trends: 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)

trends: 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)

trends: 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)

trends: 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/).
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trends: 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)

trends: 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)

trends: Rates Fall, Demand Lowest In Three Months - 04/14/10 04:29 AM
According to The Mortgage Bankers Association's Weekly Applications Survey (http://www.mbaa.org/NewsandMedia/PressCenter/72549.htm), demand for purchase and refinancing loans both fell last week. The Market Composite Index, which measures total loan application volume, decreased 9.6 percent on a seasonally adjusted basis from a week earlier. Mike Fratantoni, MBA's Vice President of Research and Economics, said an increase in FHA mortgage insurance premiums caused the drop, which brought loan demand to its lowest level since the week ending January 1. The average contract interest rate for 30-year fixed-rate mortgages also fell, from 5.31 the previous week, to 5.17 last week. More here (http://www.reuters.com/article/idUSTRE63D1KF20100414).
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Cody Burnett, Real Estate Pro (Connect Realty)

Cody Burnett

Real Estate Pro

Bentonville, AR

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