housing market: Foreclosures, Gov't Action, And The Recovery - 05/18/10 07:22 AM
Economist Dean Baker, co-director of the Center for Economic and Policy Research, says federal programs have led to an artificial stabilization in the market. In order to deal with the glut of distressed properties, he feels people facing foreclosure should be allowed to stay in their homes as renters until they can renegotiate their mortgage.
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housing market: Housing Starts Up 41% Over Last Year - 05/18/10 07:19 AM
According to The Department of Commerce's April report on new residential construction, (http://www.census.gov/const/newresconst_201004.pdf) housing starts jumped 40.9 percent from last year and 5.8 percent above the month before. Ian Shepherdson, chief U.S. economist at High Frequency Economics, said increased demand from the home buyer tax credit lifted construction but its expiration has homebuilders wary, noting the 11.5 percent drop in building permits. Despite the drop in permits, which suggests starts will also fall off this summer, a recent report from the National Association of Home Builders (http://nahb.com/news_details.aspx?newsID=10676) showed builder confidence at a 2-1/2 year high. More here (http://www.housingwire.com/2010/05/18/housing-starts-up-but-permits-drop-in-signal-of-future-housing-decline/), here (http://www.reuters.com/article/idUSTRE63F2NT20100518), here … (0 comments)

housing market: Shadow Inventory and The Housing Recovery - 05/17/10 07:07 AM
The housing market's current mix of ups and downs has experts and industry insiders forecasting a variety of possible outcomes over the next few months and beyond. The shadow inventory looms large among many factors influencing whether the recent stretch of stability continues or the market takes a downturn. Estimates of the number of homes that are ready to sell but haven't been put on the market vary. A recent report from Barclays Capital says the shadow inventory will peak this summer and begin falling as the market stabilizes. But with an estimated 4.5 million homes potentially hitting the market over … (0 comments)

housing market: Homes For Sale, Price Cuts Rise In April - 05/06/10 06:46 AM
The number of homes for sale in 27 major metropolitan areas was up 2.6 percent in April from a month earlier, according to ZipRealty. The figures, which cover all single-family homes, condominiums, and town houses listed for sale, showed April's inventory down 9.6 percent from a year ago but doesn't take into account the supply of potential foreclosures that may hit the market this year. Zillow.com reports the percentage of available homes that cut their asking price also rose. According to the website, nearly one in four homes dropped their asking price in April, though the median price cut was down … (2 comments)

housing market: Tax Credit Boosts Loan Demand To Highest Level Since October - 05/05/10 06:51 AM
In the final week of the home buyer tax credit, demand for loan applications jumped 13 percent to a seven-month high. According to The Mortgage Bankers Association's Weekly Applications Survey (http://www.mbaa.org/NewsandMedia/PressCenter/72721.htm), purchase applications were up for the third consecutive week, rising almost 24 percent over the month before. Also, the average contract interest rate for 30-year fixed-rate mortgages fell to 5.02 percent, the lowest rate since mid-March. More here (http://www.reuters.com/article/idUSTRE63R1U620100505) and here (http://www.calculatedriskblog.com/2010/05/mba-mortgage-purchase-applications.html).

housing market: Pending Home Sales Reach Five-Month High - 05/04/10 10:43 AM
According to The National Association of Realtors' Pending Home Sales Index (http://www.realtor.org/press_room/news_releases/2010/05/phs_upswing), sales agreements for previously occupied homes rose 5.3 percent to 102.9 from 97.7 in February. It's the highest level since October and 21.1 percent above March 2009. Lawrence Yun, NAR's chief economist, said affordability and the home buyer tax credit have combined to produce a surge of spring home sales. Yun believes sales will drop in the months ahead but will likely become self-sustaining if the economy adds jobs in the second half of the year. The Pending Sales Index is a leading indicator for the housing market. More … (0 comments)

housing market: Consumers Remain Optimistic Despite Expired Tax Credit - 05/04/10 03:43 AM
For months, analysts and industry experts have debated how the expiration of the tax credit will effect the housing market. But, according to a recent survey conducted by Prudential Real Estate and Relocation Services (http://www.reuters.com/article/idUSN279816420100428), consumers are optimistic about real estate. The survey found that 46 percent of potential buyers expected prices to increase over the next year and 20 percent expect significant increases over the next five years. 65 percent of those polled said the end of the tax credit would have little or no effect on their decision to purchase a home. James Mallozzi, Prudential Real Estate's chairman and … (0 comments)

housing market: Home Prices See First Annual Increase Since 2006 - 04/28/10 03:41 AM
According to the Standard & Poor's/Case-Shiller Home Price Indices (http://www.standardandpoors.com/spf/docs/case-shiller/CSHomePrice_Release.pdf), home prices posted their first annual increase in three years. S&P's 10-city index was up 1.4 percent from February 2009 and the 20-city index was up 0.6 percent. Despite the year-over-year gains, David Blitzer, chairman of the S&P index committee, warned that it's too early to say the market is recovering. Home prices are up 3 percent from their bottom, but are still down more than 30 percent from their 2006 peak. More here (http://www.reuters.com/article/idUSTRE63Q26720100427) and here (http://www.msnbc.msn.com/id/36799404/ns/business-real_estate/).

housing market: New Home Sales Surge In March - 04/26/10 06:20 AM
In March, sales of new single-family homes were up 26.9 percent over February's rate, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development (http://www.census.gov/const/newressales.pdf). The jump was the largest monthly increase in 47 years and is 23.8 percent above last year's estimate. Also, the median sales price of new homes was $214,000 with an average price of $258,600. More here (http://www.msnbc.msn.com/id/36735173/ns/business-real_estate/) and here (http://www.housingwire.com/2010/04/23/new-home-sales-soar-nearly-27-in-march/).

housing market: Housing Fundamentals More Up Than Down - 04/26/10 04:20 AM
James O'Sullivan, chief economist at MF Global Ltd., argues that, though recent spikes in sales are exaggerated by the tax credit, the housing market's fundamentals are more up than down.


housing market: Stable Prices, Tax Credit Boost March Sales - 04/22/10 08:44 AM
With the national median existing-home price nearly unchanged from last year and time running out on the home-buyer tax credit, existing-home sales rose 6.8 percent in March, according to a report from The National Association of Realtors (http://www.realtor.org/press_room/news_releases/2010/04/ehs_favorable). Sales, up 16.1 percent from March 2009, have been above year-ago levels for nine straight months. Lawrence Yun, NAR's chief economist, said price stabilization should lead to a revival in buying confidence, which will help the market rebound after the tax credit impact disappears. More here (http://www.msnbc.msn.com/id/36711659/ns/business-stocks_and_economy/) and here (http://money.cnn.com/2010/04/22/real_estate/March_existing_home_sales/index.htm).

housing market: First-Time Buyers Nearly Half Of All Home Sales - 04/20/10 06:20 AM
According to The National Association of Realtors' 2009 Profile of Home Buyers and Sellers (http://www.realtor.org/press_room/news_releases/2009/11/survey_record), first-time home buyers accounted for 47 percent of all home sales last year. That was the highest market share on record, passing the previous high of 44 percent in 1991. This March, based on a survey from Campbell/Inside Mortgage Finance (http://www.reuters.com/article/idUSTRE63I31L20100419), 48.2 percent of purchases were first-time buyers. Thomas Popik, research director for Campbell Surveys, said, though many analysts felt the pool of first-time buyers had been depleted last fall, normal spring buying, combined with the tax credit, produced blow-out results. More here (http://www.housingwire.com/2010/04/19/first-time-buyers-take-larger-share-of-home-sales-in-march/). Also a … (2 comments)

housing market: Encouraging Signs For Housing Recovery - 04/16/10 11:23 AM
Ron Phipps, president-elect of The National Association of Realtors, is optimistic about the housing market and encouraged by stabilizing prices, recent increases in sales activity, and better unemployment numbers.

housing market: Experts Differ When Forecasting Housing's Future - 04/14/10 04:32 AM
With the spring selling season underway and many of the government programs aiding the ailing housing market expiring, experts and industry insiders have differing opinions on where housing's headed. Warmer weather typically boosts buyer traffic and, according to the National Association of Realtors spokesman Walter Molony (http://www.reuters.com/article/idUSTRE6374OD20100408), housing could become self-sustaining with a significant sales surge followed by job creation in the second-half of the year. On the other hand, Robert Shiller (http://www.nytimes.com/2010/04/11/business/economy/11view.html?scp=1&sq=shiller&st=cse), co-founder of the Case-Shiller Home Price Index, argues that, despite recent momentum, there isn't enough evidence to support the optimism among many economic forecasters. Shiller says, until there … (0 comments)

Cody Burnett, Real Estate Pro (Connect Realty)

Cody Burnett

Real Estate Pro

Bentonville, AR

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