home supply: 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)

home supply: 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)

home supply: New Home Housing Stock Drops To A 5-Month Low - 10/28/10 05:54 AM
In the same week that the National Association of REALTORS reported home resales up 10 percent in September, the U.S. Census Bureau reported similarly strong results for the new construction market. 
After improving 1 percent in August, New Home Sales popped another 7 percent in September.
It's no wonder homebuilder confidence is at a 5-month high.
Sales volume is higher in 4 of the last 5 months New home supply is at a 5-month low Buyer foot traffic is on the rise For home buyers in Oak Lawn , September's New Home Sales data may foreshadow a shift in builder sales … (0 comments)

home supply: 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)

home supply: Pending Home Sales Data Points To Higher Home Prices This Fall - 10/05/10 10:28 AM
Consistent with calls of a housing rebound, the Pending Home Sales Index rose again in August. It marks the second straight month of improvement after May's post-tax credit drop-off.
A "pending home" is an existing home under contract to sell, but not yet closed.
According to the National Association of REALTORS®, 4 out of 5 pending homes close within 60 days, and many more close within 90 days. For this reason, the Pending Home Sales Index is an excellent forward-indicator for housing.
As a real-life illustration, after July's 27% plunge to an 11-year low, Existing Home Sales recovered 8 percent in … (0 comments)

home supply: 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)

home supply: As The Pending Home Sales Index Falls, Home Buyers See Dollar Signs - 08/04/10 08:38 AM
The Pending Home Sales Index failed to rebound from a cliff-dive in May, falling by another 3 percent more in June.  The index remains at record-low levels.
A "pending home sale" is a home under contract to sell, but not yet closed. The data is culled from local real estate associations and large brokers and accounts for 20 percent of all purchase transactions in a given month nationwide.
The Pending Home Sales Index is a future indicator for the housing market; there is a high correlation between the PHSI and the monthly Existing Home Sales report.  This is because of the … (0 comments)

home supply: 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)

home supply: Was The Pending Home Sales Report Really That Bad? It Depends Who You Ask -- Buyer Or Seller. - 07/02/10 06:00 AM
The Pending Home Sales Index plunged in May 2010, just one month after the expiration of the federal home buyer tax credit program.
The Pending Home Sales Index is now at a record-low level.
A "pending home sale" is an existing home under contract to sell, but not yet closed. According to the National Association of Realtors®, 80 percent of homes under contract close within 60 days.
Because of this timeline, we can expect the summer's Existing Home Sales to be weak, too. With fewer homes going under contract, fewer homes can close.
On the surface, May's Pending Home Sales Index … (1 comments)

home supply: 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)

home supply: 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)

home supply: Housing Starts Rise In April, Exerting Downward Pressure On Home Prices - 05/19/10 03:48 AM

Single-family Housing Starts rose by 55,000 last month, suggesting ample housing stock from which Chicago can choose this summer.
The report is a slightly larger read than what economists had expected.
Furthermore, for the first time since June 2009, Housing Starts appears to have broken away from its half-million unit plateau. 593,000 new homes were started in April.
Ordinarily, both Wall Street and Main Street would celebrate a strong housing sector report like this, but the Department of Commerce's press release also held two cautionary notes.
The first point of caution is a mathematical one.  Although single-family starts increased by … (2 comments)

 
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Kevin Lanham

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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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