Housing market may be on rebound at last
Article from Los Angeles Times:
The housing market’s long, cold winter may finally be heading into a springtime thaw.

New data show price declines easing in big cities, sales of new homes improving nationally and foreclosures in California dropping to levels not seen since before the start of the credit crunch nearly five years ago.

The easing of foreclosures is seen as key by many economists, since the glut of these properties being sold at a discount has been a significant drag on home prices.

“The foreclosure market is turning into a drought, not a wave, and that has resulted in a lack of inventory,” said Sean O’Toole, chief executive of the firm ForeclosureRadar.com. “If it continues, it will likely mean that we’ve either seen a bottom — or have passed a bottom — in prices because of limited supply and still strong demand.”

Home prices remain depressed from their peak in 2007, when the median-priced home in Southern California sold for $ 505,000. The median price last month was $ 280,000.

The economy overall has been improving, however, with unemployment, retail sales, corporate profits and other measures showing steady if unspectacular gains. Housing has been one of the last holdouts, but analysts note that prices have stabilized and sales volume has been gaining.

“What are important are sales and inventory, and those are pointing in the right direc…………………continues on Los Angeles Times
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Housing Declared Bottoming in U.S. After Six-Year Price Decline
Article from San Francisco Chronicle:

April 25 (Bloomberg) — The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s.

“The crash is over,” Mark Zandi, chief economist for Moody’s Analytics Inc. in West Chester, Pennsylvania, said in a telephone interview yesterday. “Home sales — both new and existing — and housing starts are now off the bottom.”

Data released yesterday showing better-than-estimated new- home sales and a slowdown in price declines are bolstering optimism that the market is poised for a sustainable recovery. Economists including Bank of Tokyo-Mitsubishi UFJ’s Chris Rupkey, Bank of America Corp.’s Michelle Meyer and Mark Fleming of CoreLogic Inc. are also predicting prices are close to a trough after a 35 percent slump from a July 2006 peak, even as the threat of more foreclosures loom to boost supply.

Values in 20 U.S. cities fell 3.5 percent in February, the smallest 12-month drop since February 2011, the S&P/Case-Shiller index showed yesterday. The Federal Housing Finance Agency’s home-price index, which measures properties with mortgages backed by Fannie Mae or Freddie Mac, had a 0.4 percent rise for the same period, according to a separate report………………….continues on San Francisco Chronicle
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Corri McFadden On <i>House Of Consignment</i> Episode 9: Warehouse Sales And
Each week during the season on House of Consignment, we'll be talking to eDrop Off owner and woman whose wardrobe we covet, Corri McFadden, about her take on every episode. This week, Corri and her crew held a charity warehouse sale that ended up being …
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