Spring may turn into season of reckoning for housing industry - 2007-04-02
Springtime usually means good times in the housing industry, but this year it's threatening to become a harsh season of reckoning. Indications of a sobering slowdown emerged throughout March, ranging from less than stellar forecasts among homebuilders to a growing number of high-risk borrowers struggling to make payments on exotic mortgages they likely couldn't afford in the first place.
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When Good Real Estate Goes Bad - 2007-04-02
While the national median home price made zero gain from $222,000 in December, 2005, to December, 2006, luxury home sales continued along. Home prices in the 10 wealthiest zip codes appreciated 6.55% from the third quarter of 2005 to the third quarter of 2006. While many sellers worry, the rich get richer—or at least the owner of a home in a prime real estate market only sees the property appreciates in value. But that's not the situation in suburbs outlying the struggling car capital, Detroit, where some high-end homeowners in places like Bloomfield Hills, West Bloomfield, and Birmingham are getting nervous.
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