Pending Home Sales Increase
pending home sales
Pending Home Sales
The national Association of realtors released a report today showing that pending home sales increased by 7.3% in November. the West showed the largest increase for pending home sales of 14.9%. In second place, with an 8.1% increase, was the Northeast. The national pending home sales increase was the largest since April 2010. Read more 
Home Prices Down Again
Home Prices
Real estate market condition
home prices
The just released Standard & Poor’s/Case-Shiller index showed home prices dropped in October from September in 19 of the 20 cities tracked! This marks the second month in a row that home prices fell in the majority of cities tracked in this report.
This report also showed that home prices in Atlanta, Las Vegas fell to their lowest points since the housing crisis began.
Home prices in many cities, including Cleveland, Detroit, Las Vegas, Phoenix and Tampa, have reached their lowest points since the housing bust began. Read more
Real Estate Market – Housing Starts Jump to 18 Month High
Real estate market:
real estate market good news
The Commerce Department released a report today showing that housing starts surged 9.3 percent to a seasonally adjusted annual rate of 685,000 units, the highest since April last year. Now, with this latest housing report, residential construction has now grown for two straight quarters. Read more
Home Sales Jump in October
Home Sales Jump
home sales
The National Association of Realtors® just reported October Pending home sales rose strongly by10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010! Keep in mind that this data reflects contracts but not home closings.
The National Association of Realtors® chief economist, said: “Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions. Many consumers are recognizing that home buyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market.” Read more
Home Values Drop – Case-Shiller index
Home values drop in most US cities in most recent Case-Shiller index report
Home Values
Home prices dropped in September from August in 17 of the 20 cities tracked by the Case-Shiller Index. The biggest monthly price declines were in Atlanta, San Francisco and Tampa (Florida) . Also, home prices in Atlanta, Las Vegas and Phoenix fell to their lowest points since the housing crisis began four years ago.
The only three cities in the index to show any home value increases were in New York, Portland (Oregon) and Washington.
A few of reasons why the home values continue to slide: 1) home prices are still too high in many areas, 2) people have little money to spend, 3) fear – home prices can and will likely go lower, 4) uncertain labor market – people are in staying in a safe mode and saving.
The Revised Home Affordable Refinance Program (HARP2)
housing market
HARP and Ideas For A Mortgage Principal Program
I like to clarify some misconceptions about the revised home affordable refinance program talked about in my prior post. Although the operational details are not scheduled to be released until November 15th. It’s clear that this program does not reduce the principal loan balance.
With that cleared up, it still my opinion that when the cost of administration is considered, I am very dubious that this will be a cost-effective program. Sure, it will help out some homeowners and the fact that it is a much more sensible program by having one of the qualification criteria as not being behind on your mortgage payments in the prior six months and only one late payment in the past year, for once, directs benefits to the responsible homeowners. Read more