National Association of Realtors 2012 Market Trend Report and it is GOOD!

Reblogger Florida Tolbert Team Keller Williams Advantage
Real Estate Agent with Keller Williams Advantage III Realty in Lake Nona BK3059813

Now this is the kind of POSITIVE NEWS well worthy of spreading.

Thank you so much for taking the time to share this news with us and I am so glad to share this with my many subscribers and website visitors that need to hear this wonderful news.

 

Original content by Suzi Boyle, Branch Manager NMLS #37810
  • The existing home sales data for January was released earlier in the day.  In brief, sales were up, inventory down to nearly 7-year lows, while the median transacted price was still lower than one year ago.
  • In separate data news, the weekly mortgage applications for home purchases declined in the past week, this time by 3 percent, according to the Mortgage Bankers Association.  Even with the decline, the movements in this data have been mostly sideways (neither a consistent rise nor fall) over the past 18 months.
  • One has to be mindful that home sales closings and mortgage applications can diverge, because there is no data on actual approvals of those mortgage applications.  In addition, there has been a big increase in all-cash deals in the past 3 years.  A good one-third of home sale transactions have been all-cash, thereby completely bypassing the mortgage process.  Contrary to the sideways movement in mortgage purchase applications, there has been some lift in home sales in the past two months.
  • Refinance applications also fell by 5 percent in the past week.  Mortgage brokers will encounter some upturn in refinance business over the next several months because of a new federal policy to help responsible homeowners tap into low rates even if the homeowner is underwater.  But refinance activity is expected to quickly dry up towards the end of the year and into 2013 because the long term interest rates, not directly controlled by the Federal Reserve, will likely rise.  Mortgage business by that time will be mainly from home purchase activity.

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Rainmaker
508,962
C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Good Evening Kevin

This is an excellent repost, and good news indeed.  Thanks for bringing it to our attention

Feb 22, 2012 12:54 PM #1
Ambassador
1,600,147
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Division Specialist

It's about time you found your way back to my blogs.

I have missed you my friend and I need your comments.

I am at a critical battle for points now.

I just broke into the top 150 for Florida and it is extremely competitive at this level.

Feb 22, 2012 12:59 PM #2
Rainmaker
850,184
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

In our area the inventory is really getting scarce and that is not good for the buyers.

Feb 22, 2012 01:07 PM #3
Rainmaker
1,940,334
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Kevin, thanks for he r e-post,,,I always enjoy viewing stats, charts and graphs on our industry....thanks for sharing.

Feb 22, 2012 02:55 PM #4
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Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Division Specialist

Elite,

This is bad if you are only a buyer's agent, but we know if you are a Keller Williams Agent you know that your real sales are made as the listing agent and diminishing inventory is great for listing agents.

 

 

Feb 23, 2012 09:36 AM #5
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Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Division Specialist

Ronald,

I love reading market reports when they are POSITIVE and all this is positive and encouraging FINALLY!

Feb 23, 2012 09:37 AM #6
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