For nearly two months, through the heart of the spring buying season, the Institute for Luxury Home Marketing's Market Action Index has stayed stuck at 29, one point below the official level designating a seller's market.
The number of homes for sale in April inched 1.6 percent higher than in March, the first month-over-month inventory increase since June 2010, according to the April RE/MAX National Housing Report.
Home prices are rising at double digit rates. Inventories are at historic lows. Two out of five applicants for a purchase mortgage are rejected. Yet nearly three quarters of Americans say it's a good time to buy a home.
More than 100 forecasters in a national survey said they expect the home values to reach an average of 5.4 percent year-over-year and that current Federal Reserve policies post some risk of re-inflating the housing bubble.
March home prices rose at double digit rates-increasing faster than they have in seven years-and the outlook is nearly as good for April.
With home sales reaching multi-year highs and prices outpacing expectations in the first quarter, the housing recovery is restoring public confidence in homeownership and raising questions about the future demand for expansion of single and multi-family rental capacity.
Neither an upswing in home sales nor a wave of new multifamily construction is affecting apartment vacancy rates so far this year. Rates are down and rents are strong across the nation. Apartment markets improved across all areas according to the National Multi Housing Council’s (NMHC) April Quarterly Survey of Apartment Market Conditions. All four [...]
Most sellers are getting as much or more than they are asking for their homes in eight out of 24 major metros tracked by a new market report released yesterday, a sign that the metros have crossed over from buyers' to sellers' markets.
The number of homes listed for sale today is lower than it's been in a decade. Home buyers are scouring Web sites for property listings and when they find a home they like, they often find themselves in an expensive, stressful bidding war. What they don't know is that they're not seeing as many as 15 to 20 percent of the homes for sale in their markets.
As inventories shrink and buyers frantically search for homes to buy off-market, "pocket listings" are becoming more prevalent, especially in luxury markets where the appeal of keeping the entire commission can be hard to resist for listing brokers.
Realtor.com listing data for February suggest buyers are getting an early start to the 2013 home buying season despite the bad weather in many parts of the country and inventories that are still at record lows. Sellers are finally responding to the positive market by replenishing depleted inventories.
Property values in January were 5.7 percent higher than they were a year ago, but they still have a long way to go to regain the equity that has been lost in the past six years.
Real estate professionals are more optimistic that prices will increase this year than they were last year, but they're less enthusiastic about the outlook for sales increases in 2013 than they were in 2012.
Two days after rival web site Trulia announced it had detected signs that the year-long decline in inventories was slowing, Zillow said that the crunch could be beginning to ease somewhat.
The housing recovery is expected to grow at an annualized rate 0.6 percent through the third quarter of this year, then gain momentum and prices are projected to grow 3.7 percent between the third quarters of 2013 and 2014 until settling down to 3.3 percent annual increases over the next three years according to Fiserv, a financial services technology provider using data from the Federal Housing Finance Agency (FHFA).
The major national home price reports agree on trends but never agree on numbers because their data comes from different places and are manipulated differently to create the most accurate results. Yesterday S&P Case-Shiller announced 20012's gain was 7.3 percent. The federal government's index showed a 5.5 percent gain.
How long has it been since you heard the words "sold at a premium over asking price?" For the past six years, sales prices ended up somewhere south od list prices by at least five percent. Now, in the markets where the recovery is hottest, sellers are increasingly experiencing multiple bid scenarios and buyers are pre-empting the competition with offers over list price that stir up memories of the boom years.
Top tier properties are getting close to ending their multi-year buyers' market and quickly reaching a more equal balance between buyers and sellers, catching up with less expensive homes.
Once the hottest trend in real estate, single homebuyers find themselves trapped between soaring rents and stiff underwriting standards that make it tough for a single income-earner to qualify for mortgages that buy homes that will cost more tomorrow than they do today.
Home prices in January were unchanged from December and they barely remained in the black compared to a year ago, but rebounded in January, according to the most current national market report.
Hot foreclosure markets have come and gone over the past seven years but one thing seems to stay the same. The markets with the most and the cheapest foreclosures are still located in Florida.
Bad neighbors with annoying pets, unkempt yards, unpleasant odors, loud music, dangerous trees and limbs, or poorly maintained exteriors can cost homeowners big time.
Despite the greatest price increases in years, affordability has hardly budged from six year peaks and in many of the nation's most expensive markets, it's still rising.
Data reports showing prices zooming in Florida and California markets that once led the foreclosure hit parade mask the reality that prices fell so far in some of those metros they still have a long way to go to reach their peaks in 2007-if they ever do so.
Only half of many homes in America are listed for sale compared to the height of the housing boom in 2006 while median list prices are about the same as they were a year ago.
December 2012 home prices are expected to rise by 7.9 percent on a year-over-year basis from December 2011 and fall by 0.5 percent on a month-over-month basis from November 2012 reflecting a seasonal winter slowdown, CoreLogic said today.
Home prices are overvalued and price growth is not being driven by fundamentals but by technical factors that could easily change, advised Fitch Ratings Friday. The ratings service believes national prices are 10 percent overvalued, but will likely drop by no more than 2 percent due to inflation.
As the year draws to a close, the median asking price for listings has fallen to just 2.6 percent above the level of a year ago, significantly below the year-over-year high for the year of 3.8 percent recorded in April on the housetracker.net database.
CoreLogic's pending sales index indicates that October prices will rising by 5.7 percent on a year-over-year basis from October 2011 and falling by 0.5 percent on a month-over-month basis from September 2012 as sales exhibit a seasonal slowdown going into the winter.
A continuing slide in the volume of distressed properties seen in the housing market is helping to boost home prices in many parts of the country. Meanwhile, uncertainty about the impact of next month's national elections appears to be causing some would-be homebuyers to delay taking any action until after November, according to the October HousingPulse survey of real estate agents.
More new residential units were started in September than any month since July 2008, blowing away expectations and making national headlines for the resurgence in home construction.
The average foreclosure-related sales price in the second quarter ($170,040) soared 6 percent from the first quarter of the year and was up 7 percent from the second quarter of 2011 - the first annual increase in average price since Q2 2010 and the biggest annual increase since Q4 2006.
Investor participation in the housing market dropped sharply in July, establishing a two-month trend and showing a clear reversal of long-term growth in investor purchases of residential properties, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
Record low inventories of homes for sale, which are boosting home values and prices but depressing sales, show no signs of letting up. Though decline is normal this time of year, inventories stubbornly remain at decades-low levels.
The state that gave America Alt-A loans, Countrywide, the first tidal wave of foreclosures, the highest prices during the boom and the fastest fall during the bust now is leading the nation out of the six-year housing depression.
While sales of distressed properties-foreclosures and short sales- have shrunk since the first of the year, a surge in sales of "normal" non-distressed properties has pushed total home sales through June 4.5 percent higher than last year even though buyers face by tight credit and low inventories.
With growing demand and record shortages of entry-level properties sweeping the nation, the company famous for buying "ugly houses" is sitting pretty.
With just the first stirrings of recovery taking shape across the nation, how could buyers, who have been scarcer than hen's teeth since the fleeting 2010 tax credit boom, suddenly be in the market for larger and more expensive homes?
National median list prices have been on the rise since the beginning of the year and now stand at $195,000, up 2.68 percent on a year-over-year basis, according to the June Realtor.com Trend Data released today. Of 146 markets covered by Realtor.com, while list prices increased in 101 markets, held steady in 26 markets, [...]
Though listing prices have risen modestly in four of the past five months, rent hikes are still outperforming home price increases in the majority of major rental markets.
Home prices nationwide increased by 2.0 percent in May 2012 compared to May 2011 and on a month-to-month basis increased by 1.8 percent in May 2012 compared to April 2012, according to the CoreLogic Home Price Index. The May 2012 figures mark the third consecutive increase in home prices nationwide on both a year-over-year and month-over-month basis.
Though the level of completed foreclosures remains high, it is down 27 percent from a peak of 1.1 million in 2010 according to the latest data from CoreLogic. Inventories at the national level remain the same as a year ago.
Even though 92 percent of property managers report rents are rising or the same as they were a year ago, property managers are attracting residents more easily than a year ago.
This month's median asking price of properties listed for sale in 54 markets hit the highest level since July 2010, the final month of the homebuyer tax credits. This month's national median asking price, $238,118, is 2.8 percent over a year ago and 0.4 percent higher than last week.
The stage is set for the nation's housing economy to recover, but the recovery has not yet begun. That's the consensus of a Webinar today from three of Standard & Poor's economists after presenting the latest data.
FHA foreclosures rose 73 percent in April, driven primarily by defaults of loans made in 2008 and 2009 vintage loans, raising new questions about the solvency of the popular government program, which accounts for about a third of all new mortgages.
More than half of all Americans are concerned that a huge wave of backlogged foreclosures to be released by major lenders in the wake of the Robo-signing scandal will lower home values in their markets.
All three headline Case-Shiller composites fell to new post-crisis lows in the first quarter of 2012, wiping out all price gains realized since prices peaked in 2006, a decline of approximately 35 percent through March 2012.
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months have dampened sales by limiting buyer options.
Pro Teck Valuation Services' May HomeValueForecast.com Update has some good news for many metro areas hardest hit by price declines may be recovering due to increasing home sales and reduced inventories of homes, including Midwestern Rust Belt markets like Detroit, Peoria, and Troy, MI.
Job seekers who give up looking for employment are not counted as unemployed. They become invisible to the statisticians, but when the job picture improves, as it has in recent months, they flood employment lines and have a huge, unforeseen impact on unemployment rates.
Lenders haven't budged an inch on tough origination standards as the 2012 spring sales season opened last month and conventional purchase and FHA loans gained greater market share.
Median home prices have continued to fall in the Midwest, now 2.4 percent below January levels, while every other region has shown improvement over the past three months.
In a strong sign that the housing recovery has begun, the national median price of full-value homes that are not foreclosures or short sales rose each of first two months of the year.
Mortgage originations plunged 10.1 percent from November to December, continuing a decline from 2011's September peak. At the same time, loans originated over the last two years have proved to be some of the best quality originations on record.
First-time home buyers are an ever-shrinking segment of the real estate market. In December, The percentage of first-time buyers tied the lowest level ever recorded in the National Assocition of Realtors' Realtors Confidence Index this year at 31 percent of the market.
Sales are typically slow in winter, but this January is proving especially sluggish for luxury homes even though sales for all existing homes have increased through the last three months of 2011.
Is an oversupply of housing units the real reason that America is suffering from low prices? Is the glut is so serious that it will plague local housing markets and depress home values for a number of years to come?
They say that the longer sellers hold onto properties, the more equity they will realize. In recent years, however, just the opposite has been the case.
The idea of insurance to protect homeowners from declining home values has been batted around for years, but now it's a reality. On September 28, Ohio homeowners became the first in the nation who can buy a real insurance policy to protect their primary residences against lost value when they sell.
Remember 2003? That was the year Pirates of the Caribbean: The Curse of the Black Pearl was the hottest movie, the year that America invaded Iraq, and in 2003 Space Shuttle Columbia disintegrated over Texas. Your home was worth then just about what it's worth today.
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.
The latest national housing report from RE/MAX is the second price report to show national average prices down modestly from last September, confirming fears that markets have not fully recovered from the second dip in prices during the first quarter of this year.
Home prices through August are down 4.4 percent on the year according to the most depressing price report issued since the double dip in the first quarter.
Effective rent growth is significantly higher so far this year than it was at this time in 2010, and at this pace rents may rise more in 2011 than they have since 2005.
Through July, home prices registered a fourth consecutive month of increases up 0.9 percent in July over June.
We're not out of the woods yet and the market trends tell us we're settling in for a long, cold winter.
The end of the spring-summer buying season is taking its toll on luxury properties. Median days on market for homes selling over $500,000 has fallen 40 percent since the peak of the season in May.
Pending sales in the Washington DC and Baltimore markets returned to boom levels for the first time in years, even though prices experienced a seasonal decline.
As summer days fade away into fall, the long term impact of this year's buying season on prices is coming into clear focus.
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.
Never before have housing markets experienced low interest rates, high unemployment, and a glut of inventory hiding in the shadow.
Strict lending standards, bad appraisals and concern about the economy all contributed to lower than normal sales in July.
First-time buyer market share fell 18 percent below the level of a year ago, reducing absorption of distressed properties, which accounted for nearly half of all sales during the month.
Though deteriorating home price expectations among consumers could cause some potential homebuyers to remain on the sidelines this spring, leading indicators suggest that home sales will manage to eke out a slight rise from last year's record lows.
Home prices officially reached the long feared double dip in January as prices of single-family homes in 20 major cities fell for a sixth straight month, according to the authoritative S&P/Case-Shiller home price index released Tuesday by Standard & Poor's.
Though February home sales rose over January, they were 3.0 percent below the level of February 2010 and median prices were off 5.9 percent from a year ago in the 54 U.S. markets surveyed in the RE/MAX National Housing Report.
Inventories of homes for sale for over one million rose above 30,000 nationally last week according to the Institute for Luxury Home Marketing's weekly housing report.
More than half of last year's mortgage originations were generated by just three lenders, according to the Fourth Quarter 2010 Mortgage Lender Ranking from MortgageDaily.com.
Things were looking up for luxury home sales during the tax credit boomlet last year. However, the credit wasn't the primary reason; after all, $4000 isn't a compelling incentive to well-heeled move up buyers in the million dollar plus housing bracket.
A 20-city composite of home prices through October as measured by the S&P/Case-Shiller Indices is teetering on the brink of falling below recent lows in 2009 to create a price new low and achieve the "double dip" in prices long feared by the real estate industry.
Shared equity initiatives for low income families who buy homes below market value deliver sustainable homeownership solutions, low delinquency and foreclosure rates, and families who sold shared equity homes were able to use sales proceeds to purchase market-rate homes, according to Urban Institute.
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.
Freddie Mac's weekly survey of interest rates rose for the first time in eight weeks, soaring 22 basis points for a 30-year fixed loan, the highest rates have been since August and the largest one-week increase since June 4, 2009 when the rate on a 30-year fixed rose 38 basis points.
Home prices declined for the second month in a row after rising slightly for the first seven months of the year, according to CoreLogic's Home Price Index for September.
Even though home sellers are holding on to their homes longer, they are making less profit from the equity in their homes when they sell, according to new data from the National Association of Realtors.
Nothing shows the pendulum swinging away from home ownership and towards rentals more clearly than the latest vacancy data from the Census Bureau.
Rising rents and falling property values in many major markets are combining the change the rent vs. buy equation for thousands of potential homeowners around the country. Suddenly homeownership is within reach of buyers who don't need a tax credit to make the numbers work.
Year-over-year home prices increased in June for the fifth consecutive month, but at a much lower rate than April and May, reported CoreLogic's Home Price Index (HPI).
Fannie Mae's economists see 2.5 percent overall growth in the second half of 2010 but forecast housing will be flat for the remainder of the year due to a greater than expected number of sales being pulled forward into the second quarter by the homebuyer tax credit.
Apartment rents have made an about face during the first half of the year and they'll continue to rise if vacancies tighten as predicted as more and more households become renters.
The number of price-reduced homes on the market increased 5.3 percent in July as compared to June, according to a monthly review of MLS-listed properties within 26 of the country's largest housing markets conducted by the national online real estate brokerage ZipRealty.
Prices on homes ready to be occupied fell an average of 6.8 percent between May and June, but prices for damaged foreclosed properties increased by 5.9 percent during the same period.
The financial regulatory reform bill signed into law the week could result in more accurate home valuations, higher appraisal costs, faster closings, more completed transactions and maybe even higher prices, according to critics of a controversial quasi-governmental regulation that the legislation eliminated.
In the wake of the homebuyer tax credit, home sales and prices are holding their own, due largely to record low interest rates and the most affordable prices in years, according to the RE/MAX June survey of 54 metropolitan areas.
The number of American homes bought by foreign nationals has nearly doubled in the past year as falling property values and record numbers of distress sales encouraged immigrants and foreign investors to take advantage of affordable prices. With home purchases by US citizens plummeting in the wake of the tax credit, foreigners are now poised to gain an even larger ownership share of the US residential market.
The end of the tax credit brought about a significant decline in first-time homebuyers in April, the heart of the 2010 home buying season.
In recent years, falling market values have inspired millions of homeowners to appeal their property tax assessments in hopes of lowering their tax bills, especially in "sand states" where values have fallen the most since 2006. But this year, the rush to judgment may be over.
Home improvement spending will recover this year, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.
The snow melted, the spring housing market warmed up and the deadline loomed for the home buyer tax credit. All three combined to help NAR's Pending Sales Index rise 8.2 percent in February following a dismal January.
Sunbelt markets are experiencing slower population growth because older Americans are staying put in family homes, according new Census estimates released yesterday.
The national housing inventory has risen to its highest level since September, before first-time buyers started rushing to put contracts on houses and beat a November 30 deadline that Congress subsequently extended to April 30. 2010.
Fresh data from Campbell Communications' monthly survey of more than 1,500 real estate agents found that the investor market share of buy-side transactions has jumped nearly six points since November, while first-time buyers have fallen more seven percentage points since October.
The national inventory of existing homes is larger now than it has been since the run-up of sales since thousands of first-time buyers rushed to the closing table last fall to qualify for the $8,000 tax credit.
Rates for 30-year fixed mortgages switched gears this week, falling slightly for the first time in a month, but remained above last month's record lows.
Mortgage rates on 30-year fixed-rate mortgages ended 2009 with the longest ascending streak of the year, rising for the fifth straight week, to 5.14 percent.
The real estate recession, which has frozen more then 10 percent of homeowners in their homes, has slowed domestic migration dramatically.
After hitting historic lows three weeks ago, mortgage rates rose above 5 percent this week.
Improvement in both levels of inventories and unemployment are projected to prevail in the spring of next year.
The 1.7 million homes currently in the "shadow inventory" significantly increases calculations of the inventory of homes for sale, according to a new report from First American CoreLogic.
Forty-eight of the 154 markets tracked by Zillow showed gains in home values during 2009.
The average conforming 30-year fixed mortgage rate fell to 5.00 percent, according to Bankrate.com.
The average 30-year fixed mortgage rate fell to a seven-month low of 5.19 percent.
The percentage of American single-family homes with mortgages in negative equity fell to 21 percent in the third quarter, down from 23 percent in the second, according to the third quarter Zillow Real Estate Market Report.
The apartment market showed signs of improvement in the third quarter, but vacancies and rent levels remain low.
The country's top ten ZIP codes for home sales based on sales-to-list price ratio have diversified significantly this quarter.
Falling inventories are helping home sellers gain a negotiating edge over buyers for the first time in many months.
California's real-estate market will rebound in 2010, with modest price increases and steady sales activity, according to a forecast by the California Association of Realtors released yesterday.
Yesterday rates for 30-year fixed purchase mortgages decreased 4.94 percent after falling last week to 4.96 percent, down from 5.02 percent the week.
Homebuyers of every racial minority from African-Americans to Pacific Islanders were more likely to be denied a mortgage last year than white Americans, according to data from lenders released yesterday by the Federal Reserve.
The glut of unsold and foreclosed condos that paralyzed resort and urban markets two years ago has significantly eased in wake of price-cutting and discounting in a number of markets, signaling that the end of the bargain era is in sight and stable markets are on their way.
Domestic banks reported increased demand from prime borrowers for residential mortgages for the second quarter in a row, though demand was 45 percent lower than in April, and fewer banks are tightening lending standards, according to the Federal Reserve's July 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices.
There's a silver lining in every cloud and in the real estate recession, that lining is called home warranties.