housing market: The Supply Of Available New Homes Just Plummeted - 05/28/10 06:19 AM
The supply of newly-built homes for sales plummeted in April, a positive indicator for the South Orange County housing market as we head into the summer months.
It's no wonder that homebuilders are breaking new ground at the fastest clip in 2 years. 
At the current sales pace, the nation's complete supply of new homes would be sold in just 5 month's time.  That's more than double the pace of a year ago.
Also, as more good news, in terms of total housing units, the government reports that New Home Sales topped one half-million homes sold for the first time since … (1 comments)

housing market: Home Supplies Tick Higher, Creating An Opening For Today’s Home Buyers - 05/25/10 05:46 AM
Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates. As compared to March, April's Existing Home Sales rose by 410,000 units nationwide -- the second straight month of large gains. An "existing home" is a home resold by a prior owner (i.e. not new construction). It's a solid report for housing overall, with rising sales suggesting that the real estate market's recovery is ongoing. However, the data presented a mixed message. According to the National Association of Realtors®, although the number of homes sold ticked higher in April, so did … (0 comments)

housing market: Housing Starts Data Hints That Housing Will Expand Even After The Tax Credit Expires - 04/20/10 03:43 AM
After a strong March showing and a surprise upward-revision for February, Housing Starts are, once again, trending better.
It's yet another signal that the housing market nationwide is stabilized.
A Housing Start is a new home on which construction has started and, over the last 6 months, home builders are averaging one half-million starts per month.
This marks the highest 6-month average since 2008 and a reading one-fifth percent better from 12 months ago.  Revisions to prior data have all been higher, too.
Even more interesting, though, is that the number of newly-issued building permits is exploding. Permits were up more … (2 comments)

housing market: Pending Home Sales Soar In February, As Expected. Buyers Are Everywhere. - 04/06/10 11:23 PM
 
As expected, the Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit's April 30 deadline.
Versus the month prior, February's index rose 8 percent but remains well off the highs set last October.
For today's home buyers and seller, the Pending Home Sales Index is an important measurement. This is because a "pending home" is a property that is under contract to sell, but not yet closed.
According to the National Association of Realtors®, 80% of homes under contract close within 60 days, historically. Therefore, a higher Pending Sales figure in February projects that April's … (0 comments)

housing market: The Home Price Index Shows Some Regions Up, Some Regions Down - 02/26/10 12:17 AM
Earlier this week, the private-sector Case-Shiller Index showed home prices slightly lower between November and December. Thursday, the public-sector Home Price Index showed the same. Publishing on a 2-month lag, the Federal Home Finance Agency said home prices fell by 1.6 percent nationally in December. And that's an average, of course. Some regions performed well in December as compared to November, others didn't. Values in the Middle Atlantic states improved slightlyValues in New England were essentially unchangedValues in the Mountain states sagged, down 3.5% These aren't just footnotes. They're an important piece toward understanding what national real estate statistics really mean. … (0 comments)

housing market: Housing Starts Soar To 6-Month High In January... Or Do They? - 02/19/10 03:35 AM
Sometimes, headlines for housing can be misleading and this week gave us a terrific example. On Wednesday, the Commerce Department released its Housing Starts data for January 2010. The data showed starts at a 6-month high. A “Housing Start” is a privately-owned home on which construction has started. Headlines on the Housing Starts story included: U.S. Housing Starts Hit 6-Month High (Reuters)U.S. Economy Receives Home Building Boost (Shepparton)Housing Starts Post Sharp Rebound (ABC) Based to the headlines, the housing market looks poised for rapid growth through the Spring Market. The real story, though, is that although Housing Starts increased by close … (0 comments)

housing market: 3 Factors to Take Into Consideration Before Jumping Into Housing Market - 02/06/10 01:54 AM
Here's an article from today's Rismedia.com:
By Jim Gallagher
RISMEDIA, ( Rismedia.com ) February 6, 2010—(MCT)—If you have a good job and good credit, the next few months might be a good time to go house hunting. Fence-sitters take the risk that Congress may let a rich tax credit expire, and that interest rates may rise. Buyers and sellers should consider the following factors as they consider jumping into the housing market.
First, mortgage rates are blissfully low, and that may not last. The rate on a 30-year mortgage averaged 5% last week, according to Freddie Mac. Rates are low … (0 comments)

housing market: Housing Permits Spike For The Second Straight Month - 01/25/10 07:16 AM
A "Housing Start" is a privately-owned home on which construction has started. It's an important gauge of housing health because it tracks new housing stock nationwide.
In December 2009, starts fell by nearly 7 percent.
The news is mildly disappointing but not too bad. The likely cause for the Housing Starts drop is December's rough weather conditions. It's tough to break ground when Mother Nature won't coordinate and last month was especially hazardous in a lot of parts of the country.
More cheery, however, is that for the second straight month, Housing Permits exploded. 
A housing permit is an certification from … (0 comments)

housing market: There's A Very Good Reason Why The New Home Sales Data Plunged In November - 12/26/09 11:27 AM
One day after November's Existing Home Sales report blew away estimates, the Census Bureau's related New Homes Sales report failed to impress.
A "new home" is a home that is newly-constructed; not bought as a resale.
In a lackluster showing, New Home Sales dropped 11 percent in November, falling to the lowest levels since April. Furthermore, the all-important "months of supply" climbed by a half-month to 7.9.
The press pounced on the figures and if you only read the headlines, you'd think that housing had cratered.  Some of the angles were quite bold, even:
Weak U.S. Home Sales Show Recovery's Shakiness … (0 comments)

housing market: Home Inventories Plummet, Foreshadowing Higher Prices By Spring 2010 - 12/23/09 04:30 AM
Home resales are soaring.
For the 4th consecutive month, the Existing Home Sales report revealed what today's buyers and sellers already know -- there's a lot of buyer activity right now.
Existing Home Sales surged 7-plus percent in November, posting its largest number of recorded sales in 33 months.  Sales volume is up 44% higher versus last year.
It's another example of the housing market in recovery.
There were other interesting statistics buried in the November data, too.  According to the National Association of Realtors:
51 percent of home buyers were first-timers Distressed properties accounted for one-third of all sales The … (0 comments)

housing market: Home Inventories Plummet, Foreshadowing Higher Prices By Spring 2010 - 12/23/09 04:27 AM
Home resales are soaring.
For the 4th consecutive month, the Existing Home Sales report revealed what today's buyers and sellers already know -- there's a lot of buyer activity right now.
Existing Home Sales surged 7-plus percent in November, posting its largest number of recorded sales in 33 months.  Sales volume is up 44% higher versus last year.
It's another example of the housing market in recovery.
There were other interesting statistics buried in the November data, too.  According to the National Association of Realtors:
51 percent of home buyers were first-timers Distressed properties accounted for one-third of all sales The … (0 comments)

housing market: Housing Starts Jump; Home Sellers Lament. - 12/22/09 01:36 AM
Housing Starts jumped last month as builders got back to business.  It's a telling sign for the economy, but bad news for next season's sellers.
With more homes coming online, home prices may be slow to rise nationwide.
A "Housing Start" is a privately-owned home on which construction has started. In November, starts rose by nearly 9 percent while remaining within the same tight range we've seen since June.
More interesting that Housing Starts, though, is the accompanying data for Housing Permits. After a 5-month plateau, Housing Permits finally broke through, posting its largest number in 12 months.
This, too, bodes … (1 comments)

housing market: Housing Starts Are Down And Why It's Terrific News For Sellers - 11/19/09 02:47 AM

A "Housing Start" is a home on which construction has started and, for the 4th straight month, national single-family housing starts held steady last month. 
When the demand for homes grows faster than the number of homes for sale, prices increase. 
As recent home sales data confirms, buyers currently outpace sellers and one consequence of this is an increase in multiple-offer situations this year. 
It's no wonder home prices are up across so many neighborhoods.
October's Housing Starts report is yet another piece of housing data foreshadowing rising home prices into 2010.
Building Permits were also down in October, a potential demand-to-supply … (0 comments)

housing market: What The Media Missed In September's New Home Sales Report - 10/29/09 06:21 AM
Some days, newspaper headlines are a terrible place to get your real estate news. 
Today is one of those days.
After the September New Home Sales report showed sales volume down from August, the mainstream media jumped on the story:
New Home Sales fall a surprising 3.6% Surprise Drop In New Home Sales Stocks slide as New Home Sales fall But the headlines miss the point, somewhat.  Yes, home sales volume is important to housing, but it's not as important as home supply.
A deeper look at the New Home Sales data reveals an interesting comparison point:
New home sales volume fell 3.6% The number … (0 comments)

housing market: Falling Home Supplies Mean More Multiple-Offer Situations For Buyers - 10/29/09 05:58 AM
The national housing supply fell to a 2-year low last month, according to the National Association of Realtors®.
At the current sales pace, existing home inventories would sell out in 7.8 months -- 30 percent faster versus November 2008.
For a 10-month window, that's a major housing supply reduction and it helps to explain why multiple-offer situations have been so common lately.
Moreover, the same report from NAR showed sales activity reaching its highest point since July 2007, too.
If you're looking for evidence that the long-standing Buyers Market is ending, this month's Existing Home Sales report might be it.
Even … (2 comments)

housing market: What Consumer Sentiment Surveys Mean To Housing Markets - 06/16/09 07:23 AM
Americans are feeling better about their budgets right now, raising the possibility of a full economic recovery.
According to a University of Michigan and Reuters, Consumer Sentiment rose for the fifth straight month in June.
Consumer Sentiment is now at its highest levels since September 2008, the month in which Lehman Brothers failed, Fannie Mae and Freddie Mac were nationalized, and the global financial crisis is believed to have peaked.
Rising confidence levels are important to the economy -- and to housing --because a confident consumer is more likely to make the big-ticket purchases that propel the economy forward.
This … (0 comments)

housing market: What Consumer Sentiment Surveys Mean To Housing Markets - 06/16/09 07:15 AM
Americans are feeling better about their budgets right now, raising the possibility of a full economic recovery.
According to a University of Michigan and Reuters, Consumer Sentiment rose for the fifth straight month in June.
Consumer Sentiment is now at its highest levels since September 2008, the month in which Lehman Brothers failed, Fannie Mae and Freddie Mac were nationalized, and the global financial crisis is believed to have peaked.
Rising confidence levels are important to the economy -- and to housing --because a confident consumer is more likely to make the big-ticket purchases that propel the economy forward.
This … (0 comments)