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Dataquick reported FHA use in February varied from as little as 10.3 percent of all purchase loans in the Honolulu area to as much as 43.2 percent in the Orlando region.
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The median price paid for a home bought with an FHA loan in February was $195,000, the same as in January but down 2.5 percent from $200,000 a year earlier.
In March 51.2 percent of all Bay Area resale homes were cheaper foreclosed properties, up from 23.2 percent a year ago. By county, the percentage of foreclosure sales ranged from 11.5 percent in San Francisco County to 70.0 in Solano County.
Wooed by low interest rates and the constant media barrage of real estate news chennai http://realestateindianews.com/, people wanted to get in on the action. Not only was real estate going to be a great investment, but it was also a booming industry, and therefore something new and exciting to get involved with. Home buyers didn’t do their homework in terms of checking out their lenders, and they went for the teaser rate loans. They did not budget for rainy days, or the eventual slow down of the real estate market. Now many of these people are in trouble, with seemingly little that they can do about it.
While all the stock sectors are enjoying a rally in the first half of this year, the Home Construction index is down 12% since January of 2011, with no sign of a bottom.
Washington’s most expensive home listing, Evermay, has dropped its asking price from $49 million to $39 million. This 3.58-acre, 12,000 square foot Georgian Revival more has been on the market since September.
The median price paid for all new and resale houses and condos combined in the nine-county Bay Area fell to $300,000 last month. That was down 9.1 percent from $330,000 in December and down a record 45.5 percent from $550,000 in January 2008. The current median is 54.9 percent below the peak median of $665,000 reached in June and July of 2007.
The seemingly endless flow goes on, touching on every aspect of the real estate and investment industry, from appraisers, to real estate agents, attorneys, investment brokers, mortgage brokers, and bank managers.