The Real Estate Bloggers

Pending Sales For May 2010 DOWN 30 PERCENT
Saints Coach Pleads Guilty to Real Estate Fraud
Low Interest Rates Drive Manhattan Real Estate Sales

Pending Sales For May 2010 DOWN 30 PERCENT

Posted: 01 Jul 2010 08:22 AM PDT

Robbing Peter to Pay Paul.

ChartDown_1 That is the result of the tax credit. Sure it boosted sales earlier in the year, but the price that is being paid is pretty extreme.

With pending sales down 30 percent since April and 16 percent from last May in the peak selling season, this does not call for a happy selling summer for agents and with those who have homes on the market.

I hope agents did not spend their checks to quickly as to add to the fun jobless claims are rising and the manufacturing index is falling. Oh, and construction spending is dropping too.

Welcome to the dreaded double dip folks. It is going to be an interesting ride.

And to Vicki Cox Golder, National Association of REALTORS President, I guess the traffic did not hold up like you promised your members.

The index of pending home resales dropped 30 percent from the prior month, figures from the National Association of Realtors showed today in Washington. The drop was the biggest in records dating to 2001 and compared with a 14 percent decrease forecast in a Bloomberg News survey of economists.

The decline shows that the industry at the center of the financial crisis remains vulnerable in the absence of government support. A stabilization in housing will depend on gains in incomes and employment that may stem foreclosures and give Americans the confidence to start buying again.

“Demand will be pretty depressed in the next few months,” Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, said before the report. “We’re still going to have a big overhang of foreclosures. There’s potential for prices to slow down a lot more.” via Bloomberg

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Pending Sales For May 2010 DOWN 30 PERCENT

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Saints Coach Pleads Guilty to Real Estate Fraud

Posted: 01 Jul 2010 07:40 AM PDT

Travisjonessaints You never would have guessed that Travis Jones was working in Miami when he committed the real estate fraud that he plead guilty to yesterday. Those were the days when everyone in the city was doing it.

The now current assistant defensive line coach for the New Orleans Saints plead guilty to conspiracy charges to avoid going to jail for participating in a real estate scam.

Jones will have to face the NFL commissioner as they also have a personal conduct policy that could ban him from working in the league.

Saints assistant defensive line coach Travis Jones recently pleaded guilty to conspiracy charges in connection with a real estate scam. In so doing, he admitted to making false loan applications exceeding $1 million, for which he received more than $80,000.

His lawyer, Jason Kreiss, says that Jones changed his plea from not guilty to guilty with the goal of staying on the right side of a vertical collection of steel bars.

“Mr. Jones has entered a plea and hopes to receive a sentence of probation, so that he can concentrate on his career and spend time with his family,” Kreiss told Robert Stewart of the New Orleans Times-Picayune. (Here’s a better way to ensure the ongoing ability to concentrate on your career and spend time with your family — concentrate on your career and spend time with your family and avoid making fraudulent loan applications.) via ProFootballTalk

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Saints Coach Pleads Guilty to Real Estate Fraud

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Low Interest Rates Drive Manhattan Real Estate Sales

Posted: 01 Jul 2010 07:33 AM PDT

Manhattan_overview Forget about the tax credits and governmental interventions when you are talking about Manhattan real estate sales. When the average sale is 1.4 million dollars, interest rates are the key criteria. And interest rates are lower than they have been for decades.

So the word on the street in the heart of New York City is buy, buy, buy! And buy they are with sales up nearly 50 percent over last year and a 17 percent bump over the first quarter.

The high cost of real estate in New York is much more interest sensitive than the rest of the country. It helps drive the region out of the cycles that affect most of us.

Add into the effects of the banks being bailed out and bonus money pouring into the pockets of the New York City bankers and many families are moving from Brooklyn and back into Manhattan.

From April through June, Manhattan’s residential real estate market logged about 3,600 sales, up 47% from a year ago and 17% higher than during the first quarter, Corcoran said.

The average Manhattan apartment sold for $1.39 million, a 4.1% increase from a year ago, and a 3.5% jump since the first quarter, said real estate research company StreetEasy.com.

A hot segment of the market was oversized, three-bedroom apartments. via NY Daily News

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Low Interest Rates Drive Manhattan Real Estate Sales