Pending Home Sales Jump 21.1 Percent
Home sales
The National Association of Realtors just reported the pending home sales index rose a seasonally adjusted 5.3% in March, and was up 21.1% compared with a year earlier.
For March sales contracts rose 12.7% in the South, 1.9% in the West and 1.2% in the Midwest. Contracts declined 3.3% in the Northeast.
Home Foreclosure Sales Jump
home foreclosure sales
According to ForeclosureRadar’s March foreclosure report, foreclosure sales increased 92.3 percent in March 2010 compared with March 2009 and 24.2 percent compared with February. Nearly 80 percent of foreclosure sales in February were for properties returning to lenders; the remaining properties were sold to third parties, primarily investors. Read more 
California Homeowners Reasons For Selling Their Homes
California home sales
According to a recently released California Association of Realtors report, 67 percent of all sellers in California did so as a result of difficulties related to meeting their mortgage obligation. Changes in family and employment status as well as adjustments to monthly mortgage obligations played significant roles in homeowners’ decisions to sell their homes in 2009. Read more
Pending Home Sales Rise in December
home sales
NAR’s Pending Home Sales Index (PHSI) increased 1 percent to 96.6 in December from 95.6 in November, and is 10.9 percent higher than December 2008’s 87.1 index reading. Although the index declined 3.8 percent to 119.9 in the West, which includes California, it is 18.64 percent higher than December 2008.
“For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” said NAR Chief Economist Lawrence Yun. “As a result, the housing wealth for many middle class families has begun to stabilize.”
San Diego Realtor
Pending Home Sales Fall 16%
home sales
The National Association of Realtors said its seasonally adjusted index of sales agreements fell 16 percent from October to a November reading of 96. It was the first decline following nine straight months of gains and the lowest reading since June. The drop was far larger than the 2 percent expected from economists surveyed by Thomson Reuters, and analysts were surprised. “This was bound to happen at some point, although not by this much,” wrote a startled Jennifer Lee, senior economist with BMO Capital Markets. “Gulp,” she added. Read more
Pending Home Sales Jump
Home sales
The National Association of Realtors reported today that its index tracking pending home sales jumped a seasonally adjusted 3.7% to read 114.1 in October, marking nine consecutive months of rising sales. Analysts had expected pending home sales to slump by 1%. Read more
Home Sales Jump
Home sales far exceeded expectations last month, surging to the highest level in 2.5 years as first-time buyers rushed to take advantage of an expiring ( I said this credit would not expire back on 10-25—Government Subsidized Real Estate) tax credit. But, the credit was extended ( Government Home Buyers Credit Extended & Expanded) until April 2010.
To see what the ‘real’ cost of this program has been, view : Cash For Homes Cost Govt. $43k per Home!
Will the $8,000 credit really turn out to be a good deal if it just pulling sales from future months that would have occured anyway? Plus, there is a good probility that home values in many already hard-hit areas could drop double digits in 2010. So, a 10% price decline on a $500k home would be $50k, or a net loss after the $8k credit of $42k! Just food for thought.
Poway California homes for sale
Existing Home Sales Declined in August
home sales
The National Association of Realtors said existing home sales declined 2.7 percent in August compared with a 7.2 percent rise in July. Economists had been expecting a fifth straight increase, so the results surprised most analysts, who had expected sales to rise.
Here in San Diego, it seems that almost all the buying activity is in the lower price range of under $400,000. First-time buyers have purchased almost one in three homes in August. Together with investors snapping up foreclosures, they have provided most of the momentum in the market this year.
In the West, sales of homes under $100,000 were up 150 percent from a year ago. Sales of homes priced at over $250,000 were down nationally, with the biggest drop of nearly 40 percent coming among homes priced over $2 million. Orange County real estate
New Home Sales Jump 9.6%
San Diego new home sales
According to government data released today, US new home sales increased 9.6% in July vs June. Sales of new single-family homes rose to a seasonally adjusted annual rate of 433,000.
Nonetheless, the July sales figure was 13.4% below the sales pace of a year ago, and gains came amid price cuts. Also, the median sales price of new houses sold in July 2009 was 210,100 dollars, down slightly from 210,400 in June and 11 percent below last year’s median price.
The average sales price of 269,200 dollars was down 2.7 percent from a month earlier and off 10 percent from a year earlier.
Also, in a report by The Mortgage Bankers Association, it was shown that U.S. mortgage applications rose for a second straight week, with demand for home refinancing loans rising to its highest level since early June.
Applications for loans to buy a home, an early indicator of sales, rose slightly, but nevertheless gained for a fourth consecutive week. The seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Aug 21 increased 7.5 percent.
Los Angeles real estate
Home Sales Jump in July
Home sales
The National Association of Realtors reported today that sales of previously owned homes in July rose at the fastest pace in nearly two years.
Existing homes sales jumped 7.2% to an annual rate of 5.24 million units, the highest since August 2007, outpacing market expectations for a 5 million unit pace.
Home resales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires this fall.
First-time buyers get a credit of 10 percent of the purchase price of a home, up to $8,000. Singles must earn less than $75,000, and couples less than $150,000. The real estate industry is lobbying to have the credit extended, but its unclear if Congress will be swayed.
Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year.
“The existing home sales data surprised a lot of investors, and investors are definitely in the buying mood,” said Alan Lancz, president of Alan B. Lancz & Associates in Toledo, Ohio. “Home prices are getting to a level that attracts bargain buyers and that’s a big positive. A floor has been established.”