market conditions: HOW’S THE RAPID CITY REAL ESTATE MARKET? - 04/26/10 10:53 PM

HOW’S THE RAPID CITY REAL ESTATE MARKET?   Every day some one asks me “How’s the Rapid City real estate market?”  Sometimes the unspoken subtext is “Give me the gory bloody details!”  But there aren’t any.   As this chart shows, no surprise, the national bubble burst in May 2007.  Californians were in la-la land of free American Dreams, but the Black Hills area would have nothing of it.  Like I always answer the question, “We didn’t participate in the bubble, so we aren’t participating in the bust.”  Good ole South Dakota, just keeps loping along.  Soon as we get past … (0 comments)

market conditions: THINKING SHORT SALE? … THE LONG TERM CONSEQUENCES - 04/12/10 09:30 PM

THINKING SHORT SALE? … THE LONG TERM CONSEQUENCES Think a “short sale” is a pain now?  That’s just the beginning.  It gets worse.  If you or someone you know is considering a short sale, it probably is best to pursue every possible creative alternative, such as family help, bartaring your time to friends for their help, or sell you big boy toys.  Here is why: When your mortgage lender agrees to a short sale, they are not necessarily agreeing to forgive your debt.  Perhaps the opposite.  They may simply be agreeing to a well-planned new stance for themselves in which … (1 comments)

market conditions: WE SOUTH DAKOTANS NEAR BEST IN MANAGING OUR CREDIT CARD DEBT - 11/24/09 12:52 AM

Transunion reports today that South Dakota has one of the lowest credit card delinquincy rates in the country.  Nevada was highest at near 2%, while South Dakota was second lowest at about 0.7%.This probably says something about how we manage debts and pay them off, in general.  Which probably also helps expain why our home prices are holding relatively steady while the rest of the U.S. market goes on roller coaster real estate thrill rides.
 
Posted by Lee Alley, www.BHhomes.INFO, Rapid City, Black Hills, SD at 7:20 AM  
Labels: Market Conditions
 
(0 comments)

market conditions: WHAT HOUSING CRISIS? SOUTH DAKOTA 2ND LOWEST MORTGAGE DELINQUENCY RATE IN U.S. - 11/18/09 06:23 AM

As we reported here on Black Hills mortgage delinquincy rates last quarter, our mortgage delinquincies continued this quarter at near the lowest in the entire country according to Transunion.  If anyone still dreams that real estate in the Black Hills is for bottom-fishing, this should be a wake up call.   Our volume of new listings and unsold inventory is way down.  Foreclosures in the Black Hills are near the lowest in the entire nation.  But for the lower-volume market we do have, prices remains quite strong when compared to the rest of the U.S.We won't belabor the point.  It's already been made.  … (1 comments)

market conditions: NEW RULES, NEW STRESSES, NEW METHODS, NEW RISKS CAN DELAY CLOSINGS - 10/25/09 07:08 AM

There is no "the" market. Pick your stats to match your fancy. Nationally, things are looking up (on the surface), in general, with some key exceptions. Locally, things are staying strong (on the surface), with some key exceptions.Nationally, Consumer Confidence is up, mortgage rates are down, new-purchase mortgages are up, employment is down, pending home sales are up, ...down, up,...Locally, sales volume remains up, new-listing volume is down, pending-sales volume is up, ...down, up...This market is just as confused as you are. That is why so many buyers and so many sellers remain lurking on the sidelines.It used to be … (0 comments)

market conditions: NEW RULES, NEW STRESSES, NEW METHODS, NEW RISKS CAN DELAY CLOSINGS - 10/25/09 06:39 AM
There is no "the" market. Pick your stats to match your fancy. Nationally, things are looking up (on the surface), in general, with some key exceptions. Locally, things are staying strong (on the surface), with some key exceptions.Nationally, Consumer Confidence is up, mortgage rates are down, new-purchase mortgages are up, employment is down, pending home sales are up, ...down, up,...Locally, sales volume remains up, new-listing volume is down, pending-sales volume is up, ...down, up...This market is just as confused as you are. That is why so many buyers and so many sellers remain lurking on the sidelines.It used to be that … (0 comments)

market conditions: PERFECT STORM BREWING FOR RAPID CITY REAL ESTATE? - 10/25/09 06:32 AM
We believe more strongly today that, on top of what's already happened, a perfect storm may be brewing in our local housing market. This is due to evidence of colliding structural forces.Prices are way down nationally, steady locally. But the number of newly listed homes continues to plummet, both nationally and locally. Economists like to say that "price" is the variable that balances supply and demand. So far, home prices in the Rapid City/Black Hills area have remained steady. As the number of local sellers have declined due to market queeziness, the number of viable buyers ready to buy has also … (0 comments)

market conditions: LOOKING FOR BLACK HILLS FORECLOSURES? GOOD LUCK! - 09/25/09 11:08 PM
Foreclosures? Good Luck.
Many of the buyers who call me indicate they prefer (even expect) to snare one of those foreclosures from the deluge they hear about on TV. Every time, I have to say again: "All real estate is local." (As I discussed on a TV newscast recently about our local market. See the video clip in the right margin.) And if you want a striking visual, check out the map here. USA Today provided it to show that over half of the 1,500,000 foreclosures last year came from just 35 of the nation's counties, having only 1/5 of the … (1 comments)

market conditions: Wednesday, June 17, 2009 - 09/25/09 10:49 PM
As more of our worldly functions move online, the robbers follow right behind. Online crime can impact our finances, privacy, moral dignity, reputation, and even our pet dog's privacy.So it's no surprise that fraudulent scammers have found ways to cheat innocent people with bogus real estate deals. In an incident this week, I know a family who own a vacant Rapid City home. Unknown to them, it was offered for rent by an out of town "rental agency" on craigslist. I happened to learn of it first, so I contacted the craigslist folks and asked them to remove the fraudulent for-rent … (1 comments)

market conditions: SEPTEMBER SUMMER MARKET WRAP: WHERE'S THE MARKET HEADED? - 09/25/09 10:35 PM
These market statistics of actual sales and unsold inventory show a continuing solid real estate market. It is smaller, in lower volume, but for the volume we have, home values and turnover remain good and much stronger than the rest of the U.S.Here's some key hard data from the actual sales and for-sale listings.Last March we had about 11.5 months of unsold inventory on hand (the number of months to sell all currently unsold homes at the current rate of sales, assuming no new listings are posted). Now it is down near 6 months of inventory. That is very healthy, headed … (1 comments)

market conditions: IS THE PARTY OVER? - 09/25/09 10:27 PM
Black Hills real estate has been on a (relative) roll while the national market tanked. Our summer was shaping up solidly. Then the July numbers started coming out.

Since the national real estate bubble burst in 2006/20o7, we've been told by counterparts and press around the country that the Black Hills real estate market is a La-La Land. Last spring, as the winter doldrums were ending, we were described as "the 3rd best real estate market in the country." Well deserved, according to our MarketWatch data. But I wonder if the preliminary July numbers signal that Black Hills real estate … (0 comments)

market conditions: WE'RE LOWEST IN THE NATION IN MORTGAGE DELINQUINCIES - 09/24/09 10:35 PM
Mortgage delinquencies nationwide increased for the tenth consecutive quarter, ending July 31. The nationwide average was about 6%, while the famous-five worst states hit about 10%-13%. But South and

North Dakota's rate was only 1/3 as bad as nationally, and only about 1/5 as bad as the worst states, according to Transunion today.Last March I described real estate's own "March madness." At that time nearly 80% of the nation's home foreclosures were coming from 34 counties in five states. It's still concentrated. There is no "national foreclosure crisis." There is a national problem, but the crisis is concentrated in about … (0 comments)

market conditions: SEPTEMBER SUMMER MARKET WRAP: WHERE'S THE MARKET HEADED? - 09/24/09 09:57 PM
These market statistics of actual sales and unsold inventory show a continuing solid real estate market. It is smaller, in lower volume, but for the volume we have, home values and turnover remain good and much stronger than the rest of the U.S.Here's some key hard data from the actual sales and for-sale listings.Last March we had about 11.5 months of unsold inventory on hand (the number of months to sell all currently unsold homes at the current rate of sales, assuming no new listings are posted). Now it is down near 6 months of inventory. That is very healthy, headed … (1 comments)

 
Lee R. Alley, Senior Advisory Broker (John L. Scott) Rainmaker large

Lee R. Alley

Senior Advisory Broker

Everett, WA

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John L. Scott

Address: 10820 Evergreen Way, Everett, WA, 98204

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