New Home Sales Off – Prices Up
New Home Sales
This morning the Commerce Department just reported that new-home sales dropped 1.6 percent in February to a seasonally adjusted annual rate of 313,000 homes.
New home sales have fallen nearly 7 percent just since December. The current pace of sales is less than half the 700,000 that economists consider to be healthy.
Home Loan Originator Database
Mortgage shoppers can search the Nationwide Mortgage Licensing System Consumer Access and learn if the mortgage originator they are working with is licensed, has had disciplinary action, or, worse, has had his or her license revoked. The new database shows data for the previous 10 years, includes aliases, and searched all state, so disciplinary action in other jurisdictions or states is retrieved. See www.nmlsconsumeraccess.org/ for more information.
San Diego California downtown condominiums
Home Prices Fall Again in April
Home Prices
Standard & Poor’s Case-Shiller index of 20 major cities fell 18.1 percent in April. The good news was that the April home prices marked the third straight month the decline was not a record. Eight of the 20 metro areas tracked in this report showed price gains from March.
Robert Shiller said:
“My guess would be that home prices are going to level off — they’re not going to keep falling. I am not optimistic that we’re going to see any sharp rebound.”
One should note that the Case-Shiller 20-city index is off almost 33 percent from its peak in the second quarter of 2006. This equates to home values around 2003-levels.
Home Interest Rates Up Fifth Week In A Row!
For the fifth week in a row rates ended worse than they began, and Thursday brought the largest single-day worsening in bonds and home loan rates seen in three years. When it all ended, rates jumped up .25% before the smoke cleared. So what caused this dramatic increase, and more importantly will we see a repeat this week? [tags]interest rates, mortgage rates, home loan rates, home interest rate[/tags] San Diego downtown condominiums
U.S. Mortgage Applications Fall
The Mortgage Bankers Association issued a report today that showed U.S. mortgage applications fell last week for the first time in four weeks, weighed down by sagging demand for home purchase loans.
The seasonally adjusted index of mortgage application activity, which includes both refinancing and purchasing loans, for the week ended May 11 dipped 0.8 percent.
Also, the National Association of Home Builders, reported that home builder sentiment sank in May as lenders made it more difficult for borrowers to qualify for mortgages and order cancellations mounted.[tags]real estate, real estate market,real estate bubble, housing bubble, home mortgages, housing market, home builders[/tags] San Diego mls
Study Says 2.2 Million Borrowers Face Foreclosure on Subprime Loans
A new study by an industry watch group claims that 2.2 million American households will lose their homes and as much as $164 billion due to foreclosures in the subprime mortgage market. The group goes on to claim that one in every five subprime loans outstanding will result in a foreclosure. Considering buying or selling San Diego real estate, Bob Schwartz, certified residential real estate broker can insure that you get the best possible deal! [tags] foreclosures, home foreclosures, housing market, San Diego real estate agent, mortgage loans, home loans, real estate market [/tags]
Realtors forecast falling home prices – Surprise, Surprise
(San Francisco Chronicle, Apr. 12th): "The National Association of Realtors [NAR] predicted last week that the median price of existing U.S. homes is expected to fall 0.7% this year, the first time that has happened since records started in the late 1960s. The forecast was startling, coming from the normally upbeat industry group. Last year… the nationwide median price of an existing home rose a modest 1%… The NAR has also lowered its 2007 forecast for sales of new and existing homes.[tags]real estate market,housing market,home values[/tags] downtown San Diego condominiums
Home Prices Fall
WASHINGTON, D.C. – Existing-home sales in most states were down from year-ago levels in the fourth quarter, prices in many areas corrected as a result of sellers’ willingness to negotiate, according to the latest quarterly surveys by the National Association of Realtors®.
In the fourth-quarter, metro area single-family home prices, examining changes in 149 metropolitan statistical areas, show 71 areas had price gains from a year earlier, including 14 metros with double-digit annual increases, and 73 areas had price declines; five were unchanged.
The biggest total sales increase was in Indiana, where existing-home sales rose 13.7 percent from the fourth quarter of 2005. In Arkansas the fourth-quarter resale pace rose 11.1 percent from a year earlier, while Texas experienced the third strongest gain, up 6.2 percent.[tags]real estate,home values,real estate bubble,housing bubble[/tags] San Diego real estate agent
Bottom of Housing Downturn Reached?
Existing-home sales in most states declined from year-ago levels in the fourth quarter, marking the likely bottom for the current housing cycle, according to the latest quarterly survey by the NATIONAL ASSOCIATION OF REALTORS®. Prices dipped slightly overall, as sellers were more willing to negotiate. “This information confirms 2006 was the year of contraction,” says NAR Chief Economist David Lereah. “Hopefully the fourth quarter was the bottom of this current business cycle.”[tags]housing bubble,housing market,real estate bubble,home values[/tags] downtown San Diego real estate
Bi-Costal Home Sales & Values Down
According to the National Association of Realtors® existing-home sales in the Northeast declined 2.8% to a level of 1.04 million in December, and were 5.5% below December 2005. The median existing-home price in the Northeast was $283,000, up 3.7% from a year earlier.
Existing-home sales in the West fell 9.1% to an annual pace of 1.20 million in December and were 15.5% lower than a year ago. The median price in the West was $349,000, up 1.5% from December 2005.[tags] home sales, home values, real estate, real estate values, real estate market [/tags] downtown San Diego condos