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Homebuying warms up in many parts of nation

Homebuying warms up in many parts of nation

Five years after the U.S. housing bust sent sales and prices plunging, the spring homebuying season is pointing to a long-awaited recovery.

Reduced prices, record-low mortgage rates, higher rents and an improving job market appear to be emboldening many would-be buyers. Open houses are drawing crowds. A wave of foreclosures is leading investors to grab bargain-priced homes.

And many people seem to have concluded that prices won’t drop much further. In some areas, including King County, house prices have begun to tick up.

Read More on The Seattle Times…

Are you thinking of buying a home? Check out our Homeownership Simplified section a for information & tips on buying a house and our handy calculators to figure out potential mortgages, closing costs, and more!

Seattle home prices on the rise again as supply shrinks

Seattle home prices on the rise again as supply shrinks

Home prices rose for the second month in a row in March, the Northwest Multiple Listing Service reported Thursday. One reason is an extremely low supply.

“Close to the job centers, 45 percent of new listings are selling within a single month,” J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said in a listing service news release…

The median sales price for a Seattle house that sold in March was $397,000, up 3.1 percent from a year earlier, after a 2.8 percent rise in February. March’s median was up 8.8 percent from February’s, although seasonal fluctuations can complicate monthly comparisons.

Read Full Story on Komo News…

Seattle-area home prices fall in January for sixth month in a row

Seattle-area home prices fall in January for sixth month in a row

Home prices in the Seattle metropolitan area fell in January for the sixth straight month, according to the closely watched Standard & Poor’s Case-Shiller index, hitting yet another post-boom low.

The only silver lining for homeowners: the monthly rate of decline, 0.7 percent, was smaller than December’s 1.3 percent. Eleven of the 19 other cities that Case-Shiller tracks had steeper month-over-month price drops.

Read More on The Seattle Times…

Shrinking inventory breaks fall in King County home prices

Shrinking inventory breaks fall in King County home prices

Fewer homes are listed for sale in King County now than at any time since the housing crisis began, and observers say the lack of inventory is starting to influence prices, at least in some neighborhoods…

Countywide, the median single-family sale price hit another postboom low in February — $308,125, down 2 percent from January, 8 percent from February 2011 and nearly 36 percent from the market’s peak in July 2007.

Read Story on The Seattle Times…

2012 seen as ‘long slog’ through foreclosures

2012 seen as ‘long slog’ through foreclosures

Foreclosure homes are dragging prices down across Washington state, and the light at the end of the tunnel may not arrive until the end of the year.

Glenn Crellin, an economist with the University of Washington’s real estate studies center, told a gathering of homebuilders and other related professionals Wednesday morning that “with any luck” the foreclosure glut will be worked out in 2012. “It will be a long slog,” he said.

Read More on The News Tribune…