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Dec
21
Mortgage Crunch Hits NWI Builder
Filed Under economy, real estate | Comments Off
Sad news for a Northwest Indiana homebuilder.
The Post-Tribune reports that banks have filed mortgage foreclosure lawsuits against Harvest Homes.
The financially beleaguered Harvest Homes, a subdivision developer for Porter and Lake counties based at 954 Eastport Center in Valparaiso, is being taken to court for about $2 million it owes on homes it has built.
Two banks are foreclosing on the mortgages, Liberty Savings Bank, based in Florida, according to their lawyer Timothy Buckley, and the local Centier Bank.
Dec
7
Now Is The Time To Buy
Filed Under Northwest Indiana, personal finance, real estate | Comments Off
Steve Dalton at Northwest Indiana Real Estate says this is the time to buy real estate.
Yes, inventories are high, but frankly that means now is the best time to buy, before those inventories start to decrease and prices regain traction.
Moody’s reports that housing prices might fall as much as 30% in some markets, although the nationwide average should be closer to 13%.
On a national level, the housing market recession will continue through early 2009, said the report, co-authored by Mark Zandi, chief economist, and Celia Chen, director of housing economics.
The report paints a worsening picture of the hard-hit housing sector, which is in the midst of its worst downturn since World War II.
While activity will stabilize in 2009, it will not be until 2010 before a measurable improvement in sales, construction and pricing will emerge, the report said.
House prices are forecast to fall 13 percent from their peak through early 2009. After accounting for incentives home sellers are offering buyers, effective declines peak-to-trough will total well over 15 percent, the report said.
Punta Gorda, Florida, and Stockton, California, are the hardest hit markets in the U.S., with price declines from peak-to-trough forecast at 35.3 percent and 31.6 percent, respectively.
“This is the most severe housing recession since the post-World War II period,” Zandi told Reuters.
Luckily for Northwest Indiana buyers, our market hasn’t been subject to explosive price increases. This should mean that Northwest Indiana prices shouldn’t fall as much as other housing markets.
