Ocean City MD Real Estate « HomeBuyerPower®

House Prices Are Still 10% Too High, Says Barry Ritholtz

Well, while Barry may be overly optimistic with a forecast of current prices being only 10 percent overpriced, I do think he is dead-on right about something very big that is profoundly affecting the stalemate in the current real estate marketplace: Homes Are Being Priced Too High By Sellers With Unreasonable “Bubble-Era” Expectations.

From Yahoo Finance:

“Widespread Fear Freezes Housing Market,” and New York Times Asks “You Have To Wonder Sometimes What They’re Smoking Over There At The National Association of Realtors”

Rarely do you see a mainstream “establishment” media source speak so frankly, but the New York Times did just that yesterday with an excellent article worth reading. Well written, and most importantly, very honest reporting about the reality of where we are:

“You have to wonder sometimes what they’re smoking over there at the [...]

FHA Rolls Out Principal Reducing Refis for Underwater Borrowers

There has been a lot of buzz as of late about a new refinancing initiative that promises to “reduce principal.” While there are many conditions on eligibility, and while as proposed it would only be available to “primary home” borrowers (thus excluding the second home and investment property owners here in the Ocean City Maryland [...]

The Psychology of Real Estate: Welcome, Out-of-Towners!

Yahoo Finance has an interesting article on buyer and seller attitudes when buying and selling real estate. Looks like it is genuine, based on real research. Of particular interest to buyers of Ocean City Maryland properties, was this quote:

“Welcome, Out-of-Towners!

Out-of-state buyers tend to pay more than locals for properties of equal [...]

Banks Can’t Hold Back Highend Mortgage Foreclosures For Long

Business Insider is reporting what many believe is happening nationwide and what could have a profound impact on Ocean City Maryland’s future real estate inventory of homes and condominiums for sale:

“With the expiration of the first-time buyer tax credit on April 30, there are now two main props keeping the housing [...]

Max Spann to Auction 30 Makai Bayfront Condos in Ocean City, Maryland

Back in November of last year we discussed how the Makai Condominium in Ocean City Maryland was planning a condominium unit auction sale of “at least 15… auctioned to the highest bidder regardless of price.”

That sale apparently went well enough that they are planning another big one on July 31st:

“Max Spann [...]

Housing Market Sees Widespread Price-Cutting

Time.com is reporting another incredible bit of housing news yesterday. Bad news for home sellers, but good news certainly for prospective home buyers with patience:

“In a sign that the housing market has taken another turn for the worse, a new report shows almost a quarter of all home listings in the [...]

Mortgage Banker’s Association Reports That Mortgage Purchase Applications Are The Lowest Since December 1996

This one is so predicable to many that follow the housing market that it may not qualify as news– but we will report it anyway:

“The Refinance Index decreased 2.9 percent from the previous week and the seasonally adjusted Purchase Index decreased 3.1 percent from one week earlier. This was the lowest Purchase [...]

Sorry, But House Prices Are Still Too High And They’re Going To Fall

Yahoo Finance had an interesting article and interview on the topic of where we go from here, house price wise:

“We’re on our way to a second leg down in housing price, says Barry Ritholtz, writer of The Big Picture a founder of investment research firm Fusion IQ.

Why?

In short, because [...]

Short Sales Not Immune To Debt Collectors: Experts say it’s best to know your risk when considering a short sale.

The Orlando Sentinel had a good article today that is worth a read by any homeowner considering a short sale as a way to get out of an underwater loan. Although it is a Florida-focused article, the same caution would also apply to a Maryland homeowner:

“What these homeowners, whose loans are “underwater,” may [...]

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