Home Building Spiked in September

Home building reached the highest pace in 17 months during September with new projects, according to an article in the Seattle Times, which is a hopeful sign for both the economy and the market.

A large part of this was apartment construction, which bodes well for job creation and the economy but does not significantly affect the housing market.

Single family homes made up about 70% of the building projects, a small increase. The Commerce Department said on Wednesday that 658,000 homes were built in September, about half of the ideal healthy economic amount but still a 15% improvement over August.

Real Estate Apps for Your Smartphone

Foreclosures Slow Down in Bay Area

Bay Area foreclosures slowed in September, down 7% from August and 10% from this time last year, according to an article in the Contra Costa Times. A report released Thursday by RealtyTrac revealed these numbers, though how long the decline will last is uncertain.


2,594 homeowners in the Bay Area were given a notice of default in September, the first step in the foreclosure process.

RealtyTrac does not include Santa Clara County in its definition of the Bay Area, however, and there was a slight increase in foreclosures in that county, as well as in San Mateo County, though that is included in the Bay Area defined by the company.

RealtyTrac CEO Daren Blomquist said that “in the next six months, it’s likely that default notices will be on a consistent upward rise in the Bay Area, once banks catch up with their backlog of current foreclosures and more people fall behind on their mortgages.”

Biggest First-Time Homebuyer Mistakes to Avoid

Looking for your first home can be an exciting experience, but it can easily get overwhelming. There are some mistakes that are pretty easy to make if you aren’t familiar with real estate.

Looking Without Knowing Your Price Range

This is a waste of time for you and your real estate agent. It can give you the wrong idea of a realistic fit for your financial situation. The first thing you should do is sit down and figure out what you can afford. Once you’ve done that, your Realtor can show you houses that fit your price range.

Discounting a Great Home Because of Decor

Just because you can’t afford to replace the hideous wallpaper right now doesn’t mean you won’t be able to soon. Getting too picky over small details that can be changed could keep you from ending up in your dream home. Use your imagination and visualize what the house could be like after you’ve put your touch on it.

Shopping Without A Mortgage Pre-Approval

What you have determined you can afford and what banks are willing to lend might not be the same thing. If you go into contract on a home and can’t get the loan you need, you will have wasted a lot of people’s time and gotten your hopes up. Contact a mortgage professional in order to get qualified for a loan before you do any serious house-hunting.