September 30, 2011
- From the Wall Street Journal: Commercial space starts to wobble as jittery investors, wary banks, the struggling economy and turbulent financial markets are stalling a 2 year rebound in the U.S. commercial real estate industry.
- From ICREA, Germans are buying more residential property in spite of the financial and economic crisis. The most important motivation is the desire to own property. Additionally, prices are still below the average of the past 10 years and interest rates are at historic lows.
- NAR reports that comparing August 2011 to August 2010 in the Northeast, sales were up 10% and the median price was down 5.2%. In Boston, sales were up 20.8% and the median price was down 4.2%
- MAR’s monthly report for August shows a statewide increase comparing August 2011 with August 2010 for single family homes of 17.6%, and of 11.6% for condominiums. The median price for single family homes fell 4% to $315,000 and also fell 4% for condominiums to $288,000.
- Short sales and REO’s accounted for nearly ½ of all California home sales in August.
- An article in Inman News noted that under the ancient Babylonian code of Hammurabi, if a builder builds a house for someone, and does not construct it properly, and the house which he built falls in and kills the owner, then that builder shall be put to death.