U.S. resale housing market posts some hopeful gains

Amidst a backdrop of crumbling credit markets and stock indices desperately looking for the bottom, the U.S. resale housing market showed some promising signs in September as existing home sales rose 5.4% over August and posted their first year-over-year gain in three long years. Nationwide, home sales rose 1.4% in September over the previous year.

The sales jump, which took economists by surprise pushed active listing inventories down by 1.6% and brought the second consecutive month of inventory declines. Still, a near 10-month supply of residential property is available for purchase across the United States.

Home prices continued to post losses and reached their lowest level since April 2004. The median price of a U.S. home fell to $191,600, down nine percent from one year ago.

According to a story in the Globe and Mail, Lawrence Yun, chief economist for the National Association of Realtors (NAR) attributes increased unit sales to a “rise in foreclosure and other ‘distress sales’ in regions of the country hard-hit by the ongoing housing downturn.”

“In some regions, the lower prices are seeing buyers return to the marketplace,” he said. “This was a nice jump, and hopefully this trend can continue because the first step to stabilizing the market is an increase in home sales.”

Read the Globe and Mail story here.
Read NAR’s media release here.
See the current U.S. real estate stats here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

U.S. Federal Reserve to tighten lending rules

CNN: The Federal Reserve is expected to overhaul lending rules on Monday in an effort to prevent another mortgage crisis.

Good idea Ben! It would be foolhardy to encourage a second mortgage crisis while you’re busy dealing with the first one.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Canadians bullish on Phoenix real estate

Jason Warick wrote a story in the June 26 edition of the Saskatoon Star Phoenix titled, ”Sask. residents find Arizona opportunity.”


“The strong Canadian dollar, combined with rock-bottom prices for real estate in many cities such as Phoenix, means Canadians can snap up vacation homes or investment properties for less than half of the price of just one year ago. That’s attracted Saskatchewan buyers in droves.”


Two of my favourite Phoenix Realtors were quoted in the story.


Jay Thompson, also known as the Phoenix Real Estate guy writes about the article here.


Jonathon Dalton, the only “guest blogger” I’ve ever hosted here had this to say about his contribution to the story.


If you were considering a real estate purchase in the Phoenix area I would gladly vouch for either of these guys to treat you right and look after your interests.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

U.S. foreclosure rates see massive jump and worst not yet over

CNN Money is reporting today that the U.S. home foreclosure rate “spiked 112%” in early 2008, and the worst of it likely isn’t over, as some $362 billion dollars worth of adjustable rate mortgages will “reset” this year.

More than 155,000 families have already lost their homes this year. Approximately 1 in 194 U.S. households have received some sort of foreclosure filing.

Nevada is the hardest hit state with 1 in 54 households received foreclosure filings. Stockton, California tops the list for foreclosures in a U.S. municipality. Approximately 1 in 30 homes have received foreclosure notices.

Read the CNN Money article here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

City of Cleveland sues sub-prime mortgage lenders for negligence

City of Cleveland sues sub-prime mortgage lenders for negligenceThe City of Cleveland is suing 21 mortgage lenders for damages that they claim to have incurred as a result of the U.S. sub-prime mortgage fallout. Cleveland Mayor Frank Jackson compares the resulting chaos to “organized crime activity on neighborhoods, cities and individual lives, sucking equity out” and says that city has been devastated by the negligence of lenders who signed off on deals they know they shouldn’t have made.


Cleveland, one of America’s poorest urban areas has seen over 7,000 foreclosures through both 2006 and 2007. In some areas of the city entire blocks of houses are abandoned, boarded up, and stripped of anything valuable. Most often, they ultimately meet a wrecking ball at the tax payer’s expense.


The City is claiming hundreds of millions in damages which result from lost tax revenue, the cost of demolished abandoned homes and the added cost of policing neighbourhoods which have become dangerous due to high rates of abandonment.


Mayor Jackson says, “We have to hold accountable those who are responsible.”


CNN report here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate