Some Good Signs for the Real Estate Market
Daily Real Estate News | Tuesday, December 27, 2011
Sales ticked up for existing homes and new-homes, several real estate market indicators revealed last week, pointing to a housing market that may finally be entering recovery mode.
In the most recent report, the Census Bureau reported that the new-home market continued its rebound, with sales of new homes once again inching up last month. New-home sales rose 1.6 percent from October to November to an annualized rate of 315,000, and sales were up nearly 10 percent compared to November 2010.
The median sales price of a new-home in November was $214,100, the Census Bureau reported, and the inventory of new-homes nationwide decreased to a 6-month supply at the current sales pace.
"Inventories of new homes are very low: There's nothing on the shelf, so any increase in new home sales will translate directly into new housing starts," Bob Denk, senior economist at the National Association of Home Builders, told CNNMoney. "That means putting people back to work."
Other recent good news for the housing market: November sales of existing-homes increased 12 percent year-over-year, new-home building starts were up nearly 21 percent year-over-year, and mortgage rates reached new record lows last week, pushing housing affordability even higher.
Tuesday, December 27, 2011
12/27/11
Valley declines in foreclosures, home supply bode well for 2012 - Local builders and analysts said there are several reasons to anticipate a more robust new-home market in 2012. This year, homebuilders are on pace to sell about 7,200 homes. One of the most promising changes in the housing market since early 2011 has been the drastic reduction in the number of existing homes available to purchase in metro Phoenix, said Alan Jones, division president for homebuilder Lennar Corp. in Arizona. A related market condition that has improved significantly in the latter half of 2011 is the volume of home foreclosures in the area. Read article:
http://www.azcentral.com/business/realestate/articles/2011/12/13/20111213phoenix-area-foreclosures-home-supply-declines-bode-well.html
Mortgage Applications Increase as Low Mortgage Rates Remain Steady - The housing and mortgage markets are showing signs of recovery as mortgage applications increased 12.8% for the week ending December 2nd. Mortgage refinance applications were up 15.3% and purchases were up 8.3%. Freerateupdate.com's survey of wholesale and direct lenders show that for the past week mortgage rates, except jumbo 30 year fixed mortgage rates, remained steady bringing in a surge of borrowers. 30 year fixed mortgage rates are at 3.750%, while 15 year fixed mortgage rates are at 3.125%. These low mortgage rates are available with 0.7 to 1% origination fee for borrowers who have a history of good credit. Read article:
http://realtytimes.com/rtpages/20111214_rates.htm
http://www.azcentral.com/business/realestate/articles/2011/12/13/20111213phoenix-area-foreclosures-home-supply-declines-bode-well.html
Mortgage Applications Increase as Low Mortgage Rates Remain Steady - The housing and mortgage markets are showing signs of recovery as mortgage applications increased 12.8% for the week ending December 2nd. Mortgage refinance applications were up 15.3% and purchases were up 8.3%. Freerateupdate.com's survey of wholesale and direct lenders show that for the past week mortgage rates, except jumbo 30 year fixed mortgage rates, remained steady bringing in a surge of borrowers. 30 year fixed mortgage rates are at 3.750%, while 15 year fixed mortgage rates are at 3.125%. These low mortgage rates are available with 0.7 to 1% origination fee for borrowers who have a history of good credit. Read article:
http://realtytimes.com/rtpages/20111214_rates.htm
Wednesday, December 21, 2011
12/21/11
Beware of Down Payment Gift-Giving Rules - Last year, 27% of first-time home buyers received a financial gift from relatives or friends that they applied toward a down payment on a new home — up from 22% in 2009, according to data from the NAR. It's important to follow the IRS and banks’ gift-giving rules, including:
1. Home owners still need to come up with at least some of the down payment on their own.
2. You may need to document where the down payment money came from.
3. If you’ve had the gift for a long time, you likely won’t need to document it. If the gift has been in your bank account for three months or longer, it’s considered “seasoned”.
Read article:
http://realtormag.realtor.org/daily-news/2011/12/20/beware-down-payment-gift-giving-rules
1. Home owners still need to come up with at least some of the down payment on their own.
2. You may need to document where the down payment money came from.
3. If you’ve had the gift for a long time, you likely won’t need to document it. If the gift has been in your bank account for three months or longer, it’s considered “seasoned”.
Read article:
http://realtormag.realtor.org/daily-news/2011/12/20/beware-down-payment-gift-giving-rules
Sunday, December 11, 2011
12/11/11
November housing stats for Phoenix show improvement - Here are some positive metrics based on data from the ARMLS:
* There were 1,889 property sales in November. That’s down from 2,029 sales recorded in October, but up from November 2010, when there were 1,677 sales.
* The November median price was $88,000, as compared with $83,000 in October and $80,000 in November 2010.
* Average days on the market for November stood at 59, as compared with 60 in October and 67 in November 2010.
Read article:
http://www.bizjournals.com/phoenix/blog/business/2011/12/november-housing-stats-for-phoenix.html
Report: Big Drop in Mortgage Delinquencies in 2012 - The number of borrowers behind on their mortgage payments is expected to drop sharply by the end of next year, according to a new report released by TransUnion. Rates are expected to rise to about 6% during the first three months of the new year before dropping to 5% by the end of 2012, TransUnion forecasts. At its peak in the fourth quarter of 2009, mortgage delinquencies stood at a 6.89% rate. Read article:
http://realtormag.realtor.org/daily-news/2011/12/08/report-big-drop-in-mortgage-delinquencies-in-2012
* There were 1,889 property sales in November. That’s down from 2,029 sales recorded in October, but up from November 2010, when there were 1,677 sales.
* The November median price was $88,000, as compared with $83,000 in October and $80,000 in November 2010.
* Average days on the market for November stood at 59, as compared with 60 in October and 67 in November 2010.
Read article:
http://www.bizjournals.com/phoenix/blog/business/2011/12/november-housing-stats-for-phoenix.html
Report: Big Drop in Mortgage Delinquencies in 2012 - The number of borrowers behind on their mortgage payments is expected to drop sharply by the end of next year, according to a new report released by TransUnion. Rates are expected to rise to about 6% during the first three months of the new year before dropping to 5% by the end of 2012, TransUnion forecasts. At its peak in the fourth quarter of 2009, mortgage delinquencies stood at a 6.89% rate. Read article:
http://realtormag.realtor.org/daily-news/2011/12/08/report-big-drop-in-mortgage-delinquencies-in-2012
Monday, December 5, 2011
12/05/11
Housing is in last phase of 'bubble,' expert says - Nishu Sood, director of Wall Street's Deutsche Bank Securities, used the term "revulsion" to describe the current phase of metro Phoenix's housing market. Sood was the lead speaker at the Scottsdale-based Land Advisors' third annual housing forecast for the Phoenix area, presented to a group of the region's top real-estate executives. He was quick to point out that revulsion was the last phase in the "bubble" cycle before recovery for the region's housing market. Sood feels more positive about Phoenix's housing market and its oncoming recovery than he did about many other parts of the country. Read article:
http://www.azcentral.com/business/realestate/articles/2011/12/01/20111201housing-last-phase-bubble-expert-says.html
Are the Holidays a Good Time to Sell? - Sixty percent of real estate professionals advise their sellers to list a home during the holidays because it’s a good time to sell. Seventy-nine percent of the agents surveyed said that more serious buyers come out during the holidays, and 61% say less competition from other properties make it a great time to sell. Plus, 17% of agents say the cold weather is actually a benefit, making homes feel more cozy. Read article:
http://realtormag.realtor.org/daily-news/2011/12/05/are-holidays-good-time-sell
http://www.azcentral.com/business/realestate/articles/2011/12/01/20111201housing-last-phase-bubble-expert-says.html
Are the Holidays a Good Time to Sell? - Sixty percent of real estate professionals advise their sellers to list a home during the holidays because it’s a good time to sell. Seventy-nine percent of the agents surveyed said that more serious buyers come out during the holidays, and 61% say less competition from other properties make it a great time to sell. Plus, 17% of agents say the cold weather is actually a benefit, making homes feel more cozy. Read article:
http://realtormag.realtor.org/daily-news/2011/12/05/are-holidays-good-time-sell
Friday, December 2, 2011
Things are looking up :)
Housing in 2012: Things are looking up - Last year the economic forecasting firm Fiserv predicted that home values would sink around 5% in 2011, and that prices in three-quarters of the nation's major metro areas would fall. The bad news is, the firm wasn't that far off the mark. The good news: In the coming year, Fiserv thinks 95% of the 384 metro areas it tracks will see prices rise. Foreclosures will continue to weigh on the market. According to Core- Logic, there are 5.4 million homes that are for sale or part of the market's "shadow inventory". Read article:
http://money.cnn.com/2011/11/11/pf/make_money_2012_housing.moneymag/index.htm
http://money.cnn.com/2011/11/11/pf/make_money_2012_housing.moneymag/index.htm
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