San Francisco ranks fifth in the nation as a location for real estate development and investment, according to a national study released Thursday in San Francisco.

The City lost out to top-rated New York City, which was deemed the most desirable metropolitan area to invest in development and real estate in the nation, according to the 2008 Emerging Trends study, an annual survey of real estate industry professionals put out by PricewaterhouseCoopers and the nonprofit Urban Land Institute. Seattle was the only West Coast city to rank higher than San Francisco on the annual list.

Factors in San Francisco’s attractiveness to developers include its access to airports and ports, its emphasis on transit oriented development and its status as a “24-hour, global-pathway city,” experts said at the Emerging Trends in Real Estate Conference on Thursday.

“San Francisco is a multifaceted city with many diverse attractions,” said PricewaterhouseCoopers, Jonathan Miller, keynote speaker at the conference, hosted by the Hotel Nikko. “It’s still the dominant 24-hour city of the West Coast, and it attracts a global market that few cities in America can attain.”

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Source: Examiner.com

Realtors forecast for year sees the outlook worsening in 2008

WASHINGTON – Sales of existing homes in the U.S. are forecast to decline to a five-year low in 2007, a trade group for real estate agents said Tuesday, and the outlook for 2008 is worsening.

The ninth-straight downwardly revised monthly forecast from the National Association of Realtors calls for U.S. existing home sales to fall 12.7 percent this year to 5.66 million, down from 6.48 million last year.

Last month, the association predicted a 10.8 percent drop from a year ago.

This year’s sales would be the lowest since 2002, when sales hit 5.63 million. The Realtors group forecasts sales will rise slightly next year to 5.69 million, but that is down from last month’s prediction of 6.12 million.

The trade group’s chief economist, Lawrence Yun, said the housing market is likely to experience a “modest” recovery next year as mortgage markets stabilize.

“It is possible for even higher home sales activity than we’re forecasting if buyers regain their confidence,” he said in a prepared statement.

The trade group also said its index that forecasts near-term home sales inched upward in September. The trade group said its seasonally adjusted index of pending sales for existing homes rose 0.2 percentage points from August , but was down 20.4 percent from a year ago.

September’s reading of 85.7 came after the index hit a record low in August.

The pending home sales index is designed to predict sales levels over the following two months. A reading of 100 is equal to the average level of pending sales activity in 2001, when the index began.

Source: msnbc.msn.com

So, you’ve seen on the internet or on the dailies your dream house? Well, don’t jump the gun too fast. Before you get a mortgage for that dream house of yours, you have to know first your credit score. Yes, the dreaded credit score.

The worst credit score is about 300 while the best ranges around 850 according to FICO by Fair Isaac Corporation. If you wish to obtain a mortgage for your house, and I mean a good one, you should have at least scored 600 in your score card. Now what makes your credit score low? Past loans that aren’t paid on time, existing credit card debts and the like contribute in making your credit score low.

What can you do? Obviously, pay your debts. You should pay your bills on time and by doing so, the dream house you’ve been craving for will be within reach.

Photo taken from http://www.theweslyngroup.com

NEW YORK (CNNMoney.com) — During the housing boom, home sellers were in the driver’s seat with real estate agents courting them – often at bargain commission rates. But now that the bubble has burst, the tables have turned.

In 1991, the average commission rate was 6.1 percent, according Steve Murray, of Real Trends, which tracks the brokerage industry. The rate inched down to 5.4 percent by 2001 and by the end of 2005, it stood at 5.02 percent.

Industry insiders expected further declines with the competition of discount and Web-based brokerages. In early 2006, the chairman of Re/Max, Dave Linder, told Real Trends that he expected a drop into the 4 percent range within five years.

But when home sellers found themselves with houses sitting on the market, they became increasingly amenable to paying higher commissions. Real Trends reports the average commission reversed its course and climbed to 5.18 percent in 2006, and it looks like it’s going to end 2007 with another rise.

“The thing that changed,” said Murray,” is that the market flipped. There was a flood of listings on the market and suddenly they weren’t as valuable. Agents were saying, ‘I’m not going to drop my commission rate as readily.”

Learn more: money.cnn.com

Before you purchase a condominium policy, check with your condominium association to make sure you’re buying the insurance you need.

• Find out what parts of the interior are covered by your condo association’s insurance and what items are your responsibility. Then make sure that you have adequate insurance to cover repairing or replacing the items for which you are responsible.
• The contents of your condominium are not insured under the association’s master condominium policy. So, estimate the cost to replace your contents and buy insurance for that amount.
• Your association’s master condominium policy does not provide any liability coverage for your unit or your personal exposures. So, make sure you purchase adequate liability insurance, usually $300,000 to $500,000 or more, depending on your situation.
• If your association has insufficient funds, you may be assessed a proportionate share to pay for damage to your building and other situations. Check to see whether the condominium insurance you purchase covers these assessments. You may wish to buy Loss Assessment Coverage, which is available in amounts of $5,000, $10,000 or more.

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The very low mortgage rates may have more people opting for refinancing of their homes but with no end in sight for this recession, defaults are high at a rate of 62%. This alarming relationship is in fact due still to the stagnant economic conditions that exist all over the globe. Jobless rates are still on the rise and people without jobs cannot finance their homes due to more pressing needs. Companies continue to trim their workforces as they try to stave off bankruptcies that have been hitting businesses the world over. And with jobless benefits being so meager, barely enough to sustain daily life, there may be more defaults to come in the future as we ride on this uncertain economic times.

The saying that says, “Where there’s muck, there’s gold”, so is it in the housing market where local banks are fueling the home sales markets with moves to sell out their excess of foreclosed homes that fell victim to ill-loans approved by corrupt loan officers. The sales of such homes turns tangible assets back into fluid currency for use in other business they have to partake in. (more…)

Bad home loans are sending tons of banks out of business, unable to recover from lost capital that went to fuel the housing market when it boomed a few years back. Now, unable to recover investments into housing developments, these small-scale banks that have minimal cash reserves unlike national or multinationals have little to ask help from, facing default on their business should they not get enough help from the Federal government. (more…)

There are a lot of DIY home security systems on the market that allows one the flexibility and security desired. There are good ones that sell for bargain prices and there are a lot of bad ones so ask your insurance form for recommendations as to the brands and types that would make a difference in your insurance coverage. Most generally require perimeter warning systems that detects intruders well before they get to the house itself. Proximity lighting and sensors are quite cheap and deter thieves for it makes them vulnerable. Sonic sensors that sends out sound waves through an open space such as a garage, detecting the slightest movement or change and sounding an alarm.
Before you decide on placing a system, as stated, try to get some tips from your agent or insurance firm as to which they prefer and what amount of security they need fro you to get necessary perks such as discounts and other offers. They can even have a partnership with certain private security providers which allows the firm to keep tabs on your property real-time thus increasing the security of your home.

As if the situation cannot get worse, the economy dips ever lower dragging everything with it. The recession is causing problems with the real estates market to stay put and homes are still falling victim to the sub-prime market lending collapse. Foreclosure is a constant threat to people who fail payments on their mortgages as they run the risk of losing their jobs. The market has maintained it’s place yet with prices still going down hill, developers are offering more incentives.
Mortgage and Home crimes are up with more than 400 cases filed over the last few months. People are advised to be aware of the problems and to report any suspicious paperwork coming to your home indicating you have made payments even if you are still to do yours.