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Real Estate Chart of the Day
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Another day, another positive report for housing. New Home Sales climbed for the seventh month in eight.
It's taken 3 years, but April's Existing Home Sales report shows evidence that all that government stimulus is finally taking hold.
The Pending Home Sales Index crossed 100; Unemployment Rates are dropping; Existing Homes are rising.
March 2012 was characterized by aggressive mortgage rates in the jumbo and super-jumbo arena. It helped fuel a surge in luxury home sales.
Low mortgage rates and affordable homes are propelling the home sales ahead in 2012.
The real estate opener "How is the market?" is best answered using the Pending Home Sales Index. Well, according to the current Pending Home Sales Index reading, 2012 will be characterized by consistent, steady growth. The market has shifted to sellers.
Mortgage rates are low and low-downpayment programs plentiful. However, there's very little housing stock from which to choose. The buyers market is ending.
Another sign of a housing market recovery : The longer you wait to buy a home, the fewer homes there are from which to choose. Home buying stays strong -- now 4 months running,
First-Time Home Buyers have found out. You don't need a 20% downpayment to purchase a home. There are ample low-downpayment mortgage products available today.
Despite a 33% contract failure rate and a 4-year low in housing stock, home resales *still* reached a 10-month high. Lured by low mortgage rates and low home prices, buyers are back.
Maybe low rates matter after all. After months of near-4 percent mortgage rates, a bevy of housing data all points to the same conclusion -- the housing market recovery is underway.
In October 2012, despite sparse home inventory, the number of properties sold increased still managed to increase 1.4% nationwide. If home prices really do change with Supply and Demand, 2012 should keep home sellers happy.
Forget the "weak market" talk. Home resales improve across all price points nationwide -- even for luxury homes. The jumbo market is thriving.
Jumbo home buyers save 27% on their monthly mortgage payment as compared to 2 years ago. It's no wonder the jumbo housing market is thriving. Not only are home prices down, but so are home payments.
Existing Home Sales fell to 4.67 million units on a seasonally-adjusted annualized basis last month. It's the fourth straight month below the 5 million mark and the report's lowest reading since November 2010.
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?
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.
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.
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.
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.
In contrast to early-2010, luxury home sales now lead the housing market forward.
Mortgage rates have been stupid-low lately, sparking the start of a Refi Boom. Here's a 96-second video in which I cover low rates, rate locks, and home sales.
I gave a 2-part interview with Beejal Patel of First Business television. This is the first part. We talk about the economy, home sales and mortgage rates.
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.
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.
Based on the last several months of real estate data, it appears as if home buyers are about to lose their upper-hand. When they do, buying a home won't be nearly the "deal" it may feel like today -- especially once mortgage rates head back up and after the $8,000 First-Time Home Buyer Tax Credit expires December 1. They say this is a Buyer's Market. It's only a buyer's market if you actually buy.
