The Northern Virginia real estate market is very closely linked to the fate of the Washington, D.C. Real estate market, partially just because of the geographic proximity between the two locations. Northern Virginia's main cities, including Fairfax and Arlington, also serve as bedroom communities for numerous commuters who have jobs but not houses in Washington D.C., meaning that the Northern Virginia real estate market is heavily residential. Ever since the nationwide recession began in the second half of 2008, the region has been in serious decline in all sectors - residential, commercial, and even industrial. The hope of local and national economists, however, is that the Northern Virginia real estate market may have bottomed out, signaling the arrival of a gradual recovery.

It appears that the residential sector of the Northern Virginia real estate market may have battled through the worst of the crisis. According to a July 10, 2009 article in the Washington Business Journal, “Northern Virginia Realtors say the homebuyers' market may be starting to stabilize. The Northern Virginia Association of Realtors noted that average second-quarter sales prices have climbed steadily from $405,514 in April, to $433,257 in May and $451,345 in June.” This means, in general, that homes are spending less time on the Northern Virginia real estate market, and the Northern Virginia real estate is selling for higher prices than they did in the heyday of the crisis. A July 29, 2009 article in the Washington Examiner echoed the same sentiment for the larger D.C. Area, saying that “Washington area home prices rose in April and May, but experts caution that values still have a long way to go.”

A July 23, 2009 article in the Wall Street Journal makes the point, however, that signs of life in Northern Virginia real estate cannot necessarily be linked to any larger, nationwide trend. “Memo to those wondering when the housing slump will end: It depends on where you live. The Wall Street Journal's latest quarterly survey of housing-related data shows that the market for residential real estate is healing at varying speeds in different parts of the country.”

Oahu single family real estate market year to date has seen a 17.5% decrease in the number of sales (1,372) compared to last year for the same time period (1,664).  The single family market also saw a 9.1% in prices for the same time period. 2009 average sales price is $570,000 compared to $627,000 in 2008.

The condos in the Oahu real estate market was even worse when you compare the 2009 number of sales (1,707) compared to 2008 number of sales (2,523). The Oahu condos average price decease was not as large as the single family homes. It was a 75 decrease compared to the 2008 during the same time period.

Some markets are seeing some signs of hope like Waikiki. If you compare July of 2009 & 2008, the prices were actually higher in 2009 for the same month.  If you compare the number of sales in Hawaii Kai for singe family homes for the month of July 2009 had more sales. Oahu has been slowing improving and hopefully will start to stabilize like other parts of the country are seeing.

Reported by Hawaii real estate broker Jeff Manson of American Realty. Jeff and his team serve all the Hawaiian islands including Oahu, Maui, Kauai and the Big island of Hawaii.

The Saint Louis real estate market continues to face a number of challenges considering the series of potential hazards that a potential recovery must overcome. Saint Louis was hit rather hard by the nationwide economic downturn as well as by the collapse of the local real estate market. Like almost all of the other local real estate markets across the nation, Saint Louis has been trying to discern whether or not a “bottom” has formed, indicating the potential for recovery. This is not unlike the rest of the Saint Louis economy, which has also been in a tailspin for the last several months. Economic signals in Saint Louis remain mixed, with some indicators suggesting improvements and others pointing towards continued hazards.

An article in the Housing Predictor attempted to analyze the situation that Saint Louis homes and Missouri homes have found themselves in recently. The piece, which was published on August 13, 2009, stated that “The hunt for the elusive bottom of the housing market is in full gear in Missouri as home sales rise, signaling an improvement in market conditions may be in sight in an otherwise bleak economy. Home sales have been helped by government efforts to get first time buyers off the fence. The first time buyers' tax credit has gotten many new home buyers to enter the market in St. Louis, where prices are, however, still deflating. But housing deflation has slowed as high unemployment and a reshuffling of the economy hurts Missouri's gateway city on the mighty Mississippi River. Saint Louis has been battered by the nation's epidemic of foreclosures.”

An August 20, 2009 article published in the Saint Louis Post-Dispatch suggested that there might be progress in Saint Louis real estate. The article, written by Tim Bryant, stated that “Sales of existing houses were up or flat last month in key parts of the region, perhaps providing more evidence that the housing slump is bottoming out. But the increases were spotty and the head of the Saint Louis Association of Realtors cautioned Wednesday that sales may sink again after the $8000 tax credit for first time home buyers expires Nov. 30.”

The Columbus real estate market is similar to that of numerous other Midwestern cities that suffered heavily at the outset of the nationwide economic recession. Columbus was also heavily adversely affected by the bursting of the local real estate market, meaning that the local economy was devastated from a number of different angles. At the outset of the crisis, Columbus real estate went reeling, as foreclosure rates skyrocketed, home prices plummeted, and home sales became more and more uncommon. In the present time, the Columbus real estate market continues to be in crisis, although with a moderate amount of improvement thanks to local and federal efforts. Overall, though, Columbus real estate continues to be in serious trouble, facing challenges on all fronts.

According to a July 23, 2009 article in Business First of Columbia, home sales in the Columbus metropolitan area declined once again in the month of June, compared to both the month of May and June of 2009. The piece stated that “Central Ohio home sales declined again in June, but new statistics from the Columbus Board of Realtors show sales took their smallest dip yet this year. The board said 2,092 existing single-family homes and condominiums were sold last month, down 7 percent from 2,242 a year ago. Declines this year have ranged from 12 percent to 22 percent.” The President of the Columbus Board of Realtors said that “It means Central Ohio is not seeing the volatility in supply and pricing that much of the rest of the country is experiencing.”

A July 24, 2009 article in the Columbus Dispatch found that home sales showed hope for stability in June 2009, saying that “Home sales improved locally and nationally from May to June, fueling optimism about early signs of an economic recovery. Although central Ohio sales last month were down nearly 7 percent from a year earlier, they jumped 15.6 percent from May. June's 2,092 sales were the most in 10 months.” Also, the Columbus Housing Partnership found that the foreclosure crisis is not improving, citing a thirty five percent increase in calls compared to last year.

The capital of Illinois, Springfield, is one of the most important cities in the Midwestern United States for measuring the overall economic climate of the region. Springfield real estate was hit quite hard by the economic recession which began in the second half of the year 2008. Similarly, other cities in the region were devastated by the collapse of the sub prime mortgage crisis and the bursting of the real estate market. The primary difference between other Illinois population centers, such as Chicago and Indianapolis, and Springfield is that the Springfield real estate market has started to recover from the ravages of the recession. Most vital indicators of the Springfield real estate market are starting to show kinds of growth, although it may still be too early to tell.

According to an article entitled “Hot Market: Central US Market Turns In Springfield, Illinois” published in the Realty Times by M. Anthony Carr, the Springfield real estate market has started to recover from the ravages of the recession. The piece stated that “Springfield, Illinois, one of the central markets in the country, is starting to show signs of a turn-around. Sales are still down compared to year over year, however, the number of listings have dropped month after month, coupled with pending sales on the rise, as well.” Additionally, according to the Illinois Association of Realtors, good conditions in the month of June led to the fourth consecutive month of rising home prices and the fifth consecutive month of rising home sales.

A July 30, 2009 article in the Chicago Tribune highlighted the differences between Springfield real estate and the rest of the state of Illinois. The piece found that Chicago, Naperville, and Joliet all had extremely high rates of foreclosures, while “On the bright side, foreclosure activity fell 22 percent in the Peoria area, 29 percent around Springfield and 11 percent in the Champaign-Urbana area from last year.” On the other hand, the State Journal-Register noted that the city of Springfield is one of the cities in Illinois looking for housing aid.

Century City is a rather expensive residential and commercial area found in the heart of Los Angeles, California. Century City is composed primarily of high rise condominiums, expensive residential properties, and commercial skyscrapers, meaning that it is primarily upper class in consistency. Since it is located in a city with a considerable amount of new construction, Century City real estate took a serious blow upon the advent of the nationwide economic downturn, and an even worse tumble following the bursting of the local real estate bubble. Unlike the rest of Southern California, Century City real estate is not  starting to show signs of a recovery, although it is difficult to determine definitively whether further trouble is imminent.

A July 29, 2009 article in the Los Angeles Times indicated that, for the first time since three years ago in 2006, home prices have started to rise. The piece, authored by Peter Y. Hong, stated that “Cleveland, Dallas, and San Francisco showed the largest gains in May figures released Tuesday, but Los Angeles prices continued to fall. The index was the latest surprise following monthly gains in new-home sales and housing starts nationwide, and higher median home sales prices in California.” The California Association of Realtors reported for the month of June that home sales increased by just over twenty percent, while the median home price fell by about twenty six and a half percent. On the other hand, the same statistics indicated that home sales increased by a little more than four percent from May 2009.

According to a July 2009 article in the Los Angeles Times, “New data from First American CoreLogic shows mortgage delinquencies climbing in June, with both California and Los Angeles posting default rates of about 10%. Yes, a staggering one out of 10 mortgage holders in Los Angeles County and California missed enough mortgage payments to receive a notice of default.” A July 9, 2009 article, also in the Los Angeles Times, found that commercial real estate in Los Angeles is also in serious trouble, and that a wave of foreclosures there may also be imminent.

The Houston  real estate market has long been noted by national surveys, studies, and news stories as one of the strongest portions of the generally bleak United States economy. Houston has held relatively stable amidst personal and corporate losses of epic proportions, providing an example for the rest of the country. Unfortunately for residents of Houston and the realtors of the metropolitan area, there is a substantially bleaker picture in the Houston of today as compared to just a few months ago. Although Houston is still quite strong in comparison with other parts of the Lone Star State and America in general, many of the key indicators of the health of Houston real estate have started to show negative trends.

According to an August 18, 2009 article in the Houston Chronicle noted another decline in home sales, although it did also note that the rate of fall has started to level off. The piece, composed by Nancy Sarnoff, found that “Houston-area home sales fell again in July, but the decline was the smallest it had been since the fall of 2007, according to data released today from the local realty association.” It continued to quote Vicki Fullerton of the Houston Association of Realtors, who said that “Strong pricing performance, an easing decline in sales volume and the slowdown of foreclosure sales make up for very positive indicators about the state of Houston real estate.” Not surprisingly, the real estate association has taken a more upbeat approach to the local real estate crisis.

An August 8, 2009 piece in the Houston Chronicle noted that “Despite some recent glimmers of hope, rising defaults, slowing sales, and falling prices have dominated the local headlines. Depending on where you live and what your goals are, your experience in the property market can vary drastically.” On August 28, 2009, the Houston Association of Realtors published a market update with the following observations and interpretations: “Seasonal home buying and continued activity among first time homebuyers translated to a significant improvement in single-family home sales across greater Houston in July, with the highest volume since July 2008 and the second highest median price in history.”

Denver home sales followed the national trend this summer.  June home sales increased 15% over May while July sales increased by 6% over June.  The June sales were the highest this year.  Prices in June also increased a whopping 6% over the previous month.

The Denver real estate market has been improving throughout this year but these are the best numbers so far.  The question is, of course, why are these numbers increasing so dramatically.

The answer is that most of the activity is occurring in homes priced under $300,000.  First-time homebuyers and investors are competing over a diminishing number of homes on the market.  This is putting upward pressure on prices and improving sales in this market segment.

The first-time home buyer tax credit offered by the federal government is $8,000.  This incentive has drawn in many first-time homebuyers to the marketplace.  Nationally, first-time homebuyers account for almost 30% of all home sales.  We've noticed that most of our sales this year have been to first-time homebuyers.

The number of distressed homes sales has dramatically decreased from a year ago.  Foreclosures and short sales no longer comprise the majority of homes priced under $300,000.  In some of our better neighborhoods there are no foreclosures or short sales.

Investors have also been grabbing up low-price homes.  Most investors are buying homes to fix up for rentals in Denver metro area and surrounding neighborhoods.  The Denver rental market has been fairly strong.  Now, more rental homes are coming onto the market.  So the supply is increasing and rental prices are softer.  Investors now have to look harder to find low-priced homes that will cash flow with 25% down payment.

The slowest segment of the Denver real estate is luxury homes.  Only 8% of all sales in June were homes priced over $500,000.  In many of these areas there is a 12 to 18 month supply of homes on the market.  Luxury home buyers certainly have a great selection.  Prices are soft and buyers are able to negotiate even lower prices.

Denver Post reports, July sales increased, the number of homes under contract actually fell slightly as did average prices. Some local brokers have attributed this to seasonal conditions.

This market update was provided by Larry Hotz a Denver Real Estate professional that serves Denver and all surrounding areas.

Mission Viejo, a primarily suburban and residential community found in the southern portion of Orange County, California, is relatively characteristic of the overall South Orange County real estate market. The Mission Viejo real estate market suffered a series of blows, starting with the collapse of the sub-prime mortgage crisis, succeeded by the overall economic recession, and culminating in substantial damage to the national and local real estate market. For the majority of Orange County, the worst problems occurred in the commercial and industrial portions of the market. As reported by the Orange County Register, a number of office buildings, warehouses, and even strip malls continue to have trouble finding tenants, a situation likely to endure for at least months more.

The Market Time Inventory is a measure of the number of houses that remain on the market, as related to the rate of sales at the time. According to statistics released on July 9th, the Market Time Inventory for Mission Viejo is 1.92 months, meaning that if no further homes entered the market, and sales continued at the current rate, there would be no properties left on the market in slightly less than two months. Mission Viejo real estate has also been suffering slightly from the typical summer slump, whereby sales usually slow down somewhat around the 4th of July. Sales have not decreased more than usual, though, which is a positive sign indicating possible resurgence for the Mission Viejo real estate market.

Mission Viejo has a population of about one hundred thousand residents, although there were less than fifty new home listings and just twenty seven new condominiums on sale during June of 2009. Mission Viejo is a relatively upscale master-planned community, with average sale prices at just below $560,000 for homes, and about $300,000 for condos. Mission Viejo real estate seems to be driven heavily by short sales and foreclosures, which are taken on and off the market quite quickly due to their low prices and usually high desirability. All in all, Mission Viejo remains a buyers market, with prices well below their previous values and expected to rebound shortly.

The New Haven real estate market is in general one of the most stable markets in the state of Connecticut and the nation at large. That does not mean, however, that New Haven is without any problems in some sections of the real estate market. New Haven has taken a number of precautions to avoid a full-blown housing meltdown, both on the community and government levels. The New Haven real estate market also has the benefit of being rated rather highly compared to other communities in Connecticut and the entire United States. Of course, there are plenty of complicating factors when dealing with the real estate market of a medium sized city, which make any predictions rather difficult.

The Wall Street Journal's “Developments” blog section deals regularly with real estate market across the country. This particular online issue of the Wall Street Journal Blog, written by Nick Tirimaos, listed the New Haven real estate market as one of the few places in the United States where buyers are paying more than the asking price for houses and condominiums. The article, which was published on July 24, 2009, seems to indicate that New Haven is something of a port in the nationwide storm of sub prime mortgages, defaulted loans, unemployment, and poor housing sales. The compiled statistics, reported by the California company RealtyTrac, found that in New Haven, Connecticut, houses were selling for 7.3 percent above asking price, a stark contrast to the rest of the country.

The New Haven Register published an article on July 3, 2009 regarding the so-called “ROOF” project, which is aiming to reduce rates of foreclosure in New Haven real estate. According to the piece, written by Elizabeth Benton, the program manager, Eva Heintzelman, said that “Single family homes seem to have been particularly hard hit and aren't moving. The investors in the market aren't as interested in single-family homes because they don't have an income stream.” Meanwhile, the Connecticut Post found that rental properties are being  increasingly affected by the falling fortunes of real estate, while the New Haven Register also reported that foreclosures are driving a wave of homelessness.