News for Housing
Jan 20 · 3:40:00 PM
Sales of existing U.S. homes jumped 12.3% in December over November's levels, the National Association of Realtors said. December's existing-home sales rose to a seasonally-adjusted annualized rate of 5.28 million.
This provides an encouraging end to the worst year since 1997, as the collapse in house prices and a wave of foreclosures depressed activity over the 12-month period.
Mar 24 · 11:58:00 AM
The Commerce Department today reported that new-home sales slipped 2.2% to an annual pace of 308,000, seasonally adjusted, which is the lowest rate since the government began tracking the data in 1963. The rate of sales is down 13% compared to February 2009
Bad weather may have impacted sales.
Mar 23 · 11:16:00 AM
Sales of previously owned U.S. homes fell slightly in February, The National Association of Realtors said. Sales fell 0.6 percent month-over-month to an annual rate of 5.02 million units, the third straight month of declines in sales. January's sales were unrevised at 5.05 million units.
This points to the fragile nature of the housing market's recovery
Feb 24 · 10:15:00 AM
Sales of new homes in January fell 11 percent to an annual pace of 309,000, figures from the Commerce Department showed today. The median sales price dropped 2.4 percent from January 2009 and the supply of unsold homes increased.
The dip in new home sales number was unexpected and the number is the lowest level on record, a sign that an extension of a government tax credit may not be enough to respark demand.
Feb 23 · 10:09:00 AM
U.S. home prices slipped in December but the annual rate of decline slowed, according to Standard & Poor's/Case-Shiller indexes. The S&P composite index of home prices in 20 metropolitan areas dipped 0.2 percent in December, matching the decrease in November. This amounts to a 3.1 percent annual drop.
The numbers reinforce the housing recovery is still rocky.
Dec 23 · 12:39:00 PM · Source: Yahoo.com
Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky and heavily dependent on the generosity of Uncle Sam. The 11 percent slump from October's pace shows that consumers are taking their time following an extension of a deadline for first-time buyers to qualify for a tax credit. The incentive was set to expire at the end of November, but Congress pushed back the date to April 30 and expanded the program to include current homeowners who relocate.
"They don't have to act today," said David Crowe, chief economist at the National Association of Home Builders, who called the results "pretty awful."
Dec 10 · 7:53:00 PM · Source: Bloomberg.com
Bloomberg.com reports that 2009 foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, according to real estate company, RealtyTrac Inc. This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.
On the bright side, November filings fell 15 percent from the July peak and dropped 8 percent from October. That was the fourth straight monthly drop. Still, “we are a long way from a recovery,” John Quigley, economics professor at the University of California, Berkeley, said in an interview. “You can’t start to see improvement in the housing market until after unemployment peaks.”
Dec 1 · 12:54:00 PM · Source: National Association of Realtors
Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
NAR's chief economist gives much of the credit for increased sales to the homebuyer's tax credit, which first-time homebuyers could claim to reduce their taxes by up to $8,000.
Nov 24 · 12:15:00 PM · Source: CNN Money
CNN Money is reporting that research firm First American CoreLogic reports that 23% of people with mortgages owe more than their home is worth. Almost 10.7 million U.S. mortgages were "underwater" as of September. Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages.
This, along with continuing high unemployment, could lead to an increase in foreclosures because borrowers who owe more than their house is worth are more likely to go into foreclosure.
Nov 24 · 12:04:00 PM
Home prices in 20 U.S. cities rose for a fourth straight month in September, pointing to improvement in real estate that’s helping the economy emerge from recession. The S&P/Case-Shiller home-price index increased 0.27 percent from the prior month on a seasonally adjusted basis, after a 1.13 percent rise in August, the group said today in New York. The gauge fell 9.36 percent from September 2008, more than forecast, yet the smallest year-over-year decline since the end of 2007.
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