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Foreclosures Dragged Down 2011 Prices to a 4.7 Percent Loss
Home prices in the U.S. decreased 4.7 percent in 2011, achieving the fifth consecutive annual loss after prices fell five straight months in a row in the second half of the year.
October Prices Sink 3.9 Percent Below 2010
By: Steve Cook; Tue, Dec 6, 2011
Home prices have declined steadily over the past three months and now trail last year by 3.9 percent, according to the latest CoreLogic Home Price Index.
LPS: Prices to Fall 5 Percent in 2011
By: editor; Mon, Nov 14, 2011
Prices were down 3.8 percent from August last year and based on partial data for September, sales will further decline approximately 1.1 percent to come, according to the latest Lender Processing Services' Home Price Index.
Florida Sales Continue to Zoom
Florida's existing home and existing condo sales continued their year-long upswing in September, according to the latest housing data released by Florida Realtors®. Existing home sales increased 10 percent last month with a total of 15,036 homes sold statewide compared to 13,723 homes sold in September 2010, according to Florida Realtors.
Are Sellers Withdrawing?
By: Steve Cook; Mon, Oct 17, 2011
A decline in inventories is normal at this time of the year as real estate markets buckle down for the fall and winter season. But the 20 percent plus drop in inventories from last year at this time suggests something else is going on.
California Sales Top 2010 for Third Straight Month
Heightened economic uncertainty and lower loan limits contributed to a decrease in California home sales in September. However, September home sales posted higher on a year-to-year basis for the third consecutive month and remain at stable levels.
Case-Shiller: July was a Very Good Month
Through July, home prices registered a fourth consecutive month of increases up 0.9 percent in July over June.
Case-Shiller Prices Recover in Second Quarter
Home prices rose in the second quarter almost as much as they fell in the first, but prices at the end of June still trailed June 2010 levels-which still reflected demand generated by the tax credit boomlet.
Old Rules No Longer Apply
By: Steve Cook; Fri, Aug 19, 2011
Never before have housing markets experienced low interest rates, high unemployment, and a glut of inventory hiding in the shadow.
RE/MAX Faults Lenders, Appraisals
By: Steve Cook; Fri, Aug 19, 2011
Strict lending standards, bad appraisals and concern about the economy all contributed to lower than normal sales in July.
When Will It Get Better?
By: David Lereah; Tue, Jun 28, 2011
The nation's housing sector is having trouble lifting itself out of the enormous hole it has been in since the real estate bust began several years ago.
Luxury Homes Selling Faster
By: Steve Cook; Tue, May 24, 2011
Luxury homes have been spending about 16 percent less time on market since early March even though inventories have been rising, which is normal during the Spring buying season, according to the latest weekly report from the Institute for Luxury Home Marketing.
Q1 Home Values Echo Price Drop
By: Steve Cook; Tue, May 10, 2011
First quarter home values fell dramatically, roughly echoing the significant prices drops in the first quarter reported by Clear Capital and others who have confirmed the long feared double dip.
Gallup: Time is Right to Buy
By: Steve Cook; Mon, May 2, 2011
Consumer attitudes towards the housing markets are echoing views in the years immediately preceding the peak of the housing boom, according to a new national survey by the Gallup poll.
Spring Warms Luxury Demand
By: Steve Cook; Mon, May 2, 2011
It's still very much a "cold" buyer's market according to the Institute for Luxury Home Marketing's April 24 Luxury Housing Report, but early numbers from the spring home buying season suggest that demand is warming up.
Housing Markets Continue to Struggle
By: David Lereah; Mon, Apr 18, 2011
The U.S. housing sector is struggling to gain upward momentum...
Corelogic: Non-distressed Prices are Stabilizing
By: Steve Cook; Fri, Apr 8, 2011
Nationally home prices fell for the seventh month in a row in February according to the CoreLogic HPI, declining by 6.7 percent year over year after declining by 5.5 percent in January 2011 compared to January 2010.
Sellers Keep Faith as Inventories Rise
By: Steve Cook; Thu, Mar 24, 2011
Despites declines in prices through the fourth quarter and January, sellers are expecting nearly demand to be as strong as it was at the beginning of the homebuyer tax run-up in sales a year ago according to February data released today by Move, Inc.
Online House Hunting Rises 10 Percent over 2010
By: Steve Cook; Thu, Feb 24, 2011
In January the number of searches for homes by buyers on the Internet's largest homes-for-sale site, a potential an indicator of future demand, rose 10 percent over a year ago, a time when large numbers of buyers were getting ready to take advantage of the homebuyer tax credits.
CoreLogic Blasts NAR for Overstating Home Sales
By: Steve Cook; Tue, Feb 15, 2011
The "most popular measure" of existing home sales, the National Association of Realtors' Existing Home Sales, has increasingly overstated home sales for ten years as measured by five other sources, and reached a level in 2010 that is 15 to 20 percent higher than actual sales, according to data provider CoreLogic, which made the charges in its US Housing and Market Trends Report.
First-time Buyers Show Signs of Life
By: Steve Cook; Mon, Jan 24, 2011
Seven months after the first-time homebuyer tax credit expired, first-time buyers registered a surprisingly strong share of housing markets across the country, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
5 REO Acquisition Avenues for Nonprofits and Govvies
By: Frances Flynn Thorsen; Wed, Dec 29, 2010
Nonprofits are flush with federal stimulus funds to purchase foreclosed properties. Faced with fierce competition for REO properties in hot markets, Neighborhood Stabilization Project (NSP) managers are adopting multiple property acquisition strategies.
Economists See Slower Housing Recovery
By: Steve Cook; Wed, Dec 22, 2010
The recovery of housing prices will take at least four more years, according to a monthly survey of 110 leading economists and real estate experts, significantly longer than previously estimated.
Scottsdale Market Snapshot: Cash and Crash Indicators
By: Frances Flynn Thorsen; Thu, Dec 16, 2010
The New York Times once described downtown Scottsdale as “a desert version of Miami’s South Beach” with “plenty of late night partying and a buzzing hotel scene.” Luxury marketer and builder Luetta Newnam of Casa Buena Realty LLC, is a second-generation Realtor who has watched the real estate market swing to dizzying heights and record equity [...]
First Responders, Teachers Vie for FHA REO Discount
By: Frances Flynn Thorsen; Tue, Dec 14, 2010
The words competition and highest net proceeds replace luck and lottery in the U.S. Dept. of Housing and Urban Development’s (HUD) Good Neighbor Next Door Program and HUD approved real estate brokerages must be used to place bids for purchasers.
Midwest Home Prices Plunged in November
By: Steve Cook; Thu, Dec 9, 2010
Home prices have fallen on a national basis for three months in a row, declining by 5.8 percent in November compared to August, according to a leading price index released today. The Midwest region experienced the biggest quarterly price change (-9.9 percent) and increasing numbers of local markets dropped into double dip territory.
HUD Redraws REO Sales Blueprint
By: Frances Flynn Thorsen; Wed, Dec 8, 2010
HUD has completed a massive overhaul of its FHA REO sales program with a superstore website, new management design, new commission schedules, and increased opportunities for owner occupant purchasers and nonprofits.
Falling Prices Sweep America
By: Steve Cook; Mon, Nov 8, 2010
Declining home prices spread across the nation last month, reaching 25 of the 26 top markets tracked by Altos Research. Only Washington, DC, with its large Federal workforce, experienced a gain.
Freddie Foresees Price Declines
By: Steve Cook; Tue, Sep 14, 2010
Home prices may fall an additional 1 to 1.5 percent in the third quarter but they will stabilize during the first half of 20011 and begin to rise during the balance of the year, according to the September forecast issued by the GSE's economists.
Housing at the Brink
By: David Lereah; Thu, Sep 9, 2010
Now that the homebuyer tax credit is no longer able to prop up home sales, risks facing the housing market are heavily weighted to the downside.
Inventories Soar to Critical Levels
By: Steve Cook; Wed, Aug 25, 2010
Inventories of existing homes for sale as measured by months supply broke an all-time record in July.
Home Prices Expected to Weaken
By: Steve Cook; Wed, Jul 14, 2010
Virtually every other indicator from Pending Sales to Mortgage Purchase Applications is showing home sales headed south with the expiration of the homebuyer tax credit ended April 30.
Home Sales Contracts Plunge to All-time Low
By: Steve Cook; Fri, Jul 2, 2010
Home purchase contracts signed in May dropped to their lowest level in the history of the Pending Home Sales Index. Contracts fell to a level of 77.6\, 30 percent below April and 15.9 percent below May 2009.
Sellers and Buyers Disagree on Home Values
By: Steve Cook; Tue, Jun 29, 2010
Three out of four homeowners think their homes are worth more than the amount their agents recommend they list them for, and 63 percent of agents and brokers say buyers they represent think homes for sale are overpriced.
Post Tax Credit Price Cutting Eases
By: Steve Cook; Wed, Jun 16, 2010
Price cutting of listed properties apparently has eased as real estate markets recover from the boom and bust of the tax credit. On an annual basis, price cutting declined slightly.
Lowe’s Sees 2010 as Transition Year
By: Steve Cook; Mon, May 17, 2010
Reporting a 2.7 percent rise in net earnings today for the first quarter, the nation's second largest home improvement retailer remains cautious about the balance of 2010.
Prices Fall in the Wake of the Tax Credit
By: Steve Cook; Thu, May 13, 2010
However, if many buyers artificially inflated their prices to take advantage of the credit, that price drop might occur faster in many markets.
Odds Improve for Higher Prices in Two Years
By: Steve Cook; Mon, May 3, 2010
PMI's second quarter U.S. Market Risk Index showed fresh evidence of a recovering national housing market, including improved prospects of higher housing prices in many markets within two years.
New Homes Surge Heralds Future Sales Gains
By: Steve Cook; Mon, Apr 26, 2010
Last week's 27 percent surge in new home sales in March, the largest advance since April 1963, signals future increases in existing home sales, which rose only 7 percent in March, and may show the real impact of the homebuyer tax credit, which expires at the end of this week.
First-time Buyers Blow Away Records
By: Steve Cook; Mon, Apr 19, 2010
Though conventional wisdom counted them out, first-time home buyers drove the housing market in March, posting a record high share, according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions.
At Long Last– Good News for Housing
By: David Lereah; Fri, Apr 9, 2010
Housing activity has slipped considerably during these past several months but help may be on its way. A primary obstacle to a long term housing recovery has been a lack of hiring. But recent gains in the job market portends favorably for a needed boost in housing demand.
Housing Outlook: A Mixed Bag
By: David Lereah; Wed, Mar 17, 2010
Looking forward, expect downward pressure on home values, as measured by the Case-Shiller index, due to mounting foreclosures, supply imbalances and relatively weak housing demand.
A Sputtering Housing Market
By: David Lereah; Thu, Mar 4, 2010
Housing activity is sputtering even though there are government subsidy programs in place to support housing demand.
Homebuyer Tax Credit Warms up Spring Home Sales
By: Steve Cook; Tue, Feb 16, 2010
Record snows may still clog driveways and carpet lawns with ice but the spring real estate market is kicking off across the country earlier than normal as buyers push to make the April 30 tax credit deadline.
Observations on the Economy and Housing Market
By: David Lereah; Wed, Feb 10, 2010
At a cursory glance, the U.S. economy is improving, while the status of the housing market remains uncertain.
Mounting Foreclosures Impede Housing Recovery
By: David Lereah; Mon, Feb 1, 2010
It is painfully clear that the number one obstacle preventing a complete housing recovery is the foreclosure crisis.
Falling Home Values: The Worst may be Over
By: David Lereah; Mon, Jan 25, 2010
During the past several years, the nation's housing sector has been weighed down with a disturbing trend that had been absent since the Great Depression: falling home values.
Commissions Reach Nine-Year Peak
By: Steve Cook; Sun, Jan 10, 2010
Real estate commissions have risen for four straight years and they are higher today than they have been since 2001.
Contracts to Purchase Homes Plummet
By: David Lereah; Tue, Jan 5, 2010
There was a large drop-off in the number of households signing home sales contracts in November...
The New Year Begins with Uncertain Housing Outlook
By: David Lereah; Mon, Jan 4, 2010
Housing data released this past month suggest a more uncertain housing outlook than the month before.
Home Sales Continue to Surge
By: David Lereah; Tue, Dec 22, 2009
After soaring in October, sales of previously owned homes rose sharply again in November, climbing to their strongest pace since early 2007.
Housing Industry Poised to Recover in 2010
By: David Lereah; Thu, Dec 17, 2009
As we approach the New Year, we are more hopeful about prospects for 2010 compared to the dismal performance of 2009.
A Web of Housing Subsidies Threatens the Recovery
By: David Lereah; Thu, Dec 10, 2009
Don't let recent good news about the nation's housing sector lull you into believing that the housing market is firmly on the road to recovery-because it isn't.
Rise in Mortgage Applications Favors Housing Recovery
By: David Lereah; Thu, Dec 3, 2009
More people applied for mortgage loans to either purchase a home or to refinance their existing mortgage loan according to a survey of mortgage lenders released yesterday morning. A weekly survey conducted by the Mortgage Bankers Association reported that in the week ending November 27, mortgage applications to purchase homes increased 4.1 percent from a week [...]
Contracts to Purchase Homes Continue to Climb
By: David Lereah; Tue, Dec 1, 2009
The index of pending home sales reported by the National Association of Realtors, climbed 3.7 percent in October compared to the previous month, marking the ninth consecutive month that the index has increased.
Is the Expanded Homebuyer Tax Credit Overkill?
By: David Lereah; Tue, Nov 24, 2009
Wild swings in the housing data released this past week indicate that both homebuilders and households were heavily influenced by the tax credit extension debate.
Existing Home Sales Soar Ten Percent
By: Steve Cook; Mon, Nov 23, 2009
Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October, while inventories continue to decline
Investors Fade While Short Sales Soar
By: Steve Cook; Fri, Nov 20, 2009
Investors buying homes to rent or sell accounted for only 15 percent of the housing market last month as they competed with large numbers of first-time homebuyers.
Data Suggests Housing Recovery Has Stalled, Temporarily
By: David Lereah; Thu, Nov 19, 2009
Today's housing recovery is having a difficult time settling into a steady trajectory.
Housing Designed for Aging Boomers Perks Up
By: Steve Cook; Mon, Nov 16, 2009
The National Association of Home Builders' (NAHB) 55+ Single-Family Housing Market Index showed a six-point increase in the third quarter of 2009,
Rush to Tax Credit Deadline Pushes up Pending Sales
By: Steve Cook; Mon, Nov 2, 2009
Contracts on existing homes rose 6.1 percent in September as first-time homebuyers rushed to take advantage of the $8000 Federal tax credit before it expires November 30.
Rate on 30-Year Fixed Rises to 5.35 Percent
By: Steve Cook; Thu, Oct 29, 2009
The average conforming 30-year fixed mortgage rate inched higher to 5.35 percent, according to Bankrate.com's weekly national survey.
New Home Sales Report Disappoints
By: David Lereah; Wed, Oct 28, 2009
Sales of new homes fell in September after rising for five consecutive months, a government report said Wednesday.
Home Price Improvements May Be Short-Lived
By: David Lereah; Tue, Oct 27, 2009
Home values, as measured by the popular S&P Case-Shiller home price index of 20 cities rose a non-seasonally adjusted 1.2 percent in August compared to a month earlier.
Home Sales Climb to Highest Level in Two Years
By: David Lereah; Fri, Oct 23, 2009
Sales of previously owned homes rose sharply in September to their highest level in two year, according to a report from a leading trade association released Friday. Existing home sales rose 9.4 percent in September to 5.57 annualized units from a 5.09 annualized pace in August according to a report issued by the National Association of [...]
Mortgage Applications Fall
By: Steve Cook; Thu, Oct 22, 2009
Last week applications for mortgages fell 13.7 percent on a seasonally adjusted basis from one week earlier.
Homebuilding May be Losing Momentum
By: David Lereah; Tue, Oct 20, 2009
Housing construction of new homes in the U.S. increased slightly in September, disappointing housing analysts
Borrowing Costs for Home Mortgage Inch Up
By: David Lereah; Fri, Oct 16, 2009
Borrowing costs for households seeking to purchase a home or refinance their mortgage loan rose slightly during the week ending October 15
Rise in Mortgage Rates Slows Mortgage Applications
By: David Lereah; Thu, Oct 15, 2009
Less people applied for mortgage loans to either purchase a home or to refinance their existing mortgage loan according to a survey of mortgage lenders released yesterday morning.
Homebuyers Overly Optimistic about Future Home Values
By: David Lereah; Thu, Oct 15, 2009
There has been a sharp reversal in home prices in recent months-home values are now going up, rather than down and a rise in buyer optimism may have something to do with it.
Freddie Mac’s Closing Cost Assistance Expires at End of Month
By: David Lereah; Tue, Oct 13, 2009
Homebuyers have less than a month left to take advantage of a program that pays a significant part of a buyer's closing costs...
Borrowing Costs for Home Mortgages Continue to Drop
By: David Lereah; Fri, Oct 9, 2009
Borrowing costs for households seeking to purchase a home or refinance their mortgage loan fell to near historic low levels during the week ending October 8
Surge in Weekly Mortgage Applications Encouraging
By: David Lereah; Wed, Oct 7, 2009
More people are applying for mortgage loans to either purchase a home or to refinance their existing mortgage loan according to a survey of mortgage lenders released this morning.
The Rich and Famous are Buying Homes Again
By: David Lereah; Tue, Oct 6, 2009
The rich and famous are buying again according to a report on home prices in the Hamptons, an exclusive summer retreat in Long Island, New York.
Residential and Commercial Real Estate Headed in Different Directions
By: David Lereah; Fri, Oct 2, 2009
A government report on construction spending in August underscored the divergence of residential and commercial real estate activity.
Households Signed More Home Sales Contracts in August
By: David Lereah; Thu, Oct 1, 2009
Households rushed to sign more home sales contracts in August that at any other month this year according to a recent housing report.
Borrowing Costs for Home Mortgages Holding Steady
By: David Lereah; Thu, Oct 1, 2009
Borrowing costs for households seeking to purchase a home or refinance their mortgage loan held steady during the week of September 24.
Efforts to Keep Households in their Homes is on the Rise
By: David Lereah; Wed, Sep 30, 2009
Government efforts to keep people in their homes are working according to a government report released this week.
Mortgage Applications Drop Despite Lower Mortgage Rates
By: David Lereah; Wed, Sep 30, 2009
Less people are applying for mortgage loans to either purchase a home or to refinance their existing mortgage loan according to a survey of mortgage lenders released this morning.
Home Price Report Offers Encouraging News
By: David Lereah; Tue, Sep 29, 2009
Home prices rose for the third consecutive month in July according to a report released Tuesday by S&P Case-Shiller.
A Green House is Born After Tragedy
By: David Lereah; Mon, Sep 28, 2009
A Long Island family has turned a tragedy into an opportunity-a green opportunity that is. And the family might live happily ever after.
New Home Sales Increase to Highest Level this Year
By: David Lereah; Fri, Sep 25, 2009
New home sales have increased 5 consecutive months.
Existing Home Sales Drop Unexpectedly
By: David Lereah; Thu, Sep 24, 2009
Existing home sales decreased in August, after a four-month stretch of increases, according to a release issued on Thursday.
Federal Reserve Extends Bailout for Housing
By: David Lereah; Thu, Sep 24, 2009
Federal Reserve policymakers announced yesterday that although the economy and housing markets have improved, they are not yet ready to remove monetary support for growth. This was good news for both the economy and housing markets.
Rise in Household Wealth Could Bolster Home Buying
By: David Lereah; Wed, Sep 23, 2009
U.S. households were $2 trillion wealthier at the end of the second quarter compared to the first quarter of 2009 according to a report recently released by the Federal Reserve. This was the first time in two years that household net worth increased.
Rising Mortgage Applications Encouraging Sign for Housing Markets
By: David Lereah; Wed, Sep 23, 2009
More people are applying for mortgage loans to either purchase a home or to refinance their existing mortgage loan according to a survey of mortgage lenders released this morning.
New Housing Construction at Nine-Month High
By: David Lereah; Sun, Sep 20, 2009
New housing construction in the U.S. rose to the highest level in nine months according to a government report released Thursday.
The Home Affordability Paradox
By: David Lereah; Sat, Sep 19, 2009
The housing recovery has been modest at best even though home affordability is hovering near record levels. Housing is more affordable today because of historically low mortgage rates and falling home values. But affordability measures have become less relevant in today’s real estate marketplace.
Slowly but Surely Economy, Housing Improving
By: David Lereah; Mon, Aug 17, 2009
Slowly but surely, progress is being made for both the economy and the housing sector.
Housing Demand Faces Overwhelming Obstacles
By: David Lereah; Thu, Aug 13, 2009
There are some harsh realities at work that promise to inhibit housing demand into the foreseeable future, assuring only a modest recovery in the nation's housing sector, at best. See our new Housing Forecast; go to: http://www.realestateeconomywatch.com/category/housing-forecasts/forecasts/
The Two Headed Housing Recovery
By: David Lereah; Thu, Aug 6, 2009
Both home sales/construction and home prices have fallen precipitously during today's housing recession. Thus, for us to proclaim a complete recovery in the today's housing sector, both home sales/construction and home prices must stabilize and begin their ascent.
Housing Data Point to Sales Recovery
By: David Lereah; Mon, Jul 27, 2009
Just a half year ago, the U.S. financial system was on the brink of collapse; the economy was headed towards a Depression; and the housing sector was in disrepair. Today, everything seems to be nervously falling into place for both the economy and the housing sector.
Digesting This Week’s Housing Data
By: David Lereah; Thu, Jun 4, 2009
There has been a great deal of housing data released this past week to digest; some good news and some bad news. Since many believe that the housing sector may have already bottomed out, we are particularly focused on any new information that can either confirm or deny this claim.
Home Price Indices Disappoint
By: David Lereah; Wed, May 27, 2009
The recent release of the Case-Shiller home price index for March was disappointing news for the housing markets. Unfortunately, other recent home price measures-- the FHFA purchase-only home price index and the median price for existing homes also disappointed the markets.
Purchase Applications Indicate Weak Housing Demand
By: David Lereah; Thu, May 21, 2009
With most housing measures showing improvement in recent months, there is one measure that is bucking the trend- mortgage applications to purchase homes.
One Fifth of Homeowners Now Underwater
One fifth (21.9 percent) of all American homeowners have negative equity in their homes, a 4.3 percent increase over the fourth quarter of last year, as property values continued to fall nationally at an alarming rate.
First-timer Tax Credit is Working
By: Steve Cook; Tue, May 5, 2009
Looks like last year's first-time homebuyer tax credit-the one the housing industry pooh-poohed because it required buyers to pay it back over 15 years-is doing a lot better than most people expected.
Homeownership Rates
By: David Lereah; Wed, Apr 29, 2009
In the era of relaxed underwriting our nation's homeownership rate climbed to 69.2 percent at the peak in 2004. Today, a sharp downturn and tight underwriting conditions have exerted downward pressure on the homeownership rate which is currently hovering around 68 percent and falling. A reasonable question is: what should the nation's homeownership rate be?
Commercial Property Faces Crisis
By: David Lereah; Wed, Mar 25, 2009
Commercial real-estate loans are going sour at an accelerating pace, threatening to cause tens of billions of dollars in losses to banks already hurt by the housing downturn. The delinquency rate on about $700 billion in securitized loans backed by office buildings, hotels, stores and other investment property has more than doubled since September to 1.8% this month, according to data provided to The Wall Street Journal by Deutsche Bank AG. While that's low compared with the home-mortgage delinquency rate, it's just short of the highest rate during the last downturn early this decade. Some experts say it now looks as if the current commercial real-estate slump will rival or even exceed the one in the early 1990s, when bad commercial-property debt played a big role in dragging the economy into a recession. Then, close to 1,000 U.S. banks and savings institutions failed. Lenders took about $48.5 billion in charges on commercial real-estate debt between 1990 and 1995, representing 7.9% of such debt outstanding.
The Fuel for Home Buying
By: David Lereah; Tue, Mar 24, 2009
Although housing demand is primarily weak today because of non-population factors such as falling home prices, job losses, decreased wealth and declining consumer confidence, population factors are also contributing to sluggish demand. Today’s recession has influenced population changes that are negatively impacting housing demand
Another Blow to the Economy and Housing
By: David Lereah; Tue, Feb 10, 2009
The nation’s battered labor market took another hit this past week as employers cut another 598,000 jobs off of U.S. payrolls in January.
Cloudy Housing Data
By: David Lereah; Tue, Feb 10, 2009
As the nation’s housing sector continues to sink, we are becoming increasingly preoccupied with monitoring and interpreting housing data. We are looking for any positive sign that the housing markets are turning the corner and recovery is within sight.
Struggling to Recover
By: David Lereah; Tue, Feb 3, 2009
Like a tired heavyweight boxer receiving blows to the head, some crushing economic reports released this past week kept the economy and housing markets in retreat and further away from recovery. The first blow was the December new home sales release which saw new home sales plummet 14.7 percent to an unimaginable 333,000 annualized units.
No End to REOs
By: Steve Cook; Tue, Jan 27, 2009
Selling foreclosed properties after lenders have taken possession—known in the business as REOs or real estate owned properties—is not for everyone. Prices are lower than market values, reducing commissions. Then there’s the cost and stress of cleaning up and maintaining properties that are usually ill-maintained if not outright trashed. Finally, collecting money from slow-paying banks is a pain.
Harbingers for a Better Housing Market
By: David Lereah; Tue, Jan 20, 2009
Here are some signs that are likely to signal a market turnaround for the housing market. We define a turnaround as a steady increase in home sales from a trough.
Indicators Signal Same Old Story
By: David Lereah; Tue, Jan 20, 2009
Economic and housing indicators for this past week reveal the same old story—the recession is getting deeper and a recovery for the housing sector is not yet close. Retail sales for December fell 2.7 percent, worse than expected. This report suggests an even more severe retreat in consumer spending than previously expected. Excluding automobiles, retail sales fell by a whopping 3.1 percent for the month. This report does not bode well for future consumer spending and suggests that we are likely in the depths of the recession.
Commercial Real Estate Headed for Downturn
By: David Lereah; Tue, Jan 13, 2009
Commercial real estate is finally joining the party. Even though there has been no meaningful overbuilding in commercial real estate, the outlook for the industry has seriously dimmed. The retail and office sectors have turned down with vacancies rising. And the industrial sector is not far behind. A tightened credit market and a slumping economy are to blame.
Indicators Do Not Bode Well for First Half of 2009
By: David Lereah; Tue, Jan 6, 2009
The U.S. economy enters the New Year with momentum of a recession getting deeper not shallower. Most economic indicators reflect an economy contracting at an accelerating pace.
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