existing home sales: Pending Home Sales Rebound; Suggest Brighter Spring For Housing - 03/29/11 04:43 AM

On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month, according to the National Association of REALTORS®. A "pending home sale" is defined as a home under contract to sell, but not yet closed.
February's Pending Home Sales Index rebound breaks a 2-month losing streak, and reverses the recent downward momentum in housing. Both Existing Home Sales and New Home Sales volume showed a sizable loss last month. 
For buyers and sellers of real estate in Orland Park , the Pending Home Sales Index is of particular import. It's one of the few forward-looking indicators in housing, and … (1 comments)

existing home sales: Existing Home Sales Unexpectedly Drop In February - 03/22/11 04:04 AM
Existing Home Sales fell 10 percent last month, according to a report from the National Association of REALTORS®.
On an annual basis, 4.88 million homes were sold in February -- the first time annualized home resales dropped below 5,000,000 since November 2010.
An "existing home" is one that's not considered new construction.
And it's not just sales volume that's down. Home inventory is higher, too. At the current pace of sales, the number of months needed to sell the complete home resale inventory rose by 1.1 months, to 8.6 months nationally.
It's the biggest one-month jump in supply since July 2010 -- … (0 comments)

existing home sales: Foreclosure Activity Drops Throughout The Most Foreclosure-Heavy States - 02/10/11 02:41 AM

Foreclosure activity is slowing. According to foreclosure-tracker RealtyTrac, the number of foreclosure filings dropped 17 percent on an annual basis last month. Monthly filings ticked higher 1 percent after a combined 23 percent decrease through November and December 2010.
The phrase "foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. 
January marked the third straight month of sub-300,000 filings after 20 straight months above it.
As compared to January 2010, six of the nation's 10 most foreclosure-heavy states posted an annual foreclosure filing reduction. The remaining four showed modest worsening.
It's noteworthy that states like California … (0 comments)

existing home sales: Pending Home Sales At The Highest Levels Since April 2010 - 02/01/11 04:25 PM
Another day, another strong report for housing.
The Pending Home Sales Index climbed 2 percent in December, according to the National Association of REALTORS®. A "pending home sale" is an existing home under contract to sell, but not yet closed.
Pending Home Sales are up for the fifth time in 6 months. The December reading is now its highest since the federal home buyer tax credit's April 2010 contract deadline, and the figure is well north of the Pending Home Sales Index 3-year average.
Coupling this data with December's strong Existing Homes Sales report (+12%) and its strong New Home Sales … (0 comments)

existing home sales: New Home Sales Reach 8-Month High - 01/28/11 03:34 AM
>Sales of new homes rose sharply in December, posting a 17.5 percent gain from the month prior.
According to the Department of Housing and Urban Development, New Home Sales climbed to 329,000 in December, besting November by close to 50,000 units on a seasonally-adjusted annual basis.
Last month's reading is an 8-month high for New Home Sales, and the latest in a series of signals that housing is improving in Oak Lawn and around the country.
Note that December's Existing Homes Sales and Building Permits reports also showed marked gains last month, climbing 12 percent and 6 percent, respectively.
Furthermore, an interesting pattern … (1 comments)

existing home sales: Pending Home Sales Rises To 6-Month High - 01/04/11 03:21 AM
The housing market continues to expand, and surprise.
According to the National Association of REALTORS®, November's Pending Home Sales Index gained 3 percent from October. A "pending home sale" is a home under contract but not yet closed. 
The index is now at its highest point since April 2010's federal tax credit contract expiration deadline.
If the tax credit really did "borrow" sales from the summer months, as has been theorized, housing has rebuilt its foundation. 
We know this because, of all the housing data available to Oak Lawn  homeowners and home buyers, the Pending Home Sales Index stands apart as … (3 comments)

existing home sales: New Home Sales Rise In November; Hint At Strong Winter 2011 - 12/28/10 03:39 AM
Like most housing data in November, the most recent New Home Sales report showed sales volume increasing last month, and home supplies falling.
According to the U.S. Department of Commerce, sales of new, single-family homes increased to 290,000 in November on an annual basis, a figure equal to the New Home Sales 6-month rolling average, and a 6 percent improvement from October.
At the current pace of sales, the national supply of new homes for sale will be exhausted in 8.2 months -- a strong 0.6-month improvement from October.
This data is consistent with the most recent Existing Home Sales report. … (0 comments)

existing home sales: Home Inventory Dwindles Into The New Year - 12/23/10 08:50 AM
Existing Home Sales jumped another 6 percent in November, the report's third month of improvement since bottoming in July.
According to the National Association of REALTORS®, a quarter-million more existing homes were sold during the annual period ending in November as compared to October.  An "existing home" is a home that cannot be considered new construction.
Additionally, the national housing supply dropped by a full month. At the current pace of existing home sales, the complete stock of homes for sale will be exhausted in 9.5 months.
November's strong housing data is yet another signal to buyers in Chicago that the … (0 comments)

existing home sales: October Existing Home Sales : Buyers And Sellers In Balance - 11/24/10 04:15 AM
After two months of surging sales, home resales fell by 100,000 units last month to 4.4 million homes nationwide.
October's Existing Home Sales tally is slightly below the report's 6-month rolling average, according to the National Association of REALTORS® -- a time span which includes this year's $8,000 federal home buyer tax credit's tail end.
Housing statistics have been wildly inconsistent during that period.
For the future of Oak Lawn housing markets, though, it's encouraging that first-time and investment property buyers were both outnumbered by "move-up" buyers; buyers that have sold their respective homes in favor of larger ones. It's the … (0 comments)

existing home sales: Pending Home Sales Slip In September, Suggesting A Buyer's Market Until January - 11/09/10 02:01 AM
After 3 straight months of improvement, the Pending Home Sales Index slid lower in September. As compared to August, September's reading fell 2 percent.
A "pending home sale" is a home under contract to sell, but not yet closed. The data is drawn from a combination of local real estate associations and national brokers, and represents 20 percent of all purchase transactions in a given month.
Because of the large sample set, and because 80 percent of homes under contract close within 60 days, the Pending Home Sales Index is a terrific future indicator for the housing market. A high correlation … (0 comments)

existing home sales: Existing Home Sales Jump; Housing Market Shows Spark - 10/26/10 04:11 AM
Existing home sales jumped 10 percent in September, the biggest monthly jump on record and a signal that the housing market may be returning to a normal sales pattern post-$8,000 federal tax credit.
Existing Home Sales counts home resales (i.e. not new construction) and 80 percent of home resales close within 45-60 days. It's no surprise, therefore, September's data is strong.
Throughout the July and August, mortgage rates were in free-fall, pushing home affordability to near-record levels. Concurrently, the number of homes available for sale climbed to multi-year highs.
"Deals" were in ample supply this summer and eager Orland Park home … (1 comments)

existing home sales: New Home Sales Drop In July -- Just Like Existing Home Sales - 08/26/10 04:09 AM
One day after the National Association of Realtors released the softest Existing Home Sales report since 1995, the U.S. Census Bureau released a similarly-weak New Home Sales report.
Americans bought just 276,000 newly-built homes in July. That marks the fewest units sold since the government started keeping records in 1963.
In addition, although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months.  At July's rate of sales, the nation's new home inventory would be exhausted in just about 9 months.
None of this news should surprise … (0 comments)

existing home sales: Existing Home Sales Plummet In July; Home Buyers Gain Leverage - 08/25/10 04:37 AM
The number of home resales plunged by 1.4 million units in July, according to the National Association of Realtors®' Existing Home Sales report.
It's a drop of 27 percent from June; single-family home resales are at the report's lowest levels since May 1999.
Furthermore, because of the sharp drop in sales volume, home inventories are spiking.
Homes for sale nationwide fell just short of 4 million units in July and, at the current sales paces, it would take 12.5 months for the existing inventory to be absorbed.
Home supply was just 8.9 months in June.
For home sellers in Oak Lawn … (1 comments)

existing home sales: What's Ahead For Mortgage Rates This Week : July 26, 2010 - 07/26/10 07:24 AM
Mortgage markets worsened last week for the first time in 6 weeks last week. Investors were pleased with corporate earnings reports and the European bank stress tests results.  Stocks gained on the news, and bonds lost.
Mortgage rates rose last week, but only slightly. Rate are still hovering near their lowest levels of all-time.
Of the bigger stories last week was Existing Home Sales. As reported by the National Association of Realtors®, sales volume was down in June and home supplies were up. But figures were a bit better than expected, giving some hope for housing.
Notably, the number of move-up … (0 comments)

existing home sales: Existing Home Sales Drop In June But Hint At Higher Price Tier Support - 07/23/10 04:11 AM
Consistent with most post-home buyer tax credit housing news, the National Association of Realtors® says Existing Home Sales eased lower last month.
An "existing home" is a home that cannot be considered new construction.
The 5 percent drop in sales from May to June was expected, but a closer look at the month's data reveals some interesting trends.
First, repeat buyers accounted for 44 percent of home resales in June, up from 40 percent in May. That's a healthy increase for just 4 weeks' time and the tax credit is a likely catalyst. First-timer buyers bought starter homes owned by former … (2 comments)

existing home sales: Buyers Take The May 2010 New Home Sales Data All The Way To The Bank - 06/25/10 06:25 AM

One month after the federal homebuyer tax credit's official expiration, the New Home Sales report turned in its worst showing ever.
In May 2010, for the first time in 11 months, the inventory of unsold new homes crossed the 8-month marker, posting an 8.5 month supply overall.
Additionally, new homes sales volume fell to 300,000 units nationwide -- a drop of 32% and its lowest level since the Commerce Department started tracking data in 1963.
Now, universally, the press is referring to the May New Home Sales report as "poor".  A closer look, however, shows that may not be the … (0 comments)

existing home sales: May 2010 Existing Home Sales Is Better Than The Headline Data Suggests - 06/23/10 09:29 AM
Existing Home Sales dropped in May for the first time in 3 months but still managed to post its second-highest since November 2009, buoyed by the expiring federal tax credit program.
An "existing home" is a home that cannot be considered new construction; a resale of an existing home.  Existing Home Sales fell 2.2 percent in May.
The press is calling the drop in sales "unexpected" and disappointing, but a deeper look at the data shows the news isn't as bad as it first appears.
First, on a regional basis, sales were mostly solid. Only the Northeast region posted a loss. … (0 comments)

existing home sales: Pending Home Sales Data Shows Great Deals On Homes Are Getting Harder To Find - 06/03/10 03:57 AM
The Pending Home Sales Index shot higher in April as low mortgage rates and a soon-to-expire federal tax credit spurred home buying in Chicago and across the county.
A "pending home sale" is a home that's under contract to sell but not yet closed.
Region-by-region, April's pending home sales varied versus March's data:
Northeast Region: +29.5% Midwest Region : +4.1% South Region : -0.6% (after a +15.9% posting in March) West Region : +7.5% On an annual basis, the Pending Home Sales Index is higher by 22 percent.
April marks the third straight month that pending home sales are up and … (1 comments)

existing home sales: The Supply Of New Homes For Sale Just Dropped Off A Cliff - 05/28/10 05:56 AM
The supply of newly-built homes for sales plummeted in April, a positive indicator for the Orland Park 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 May … (1 comments)

existing home sales: Home Supplies Tick Higher, Creating An Opening For Today's Home Buyers - 05/25/10 04:51 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)

 
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Kevin Lanham

Chicagoland FHA Expert

Oak Lawn, IL

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Do you know what causes mortgage to rise and fall each day? Everyday I post relevant articles and stats that directly influence the direction of mortgage rates. I also will feature relevant real estate news that can educate you about the market. Have a question or a topic you would like me to cover? Feel free to comment!


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