June 4, 2008Innovative kitchen design workshop comingAs the housing market continues to be soft locally and disastrous nationally, many homeowners are looking at remodeling as a way to continue enjoying their homes. An innovative program in Blacksburg, Virginia Tech's Center for Real Life Kitchen Design, is here to help. In August, the center will hold its Explore Your Dream Kitchen workshop. Here's what participants will learn at the workshop, according to a Tech press release: * To plan a kitchen that meets the needs of you and your family; The Center for Real Life Kitchen Design, which includes six fully operational kitchens, opened in 1998 and then reopened in 2007 after renovations and upgrades. May 20, 2008Local home sales downFrom a Wednesday story in The Roanoke Times by Jeff Sturgeon: Sales of used homes in the Roanoke region fell to 337 units in April, down 23 percent from a year earlier. April 29, 2008Foreclosure activity up 112 percent over 2007Data out today says foreclosure activity is up 23 percent over the fourth quarter of 2007 and 112 percent over the first quarter of last year. We've written about a couple of high-profile foreclosures in the market, and there are a couple of others out there we're working on writing about. Everyone seems to think Roanoke remains insulated from such problems. Do you still believe it? This is from RealtyTrac, the nation's leading provider of information on foreclosures: RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q1 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 649,917 properties during the first quarter, a 23 percent increase from the previous quarter and a 112 percent increase from the first quarter of 2007. The report also shows that one in every 194 U.S. households received a foreclosure filing during the quarter. RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. “Foreclosure activity in the first quarter increased on a year-over-year basis in 46 out of the 50 states and in 90 of the nation’s 100 largest metro areas, demonstrating that most regions of the country are seeing more foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “In some areas there are also some unusual, non-market factors impacting the foreclosure numbers. For example, the city of Philadelphia in late March issued a temporary moratorium on all foreclosure auctions for April, and the city has since adopted a program that will delay foreclosure proceedings on owner-occupied properties until the owners have met face-to-face with lenders to attempt a loan workout plan that would prevent foreclosure. April 22, 2008Roanoke home sales down 16 percentI recently received the Roanoke Valley Multiple Listing Service report for April in my mailbox. Always interesting information, and usually gets me in trouble. So here goes: The Roanoke Valley Association of Realtors reported 406 residential units sold in March, which is down 16 percent from last March and is the lowest March total since 2004. The average home price for the month was $198,142, which is up about 4 percent over last March. At March's pace, and with a housing inventory of 3,750, according to the association, there is a current absorption rate of slightly more than nine months - considerably down from February's 12.9 months. Housing slump may reach epic proportionsThis guy admits to being chronically bearish, but it's hard to consider the possibilities brought up in this Associated Press story moving today: An influential economist who long predicted the housing market bubble cautioned Tuesday that the slump in the U.S. housing market could cause prices to fall more than they did in the Great Depression, and bailouts will be needed so millions don’t lose their homes. Yale University economist Robert Shiller, pioneer of the widely watched Standard & Poor’s/Case-Shiller home price index, said there’s a good chance housing prices will fall further than the 30 percent drop in the historic depression of the 1930s. Home prices nationwide already have dropped 15 percent since their peak in 2006, he said. Continue reading "Housing slump may reach epic proportions" » April 10, 2008Is Smith Mountain Lake sinking?A story by Jeff Sturgeon in this morning's paper showcases a large luxury condo project that is headed to the auction block next Wednesday if the developers doesn't make amends with their bank before then. Bridgewater Pointe, the emblem of high-style living at the lake with its planned 96-unit development, and its developers owe BB&T some $21 million. They also owe contractors, sub-contractors and Franklin County. Until some of the bills are paid, the 48 completed units can't be sold and the developers might lose it all. What do you think? Is this a sign of the market slowing? Is this a sign of an overbuilt SML? Are these too nice for our region? Overzealous developers? Chime in. |
About this blog
As the U.S. economy struggles to find its footing -- and experts debate daily whether or not we are in a recession, heading toward a recession or neither -- business editor Chris Winston writes this blog to provide local, state and national information to help you make heads or tails of the headlines. .....Advertisement.....
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