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The National Association of Realtors (NAR) has reported that residential real estate sales showed positive gains in every U.S. state in the third quarter of 2011 when compared to last year (year over year).

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 From http://www.theage.com.au/business/property/us-real-estate-to-outshine-risky-stockmarket-20110814-1isxt.html

US COMMERCIAL real estate will perform better than the country’s volatile sharemarket during the current economic downturn because investors value its intrinsic quality, according to a new CB Richard Ellis report.

The study analyzed the effect on commercial real estate of the US economic slowdown, the S&P downgrade of the US credit rating and turmoil in the global financial markets.

”While we anticipate continued stockmarket volatility, commercial real estate will not fare as poorly because it remains a preferred asset class, within a well diversified multi-asset institutional portfolio,” said Asieh Mansour, CBRE’s head of Americas Research…”Investors with higher risk tolerance will look for opportunities in volatile markets while more risk-averse investors may delay new transactions.”..”Lending rates should stay relatively low, with loans conservatively underwritten with stricter covenants. The more risk-averse capital will look for core, income-producing assets in primary markets to satisfy demand,” the authors said.

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Burns has lots of positive news for the housing markets.

1. Apartment supply will soon increase in many western markets, coming off very low levels.
2. Housing affordability is excellent, which can compete with rentals.
3. A wide and more diverse variety of rental products is being developed in western markets.

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Pending Home Sales

The number of contracts to purchase previously owned homes surprisingly rose 2.4 percent in June 2011 as home buyers tried to take advantage of lower prices and borrowing costs, figures from the National Association of Realtors(NAR) also showed today. The increase in pending home resales followed an 8.2 percent May gain.   The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said today in Washington.Economists forecast a 2 percent drop, according to the median estimate in a Bloomberg News survey.

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The increase in overall median price is attributable in part to an increase in the number of “normal” home sales, which have higher selling prices than foreclosures or short sales. The number of normal sales in March (733) is 28.15 percent higher than in February (572).

“Short sales and foreclosures continue to dominate and account for 70.50 percent of sales in March,” says ORRA Chairman of the Board Mike McGraw, McGraw Real Estate Services, PL. “A consistently high percentage of these sales types is something that we want to see; the sooner they flush through the system the sooner we can get back to a market based on normal sales.”

The key will be to see if we can keep this going over a sustained amount of time as it is great news. Lets hope it continues.

http://realtrends.com/products/updates/view?uid=23&pid=173&page=4

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San Francisco Gets it January Housing Bump

Emmet , Charlevoix counties County Up

Danville and Alamo California Off and Running in 2011

January in Cape Cod Beats 2010 Housing Numbers

Sarasota and Bradenton Florida Sees More Activity to Close out 2010

January’s most popular real estate news

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1. Mortgage rates will stay low.
2. Lenders may loosen standards.
3. Tax cut extension could lead to faster recovery.
4. Americans still want to be homeowners.
5. Homebuyers are looking for long-term ownership, not a fast profit.
6. Home prices are expected to dip again.
7. Builders will start building again.
8. Inventory of all types will increase.
9. Homes will keep shrinking.
10. There will be more opportunities available for cash buyers and investors.

http://financialedge.investopedia.com/financial-edge/1210/10-Reasons-Real-Estate-Could-Rebound-In-2011.aspx

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New York City housing sales jumped by 18%  in 3rd quarter of 2010, according to ResidentialNYC.com, a site run by the Real Estate Board of New York. The latest report supports other recent surveys confirming the surge. Of the five boroughs, Manhattan performed best, with a 25 percent increase in home sales. A surge in condo sales all over the city was cited as the main driver for the growth. Other factors include low interest rates and an improving mood toward the economy.

4th quarter sales tend to slow due to winter weather and the holidays, but a little market stability goes a long way. Perhaps the rest of the country will catch the bug.

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Home builder Lennar has acquired $740 million of distressed real estate from three large financial institutions
in an effort to expand investment opportunities as banks and the FDIC continue working through their struggling assets.

The properties, which include mostly non-performing residential and commercial, have an appraised value of $211 million, paid for at a discount and financed using a combination of cash and unsecured debt provided by one of the sellers.

The assets, which consist primarily of development and construction loans and REO relating to land, lots and single- and multi-family residential communities at varying stages of competition, include a total unpaid principal of $529 million. vhttp://www.foxbusiness.com/markets/2010/10/01/lennar-acquire-m-distressed-real-estate/

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A survey by Fannie Mae shows that 70 percent of Americans believe it is a good time to buy a home. That is up from 64 percent in January 2010. Still, 33 percent–up from 30 percent in January–say they’ll rent next time around. About 67 percent believe housing is a safe investment, down from 83 percent of people questioned in a similar survey in 2003. Reuters

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