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Real Estate Markets Still Blazing

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Les Christie, a CNNMoney staff writer, reported today that the U.S. residential real estate markets remained hot in the first quarter of 2005. The National Association of Realtors, which recently came under fire because of commission policies, reported that of 136 metro areas, 66 experienced double digit jumps, including where I live – the Washington (DC/MD/VA) region. The full list is here and Baltimore, MD notched a 6.9% increase in Q1.

What does that mean to me? Well it means the possibility that I bought at the peak of the bubble still exists (this data is for Q1 and we’re smack in the middle of Q2) but I’m not terribly concerned. Part of that is because someone was willing to pay far more for the house and the home is in an area with good schools. Either way, hopefully these percentage increase keep coming…

I’ll be meeting with a local lender at 5:30 to go over some paperwork and check out the mortgage loan rates. I’m under the gun because I need to get a mortgage loan approved within two weeks. The credit check/score has already been pulled and this guy hasn’t made any indication it’s going to be a problem so I feel as if I’m in good shape. The ballpark rates he’s quoted sound reasonable. The home inspection will be Saturday morning, within the limits of the counteroffer, and the appraisal should be done within the next few days.

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2 Responses to “Real Estate Markets Still Blazing”

  1. Budgeting & Personal Finance says:

    Although housing hasn’t gone up in my area (40 miles north of Detroit), houses are going for $1 million or more in my neighborhood. It’s nuts; maybe its tapping out a bit. It still shows the power of owning a home.

  2. realitycheck says:

    here is the reality people. wake up to the BS, and don’t get burnt.
    right off the internet……

    …. IN TWO DAYS.

    Thu Feb 23 2006 Santa Cruz house price drops for third straight month
    Thu Feb 23 2006 Is median price drop a blip or an omen?
    Thu Feb 23 2006 High-risk mortgages spread to Ohio’s small towns
    Thu Feb 23 2006 “Sell Now!” book from John Talbott
    Thu Feb 23 2006 A Toxic Mix in Ohio
    Thu Feb 23 2006 Builder sued by unhappy buyers
    Thu Feb 23 2006 Explaining the coming housing meltdown (PDF)
    Thu Feb 23 2006 Judge Denies Motion to Dismiss Fannie Mae Suit
    Thu Feb 23 2006 For Minorities, Signs of Trouble in Foreclosures
    Thu Feb 23 2006 Developers throw in extras because condos are not selling
    Wed Feb 22 2006 684 price reductions in Cape Coral alone in the last 24 hours
    Wed Feb 22 2006 Silicon Valley’s ‘Buyers Are Leaving’ Market
    Wed Feb 22 2006 Sellers dumping houses
    Wed Feb 22 2006 40-year loan has no money down
    Wed Feb 22 2006 Tucson’s housing sizzle now fizzling
    Wed Feb 22 2006 Houseowners allege fraud in Dominion suit
    Wed Feb 22 2006 Financing to build condos withers
    Wed Feb 22 2006 Inflation likely to mean further interest rate hikes
    Wed Feb 22 2006 Wisconsin shows dramatic drop in house sales
    Tue Feb 21 2006 Sacramento prices down 25% instantly
    Tue Feb 21 2006 A Bubble With a Fuse
    Tue Feb 21 2006 History is repeating itself
    Tue Feb 21 2006 Fannie, Freddie Keep Up Lobbying
    Tue Feb 21 2006 Good time for foreclosures … if you’re brave
    Tue Feb 21 2006 The US Real Estate Market – Bubblicious
    Tue Feb 21 2006 Yet another builder forced to cut prices
    Tue Feb 21 2006 Mortgage time bombs
    Tue Feb 21 2006 Real estate investors scammed
    Tue Feb 21 2006 Europeans likely to raise interest rates
    Mon Feb 20 2006 FL Real estate market flooded with sellers
    Mon Feb 20 2006 Housing prices adjusting — and that’s OK
    Mon Feb 20 2006 43% of first-time home buyers put no money down
    Mon Feb 20 2006 Financing to build condos withers
    Mon Feb 20 2006 Holders of highly leveraged loans may get costly lesson
    Mon Feb 20 2006 Panicked sellers throwing in perks
    Mon Feb 20 2006 San Fernando Valley house sales slide
    Mon Feb 20 2006 Vacancies and Overextended Borrowers
    Mon Feb 20 2006 Debt and denial
    Mon Feb 20 2006 Sales of existing houses drop in January
    Mon Feb 20 2006 Exposing Bernanke’s Lies During the Testimonies
    Mon Feb 20 2006 Buyers scarce in California
    Mon Feb 20 2006 Thorns Aren’t Good for Bubbles
    Mon Feb 20 2006 The Construction Conundrum
    Mon Feb 20 2006 California house sales hit four-year low in January
    Mon Feb 20 2006 “Limited Time Only”
    Mon Feb 20 2006 Bay Area house sales hit five-year low
    Mon Feb 20 2006 Rising house cancellations felt in Vegas
    Mon Feb 20 2006 SF newspaper finally admits housing trouble
    Mon Feb 20 2006 DC area house prices fall 8% in two months
    Mon Feb 20 2006 Condo market dying


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