Think The Economy is Getting Better?

Not true for housing in D/FW. From D Mag’s Dallas Dirt Blog:

Is it Miller Time yet? Not in my crystal ball. When I read my daily real estate reports, the Dallas Fort Worth Biz Journal’s headline said: “Dallas OK After Recession But Not The Best in Jobs.” AFTER recession, eh? From what I hear and see, the Dallas real estate market continues to need a Geritol B-Complex Elixir with some uppers laced in. I told you I was sensing bigger, more expensive higher end homes hitting the court house steps. George Roddy confirms that April foreclosures are the highest ever in Dallas County — 6168 posted for the April foreclosure auction, surpassing the high last July of 6072. Get this Roddy quote: “Posting activity for last July and for the upcoming April auctions marked the only time in history that D/FW home postings have topped 6,000 per month.” And:

Monthly postings have been on the high side for some time now. In eleven of the past thirteen months, posting activity has surpassed 5,000 foreclosure filings per month.”
“April’s 6,168 postings represented an 18% climb compared to one year ago when 5,213 notices were filed.”
“April’s foreclosure posting activity set a new record monthly high for the overall D/FW Metro, as well as new records in Dallas and Tarrant Counties.”
“This foreclosure storm is far from over. I expect home foreclosure postings to continue at a high rate for quite some time.”
Then, here’s the Altos Research March report telling us that home prices are down in 1.3% for the month of February all 26 composite cities. (Altos Research is a pioneering Silicon Valley area research firm that provides investors, derivatives traders, and real estate professionals with weekly analytical reports and data feeds including all 20 S&P/Case Shiller markets. In Texas, a non-disclosure state, Altos aggregates information from many sources including listing prices and price drops.) Good news — one sip of beer: Dallas average days on market for February was over 100 days, but not too shabby at 137. Now here’s the bad news, sellers have to slash and dash: for the first quarter of 2010, listing prices were down 3 %. Inventory and days on the market also increased, but that is not unexpected as more homes usually go on the market come spring. Here’s the data for Dallas:

December average price $242,198; January average price $236,574; February average price $232,147: Down 1.9% from January average price, down 4.1% over three months.

Inventory on market December 28,442; January 29,309; February 31,042: Inventory increase from January 5.9%, increase over three months 9.1%.

Days on market — 154 December, 169 January, 137 February, a decrease of 11.2% over the last three months.


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