Pricing Is Definitely Under Pressure
A report from Forbes. "In the last year, national home prices have jumped just 0.6%, according to the Housing Market Tracker from Redfin. Just one year ago, annual home price gains were nearing 10%. Add in that housing inventory is on the rise. The conditions are even more favorable for coastal buyers, where many markets are actually seeing home prices decline."
"In Bridgeport, Connecticut, home prices declined a whopping 15.2% over the year, while in Honolulu, prices dropped 2.2%. In California, San Jose, San Francisco and Orange County saw prices dip 11.3%, 7.9% and 2.4%, respectively. San Jose is also experiencing a glut of inventory. The number of listings on the San Jose market has jumped 82% in the last year."
From Radar Online on Nevada. "Kody Brown’s personal appearance at Janelle’s open house in Las Vegas failed to bring in any bids and RadarOnline.com exclusively confirmed that the Sister Wives stars slashed the price of the home by $25,000! With money woes looming for the family after they fled Sin City, the drastic price reduction didn’t bode well for the Browns."
"The Brown family has had trouble selling their three Las Vegas homes. Janelle originally listed the home for $649,000 in October 2018. Janelle’s 4,238 sq. ft. house had a total reduction of $74,100 since she listed it in October 2018. She dropped the house $50,000 in January 2019 but that still didn’t help her offload the Vegas home."
"Christine Brown’s house originally went on the market for $675,000 but was lowered to $614,900 in early 2019."
The Coronado Times in California. "$1M Price Reduction! Welcome to the most exquisite and luxurious home in Coronado. Situated just one block to the beach this home is truly a '1 of a kind custom masterpiece!'"
The Herald News in Illinois. "An unusual confluence of trends in the northern Illinois housing market presented a mix of challenges and opportunities to buyers and sellers during the final months of 2018, according to an analysis by the RE/MAX Northern Illinois regional network."
"One significant change was a turnaround in the inventory of homes for sale. The supply of listings in the Chicago area shrank for two years until May 2018, but slowly has expanded since then, said Jeff La Grange, vice president of the RE/MAX Northern Illinois Region. However, most of that growth involved attached homes and luxury homes."
"'Pricing is definitely under pressure for homes listed at $800,000 or more, and that is creating some excellent buying opportunities,' said Dave Shalabi of RE/MAX Synergy in Orland Park. 'Rising property taxes are dampening the potential price appreciation for those homes, and rising mortgage interest rates may be having a similar impact.'"
The Miami Herald in Florida. "When Ed Goldfarb pulled up at the modest three-bedroom house, he knew there would probably be a sad story lurking inside. Homes headed to foreclosure almost always have one, and as a real-estate agent specializing in so-called short sales, Goldfarb had heard them all: Lost job. Death in the family. Divorce. Drugs and booze. Just plain old bad luck."
"But this one was different. When an elderly woman opened the door, Goldfarb’s gaze was immediately riveted by a framed book jacket hanging on the wall: 'Diary of a Survivor: Nineteen Years in a Cuban Women’s Prison.' And for the next 45 minutes, it all poured out — everything Ana Rodríguez, Cuba’s longest-held female political prisoner, endured during her nearly two decades of incarceration."
"The full story of what happened with the loans — how many there were, from whom, and where the money went — will probably never be known. Those secrets died with Mier, who lapsed into a coma a few days before her death on March 23, 2008."
"Quietly, Rodríguez began looking at financial file folders when Mier was asleep. What she found horrified her. 'It was like she had gone crazy,' Rodríguez said, shaking her head in despair even now. 'She had 60 or 70 credit cards. She was buying things we didn’t need, or that I had never seen. She was giving money away — lots of it — to TV evangelists. She had borrowed money against the house and on some of the papers she had forged my name.'"
"Rodríguez believes Mier may have taken out as many as half a dozen loans against the house. It’s hard to know for sure, because her record-keeping turned spotty toward the end, and the loans have been bought, sold and resold so many times that even the real-estate agent, Goldfarb, has trouble figuring out exactly who controls them now."
"So does her attorney Daryl Jones, who said attorney-client confidentiality prevents him from saying much about the case. But Jones did observe that federal banking authorities significantly tightened the rules on adjusting mortgages downward and easing repayment rules in early 2018, just before Rodríguez came to him for help. 'Just a couple of months earlier, we could easily have gotten her some help, and I’m certain she would have been able to stay in the house,' Jones said. 'Now, she’s going to need outside help. I hope she gets it. She’s a great person with a great story.'"