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Nancy Jenkins Shares Local Analysis on Housing Sales, in Burlington Free Press

by Nancy Jenkins, CRB, CRS

Did you see Nancy Jenkins in the Burlington Free Press last Saturday, Jan. 21? 

She appeared in a block quote, next to an AP article titled, "Homes sales up, offering hope for housing recovery," by Derek Kravitz. 

She shared local analysis on why the housing market in Chittenden County has not yet reflected the jump in sales that was seen nationally in December. Here's what she had to say:


"We follow the major markets; we always have. We're two to three years behind Boston and New York; that is what I've seen happening all the time. So that's a good sign if they're moving more houses, we'll be following in their trail."


Click here to read the AP article that appeared in BFP's Saturday print edition.

 

 

WSJ.com; Report: Some Home Prices to Bottom Out in 2009

by Nancy Jenkins, CRB, CRS

Report: Some Home Prices to Bottom Out in 2009
By JAMES R. HAGERTY

This article was published Feb. 6, 2009. Because of republication issues, it may be improperly showing up as a new article in some news feeds.

House prices in much of the U.S. will bottom out in this year's fourth quarter, Moody's Economy.com says in a new report.

In some of the hardest hit markets, however, prices won't reach a bottom until 2010 or 2011, the research firm says in a report written by its chief economist, Mark Zandi.

"Despite the darkening national economic outlook and the weak conditions in the housing market, some positive signs give hope that a bottom in the housing market is coming into view," the report says.

It cites signs that home sales are stabilizing as people snap up bargains on foreclosures, a decline in the supply of unsold homes in many areas and expectations of moves by the Obama administration "that will help place a floor under the housing downturn." Those measures could include lowering mortgage rates further, preventing more foreclosures and generating jobs through higher federal spending.

On average, house prices nationwide will hit bottom in this year's fourth quarter at a level 36% below the peak reached in the first quarter of 2006, the report says. The price measure is based on the Fiserv Case-Shiller index.

But some areas will be hit much harder. For instance, the Naples-Marco Island, Fla., area is expected to bottom out in the fourth quarter of 2010 with prices 70% below the peak. The report projects that peak-to-trough declines for metro areas will be 66% in Miami, Fla., 63% in Riverside-San Bernardino, Calif., 58% in Phoenix, 56% in Las Vegas, 53% in Los Angeles, 38% in Washington and 33% in New York. Within those metro areas, different neighborhoods are likely to show very divergent performances; the most desirable areas near good schools and jobs are faring much better than other places.

The peak-to-trough decline will exceed 10% in nearly 62% of the nation's 381 metro areas, the report says, and the drop will be above 20% in about 100 metro areas.

The report is based on a forecast that the recession will end late this year, followed by a "lackluster" recovery. "A number of uncertainties in both the housing and economic outlooks remain, and the risks tilt to the downside," Mr. Zandi says.

(Full Article)

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Nancy Jenkins
Nancy Jenkins Real Estate
140 Kennedy Drive, Suite 102
South Burlington VT 05403
802-846-4888
Fax: 802-846-4899