers

New home sales fall 3.6%

Editor and Publisher — Wed, 28 Oct 2009 19:08:48 +0000

(Associated Press – Los Angeles Times) WASHINGTON – Sales of new homes dropped unexpectedly last month as the effects of a soon-to-expire tax credit for first-time owners started to wane.

The Commerce Department said Wednesday that sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists surveyed by Thomson Reuters had expected a pace of 440,000.

It was the first decline since March. Sales in September were down 7.8 percent from a year ago.

The median sales price of $204,800 was off 9.1 percent from $225,200 a year earlier, but up 2.5 percent ... Continue Reading

The Real Estate Weather Report

Editor and Publisher — Wed, 07 Oct 2009 00:06:23 +0000

By Ken Roberts

This article appeared in Business Insider Magazine’s second issue of 2009

If the real estate climate was reported like the weather, it might sound something like the following:
“Expect the stormfront in the South Bay real estate market to continue with cold temperatures, scattered showers, and occasional gale force winds in the middle class areas, gradually giving way to partial clearing and a warming trend for first-time buyers with the worst behind us for the high-end market.”
One of the barometers of the real estate climate is the number ... Continue Reading