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Market Activity

Summer Ends with Crippling Inventory Shortages

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August brought even worse news for first-time and move-up buyer as chronic inventory shortages grow even, inflating home prices even more.  A double whammy of unaffordable prices and shrinking selections of homes for sale continue to handcuff the housing recovery. “Hopes of a meaningful sales breakthrough as a result of this summer’s historically low mortgage rates failed to materialize because ... Read More »

Freddie Raises Price Forecast, Fannie Turns Bearish on Sales

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Like the blind men with different interpretations of the same elephant, September forecasts by economists at the nation’s largest housing GSEs emphasize differing outcomes from the same forces shaping the nation’s housing economy. After July’s disappointing existing sales report, which NAR’s Lawrence Yun attributed in part to chronically low inventories, Fannie Mae lowered its existing sales forecast for 2016 from ... Read More »

Stormy Weather Hits Home Sales

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Is it just the end of the buying season or are home sales hitting a wall? A growing consensus of economists foresees a flattening in sales growth—or even year-over-year declines in the months to come–for the balance of the year and even into next year.  Sales may have reached a ceiling for the season. A combination of rising prices, slow ... Read More »

Summer Sales Slow as 2016 Heads for ‘Moderation”

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The first analysis of June market data confirms forecasts that sales peaked in the first half of the year and will hold on to make 2016 a moderating, normalizing housing market like those preceding boom, at the turn of the Millennium. Clear Capital forecasted between sales growth at 1% to 3% in January and is sticking a with the same forecast, which ... Read More »

Economists say Shortages, not Economic Growth, are Driving Home Prices

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  Tight inventories of homes for sale rather than economic factors, like rising income levels  or low interest rates, are driving higher than expected increases in home prices.  Yet recent low interest rates are not creating an unsustainable increase in home values, concluded the more than 100 housing economists and experts participating in the latest quarterly Zillow Home Price Expectations ... Read More »

Chinese Residential Purchases Soar

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Chinese nationals are the biggest foreign buyers of American homes, purchasing homes valued at $93 billion in the past five years, including $28.6 billion in 2015 alone according a new report released today by Asia Society and the Rosen Consulting Group. Chinese buyers spent at least $93 billion on residential real estate between 2010 and 2015. Spending rose at an ... Read More »

Redfin: Shortages are Killing Demand

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It’s no secret that chronicle inventory shortages are curtailing home sales.  Now Redfin reports evidence that buyers are getting the message and buyers are staying away. The Redfin Housing Demand Index fell 5.5 percent to 97 in February from a year earlier, marking the third consecutive month of year-over-year declines in demand. The drop in demand was a result of ... Read More »

How do Databases of Offenders Hurt Home Values?

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  It’s no secret that high levels of crime make neighborhoods less desirable, which negatively impacts home values.  For example, last year 10 percent of sellers said the primary reason they sold their home was that their neighborhood has become less desirable. With access to online databases of both criminal and sex offenders in recent years, buyers can easily check ... Read More »

Florida Prices Zoom as Markets Recover

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  Florida markets are dominating national price rankings this winter as demand remains strong for properties still priced far below their 2007 peaks. Florida and New York led gains among the states with 0.8 percent month-over-month appreciation I the Black Knight HPI December index and Florida accounted for every one of the top 10 best performing metro areas in December, ... Read More »

NAR Lowers Sales Forecast

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The National Association of Realtors has reduced its outlook for existing sales in 2016 from a 3 percent increase over 2015 (5.45 million sales) to an increase of only 1 to 2 percent (5.30 to 5.40 million sales). The new forecast, three months before the opening of the home sales season, amends an early one made at NAR’s annual meeting ... Read More »

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