| HeraldNet - Snohomish County's online news source |
 TUESDAY, FEBRUARY 9, 2010 5:16 pm |
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Business 
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U.S. home prices fall, sales rise A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals.But home sales continued their climb, with quarterly sales outpacing the second quarter and the previous year’s figures, the National Association of Realtors said last week. The median sales prices of existing homes declined in 123 out of 153 metropolitan areas compared with the same period a year ago. Prices rose in the other 30 cities. The national median price clocked in at $177,900, or 11 percent below the third quarter last year. In Snohomish County, the combined median price for single-family homes and condominiums was $280,000 for October. “The decline in the national median price has moderated recently, and a shrinking supply of unsold inventory suggests we are getting closer to price stabilization in many areas,” said Lawrence Yun, the group’s chief economist, in a statement. “But we need a steady stream of financially qualified buyers to further reduce inventory and get us to a self-sustaining market.” Prices in Fort Myers, Fla., plunged 40 percent to $98,000 from a year ago, the worst in the nation. Las Vegas saw its median price tumble almost 35 percent year-over-year to $138,500. The largest price gain, by contrast, was in Cumberland, Md., where prices jumped 19 percent to $122,100. Davenport, Iowa, followed with an increase of 14 percent to $115,600. The federal tax credit of up to $8,000 for first-time homebuyers helped boost sales in the third quarter. U.S. home sales grew in 45 states from the second quarter, with 28 states posting double-digit gains. Total quarterly sales hit a seasonally adjusted annual rate of 5.3 million, up more than 11 percent from 4.76 million in the second quarter. President Barack Obama signed a bill last week extending and expanding the federal tax credit. Now, buyers who have owned in their current homes for at least five years are eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers have to sign a purchase agreement by April 30, 2010, and close by June 30. |
- A revolutionary 747
- Fire breaks out at Everett car dealer
- Everett rethinks boutique wineries
- A tidy lawn could be law in Lynnwood
- Snohomish County's bargain housing won't last
- Boeing's 747-8 takes off after weather delay
- Plan for I-5 closures this week
- A new bowling alley for Monroe?
- Lake Stevens man homeless after fire
- I-5 bridge joint may give you a jolt, but it isn't damaged
- Vote on school levies by Tuesday
(11) - A tidy lawn could be law in Lynnwood (10)
- Lynnwood sets height limit on grass: 8 inches (5)
- Everett police officers cleared in 2008 shooting death (5)
- 1949 travel aid shows how few places blacks were welcome in Washington (4)
- I-5 bridge joint may give you a jolt, but it isn't damaged (4)
- Everett rethinks boutique wineries (4)
- County archive software paid for but waiting for set-up (3)
- Three politicians who want Gregoire's job in 2012 (3)
- Toyota has powerful D.C. friends (3)
- Edmonds educator, famous announcer dies
- Mill Creek to appeal ruling on annexation
- Through the air, with the greatest of ease
- E-W thriving under new coach
- The path to citizenship
- EUUC puts on ‘Pants & Shoes’
- Wolfpack wins the ‘Battle'
- Lynnwood’s annexation plans OK’d
- Arlington's Cascade Valley Hospital celebrates expansion, national award and 100 years of service
- Business Licences Feb. 2010
- Technology tips for launching your own business
- Business Events Feb. 2010
- Tech Talk: No excuse today for going without a Web site
- State already raising fees and rates that restrict business growth
- Some legislators again targeting people’s initiative petition rights
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