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State of Rhode Island Median Sales Chart Year end 2004-2007 & First Quarter ‘08 The first quarter ’08 shows the specific downturn in the market for the State of Rhode Island’ for Residential properties. (Single Family, Multi-family, and Condominiums) Housing Market Shows Fresh Signs of Improvement; More Likely
More robust home sales may well be ahead in the second half of the year. According to the Pending Homes Index of the National Association of Realtors.

Contracts signed in April rose by 6.3% to 88.2 from 83.0 in March. April’s was the highest index reading since last October, but the index remains some 13% below the April 2007 reading.

A flow of bargain hunters into the market and “sharp price reductions” are both factors in sending the index higher, said Lawrence Yun, NAR chief economist.

Northeast Market Likely First to Rebound, says NAHB Report
The Northeast is likely to be the first region of the U.S. to rebound from the current housing slump, according to a recent forecast of metro market housing starts from the National Association of Builders.

New Home Sales Rise in April
New home sales rose 3.3% in April versus the previous month, and the median and average sales prices both also posted significant gains the Commerce Department reported on Tuesday (May 27). It was the first month-to-month rise in six months.

The Rhode Island Real Estate Market: How Bad Is It?
There’s no doubt that the housing market here in Rhode Island and markets across the U.S. are in a serious slump. But despite what you’ve heard on the cable news shows and read in the press, the market in general, in Rhode Island and particularly in your community, may not be as bad as you think.

The Providence Journal reported on page one recently, “Housing market plunging in state”. The median price of a single-family house in Rhode Island fell 10% in the first quarter of the year to $245,000 from $272,000 a year earlier, according to statistics from the Rhode Island Association of Realtors. Home sales were off 23% for the same period. But there is always another way to look at any situation.

Has Housing Cycle Hit Bottom Yet?

It's no secret that the U.S. housing market is cyclical and in the midst of yet another painful correction. The causes and characteristics of these cycles vary, at least in some respects, but the implications for home buyers, home sellers and homeowners remain reliable as the cycles roll by. Housing cycles aren't all alike, yet over long periods of time, a basic pattern can be discerned, explains Mark Dotzour, chief economist of the Real Estate Center at Texas A&M University, as reported in the Seattle Post-Intelligencer recently.

Housing cycles aren't all alike, yet over long periods of time, a basic pattern can be discerned, explains Mark Dotzour, chief economist of the Real Estate Center at Texas A&M University.

R.I. Home Foreclosure Notices Rise Sharply

Home foreclosure notices rose sharply in the first quarter as payments on adjustable mortgages rose and falling house prices kept owners from selling or refinancing, the Providence Journal reported recently.

About 1,060 houses were advertised for foreclosure auction during January, February and March, up 282 % compared with the same period last year, according to data from Rhode Island Housing, the Journal reported. The state agency tracks legally noticed foreclosures. Not all properties advertised for foreclosure auction are sold by the lender.

Web Site Last Updated: 6-02-2008




	What's New... State of Rhode Island Median Sales Chart Year end 2004-2007 & First Quarter ‘08 The first quarter ’08 shows the specific downturn in the market for the State of Rhode Island’ for Residential properties. (Single Family, Multi-family, and Condominiums) Housing Market Shows Fresh Signs of Improvement; More Likely More robust home sales may well be ahead in the second half of the year. According to the Pending Homes Index of the National Association of Realtors. Contracts signed in April rose by 6.3% to 88.2 from 83.0 in March. April’s was the highest index reading since last October, but the index remains some 13% below the April 2007 reading. A flow of bargain hunters into the market and “sharp price reductions” are both factors in sending the index higher, said Lawrence Yun, NAR chief economist. Northeast Market Likely First to Rebound, says NAHB Report The Northeast is likely to be the first region of the U.S. to rebound from the current housing slump, according to a recent forecast of metro market housing starts from the National Association of Builders. New Home Sales Rise in April New home sales rose 3.3% in April versus the previous month, and the median and average sales prices both also posted significant gains the Commerce Department reported on Tuesday (May 27). It was the first month-to-month rise in six months. The Rhode Island Real Estate Market: How Bad Is It? There’s no doubt that the housing market here in Rhode Island and markets across the U.S. are in a serious slump. But despite what you’ve heard on the cable news shows and read in the press, the market in general, in Rhode Island and particularly in your community, may not be as bad as you think. The Providence Journal reported on page one recently, “Housing market plunging in state”. The median price of a single-family house in Rhode Island fell 10% in the first quarter of the year to $245,000 from $272,000 a year earlier, according to statistics from the Rhode Island Association of Realtors. Home sales were off 23% for the same period. But there is always another way to look at any situation. Has Housing Cycle Hit Bottom Yet? It's no secret that the U.S. housing market is cyclical and in the midst of yet another painful correction. The causes and characteristics of these cycles vary, at least in some respects, but the implications for home buyers, home sellers and homeowners remain reliable as the cycles roll by. Housing cycles aren't all alike, yet over long periods of time, a basic pattern can be discerned, explains Mark Dotzour, chief economist of the Real Estate Center at Texas A&M University, as reported in the Seattle Post-Intelligencer recently. Housing cycles aren't all alike, yet over long periods of time, a basic pattern can be discerned, explains Mark Dotzour, chief economist of the Real Estate Center at Texas A&M University. R.I. Home Foreclosure Notices Rise Sharply Home foreclosure notices rose sharply in the first quarter as payments on adjustable mortgages rose and falling house prices kept owners from selling or refinancing, the Providence Journal reported recently. About 1,060 houses were advertised for foreclosure auction during January, February and March, up 282 % compared with the same period last year, according to data from Rhode Island Housing, the Journal reported. The state agency tracks legally noticed foreclosures. Not all properties advertised for foreclosure auction are sold by the lender. Web Site Last Updated: 6-02-2008