By Scott Burns
AMERICAN-STATESMAN STAFF
Sunday, February 24, 2008

A recent listing of mortgage foreclosure rates in the 100 top areas drew a lot of attention. Released by RealtyTrac, a firm that compiles data on home foreclosures, the listing showed the number of foreclosure filings in each city, the percentage of homes being foreclosed and the percentage change from the previous year.

Though the report had some dismal news, such as the nearly 4.9 percent foreclosure rate in Stockton, Calif., a close look at the data also provides some reassuring information. It tells me, for instance, that the foreclosure crisis is a regional problem, not a systemic problem. It could become a systemic problem, of course, but we’re a long way from that.

This news will disappoint the gloom and doom crew and all of those seeking the excitement of financial upheaval. But it might be time to temper our worry and take a closer look at some of the foreclosure rate statistics. (more…)

January sales of single-family homes hit the lowest level in three years while year-over-year average home prices continue to rise

HOUSTON — (February 19, 2008) — Consumer worries about the nation’s real estate crunch and the traditionally sluggish Christmas-New Year holiday period combined to slow property sales across greater Houston during the first month of 2008. On the heels of one of the best years on record, January sales of single-family homes dipped to the lowest level since January 2005, according to statistics released by the Houston Association of REALTORS? (HAR).

Total property sales for January 2008 registered 4,353, which represents a 17.2 percent drop compared to January 2007 and marks the fifth consecutive monthly decline; it’s an improvement over last month’s 23.5 percent fall. Properties sold during the month totaled more than $811 million compared to nearly $890 million in sales one year earlier, an 8.8 percent decline. The average price of a single-family home rose 4.9 percent last month from January 2007 to $190,233, representing the biggest increase since last August. The median price of a single-family home dipped 2.8 percent to $139,000. (more…)