Credit Crisis Could Torpedo UK Housing Market, Too

There's a disconnect betwee London and the rest of the country

(NEWSER) - Much like the US, Britain is seeing home prices plummet—well, except in London, that is. There, prices are soaring, thanks largely to foreign buyers. How bad is it? So bad that the average price of a home in the country as a whole has now fallen to around $260,878, Ian Cowie of the Telegraph reports, while primo parking spots in London can demand more than $320,000. More»

Washington DC, San Fran, Atlanta see biggest gains

(AP) - Home prices in major US cities have risen for the first time in eight months, boosted by an annual flurry of spring buyers. Prices rose in 13 of the 20 cities tracked by the Standard & Poor's/Case-Shiller home-price index, according to the April report released today. Washington, DC, saw the biggest price increases, followed by San Francisco, Atlanta, and Seattle. The index, which covers metro areas that include about 50% of US households, rose 0.7%. It marked the first increase since July. The index measures sales of select homes in those cities compared with prices in January 2000 and provides a three-month average price. The April data is the latest available. More»

Housing slump prompts shift

(NEWSER) - During the housing boom, mortgage payments held steady, consistently topping rent levels; now, with the market cratering, they’re returning to historical levels, the Wall Street Journal reports. After-tax mortgage payments averaged about 26% more than rent over the past 18 years; during the boom that figure surged to 66%. By the end of last year, it fell to 24%.That makes owning look more attractive than renting for the first time in years—provided you can get a mortgage. More»

Bombastic guru lists 10 signs of a real-estate turnaround

(NEWSER) - Jim Cramer has spent over a year “shouting in my usual unhinged way” about the bleak real estate market, he writes in New York. But now he’s so confident housing’s headed for a bottom that he’ll name the exact date: June 30, 2009. Why?

1. New home construction has fallen spectacularly, and "by next June we won’t be building enough homes to accommodate demand."
2. Congress has authorized $300 billion in FHA loans. Foreclosures and supply will both nosedive as a result.

Inventory still high as monthly declines ease

(NEWSER) - New home sales rebounded a bit in July, according to Commerce Department data released today, and the glut of properties on the market began to ease, Bloomberg reports. The 2.4% uptick in sales fell short of the pace economists were looking for—hitting a 515,000 annual pace rather than 525,000—but the inventory of unsold homes fell 5.2%, the biggest drop in 45 years, to a 416,000 pace. More»