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Housing Inventory Is Down, And Housing Prices Are Up

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

I read a report yesterday on housing inventory that really stuck out to me, because many of the Market Reports that I have been reading here on ActiveRain are basically saying the same thing.  What made the report even more interesting to me is that Market Reports here on ActiveRain have been saying this for at least a couple of months now, and the so called experts are now just seeming to realize it.  This is one more reason to be on ActiveRain if you want to be up today on what the Real Estate Market is doing, in stead of depending on the experts and news media to provide it.

This report basically confirmed that Housing Inventory Is Down, And Housing Prices Are Up.  The report also verified the reason for the decrease in inventory that has been given as a reason for the decrease in inventory here on ActiveRain.  Sellers that are underwater on their properties, and Sellers who can not sell their property at the price that they want, have become discouraged and taken their properties off the Market. 

This decrease in inventory is happening at a time the demand is increase, and it does not take a genius to come to the conclusion that:

Supply + Demand = Price

However, as sales prices start to go up, so will inventory as Sellers who have taken their properties off the market begin to enter the market again. Hopefully that will happen at a slower pace, so that the need for Short Sales decreases.  The report closed by stating that:

"prices will increase by 2 percent this year and by up to 5 percent in 2013. NAR’s estimates are a little higher. The trade group expects a 3 percent rise this year and a 5.7 percent rise in 2013"

That might be a modest increase but it is an increase, and a very pleasant change from the trend that we have been in for the last few years.  I for one am ready for Housing Inventory Going Down, And Housing Prices Going Up.

 

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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308  gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

Posted by

George Souto
NMLS# 65149

C (860) 573-1308
CALL 7 Days/Wk
Fax (860) 760-6891

Email Me
About Me
My Blog

I am a Mortgage Loan Officer who can assist you with all your mortgage & refinancing needs in
CT, and RI

I can assist you with your Conventional,
FHA, CHFA, VA, USDA, & 203K loan programs.

I reside in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Haddam. E. Haddam, Higganum, Chester, Essex, Deep River.

 

Comments(10)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I agree as long as the economy does not take a second dip.

Jul 19, 2012 01:14 PM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Definitely agree...but not this will happen because of the economy.

Jul 19, 2012 01:31 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

George

Time will tell whether this is a blip, the spring market, or a more enduring shift in the housing market. I am not convinced we have reached the bottom in our area overall, and while the current increased demand is encouraging, we need lenders to become more loan-friendly for this to continue. We are still waiting, here at least, for the REO inventory that has been talked about for so long.

Jeff

Jul 19, 2012 01:36 PM
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

Ahhh yes George, if there is one thing that will cause prices to go up... it would be a scarcity of inventory.  Good old supply and demand.

Jul 19, 2012 02:32 PM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

I agree, you do learn a lot of stuff on the early side here.  I'm glad things seem to be turning.  But, here in my area, based on the market reports, it still seems like prices are still going down a bit and still a lot of inventory.  However, it seems like the inventory is gradually decreasing, so I think we are almost there.

Jul 19, 2012 08:13 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Here, here says the jury in all in support George.  It helps so many businesses that makes our economy go round...

Jul 19, 2012 09:43 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Things have certainly gottten better George but we have a long way to go. What so many people forget is all the people that have gone through and are going through short sales/foreclosures are no longer buyer's and won't be for at least 3-5 years. This has put a huge dent in the number of people buying homes.

 

Jul 19, 2012 09:58 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Keep the good news coming! It is sad that main stream media is not blasting this information.

Jul 19, 2012 10:10 PM
Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS

George, Sadly, most of our local inventory is short sales and foreclosures.  Many homes are under deposit for much longer periods of time now.  Hoping the deposits don't take years!

Jul 20, 2012 09:52 AM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi George -- I mirror a lot of what others are seeing in 2012 so far.

Jul 24, 2012 09:45 AM