Housing Market Cooler

Charleston market continuing to cool, latest figures show

Charleston market continuing to cool, latest figures show

RISMEDIA, December 18, 2006-(MCT)-Heading into winter, the housing market in the Charleston region is continuing to cool, the latest figures show.

The number homes sold in the tri-county area in November totaled 991, a decline of 15% compared to the same month in 2005, according to deals tracked by the Charleston Trident Association of Realtors' Multiple Listing Service.

For the year to date, local sales are down by nearly 5%.

While the activity isn't off by as much as in other cities, the latest figures reflect the steady decline that the Charleston market has seen since the number of monthly transactions peaked in June 2005 at 1,574.

"The market was overheated," said William S. Smith, an agent with Hartnett Realty Co. "We're in a more realistic phase now."

As a result, properties are taking longer to sell. For November, the average number of days that a home stayed on the market climbed to 78 from 52 a year earlier, according to association figures.

Also, appreciation rates have steadied, said Patty Scarafile, chief executive officer of Prudential Carolina Real Estate, the largest residential agency in the region.

In light of the slowdown, she said, agents have had to emphasize to owners that homes need to be priced accurately to attract serious buyers.

"The houses that are selling today are competitively priced," Scarafile said. "The public's mindset has to go through an adjustment."

The good news for sellers is that the latest figures show overall home sale prices have yet to go south.

November's median home price was $204,624, up more than 8% year-to-date.
Though the slowdown in sales volume suggests that prices might fall, Smith said sellers still are optimistic about their property values.

He also noted that many are holding out, with hopes of getting lucky.

"Real estate tends to be an emotional and psychological issue for buyers, and sellers as well, so I don't think it observes the dispassionate rules of economics," he said.

Scarafile said the November sales figures didn't come as a surprise to anyone who pays attention to local housing trends.

She said her firm expected third-quarter sales to be the slowest and that her office now is seeing a pickup in activity.

"There are a lot of busy people out there right now," Scarafile said.

"Our listings are being shown, and we believe that will result in strong first-quarter closings."

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Real Estate Firm Helps Homeowners and Investors as Foreclosure Rates Skyrocket

Phoenix-based real estate firm Paying Cash for Houses offers alternative to foreclosure

Phoenix-based real estate firm Paying Cash for Houses offers alternative to foreclosure

RISMEDIA, December 18, 2006-The real estate news is nearly inescapable: foreclosures are on the rise in Arizona. According to RealtyTrac, Inc., a provider of foreclosure data, foreclosures in Arizona increased 29% between the second and third quarters of 2006. Nationwide, foreclosures increased 17% over the same period.

Deceleration in home price appreciation, an increasing inventory of homes, dramatically increasing days-on-market, and interest-rate adjustments on more than a trillion dollars in mortgages are all factors working to push foreclosure rates higher.

"In the past, homeowners would have refinanced to take advantage of increases in their homes' value - then taken out the extra equity to cover additional expenses. Or, in the worst case, they simply would have sold - probably very quickly and still at a good profit. Now, when homeowners find themselves in a financial pinch - like when their ARMs adjust and payments jump dramatically, they're not finding as many places to turn. And that is what, ultimately, pushes up foreclosure rates," said Alan Robinson, vice president of Paying Cash for Houses, a Phoenix-area real estate acquisition company.

Paying Cash for Houses has been buying and selling distressed real estate (including homes in pre-foreclosure or foreclosure) in the Phoenix area since 2001.

"We hate to see homeowners in trouble. We're here to offer them an alternative to foreclosure. By selling their homes to Paying Cash for Houses, homeowners can protect their credit rating by avoiding a foreclosure, and may even be able to walk away with some cash if they have equity in their home," Robinson said.

Paying Cash for Houses offers resources for individuals at the other side of the foreclosure table, too - investors looking to buy homes in pre-foreclosure or foreclosure.

"Foreclosures offer great opportunities for investors looking to buy low. But the process of finding and buying homes in foreclosure is too complicated, too time-intensive, and too risky for most individual investors," says Robinson.

Without the help of a real estate company like Paying Cash for Houses, individuals wanting to benefit from purchasing foreclosure properties would have to do all the legwork themselves- from doing the research to find the property and visiting the property to contacting the homeowner or the lender, or actually going to the courthouse for the auction of foreclosed properties.

That's where Paying Cash for Houses comes in. "At Paying Cash for Houses, buying distressed properties-including those in foreclosure-is what we do. We have dedicated employees who are experts at each part of buying a foreclosure. We do all of the work, assume all of the risks, and the investor still gets the benefit of buying a property at a below-market price," said Robinson.

"None of us would say that we're glad that foreclosures are increasing-these are people losing their homes. But we are glad to be able to offer homeowners a better alternative to foreclosure. And we're glad to be able to help individuals purchase investment properties at below-market prices," Robinson said.


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Gateway President Dan Brekke Awarded CCIM Designation

Brekke completes graduate-level education curriculum

Brekke completes graduate-level education curriculum

RISMEDIA, December 18, 2006-Dan Brekke CCIM, president of Gateway Builders and Properties has been awarded the Certified Commercial Investment Member (CCIM) designation by the CCIM Institute. The designation was awarded during the Institute fall business meetings October 19 in Tampa, Florida.

Brekke was among the 393 commercial real estate professionals who earned the designation by passing the Institute's Comprehensive Examination, the final element in the designation process.

The CCIM designation is awarded to commercial real estate professionals upon successful completion of a graduate-level education curriculum and presentation of a portfolio of qualifying industry experience. The curriculum addresses: financial analysis, market analysis, user decision analysis and investment analysis - the cornerstones of commercial investment real estate. CCIMs are recognized experts in commercial real estate brokerage, leasing, asset management, valuation, and investment analysis.

"This is a wonderful opportunity for Gateway, the community, and me. The designation creates more opportunities for me to share the wonderful economic atmosphere of Elkhart County and Northern Indiana with other CCIM members," stated Brekke. "I also have at my disposal more tools and opportunities available to help local business people succeed and grow."

The CCIM business network encompasses 1,000 markets throughout North America, Asia, Europe and the Caribbean. Of the estimated 125,000 commercial real estate practitioners in North America, more than 8,600 currently hold the CCIM designation. CCIM Designees include professionals who work in brokerage, investment and development, the corporate environment, property management, appraisal and related segments of commercial real estate. An additional 8,200 professionals are pursuing the designation as Institute candidates.


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Chase Expands Correspondent Lending with Five Experienced Account Executives

New additions to offer personalized service

New additions to offer personalized service

RISMEDIA, December 18, 2006-Chase reinforced its commitment to correspondent lending by adding five new account executives with more than 100 years of combined industry experience.

The addition of these salespeople with experience at top companies will help us provide even more personalized service to our customers, making it even easier to do business with Chase," said Greg Beliles, correspondent lending executive. They can share our wide array of product and technology offerings, including Alt A, Chase SecureFlex and our new Imaged Document Delivery Program."

The following account executives will develop new correspondent business and manage relationships in the following regions:

Randy Allen, North and South Dakota, Minnesota, Wisconsin and Iowa

Cindy Bruce, Southern California and Hawaii

Tony Millis, Oklahoma, Arkansas, Louisiana, and Houston

Gary Paul, Colorado, New Mexico and Wyoming

Grant Spurrell, New Jersey

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Houlihan Lawrence Strengthens Presence in Dutchess County

Acquisition of Allan & King Real Estate a 'natural fit'

Acquisition of Allan & King Real Estate a 'natural fit'

RISMEDIA, December 18, 2006-Houlihan Lawrence, an independently-owned and operated residential real estate service provider in Westchester, Putnam and Dutchess counties, has acquired Allan & King Real Estate Co., Inc., an independent real estate agency located in East Fishkill, New York.

Houlihan Lawrence's acquisition of Allan & King Real Estate was a natural fit, as the companies share the same business philosophy and practices. Both privately owned and operated, they believe in highly involved on-site senior management, extraordinary commitment to the communities they serve and that only the highest level of professionalism and integrity should be expected from all Realtors.

Established in 2001 by Debbie Allan and Christine King, Allan & King is recognized as a leading real estate firm serving the Mid-Hudson, Great Hudson Valley and Westchester/Putnam counties of New York. The firm has been ranked in the top 10% of membership of the Mid-Hudson Multiple Listings Service in 2004 and 2005.

We are very excited to welcome Allan & King Real Estate into the Houlihan Lawrence family," said Christopher Meyers, chief operating officer of Houlihan Lawrence Real Estate. By combining their proven leadership in Dutchess County with the reach and resources of the Houlihan Lawrence Real Estate brand, the agents now have the means to expand their level of quality and hometown service to a much larger customer base."

Both companies come from the same tradition-strong leadership and commitment to excellence," said Christine King, Co-Founder and Principal broker of Allan & King. We are proud of the reputation we have built and the accomplishments we have achieved as leaders in the local residential real estate market. We believe the strength of Houlihan Lawrence will help us offer our customers an even greater level of service and professionalism for the future."

All 28 professionals formally employed at Allan & King will join the Houlihan Lawrence East Fishkill office, managed by Barbara Dudley.

We welcome all the Allan & King agents to our office and look forward to strengthening the services we offer to the communities we serve," said Dudley. Both Debbie Allan and Christine King will also remain on staff as associate brokers.

We are thrilled that Christine and Debbie are staying on with us," said Stephen Meyers, chief executive officer. Their reputation of honesty, fairness and integrity was a critical component in negotiating this merger of talent for our East Fishkill office. The entire company is excited with the opportunity to join our forces and move forward as a team."


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source: isucceed.com