INFO THAT HITS US WHERE WE LIVE...Oneresult we care a lot about is a turnaround for new homes. Wehaven't attained it quite yet, with New Home Sales down 2.3% in August,at a 295,000 annual rate. This keeps them in the territorythey've occupied since May 2010, but there were some good signs inthe report. The inventory of new homes for sale fell to its lowestlevel on record. At the same time, the inventory of homes not yet startedwent up the most it has in nearly five years. Some economists say this may indicate home building is close toturning back up.
The FHFA index of prices for homes bought with conformingmortgages went UP 0.8% in July after a 0.7% hike in June. This key home price index is up 7.4%annually over the last three months, the fastest rate of increase sinceearly 2006. Standard& Poor's Case-Shiller Home Price Index was UP 0.9% in July for the fourth month in a row, although prices are still down versus last year. Finally, Pending Home Sales, measuring contracts on existing homes, were off 1.2% inAugust, dragged down by the hurricane and floods in the Northeast, but they're UP 7.7% year-over-year!
Foreclosures Down-This could also have to do with the foreclosure market being down 15% in the last 6 months. Banks are under alot of pressure from the government that bailed them out to work harder with home owners to be able to stay in there property and have a more affordable payment. In the past the banks have made it very difficult for home owners to qualify for loan modifications.
Call Eric Krebs at if you have any questions for market conditions in Orange County or click on socalluxuryproperty.com for a free list of foreclosures where you live or interested in purchasing your dream house.
BUSINESS TIP OF THE WEEK...Salesmanshipis basically the ability and willingness to determine needs, overcomeobjections, provide solutions and be convincing. Charismahelps too, but be enthusiastic and people will respond.
Some info provided buy Cassey Forester (Sr. Loan Officer) with Prime Lending.