Home Sales Up
December 21, 2011 by admin
Filed under Positive Real Estate
Existing-Home Sales Continued to Climb in November
Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors(R). Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
Although rebenchmarking resulted in lower adjustments to several years of home sales data, the month-to-month characterization of market conditions did not change. There are no changes to home prices or month’s supply.
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Short sales occur when lenders allow homes to be sold for less than what’s owed on the mortgage. Few homes are selling. After previous recessions, housing accounted for at least 15 percent of US economic growth. Since the recession officially ended in …
www.foxnews.com
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Foreclosures Delinquencies Drop Like a Rock
August 13, 2011 by admin
Filed under foreclosures, Positive Real Estate
Image by Getty Images via @daylife
The mortgage delinquency rate across the United States (measured by the # borrowers 60 or more days past due) decreased for the 6th consecutive quarter.
The delinquency rate dropped at 5.82 percent at the end quarter 2 and the 2nd quarter also shows mortgage delinquency rates improved quarter over last quarter at 5.98 percent. This marks the best improvement since the recession officially ended two years ago.
While relatively low home prices and high unemployment continue to exert upward pressure on delinquency rates, they are more than offset by the impact of more conservative lending policies reflecting consumers with higher credit scores,” says Tim Martin, group vice president of the U.S. Housing Market in TransUnion’s financial services business unit. “Not only are these consumers less likely to default if house prices continue to edge downward throughout the year, but their willingness to repay their debt obligations in the face of high unemployment rates is greater. It is because of these dynamics that lenders today take a much closer look at the borrower’s income history and overall debt situation than before the recession began in 2007.
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Existing-home sales Rocket Up 12.3% in December
January 21, 2011 by admin
Filed under Home Resales
- Image via Wikipedia
Existing-home sales in December showed signs the housing market is on track to recover in 2011. Buyers returned in the middle of winter and sales rose 12.3% to a seasonally adjusted annual rate of 5.28 million, from an upwardly revised 4.7 million in November.
According to the National Association of Realtors’ President Ron Phipps, buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices and pent-up demand are drawing homebuyers into the market.”
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New Rules for Mortgages
May 18, 2010 by admin
Filed under Real Estate Articles
- Image via Wikipedia
The banks, the government, and realtors: they have all seen their share of blame for the collapse of the housing market. Yet Dale Robyn Siegel, author of The New Rules for Mortgages, is convinced homebuyers must also acknowledge their share of the responsibility to avoid a repeat of their mistakes for future buyers. Certainly there are those who have found themselves in extenuating circumstances. However, Siegel explains the reality is buyers walk into this significant investment with hardly the preparation they need.
“If you put me in front of congress to report how to mitigate a future housing crisis, I would say there is one solution,” Siegel claims. “That’s education. There is now mandatory education for mortgage loan officers, which is great. However, every home owner must also be educated about the process, benefits and risks of owning a home.”
With lures of tax credits and “fire sale prices,” many are taking the bait to make the same significant investment 2.8 million people were foreclosed on in 2009. “One positive short term affect of the global financial chaos we are experiencing today is lower interest rates,” Siegel points out. However, the dazzle does not change the fact that buying a home is a major long term financial commitment requiring preparation. For the financial health and sanity of homebuyers, as well as that of the nation, Siegel stresses mandatory education, diligence and patience.
Here are steps she advises become standard procedure for all potential or current homeowners: Read more
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Home Sales on the Upswing
May 5, 2010 by admin
Filed under Real Estate Articles
“Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.” Lawrence Yun, NAR chief economist.
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Hamptons’ Real Estate Sales Jump 141.8%
April 24, 2010 by admin
Filed under Positive Real Estate
- Image by Michael McDonough via Flickr
Hamptons‘ Real Estate Sales Jump 141.8% Year-Over-Year in Q-1, Says New Prudential Douglas Elliman Report
According to Manhattan-based Prudential Douglas Elliman’s latest Hamptons and North Fork market reports, there were 486 sales in the first quarter, 141.8% more than the 201 sales of the prior year quarter, but 13.8% below the 564 sales in the prior quarter, which was a two-year high. The last three quarters of sales activity has been consistent with the quarterly average of the past 5 years. Gains in the financial markets, Higher Wall Street compensation, low mortgage rates and improved affordability have stimulated demand. Despite economic turmoil of the past two years, the East End housing market, which is driven by its second home market, has continued to keep pace with the New York City housing market. Although there were sharp gains in the number of sales, up from levels not seen in at least six years, listing inventory rose. There were 2,318 listings, up 1.3% from 2,289 listings in the same period last year and up 7.4% from 2,159 listings in the prior quarter. Re-sale shadow inventory, which consists of listings that were removed from the market in the prior year due to unfavorable market conditions, is being added to the current market. The recent inventory increase is consistent with a seasonal pattern of a rising number of listings after the first of the year as sellers anticipate higher demand in the spring. As a result of a rising number of sales and stable inventory, the rate of absorption–the number of months to sell off existing inventory at the current pace of sales–was 14.3 months, down from 34.2 months in the same period last year and slightly above the 13.1 month absorption rate of the past four years.
More:
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-the-hamptons-real-estate-sales-prudential-douglas-elliman-dottie-herman-luxury-home-sales-in-the-hamptons-2416.php
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Recovery
July 24, 2009 by admin
Filed under Positive Real Estate
“The turnaround in the housing market appears finally to be here and indeed may be gaining some speed,” wrote Joel Naroff, president of Naroff Economic Advisors Inc.
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Housing To Rise
May 22, 2009 by admin
Filed under Positive Real Estate
- Image by Allie_Caulfield via Flickr
The Housing Market Hits the Bottom http://www.huliq.com/4745/81119/housing-market-hits-bottom
According to Real Estate Professionals and most of the major indices, the beleaguered housing market has finally hit the bottom or is only weeks away from being at the bottom of the market.
The mood in the Real Estate Industry seems to be on an uptrend. A recent survey conducted by HomeGain.com showed that almost half of Real Estate Agents who took part in the survey expect home prices to stop falling and begin increasing in the next six months. The majority of these Agents (85 percent) said that the homes in their areas had dropped in value in the last twelve months. However, the last couple of months they have definitely seen an increase in activity and sales.
Distressed Real Estate entrepreneur – Sam Zell – agrees with the survey. He is forecasting that the housing market will bottom out this summer because the drop in building is starting to impact supply. Zell recently said that “the U.S. will recover and recover first around the world because we have a culture and we have an environment where we face up to reality quickly and effectively.”
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