Items of Interest SHE’S LIVED THERE SINCE WOODROW WILSON WAS PRESIDENT When 12-year-old Elsa Barnouw first moved into her Morningside Heights apartment, says the New York Post, World War I was barely over and Tammany Hall’s John Hylan was mayor of the city's 5.6 million people. Now, 90 years, 16 presidents and 12 mayors later, Barnouw, 102, uses a walker to get around the same three-bedroom apartment overlooking Columbia University, still sleeping in the same small bed in the same small room she grew up in as an immigrant from Holland. Her father moved his family of six there as a professor at Columbia. "I feel at home here," said the graduate of Columbia Teachers College, who turned 102 last month. "I lived in a few different places, and this is where I feel comfortable. I'm really happy and lucky to be here, in my old house." No wonder. Rent for the never married woman has climbed from the $5 that her family paid in 1919 to $397 now. "I've been here quite a while," she said, unnecessarily. "I'm not going anywhere." No kidding. FORECLOSURES AFFECT THE ENTIRE REGION, SAYS TIMES Late to arrive in the Northeast, the foreclosure crisis has swept through the New York region at an explosive pace in the past two years, destroying billions of dollars in housing wealth, according to a New York Times analysis of foreclosures filed since 2005 and federal mortgage data. It now touches every corner of the region, from estates along the Connecticut Gold Coast to the suburban tracts of Long Island, where 6 percent of all mortgages are at least 90 days delinquent, the point at which foreclosure proceedings usually begin. But the storm has fallen with a special ferocity on black and Latino homeowners, the analysis shows. The Times led the newspaper with this piece. DEADBEAT CONTRACTORS AND DEVELOPERS OWE CITY MILLIONS They have racked up more than $263 million in unpaid fines, yet many continue to work unpunished, according to the New York Post. Last year, the Buildings Department collected $1 for every $5 in fines, issuing $132.4 million in penalties while taking in just $29 million, records show. Of the $263 million in unpaid fines dating back to 2000, $130 million has been deemed "uncollectible" because violators lack assets, went out of business or beat the clock on the eight-year statute of limitations. OVER TWO YEARS, RENTS HAVE FALLEN
ACTUALLY, ACCORDING TO ANOTHER REPORT, IT’S BEEN LONGER The beginnings of the current real estate downturn could be detected a year before the Lehman Brothers meltdown, a Citi Habitats data analysis of rental data shows, according to the Real Deal. The average rent for a Manhattan apartment in 2008 was $3,679, down from $3,724 the previous year. Between 2003 and 2004, the average rent for studios grew 1.6 percent to $1,693; 2.5 percent to $2,380 for one-bedroom apartments; and 5.5 percent to $4,577 for three-bedrooms. Two-bedrooms fell 1 percent to $3,331. By the next year, average rents in three of the four size categories shot up roughly 7 percent. Then, between 2005 and 2006, rents in every category spiked more than 9 percent, with studios averaging $1,995 in 2006. The average studio in 2007 was $2,129, up 6.7 percent from the previous year. One-bedrooms climbed 4.9 percent; two-bedrooms, 9.6 percent; and three-bedrooms, 1.7 percent. Rents in nearly all categories fell between 2007 and 2008, data show, with a studio in 2008 commanding $2,080, a two bedroom dropping to $4,151 and a three-bedrooms slipping to 0.7 percent. Actual rents are probably 5-10 percent lower, the report said, because the data did not take into consideration "net effective" rents lowered by popular concessions such as a free month. SINGLE-FAMILY HOME PERMITS AND CONSTRUCTION EDGE UP Production of single-family homes inched up in April, according to figures by the U.S. Commerce Department. While overall starts fell 12.8 percent to a record low, the decline was entirely confined to the multifamily sector, where production fell 46 percent. Single-family starts posted a 2.8 percent gain, and issuance of permits rose 3.6 percent. On the multifamily side, starts fell 46 percent to an all-time low, while permits – which can indicate future activity - declined nearly 20 percent. "Single-family builders are starting to see the light on the horizon as more consumers realize they can now obtain the home of their dreams," said straight-faced Chairman Joe Robson of the National Association of Home Builders (NAHB). "Meanwhile, the extreme difficulty that builders are encountering in obtaining financing for new multifamily structures has ground production in that sector almost to a halt." PRICES ARE DROPPING AT A MUCH LOWER RATE According to its just released March Monthly Housing Market Report, Radar Logic has found that prices in 25 metropolitan statistical areas (MSA's) averaged virtually flat in both February and March after being practically in free fall for much of 2008. Home prices actually increased in March on a month-over-month basis in 11 of the 25 MSAs covered by the report; in six more MSAs, prices decreased less in March than they did in February. The 25-MSA Composite fell 0.3 percent on a month-over-month basis in both February and March in comparison with the 1.2 percent and 0.9 percent declines in February and March 2008. Radar Logic’s composite index showed a 2 percent average monthly decline in 2008. “While not a bottom, the stability in home prices we are seeing is certainly good news,” said Radar Logic President Michael Feder. After making a strong showing in February, the strength of California housing markets abated somewhat in March, and Boston led the 25 cities in price increases that month with a 6 percent monthly gain, followed by Denver, where prices jumped 5.7 percent. CASE-SHILLER DOCUMENTS U.S. AND NEW YORK DECLINES The S&P/Case-Shiller1 Home Price Indices continue to post record declines in a trend that began in late 2007 and prevailed throughout 2008. Its National Home Price Index – which covers all nine U.S. census divisions – recorded a 19.1 percent decline in the first quarter of 2009 versus the first quarter of 2008; the drop was the biggest in the series’ 21-year history. The 10-City and 20-City Composites recorded annual declines of 18.6 percent and 18.7 percent, respectively, slightly improving their returns reported for February. Seventeen metro areas had a monthly decrease in March. But nine MSAs showed relative improvement in year-over-year returns, and nine of the 20 metro areas improved in their monthly returns compared with February. March is the second month since October 2007 in which the 10- and 20-City Composites were not off by record annual percentages. As of March 2009, average home prices across the United States are at a level similar to what they were in the fourth quarter of 2002. From the peak in the second quarter of 2006, average home prices are down 32.2 percent. For March, Detroit and New York reported their largest monthly declines, returning -4.9 percent and -2.5 percent, respectively. Yet the New York index is up 73.4 percent from January 2000 while down 19.7 percent from its June 2006 peak. For a skeptical view of this report and others, visit this site. AND FREDDIE MAC RECORDS A 5.3% ANNUALIZED DROP A Freddie Mac index of home purchases registered a 5.3 percent annualized decline in U.S. house prices during the first quarter of 2009. The rate following a downward revised 18.5 percent annualized drop in the fourth quarter. Over the year ending with the first quarter of 2009, U.S. home sales prices fell 8.4 percent, Freddie Mac said. That was below the 9.7 percent between the fourth quarter of 2007 and the fourth quarter of 2008. “The improvement in house-price change from a steep decline to a more moderate one is consistent with other housing market data that point to the highest level of home-purchase affordability in at least 40 years and a stabilization in existing home sales and single-family construction in the first quarter, albeit at low levels of activity,” said Frank Nothaft, Freddie Mac vice president and chief economist. “This pattern was consistent across all nine regions of the U.S., with the rate of depreciation lessening in seven regions, and switching to modest appreciation in New England and the East North Central states.” He added that some local markets will experience stable or modestly rising prices even though the national metric may decline. LOWEST PRICED PROPERTIES PUSH UP EXISTING HOME SALES Sales of previously owned single-family, townhomes, condos and co-ops jumped 2.9 percent from March to April were 3.5 percent below one year earlier, according to the National Association of Realtors (NAR). Inventory also rose, by 8.8 percent to 3.97 million existing homes available for sale, as the spring buying season began, representing a 10.2-month supply in NEW-HOME SALES RISE 0.3% AS SUPPLY HITS 8-YEAR LOW The number of newly built single-family homes on the market shrank to 297,000 units in April, thinning supplies to their lowest level since May 2001, according to the Commerce Department. Its report noted that the pace of new-home sales held virtually even with the previous month. "This continued reduction in the new-homes inventory helps bring supply in line with demand, which is an important step toward the market's recovery, said Chief Economist David Crowe of the National Association of Home Builders. “We can expect the pace of new home sales to bounce along the bottom a bit before picking back up towards the end of this quarter." Sales of newly built, single-family homes recorded a marginal 0.3 percent gain to 352,000 units in April from a downwardly revised pace in March. Meanwhile, the inventory of new homes for sale declined 4.2 percent to 297,000 units, representing a 10.1-month supply at the current sales pace and, thus, excess inventory. WHAT SHOULD YOU DO WITH THAT OLD THING According to data from Consumer Reports, at least a fifth of gas ranges, dishwashers and washing machines sold between 2003 and 2006 broke within three years, reports the New York Times. And pity the purchasers of side-by-side refrigerators with ice machines and dispensers: After three years, 37 percent of them needed service. With 20.96 million major appliances shipped to retailers in the United States in just the first four months of this year, that’s a lot of broken products in the future. Retailers and service technicians have long advised that it often makes sense to buy a new product rather than repair a broken one. They use the 50 percent rule: If a repair would cost half or more of what it costs to buy a new product, the product should be replaced. A new product is also likely to be more energy efficient. But with the country deep in a recession, repairmen say many consumers are rejecting this suggestion and, like their forebears during the Depression, trying to spend as little as possible. IF YOU HAVE SILESTONE COUNTERS, YOU CAN RE-CAULK THEM Assuming the wall next to the countertop or backsplash looks fine and you need to replace just the caulk, the Washington Post advises you to scrape off as much as you can with a razorblade. No cleaning product removes silicone residue: You have to get it off mechanically. Clean the area thoroughly to remove any soap scum, and rinse. You can use an antibacterial cleaner if desired, but you can't "kill" any mildew so it doesn't come back. But when you install the new caulk, look for a product labeled as mildew-resistant. Because some residue from the existing caulk might remain, the new caulk also needs to be a silicone formula, as it will stick to silicone better than latex formulas. Silestone sells silicone caulk color-matched to its countertops. Find it at a Silestone dealer or shop online at e-counters.com (click on DIY Vanity Tops). SOME RINGS ARE NOT WORTH COVETING Rings that are left by glass on wood can, in fact, be removed, notes the New York Times. White rings are easier to handle than black ones, using simple household items not associated with home repair: mayonnaise or a hair dryer. If it’s very fresh and has just happened in the last day or so, the first thing you can try is a hair dryer on a low setting. Apply warm air, moving the dryer back and forth to avoid overheating. Sometimes, that’s enough to evaporate the moisture out of the finish. If that doesn’t work, it may be time for the mayonnaise or increasingly rigorous procedures. INVESTORS ARE BUYING HOMES IN BULK After mostly retreating from the housing market after the bubble burst, investors are returning in droves, hoping to take advantage of the distress, observes the Wall Street Journal. In many cases, Realtors say, investors also are outbidding first-time home buyers and other would-be occupants because they often come to the table with all-cash offerings. Investors such as former Deutsche Bank managing director Matthew Cooleen’ firm, HudsonCross Financial, has spent $30 million buying pools of foreclosed houses from banks. Outside San Francisco, a former Morgan Stanley executive director's new firm is buying four houses for 75 percent less than they cost four years ago and is raising $6 million to purchase others. In Phoenix, Mark Allen, a former division president at D.R. Horton, the nation's largest home builder, is reselling homes he is buying at courthouse auctions with funding from Gorilla Capital, an Oregon-based firm that targets foreclosures. The low end of the real estate market in Phoenix - and in some equally hard-hit places such as inland California and coastal Florida - is becoming as wild as anything during the boom, reports the New York Times, noting that investors are snapping up foreclosures to rent them out. HudsonCross Financial is buying pools of 10 to 200 homes. "It only makes sense if we buy in bulk," Cooleen tells the Journal. SOME BABY BOOMERS REJECT THE SUN FOR THEIR RETIREMENT
ANOTHER MAGAZINE WEIGHS IN ON WHERE TO LIVE Kiplinger’s Personal Finance magazine evaluated U.S. cities for their growth potential, analyzing their ability to hold onto jobs even if the economy softens further, reports Realtor magazine. Huntsville, Ala., of all places, topped the list, followed by Albuquerque and Washington, D.C., respectively. With assistance from Kevin Stolarick of Martin Prosperity Institute, the magazine concluded that cities where there are plenty of jobs in which employees are paid to think are surviving the recession better than areas where much of the workforce is employed in manufacturing or service jobs. Stolarick says these creative-class jobs tend to help generate new businesses, thereby increasing the vibrancy of the areas where they hold sway. This employment analysis combined with data about income growth and cost of living led Kiplinger’s to choose the cities, which ranked, in order, after third place as follows: Charlottesville, Va.; Athens, Ga.; Olympia, Wash.; Madison, Wis.; Austin, Tex.; Flagstaff, Ariz.; and Raleigh, N.C. SUMMER RENTALS GO BEGGING AS VACATIONERS HANG BACK From Cape Cod to the Jersey Shore, from Ocean City, Md., to the Outer Banks of North Carolina to Myrtle Beach, S.C., says the New York Times, real estate agents are reporting that business is down from last year. In some spots, it’s absolutely sluggish. Part of the reason is that potential renters are waiting longer before they commit, agents say. “People are doing more window-shopping,” said Ryan Swaim, general manager of Dunes Realty in Garden City Beach, S.C., near Myrtle Beach. “They’re pulling the trigger much later.” While that situation is giving property owners a case of the nerves, it appears to be working in favor of renters. Many Web sites devoted to renting vacation homes on or near the Atlantic have long lists of specials, both short term and for the entire summer, meant to lure the undecided. BUILDERS’ CONFIDENCE REMAINS LOW BUT TRENDING UP Builder confidence in the market for newly built, single-family homes improved for a second consecutive month in May to the highest level since September of 2008, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI rose two points, to 16, this month. Any number over 50 indicates that more builders view conditions as good than poor. "The fact that the May HMI continued to tick up from April's five-point increase provides confirming evidence that the improved confidence level was no fluke," contended NAHB Chief Economist David Crowe. "This continued increase indicates that home builders feel we're at or near the bottom of the market and that positive signs lie ahead for builders and potential home buyers." The index component gauging sales expectations for the next six months rose three points to 27. The index gauging traffic of prospective buyers remained unchanged at 13. WITH LONG-TERM BOND RATES UP, SO GO MORTGAGES The 30-year fixed-rate mortgage (FRM) averaged 4.91 percent for the week, up from last week’s 4.82 percent but still lower than 6.08 percent a year ago, according to Freddie Mac. The 15-year FRM this week was 4.53 percent, up from 4.50 percent the previous week. It was 5.66 percent at this time last year. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.82 percent versus last week’s 4.79 percent and last year’s 5.62 percent. One-year Treasury-indexed ARMs were 4.69 percent, down from last week, when they averaged 4.82 percent. At this time last year, the one-year ARM was 5.22 percent and has not been lower since the week ending Sept. 29, 2005, when it averaged 4.68 percent. "Fixed-rate mortgage rates followed long-term bond yields higher this week as financial markets try to discern the state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. WHEN REFINANCING, DOT EVERY ‘I’ AND CROSS EVERY ‘T’ The process of refinancing has never been more difficult, says the Wall Street Journal. Before you jump in, you should know that most single-family home loans today need to fall within Fannie Mae and Freddie Mac limits - up to $417,000 in most places, and up to $729,750 in certain high-cost cities such as San Francisco and New York. "Jumbo" mortgages, or those larger than those limits, are still very hard to find. Then you'll need two crucial and tough-to-acquire bits of information: your credit score and your home's current value. But note that some banks are taking up to 90 days to complete a refinancing. And if you got your current mortgage in the past few years, when less documentation was needed, you may be surprised. You will need pay stubs, bank statements, brokerage statements and maybe tax returns to convince the lender that you can and will repay the loan. If you're self-employed, you may be asked for a profit-and-loss statement for this year. If you rely on bonus income, expect the lender to assume this year's bonus will be a lot less than last year's. The Journal’s detailed guide can be eminently helpful. MORTGAGE LOAN APPLICATIONS PLUNGE The Mortgage Bankers Association (MBA) says application volume for the week ending May 22 was off 14.2 percent from the previous week on a seasonally adjusted basis and increased 28.5 percent compared with the same week one year earlier. Refinancing activity decreased 18.9 percent from the previous week and purchase volume edged up 1.0 percent. The refinance share of mortgage activity fell to 69.3 percent of total applications from 73.6 percent the previous week, and the adjustable-rate mortgage (ARM) share grew to 2.6 percent from 2.4 percent. AS EXPECTED, FORECLOSURE ACTIONS GREW IN FIRST QUARTER Foreclosure actions were initiated on 1.37 percent of first mortgages during the first quarter of 2009, according to the Mortgage Bankers Association (MBA). The amount compares with 1.08 percent in the previous quarter and 1.01 percent one year ago. Both the level of foreclosures started and the size of the quarter over quarter increase are record highs. The seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties was 9.12 percent of all loans outstanding as of the end of the first quarter of 2009, up from 7.88 percent in the fourth quarter of 2008 and 6.35 percent a year ago. It is the highest rate in the MBA’s records, which go back to 1972. “The increase in the foreclosure number is sobering but not unexpected,” said Jay Brinkmann, MBA’s chief economist. “. . . We suspected that the numbers were artificially low due to various state and local moratoria, the Fannie Mae and Freddie Mac halt on foreclosures, and various company-level moratoria.” He noted that the foreclosure rate on prime fixed-rate loans has doubled in the last year, and “for the first time since the rapid growth of subprime lending, prime fixed-rate loans now represent the largest share of new foreclosures.” PRIME LOANS ARE NOW THE ONES TO WATCH The locus of trouble has shifted from subprime loans to the far more numerous prime loans issued to those with decent financial histories, according to the New York Times. With many economists anticipating that the unemployment rate will rise into the double digits from its current 8.9 percent, foreclosures are expected to accelerate. That could exacerbate bank losses, adding pressure to the financial system and the broader economy. “We’re about to have a big problem,” said Morris A. Davis, a real estate expert at the University of Wisconsin. Economists refer to the current surge of foreclosures as the third wave, distinct from the initial spike when speculators gave up property because of plunging real estate prices, and the secondary shock, when borrowers’ introductory interest rates expired and were reset higher. Those sliding into foreclosure today are more likely to be modest borrowers whose loans fit their income than the consumers of exotically lenient mortgages that formerly typified the crisis. “We’re right in the middle of this third wave, and it’s intensifying,” said Mark Zandi, chief economist at Moody’s Economy.com. “That loss of jobs and loss of overtime hours and being forced from a full-time to part-time job is resulting in defaults. They’re coast to coast.” Where’s the best place to hide during this economic downturn? DEUTSCHE BANK SAYS U.S. PRICES STILL TO FALL IN DOUBLE DIGITS Deutsche Bank predicts that nationwide prices will fall another 16.5 percent for a total peak-to-trough plunge of 40 percent, according to the Real Deal. In New York City, where prices started falling later than the rest of the country (and from a higher peak), the bank says prices have another 35 percent to go. The forecast had the Big Apple topping its list of “the worst 20,” which did not include D.C. HOMEGAIN SITE FINDS REALTORS EXPRESSING OPTIMISM
DESPITE DROP IN REVENUE, TOLL BROTHERS IS HOPEFUL Toll Brothers, the largest U.S. builder of luxury homes, said fiscal second-quarter revenue fell 51 percent as banks cut lending and demand for new homes sagged. Sales for the three months ended April 30 dropped to $398.3 million from $818 million a year earlier, the company. Commented Chairman and CEO Robert Toll: “With interest rates at an historic low, home price affordability at an historic high and consumer confidence starting to improve, we believe that more buyers are beginning to enter the enter the housing market. We have a few reasons for cautious optimism.” A LEHMAN CASUALTY WANTED TO UNLOAD PARK AVENUE HOME Then came the news a few days later that maybe he didn’t want to part with the place. Former CEO Dick Fuld purchased the apartment with his wife Kathleen for $21 million in 2007. It is a full-floor, 16-room, five-fireplace, four-bedroom co-op at 640 Park Avenue. Lehman had just announced it would be giving Fuld, its chief executive, $186 million in stock over the next decade when the couple bought the place. He was terminated without severance pay last fall. Unnamed "sources" were quoted by the Observer as saying the spread was quietly on the market, not even publicly listed, for around $32 million. When the Fulds bought the property from the estate of a 93-year-old philanthropist, renovation costs were estimated at $10, so the $32 million price tag presumably includes that work. ROSE MAKES A CHOICE William Styron’s widow is selling the couple’s five-bedroom colonial home in the rural town of Roxbury, Conn., about 85 miles northeast of New York City, according to the Wall Street Journal. Styron and his wife Rose, a poet, lived in the 4,600-sf dwelling full time since 1954, raising their four children in the 4,600-square-foot home, which was built in 1850. There’s a one-bedroom guest house, a pool with cabana, a tennis court, gardens and a pond with a waterfall. Protected woodlands surround the property on three sides. In his memoir, “Darkness Visible,” Styron described the Roxbury house as “my beloved home for 30 years,” noting the “autumnal loveliness” of the evening light there. House guests included novelists James Baldwin and Philip Roth. TO HER, A TERRACE WITHOUT A TENT AIN’T WORTH HAVING Rihanna, that 21-year-old pop star (to paraphrase Bill Clinton), is close to signing an $18,000-a-month lease for a SoHo penthouse on Greene Street, reports the New York Post. The 2,300-sf penthouse was originally listed at $22,000 a month. With three bedrooms, three bathrooms and a sitting room, the place has a 500-square-foot terrace, where the "Umbrella" singer plans to erect a small tent to shade her from prying eyes. Do You Want to Buy a Bridge?
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Doorman units are down 6.92 percent and non-doorman units are down 3.62 percent since May of 2007, according to the Real Estate Group of New York. Some of the greatest decreases were in Midtown East doorman studio units (down 20.69 percent), Murray Hill non-doorman one-bedroom units (down 20.71 percent), East Village doorman one-bedroom units (down 18.44 percent), Midtown West non-doorman two-bedroom units (down 20.42 percent), Gramercy Park non-doorman two-bedroom units (down 20.25 percent) and Midtown East doorman two-bedroom units (down 21.33 percent). The numbers do not take into consideration concessions or payments by owners, most likely making the net effective numbers even greater. “The bottom line this month is that while the market appears to be picking up, it doesn't yet appear that the market has recovered,” the said the company, which has issued 
comparison with a 9.6-month supply in March. The median price nationally in April for all housing types was $170,200, 15.4 percent below 2008. Distressed properties, which accounted for 45 percent of all sales in April, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. Sales of single-family home went up 2.5 percent in April, falling 2.8 percent below March 2008. The median price was $169,800, 14.9 percent below a year ago. As for apartment re-sales, they increased 6.4 percent but were 9.4 percent lower than one year earlier. The median existing condo and co-op price was $173,900 in April, down 18.5 percent from April 2008. NAR Chief Economist Lawrence Yun noted that first-time buyers continue to influence the market but that there also is a seasonal rise of repeat buyers. “Most of the sales are taking place in lower price ranges and activity is beginning to pick up in the mid-price ranges, but high-end home sales remain sluggish,” said he. The growth in inventory suggests foreclosure activity may be adding homes to the market faster than sales are removing them, commented Nomura Global Economics in a Wall Street Journal blog, and 
According to the Conemarra Partners consulting company, many baby boomers have postponed retirement or, in some cases, settled down in spots far away from tried-and-true options such as Florida and Arizona. Forbes attributes the change to a combination of the costs and the particular lifestyle retirees seek. Some retirees are now opting to wind down in college and commuter towns or places where they have spent significant amounts of time in the past, according to Robert G. Kramer, president of the National Investment Center for the Seniors Housing & Care Industry (NIC), a market research firm in Annapolis, Md. Such areas include Westchester, N.Y., Lancaster, Pa. and Montgomery County, Pa. Also on the list is Nassau County on New York's Long Island. Still, traditional, warm-climate options such as Pima County, Ariz., Palm Beach County, Fla., and Honolulu County, Hawaii, remain high on the list because they're affordable.
Well, duh. Otherwise, they would commit suicide. Only 29 percent of 1,150 Realtors surveyed by HomeGain May 6-11 said they expect home values in their market will decline in the next six months. About half (49 percent) said they expect home values will stay the same, and 22 percent were expecting values to increase. The vast majority of Realtors surveyed by HomeGain - 84 percent - said they believed their clients' homes had, on average, decreased in value in the last year. Only 12 percent said their clients homes had retained their value, while 3 percent said they'd increased in value. Sellers were apt to believe their homes were worth more than Realtors' recommended listing price 69 percent of the time. And – aha! - buyers thought homes for sale were overpriced 63 percent of the time, Realtors reported. About 30 percent thought homes were overpriced by 10-20 percent. 
