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Another week, another report of rising home values. May's Case-Shiller Index showed a 1 percent increase from April 2011.
Home prices are climbing, says the government. But how good is the data?
Buying a home? The time may be right to be choosy. There are good deals to be found if you're willing to look.
May's Pending Home Sales Index rose sharply and unexpectedly. As a result, we should expect a similar jump in June's Existing Home Sales numbers.
Inexpensive homes are trés popular these days, but can you guess which class of homes is outselling the others?
Despite an increase in new homes sales and building permits, home builder confidence fell to a 9-month low in June. It's great news for home buyers.
Foreclosure counts have dropped over 16 consecutive months, dating back to January 2010. And they sell at 20% discounts to "regular homes".
Hurt by foul weather and a soft market, the Pending Home Sales Index plunged 12 percent in April. Buyers can expect a terrific summer market.
The March Case-Shiller Index was released this week and it corroborates the findings of the government's most recent Home Price Index -- home values are slipping nationwide.
At the current sales pace, it would take 9.2 months to exhaust today's home inventory. It's almost 1 month worse than March, and the worst reading of the year.
There's an old saying that goes "All Real Estate Is Local". See it in pictures.
40 percent of March home resales were "distressed properties". Distressed homes include foreclosures, short sales, and REO and typically sell at discounts "in the vicinity" of 20 percent.
Homebuilders know their business pretty well. Over the last 3 years, they've projected their own single-family sales with surprising accuracy. Here's what it means to today's homebuyers.
The Case-Shiller Index says home values are down in 18 of 20 markets versus last year. I'm not buying it, though, because when we look at Case-Shiller data, we're actually analyzing sales contracts from 6 months ago. A lot has changed since then.
It's been widely reported that New Home Sales cratered in February, but did they really? A footnote in the Census Bureau's report suggests otherwise.
The Case-Shiller Index showed big losses in Dec 2010 but its methodology is geared toward economists-- not people. The index is not for homeowner consumption.
Home affordability is under attack. Mortgage rates are at a 10-month high and loan costs are rising. If your plans call for buying a home in mid-to-late 2011, consider moving up your time frame.
When you open a paper today, or head to Google, the headlines on Housing Starts are akin to "Housing Starts Jump 14.6%", with the article's lead paragraph making mention how "housing starts are at their highest levels in 4 years". These are true statements, to be sure. But, they're also misleading.
All that talk about the federal home buyer tax credit "pulling sales forward" can be put to rest. Housing re-found its balance. Sales volume is surging.
Homebuilder confidence held firm in January, says the National Association of Home Builders. Tucked in the report, though, are hints for new construction buyers in search of great "deals".
Jobs growth is happening, manufacturing output is increasing, and Wall Street is going bullish. You would expect homeowner costs to float higher, too. But, so far, however, mortgage rates and home prices have failed to keep pace. It's great news for home buyers, but the window is closing quickly.
The media turned September's Case-Shiller Index into a death knell for housing. Calls of a housing "double dip" are growing louder. As a buyer, it's your signal to pounce -- sellers get nervous on news like this.
In contrast to early-2010, luxury home sales now lead the housing market forward.
The market for newly-built homes may not be as weak as the summer sales figures suggests. Homebuilders are closest to the market and they're feeling good.
For the 17th straight month, the Case-Shiller Index reports that home values are rising across the United States. As compared to June, July's prices were up by 4 percent.
According to the Standard & Poors Case-Shiller Index, home values rose 5 percent in June versus the month prior, and 4 percent from a year earlier. But while the Case-Shiller Index is accurate, it's imperfect. Let's look deeper.
With home prices in gentle recovery and mortgage rates continuing to fall, home affordability is cresting. See where all 225 metro areas rank.
The majority of headlines call June's Housing Starts data a disaster. I respectfully disagree. For home buyers of new homes, and home sellers of existing homes, the data is actually quite favorable.
The market's bottom has passed and sellers are regaining their leverage in negotiations. It's an excellent time to get off the fence and make that offer.
Look around. Home prices are still low (all things relative) and mortgage rates are ridiculous. It’s no surprise that home affordability is high right now. REALLY high.
The Case-Shiller Index is flawed for 3 major reasons and better real estate decisions start with better data. No matter where you live, you should be getting these free weekly market reports -- no question.
When the home buyer credit faced its last expiration in November 2009, we saw a pattern of buyers rushing to beat the deadline. There's no reason to expect that won't happen again. And as it does, Pending Home Sales should continue to climb. Average home sale prices should rise.
More positive signals from housing -- home values are still on the rise. According to the Federal Housing Finance Agency, after posting its first quarterly increase since 2007 this past September, the Home Price Index rose by another 0.6 percent in October. Prices are up in 4 of the last six months.
First-time home buyers in Cincinnati would have risked up to $8,000 in federal tax credits if they had (1) signed for a newly-built home and (2) it wasn’t ready for move-in by November 30, 2009. It's no wonder New Home Sales cratered in November 2009.
The housing market is in recovery. There's lot of stats to back it up so take your pick:* Existing home sales are up and supplies are down * New home sales are up and supplies are way down * Pending home sales are posting at record pacesAnd, perhaps, most importantly, the best gauge of the housing market's health -- home values -- is showing consistent improvement. Both private-sector Case-Shiller Index and the government's own Home Price Index showed home prices on the mend.
The last two years have been rough on housing in a chain reaction-kind of way.First, mortgage guidelines tightened, preventing some homeowners from ditching onerous ARM products. That sparked a foreclosure boom that led to large losses on Wall Street. In turn, it sank the U.S. economy.Today, as compared to 3 years ago, foreclosures are way up, home values are way down, and mortgage rates are as low as they've ever been. It's wonderful news for home buyers -- there's a plentiful supply of homes and financing is cheap. Home affordability is near all-time highs.But the market is changing.
For the 7th consecutive month, the Case-Shiller Index showed a reduction in annual home price declines. That's more than two seasons, folks. Surely, by now, we can say housing is in recovery.
For the 6th consecutive month, the S&P/Case-Shiller Index posted strong numbers, a streak that dates back to February 2009. It comes 3 years after an epic collapse that left many wondering if housing would ever recover. It's clear now. The answer is "yes". Housing will most definitely recover.
As reported by the National Association of REALTORS®, the number of Existing Home Sales fell last month, ending the report's 5-month winning streak. Some newspapers are calling it a "setback" for housing. Others are questioning the comeback. Rest easy, folks. August happened to be a terrific month for housing. Despite what the press may say.
In housing, the basic law of Supply and Demand bestowed upon buyers an unbelievable amount of negotiation leverage. Want a lower sales price? Just ask for it. Need your closing costs paid for? Write it into your offer letter. Want a quick closing? Sure, whatever you need. But the Buyer Heyday may be over. At least, that's what recent data suggests.
