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Southern California Home Prices Fall on Foreclosures

By Dan Levy

Aug. 18 (Bloomberg) -- Southern California house and condominium prices fell 23 percent in July from a year earlier as foreclosures dominated sales, MDA DataQuick said.

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Why Square Footage Matters! Larger Homes Indicate Stable Values

By John Watch

Single Family sales activity through May 31, 2009 indicates that Northeastern Queens property values are stable across various segments of the market. Covering the areas of Bayside, Beechhurst, College Point, Douglaston, Flushing, Little Neck and Whitestone, 2,750 sales since 2003 that sold for over $10,000 are included in this analysis compared to 11,724 sales for all of Queens.

Median Sale Price: Analysis of the Queens County Single Family market indicates property values have declined 18% from 2008 and 21.3% since 2006. The sub-market of Northeast Queens indicates that property values are down 12.8% since 2006, with most of the decline occurring in 2009.

A more detailed analysis of the median sale price based on the square footage of the residence indicates an entirely different pattern of price value changes. When the sales data is stratified into the calculated rate per square foot based on sale price, the rate of change for Queens County is -10.58% since 2006 versus -21.3% based on the Median Sale Price. For Northeastern Queens the rate of change is -.37% versus -12.8%. The data clearly indicates that building size represents a significant impact relating to the value of the property.

Sales are stratified into 10 Building Size Groups in order to analyze the demand in the local markets. The most common property being sold is under 1,250 square feet representing 911 sales. This group of properties indicates a weaker overall value indicator which is 5% lower than 2008 and 9.9% lower than the peak of 2006.

Conversely, larger homes appear to be in demand and show no significant indication of property value declines. Houses from 1,750 to 2,000 square feet indicate an overall increase of 12.8% since 2006 with 286 sales analyzed. 2,000 to 2,500 square foot homes experienced a 5% overall since 2006 for a total of 374 sales. Both groups of properties indicate in increase in values from 2008 to 2009.

Overall larger homes appear to be holding stable with modest increases over the past three years when analyzed on a price per square foot basis. The greatest weakness in the market is homes under 1,750 square feet which on an overall basis declined by 13% since 2006, most of this occurring in homes under 1,250 square feet. This pattern appears to be consistent with other areas of Queens and New York City.

Property values in Queens County have declined 10.8% since 2006 based on the sales analyzed. Properties purchased in 2006 and 2007 represent a risk for longer recovery given the decline in values since 2006, but this does not apply to all areas of Queens. There is a definitive decline in sales activity since 2008; however as the peak selling season of May and June continues, sales activity is projected to increase and property values are projected to remain stable with modest increases. Northeastern Queens remains a strong area to live and property values are expected to remain stable into 2010.

John Watch

President & CEO, http://www.AccuriZ.com

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Tips to Short Sell Your Home

By Randolph Rempe

We all know that the real estate market is currently swimming in a large amount of trouble. People no longer have the money to buy new homes. On top of that, those who do own homes are suddenly finding themselves in an upside down mortgage. This happens when the house is worth far less than what the person owes on this. If you are breaking under the pressure of your mortgage, it may be time to sell. Selling your home is another great way to get out from under a current foreclosure. If you are in a hurry and do not have a lot of time to waste you might want to try a short sell.

There are many advantages that come along when you do a short sell. For one thing, the buyer is going to be getting a great discounted price on the current home. The person that is selling the home will be able to get out from under their home. This means if you are facing a foreclosure, you should look to short sell so that you can get out quickly.

There are many things that you need to know about before you actually get started with this selling process. For one thing, you need to decide if you need a real estate agent or not. Real estate agents can get the job done in a quick amount of time.

The only problem that comes along with working with an agent is the fact that they cost extra money. If you already do not have money, it may be best to sell your home all by yourself. This may be trickier and more hard work, but it will keep you out of more debt.

You need to determine the current market value of your home. This can be difficult for most people. At one point you may have bought your house for more than it is worth in the market today. You can talk to an agent for free about the value of homes within your neighborhood. Of course, you can always get this information online as well.

From there, you can put your home up for sale and see who bites. If you already have someone that wants to buy your home you can get the short sell process started. Remember, the sooner that you get your home sold, the better your life is going to become.

Many people do not actually exhaust all of their options. If you have not talked to your loan company, you may want to. There are ways that you can avoid foreclosure and short sell. Many companies are a lot more willing to work with people to keep them in their homes.

Right now, everyone is struggling. The state of California is completely bankrupts and many other states are starting to follow. If you need a quick way out from under your future foreclosed home, look for a short sell. This is going to be the best way for you to get out and start all over again.

Guide to understanding how a Short Sell will help you cope with the current economic crises, now available on http://www.nphsrealestate.org/short-sale-experts

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