A survey by AARP earlier this year found that 33 percent of adults older than 45 have modified their homes to allow them to age comfortably in place.
Aging-in-place modifications can include:
· Decorative grab bars in showers
· Step-free entrances
· Levered door handles
· Raised electrical outlets
· Bathrooms that can accommodate wheelchairs
· Widened doorways to accommodate walkers
· Higher toilets
Mike Leary, founder of Rochester, N.Y., firm Access Lifts & Ramps, says business is brisk and he expects it to continue to grow. "If my kids stay in the business, they'll be the ones to make out well," Leary says. "They'll be taking care of me. I'm in the middle of the Baby Boomers."
Source: USA Today, Matthew Daneman (12/21/2010)
Showing posts with label jeacoma brian century 21 laffey. Show all posts
Showing posts with label jeacoma brian century 21 laffey. Show all posts
Wednesday, December 22, 2010
Sunday, October 24, 2010
Tips For Staging Your Home
If you are planning to sell your house you must look at your property as if you had never seen it before. If you can’t do that, your home will probably remain your home because you will limit the number of buyers who may be able to visualize the home as their own.
Curb Appeal
Look at other properties for sale in your area then look at yours as you remember to think like a Buyer. Is there anything you could do to make your property stand out? A few dollars spent in landscaping or simply taking the time to manicure and add some color with flowers may be all that is needed.
Home Staging
Remove personal items, family pictures, knick-knacks, and clutter. Take everything stuck on or sitting on the refrigerator off. Clear off the counters, especially in the kitchen, but do not forget the bathroom counters.
If you have a microwave sitting on the kitchen counter or taking up space somewhere else and you have a vent hood over your stove now is the time to spend a few hundred dollars by installing a vent type microwave over the stove. Several square feet of usable space could get you much more then you have spent.
Pack up those toys and just leave a few favorites that can be stored neatly when your house is being shown. The same is true for any pet toys, plus do not forget to put their food dishes out-of-sight during showings. If you have pets and you think there may be times that you will not be available when your house is shown, you really need to consider a cage just for those scheduled showings (Remember some people are afraid of dogs; allergic to cats or dogs; and you do not want to limit potential buyers).
Go through every room, closet, cabinet, and the garage and pack up every item you do not absolutely need. After packing all the items mentioned, find somewhere away from your home to store them. If that is not possible put them where they are completely out of the way and hopefully out of sight.
Now start cleaning or hire a cleaning service.
Make Minor Repairs
Walk through the inside of your house slowly opening doors and drawers as you go. With paper and pencil in hand make a list of anything that needs repair.
Repair those holes, even tiny, and dings on walls. Check under sinks and around all water sources for leaks. Repair, replace and/or clean flooring. If you have wallpaper check seams (there are products to reglue them). It is always a good idea to repaint as many rooms as possible but if you are unable to repaint just make sure all rooms are a nuteral color. You may love those dark colors but again you are limiting potential buyers. Even people who know it’s only paint, know to change it they have to paint.
Lighting
Open drapes, curtains and blinds. The more natural light the better. Replace any burned out light bulbs and in rooms without tons of natural light, leave on the light fixtures if possible.
Smells
We become used to smells in our home. Ask someone who will be honest with you to come take a sniff of your house. Sounds silly but it could make your house win over another.
Don’t Over Stage
There are ways to make a home look lived-in without making mistakes as mentioned above. If you need help there are people that specialize in Staging. Also many Realtors are great Stagers and they know what people are look for when they view a home.
Helpful Tips
You can use Olive Oil to clean those stainless steel appliances.
If you run out of spackle while filling those nail holes you can use white tooth paste.
Article Source:http://EzineArticles.com/?expert=Sandy_Keller
Saturday, October 23, 2010
Roslyn Community Profile
The tiny village of Roslyn has a historic district with some 80 landmark sites. The area, anchored by the recently restored 1895 clock tower and the Roslyn Gristmill, has 18th and 19th century houses - Italianate, Federal and Greek Revival styles - and a variety of restaurants and boutiques along Main Street, East Broadway and Old Northern Boulevard.
Some houses have a view of the water in the 24-acre Gerry Pond Park, which has a gazebo, picnic area and playground.
Neighborhoods also include Colonials, split-levels and ranch styles. Sales in the last six months have ranged from $450,000 to $1.875 million, said Diane Stigliano of Daniel Gale Sotheby's International Realty in Roslyn Heights.
Sterling Glen of Roslyn, a 158-unit senior residence under the viaduct, which is being replaced, should be completed by spring, said Mayor John Durkin. The village is reviewing an application for 80 units of row houses on Old Northern Boulevard at the site of the former Stop & Shop.
- Lisa Doll Bruno (12/15/06)
Wednesday, May 26, 2010
Existing-Home Sales Continue to Improve in April
WASHINGTON (May 24, 2010) – Existing-home sales rose again in April with buyers motivated by the tax credit, improving consumer confidence and favorable affordability conditions, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.
Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low.”
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.
Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low.”
Existing-Home Sales Continue to Improve in April
Existing-Home Sales Continue to Improve in AprilWashington, D.C., May 24, 2010 WASHINGTON (May 24, 2010) – Existing-home sales rose again in April with buyers motivated by the tax credit, improving consumer confidence and favorable affordability conditions, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.
Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low.”According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.10 percent in April from 4.97 percent in March; the rate was 4.91 percent in April 2009.
Total housing inventory at the end of April rose 11.5 percent to 4.04 million existing homes available for sale, which represents an 8.4-month supply2 at the current sales pace, up from an 8.1-month supply in March. Raw unsold inventory is 2.7 percent above a year ago, but remains 11.6 percent below the record of 4.58 million in July 2008.
“Although inventory levels remain above normal and much of the gain last month was seasonal, the housing price correction appears essentially over,” Yun said. “In fact, a majority of the markets have seen price gains recently. A return to old-fashioned responsible lending and buying will help the housing market avoid disruptive and painful bubble-bust cycles.”
The national median existing-home price3 for all housing types was $173,100 in April, up 4.0 percent from April 2009. Distressed homes accounted for 33 percent of sales last month, compared with 35 percent in March.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buyer traffic is mixed. “It looks like the level of home sales that close in May and June will stay elevated, but many buyers remain in the market even without the tax credit,” she said. “Some Realtors® tell us they are very busy with clients who are entering the market now as a result of improved conditions, while others are welcoming a slowdown from frantic market conditions in recent months.
“Buyers are focused on finding the right house and taking advantage of favorable affordability conditions. For many buyers, owning a home is a lifestyle choice. They want a place of their own to raise a family, build memories, and be part of a larger community,” Golder said.
A parallel NAR practitioner survey4 shows first-time buyers purchased 49 percent of homes in April, up from 44 percent in March. Investors accounted for 15 percent of transactions in April, down from 19 percent in March; the remaining sales were to repeat buyers. All-cash sales stood at 26 percent in April; they were 27 percent in March.
Single-family home sales rose 7.4 percent to a seasonally adjusted annual rate of 5.05 million in April from a pace of 4.70 million in March, and are 20.5 percent above the 4.19 million level in April 2009. The median existing single-family home price was $173,400 in April, up 4.5 percent from a year ago.
Single-family median prices rose in 18 out of 20 metropolitan statistical areas reported in April from a year ago; six of the areas experienced double-digit increases. In data recently reported for the first quarter, 91 out of 152 metros saw price gains.
Existing condominium and co-op sales jumped 9.1 percent to a seasonally adjusted annual rate of 720,000 in April from 660,000 in March, and are 42.3 percent above the 506,000-unit pace in April 2009. The median existing condo price5 was $171,000 in April, which is 0.6 percent below a year ago.
Regionally, existing-home sales in the Northeast surged 21.1 percent to an annual level of 1.09 million in April and are 41.6 percent higher than a year ago. The median price in the Northeast was $243,000, up 2.1 percent from April 2009.
Existing-home sales in the Midwest rose 9.9 percent in April to a pace of 1.33 million and are 29.1 percent above a year ago. The median price in the Midwest was $146,400, up 5.8 percent from April 2009.
In the South, existing-home sales increased 8.6 percent to an annual level of 2.14 million in April and are 23.0 percent higher than April 2009. The median price in the South was $150,000, up 1.2 percent from a year ago.
Existing-home sales in the West fell 6.2 percent to an annual rate of 1.21 million in April but are 5.2 percent above a year ago. The median price in the West was $212,400, up 3.8 percent from April 2009.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for 20 select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.2Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.4First-time buyer and distressed sales data are from the Realtors® Confidence Index.5Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.Existing-home sales for May will be released June 22. The next Pending Home Sales Index is scheduled forJune 2; release times are 10 a.m. EDT.Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.
Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low.”According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.10 percent in April from 4.97 percent in March; the rate was 4.91 percent in April 2009.
Total housing inventory at the end of April rose 11.5 percent to 4.04 million existing homes available for sale, which represents an 8.4-month supply2 at the current sales pace, up from an 8.1-month supply in March. Raw unsold inventory is 2.7 percent above a year ago, but remains 11.6 percent below the record of 4.58 million in July 2008.
“Although inventory levels remain above normal and much of the gain last month was seasonal, the housing price correction appears essentially over,” Yun said. “In fact, a majority of the markets have seen price gains recently. A return to old-fashioned responsible lending and buying will help the housing market avoid disruptive and painful bubble-bust cycles.”
The national median existing-home price3 for all housing types was $173,100 in April, up 4.0 percent from April 2009. Distressed homes accounted for 33 percent of sales last month, compared with 35 percent in March.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buyer traffic is mixed. “It looks like the level of home sales that close in May and June will stay elevated, but many buyers remain in the market even without the tax credit,” she said. “Some Realtors® tell us they are very busy with clients who are entering the market now as a result of improved conditions, while others are welcoming a slowdown from frantic market conditions in recent months.
“Buyers are focused on finding the right house and taking advantage of favorable affordability conditions. For many buyers, owning a home is a lifestyle choice. They want a place of their own to raise a family, build memories, and be part of a larger community,” Golder said.
A parallel NAR practitioner survey4 shows first-time buyers purchased 49 percent of homes in April, up from 44 percent in March. Investors accounted for 15 percent of transactions in April, down from 19 percent in March; the remaining sales were to repeat buyers. All-cash sales stood at 26 percent in April; they were 27 percent in March.
Single-family home sales rose 7.4 percent to a seasonally adjusted annual rate of 5.05 million in April from a pace of 4.70 million in March, and are 20.5 percent above the 4.19 million level in April 2009. The median existing single-family home price was $173,400 in April, up 4.5 percent from a year ago.
Single-family median prices rose in 18 out of 20 metropolitan statistical areas reported in April from a year ago; six of the areas experienced double-digit increases. In data recently reported for the first quarter, 91 out of 152 metros saw price gains.
Existing condominium and co-op sales jumped 9.1 percent to a seasonally adjusted annual rate of 720,000 in April from 660,000 in March, and are 42.3 percent above the 506,000-unit pace in April 2009. The median existing condo price5 was $171,000 in April, which is 0.6 percent below a year ago.
Regionally, existing-home sales in the Northeast surged 21.1 percent to an annual level of 1.09 million in April and are 41.6 percent higher than a year ago. The median price in the Northeast was $243,000, up 2.1 percent from April 2009.
Existing-home sales in the Midwest rose 9.9 percent in April to a pace of 1.33 million and are 29.1 percent above a year ago. The median price in the Midwest was $146,400, up 5.8 percent from April 2009.
In the South, existing-home sales increased 8.6 percent to an annual level of 2.14 million in April and are 23.0 percent higher than April 2009. The median price in the South was $150,000, up 1.2 percent from a year ago.
Existing-home sales in the West fell 6.2 percent to an annual rate of 1.21 million in April but are 5.2 percent above a year ago. The median price in the West was $212,400, up 3.8 percent from April 2009.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for 20 select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.2Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.4First-time buyer and distressed sales data are from the Realtors® Confidence Index.5Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.Existing-home sales for May will be released June 22. The next Pending Home Sales Index is scheduled forJune 2; release times are 10 a.m. EDT.Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.
Monday, May 24, 2010
Real Estate Outlook: Mixed Messages
The housing market may be reverting back to its old pattern of sending mixed messages at least that's the way it looks from the latest numbers.
On the one hand, last week was outstanding for home builders.
Nationwide new home starts, which are a key indicator not only of where real estate is headed but of builder confidence levels, increased by 10.2 percent to hit their highest total since August of 2008.
On a regional basis, starts were even more impressive in some areas. The Northeast saw a huge jump of 24 percent for the month. The Midwestern states were up 17 percent, the South by 7 percent.
Only the Western region saw starts fall -- by 13 percent.
Some analysts attributed the sudden burst in building activity to rising sales of new homes by purchasers seeking to qualify for federal tax credits.
Those sales burned off unsold inventory, according to David Crowe, chief economist of the National Association of Home Builders, and allowed builders to get back to what they do best -- building more houses.
But there was a complication here: Permits for new single family homes dropped sharply in April, by nearly 11 percent.
How do you figure that? Well, probably the best explanation is that builders are playing it safe on pulling new permits for future starts. With unemployment still close to 10 percent, builders aren't totally sure about the strength and duration of the national economic recovery. They don't want to be stuck with excess production next year.
Meanwhile, there were some other sobering numbers indicating that the housing rebound is not going to simply go straight up, but is likely to move in fits and starts.
New applications for mortgages to purchase homes plunged by 27 percent last week, according to the Mortgage Bankers Association.
Part of that can be explained by the fact that purchase applications ran high in the weeks leading up to the April 30th contract deadline for tax credit home purchases.
There were predictions that loan applications might take a tumble when the credits disappeared - and that's what we're seeing.
And finally, just to add to the mixed message theme, new national research from real estate data company CoreLogic found that home prices are rising in most markets, after nearly 3 years of negatives.
Nationwide, according to the CoreLogic Home Price Index, prices rose in the latest month by nearly two percent on average over year-earlier levels.
Prices in a handful of local markets, San Jose, Buffalo, Denver and San Diego among others, gained by more than double that rate.
Source: Kenneth R. Harney: May 24, 2010
Friday, December 4, 2009
Loan Modification Success Said to be Overlooked
Loan Modification Success Said to be Overlooked
A report from the voluntary, mortgage industry-driven Hope Now program says the mortgage industry has assisted 2.7 million homeowners in 2009 with mortgage modifications or repayment plans outside of the federal programs.
The statement released Wednesday lacked many details about what kind of help servicers were offering. "What are the circumstances?" asks economist Joel Naroff, with Naroff Economic Advisors. "It's a large number, but they're probably not helping a lot of people who we'd think of as getting a modification. They might just be rewriting a mortgage to more of a fixed rate."
The Executive Director of Hope Now Faith Schwartz says industry efforts to solve the foreclosure problem are significant. "We've got to talk about what else is going on in the market. That's the bigger picture," she says.
Source: USA Today, Stephanie Armour (12/03/2009)
A report from the voluntary, mortgage industry-driven Hope Now program says the mortgage industry has assisted 2.7 million homeowners in 2009 with mortgage modifications or repayment plans outside of the federal programs.
The statement released Wednesday lacked many details about what kind of help servicers were offering. "What are the circumstances?" asks economist Joel Naroff, with Naroff Economic Advisors. "It's a large number, but they're probably not helping a lot of people who we'd think of as getting a modification. They might just be rewriting a mortgage to more of a fixed rate."
The Executive Director of Hope Now Faith Schwartz says industry efforts to solve the foreclosure problem are significant. "We've got to talk about what else is going on in the market. That's the bigger picture," she says.
Source: USA Today, Stephanie Armour (12/03/2009)
Mortgage Applications Rise Over Thanksgiving
Mortgage Applications Rise Over Thanksgiving
Mortgage applications rose last week, according to the Mortgage Bankers Association weekly survey.
On a seasonally adjusted basis, mortgage loan applications increased 2.1 percent compared to the previous week. The seasonally adjusted purchase index increased 4.1 percent from the previous week, while the refinance index rose 1.7 percent.
On an unadjusted basis – reflecting the Thanksgiving holiday – the purchase index decreased 30.4 percent compared with the previous week and was 34.9 percent lower than it was the same week a year ago.
Mortgage rates continued to decline, with 30-year fixed rates reaching their lowest level since May.
30-year fixed-rate mortgages decreased to 4.79 percent from 4.82 percent;
15-year fixed-rate mortgages decreased to 4.27 percent from 4.32 percent;
1-year ARMs decreased to 6.56 percent from 6.66 percent.
Source: Mortgage Bankers Association (12/02/2009)
Mortgage applications rose last week, according to the Mortgage Bankers Association weekly survey.
On a seasonally adjusted basis, mortgage loan applications increased 2.1 percent compared to the previous week. The seasonally adjusted purchase index increased 4.1 percent from the previous week, while the refinance index rose 1.7 percent.
On an unadjusted basis – reflecting the Thanksgiving holiday – the purchase index decreased 30.4 percent compared with the previous week and was 34.9 percent lower than it was the same week a year ago.
Mortgage rates continued to decline, with 30-year fixed rates reaching their lowest level since May.
30-year fixed-rate mortgages decreased to 4.79 percent from 4.82 percent;
15-year fixed-rate mortgages decreased to 4.27 percent from 4.32 percent;
1-year ARMs decreased to 6.56 percent from 6.66 percent.
Source: Mortgage Bankers Association (12/02/2009)
Saturday, November 7, 2009
Google Maps Expands Real Estate Info
Google has been improving the usability of real estate information in its Google Maps function.
Users can now select the “real estate” option from the “more” button on the top right of any Google Map. They’ll automatically see balloons on the maps of listings, as well as a pop-up real estate refinement panel on the left.
From there, they can refine what they are searching for by checking the boxes for renting or buying, apartment or house, as well as price range, square footage, numbers of bedrooms and bathrooms, and foreclosure listings.
Google is also inviting real estate practitioners to list homes on Google Maps.
Source: eWeek, Clint Boulton (10/30/2009)
Saturday, October 31, 2009
Vacant Homes Up Slightly
Vacant homes in the U.S.—including foreclosures, residences for sale, and vacation properties—rose to 18.8 million in the third quarter, according to the U.S. Census Bureau.
The record high for vacancies was 18.95 million in the first quarter of this year. There were 18.4 vacancies in the third quarter last year.
In total, there were 130.3 million homes in the U.S. in the third quarter, according to the census. About 2 million were for sale, 4.6 million for rent, and 4.6 million were vacation homes that are only used a portion of the year.
Source: Bloomberg, Kathleen M. Howley (10/29
The record high for vacancies was 18.95 million in the first quarter of this year. There were 18.4 vacancies in the third quarter last year.
In total, there were 130.3 million homes in the U.S. in the third quarter, according to the census. About 2 million were for sale, 4.6 million for rent, and 4.6 million were vacation homes that are only used a portion of the year.
Source: Bloomberg, Kathleen M. Howley (10/29
Saturday, May 23, 2009
Credit Crunch, Economy Hurt Commercial Sector
Credit Crunch, Economy Hurt Commercial Sector
The general economic downturn, complicated by a severe credit crunch in commercial real estate, is dampening commercial real estate activity. In addition, a forward-looking index shows the forecast for commercial real estate sectors will remain weak for the remainder of the year, according to the NATIONAL ASSOCIATION of REALTORS®.Lawrence Yun, NAR chief economist, said commercial real estate has been hit by a double whammy.
“Significant job losses have reduced the demand for commercial space, while a lack of credit has stalled transactions and refinancing activity,” he said. “It is critical for the Federal Reserve to increase liquidity by purchasing commercial mortgage-backed securities. Because commercial real estate always lags an overall economic recovery, it will take some time for the commercial real estate market to rebound.” Declines in Commercial IndicesThe Commercial Leading Indicator for Brokerage Activity fell 4.8 percent to an index of 103.5 in the first quarter from a downwardly revised reading of 108.7 in the fourth quarter, and is 12.9 percent below the 118.8 recorded in the first quarter of 2008. NAR’s track of the commercial leading indicator dates back to 1990.The weakening index means commercial real estate activity, as measured by net absorption and the completion of new commercial buildings, can be expected to decline over the next six to nine months. The Society of Industrial and Office REALTORS®, in its SIOR Commercial Real Estate Index, a separate attitudinal survey of more than 600 local market experts, also indicates a lower level of business activity in upcoming quarters. More than 90 percent of respondents believe it is a tenant’s market, with many tenants benefiting from moderate to deep discounts in office and industrial rental rates, as well as landlord concessions.The SIOR index has declined for nine straight quarters and stood at 42.3 in the first quarter, well below the 100 point criteria that represents a balanced marketplace.REALTORS® Commercial Alliance Committee chair Robert Toothaker said data for commercial mortgage-backed securities are very telling.
“We went from $230 billion in CMBS issued in 2007 to only $12 billion in 2008,” he said. “Thus far in 2009 the number is essentially zero – liquidity in commercial credit is crucial to prevent damage to the broader economy. We need better policies and progress in accounting rules to facilitate lending.”Overall, commercial vacancy rates are rising and rents are softening, according to NAR’s latest Commercial Real Estate Outlook. The NAR forecast for four major commercial sectors analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data were provided by Torto Wheaton Research.Overall Economic OutlookThe gross domestic product is expected to contract 2.9 percent this year, then grow 1.4 percent in 2010. Similarly, the consumer price index is forecast to decline 0.8 percent in 2009 before rising 1.7 percent next year.The unemployment rate is projected to average 9.5 percent this year and 10.2 percent in 2010. Inflation-adjusted disposable income is likely to grow 1.3 percent in 2009 and 1.1 percent next year.“Although we expect the economy to begin to stabilize later this year, unemployment will probably peak at about 10.5 percent around the end of 2009,” Yun said. “The job picture should gradually improve as 2010 progresses, but the fundamentals in commercial real estate won’t stabilize until somewhat later and will depend on the Fed’s actions.”Office MarketThe office sector is suffering the most from job losses, which continue to reduce demand for space. Vacancy rates are projected to increase to 16.1 percent in 2009 from 13.4 percent last year, and rise to 20.4 percent in 2010. Annual rent in the office sector is forecast to fall 7.2 percent this year and 0.8 percent in 2010 after a 0.4 percent decline last year. In 57 markets tracked, net absorption of office space, which includes the leasing of new space coming on the market as well as space in existing properties, is seen as a negative 81.7 million square feet in 2009 and a negative 115.0 million next year.Industrial Market The global economic slowdown is affecting the industrial sector, which had benefited from a demand for exports before the recent slump.
Vacancy rates in the industrial sector are estimated to rise to 11.9 percent in 2009 and 12.6 percent next year, compared with 10.4 percent in 2008.Annual rent is likely to fall 3.4 percent this year and 4.0 percent in 2010, after declining 0.8 percent in 2008. Net absorption of industrial space in 58 markets tracked should be a negative 51.0 million square feet this year, then a positive 23.2 million in 2010. Many obsolete structures remain on the market because construction in recent years was designed to meet customized needs of industrial clients.Retail MarketWith consumers reluctant to spend much in the current economy, the retail vacancy rate will probably rise to 12.1 percent this year and 15.8 percent in 2010 from 9.7 percent in 2008. Average retail rent is expected to fall 2.1 percent in 2009 and 1.5 percent next year; it declined 2.0 percent in 2008. Net absorption of retail space in 53 tracked markets will likely be a negative 38.6 million square feet this year and a negative 44.2 million in 2010.
Multifamily MarketThe apartment rental market – multifamily housing – has been doing better than other commercial sectors, but a gain in home sales during the second half of this year will modify demand. Multifamily vacancy rates are forecast to rise to 6.8 percent in 2009 and 6.7 percent next year from 5.7 percent in 2008.Average rent should grow 1.5 percent this year and 2.5 percent in 2010, following a 2.9 percent gain in 2008. Multifamily net absorption is projected at 133,000 units in 59 tracked metro areas in 2009 and 89,700 next year.
Source: NAR
The general economic downturn, complicated by a severe credit crunch in commercial real estate, is dampening commercial real estate activity. In addition, a forward-looking index shows the forecast for commercial real estate sectors will remain weak for the remainder of the year, according to the NATIONAL ASSOCIATION of REALTORS®.Lawrence Yun, NAR chief economist, said commercial real estate has been hit by a double whammy.
“Significant job losses have reduced the demand for commercial space, while a lack of credit has stalled transactions and refinancing activity,” he said. “It is critical for the Federal Reserve to increase liquidity by purchasing commercial mortgage-backed securities. Because commercial real estate always lags an overall economic recovery, it will take some time for the commercial real estate market to rebound.” Declines in Commercial IndicesThe Commercial Leading Indicator for Brokerage Activity fell 4.8 percent to an index of 103.5 in the first quarter from a downwardly revised reading of 108.7 in the fourth quarter, and is 12.9 percent below the 118.8 recorded in the first quarter of 2008. NAR’s track of the commercial leading indicator dates back to 1990.The weakening index means commercial real estate activity, as measured by net absorption and the completion of new commercial buildings, can be expected to decline over the next six to nine months. The Society of Industrial and Office REALTORS®, in its SIOR Commercial Real Estate Index, a separate attitudinal survey of more than 600 local market experts, also indicates a lower level of business activity in upcoming quarters. More than 90 percent of respondents believe it is a tenant’s market, with many tenants benefiting from moderate to deep discounts in office and industrial rental rates, as well as landlord concessions.The SIOR index has declined for nine straight quarters and stood at 42.3 in the first quarter, well below the 100 point criteria that represents a balanced marketplace.REALTORS® Commercial Alliance Committee chair Robert Toothaker said data for commercial mortgage-backed securities are very telling.
“We went from $230 billion in CMBS issued in 2007 to only $12 billion in 2008,” he said. “Thus far in 2009 the number is essentially zero – liquidity in commercial credit is crucial to prevent damage to the broader economy. We need better policies and progress in accounting rules to facilitate lending.”Overall, commercial vacancy rates are rising and rents are softening, according to NAR’s latest Commercial Real Estate Outlook. The NAR forecast for four major commercial sectors analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data were provided by Torto Wheaton Research.Overall Economic OutlookThe gross domestic product is expected to contract 2.9 percent this year, then grow 1.4 percent in 2010. Similarly, the consumer price index is forecast to decline 0.8 percent in 2009 before rising 1.7 percent next year.The unemployment rate is projected to average 9.5 percent this year and 10.2 percent in 2010. Inflation-adjusted disposable income is likely to grow 1.3 percent in 2009 and 1.1 percent next year.“Although we expect the economy to begin to stabilize later this year, unemployment will probably peak at about 10.5 percent around the end of 2009,” Yun said. “The job picture should gradually improve as 2010 progresses, but the fundamentals in commercial real estate won’t stabilize until somewhat later and will depend on the Fed’s actions.”Office MarketThe office sector is suffering the most from job losses, which continue to reduce demand for space. Vacancy rates are projected to increase to 16.1 percent in 2009 from 13.4 percent last year, and rise to 20.4 percent in 2010. Annual rent in the office sector is forecast to fall 7.2 percent this year and 0.8 percent in 2010 after a 0.4 percent decline last year. In 57 markets tracked, net absorption of office space, which includes the leasing of new space coming on the market as well as space in existing properties, is seen as a negative 81.7 million square feet in 2009 and a negative 115.0 million next year.Industrial Market The global economic slowdown is affecting the industrial sector, which had benefited from a demand for exports before the recent slump.
Vacancy rates in the industrial sector are estimated to rise to 11.9 percent in 2009 and 12.6 percent next year, compared with 10.4 percent in 2008.Annual rent is likely to fall 3.4 percent this year and 4.0 percent in 2010, after declining 0.8 percent in 2008. Net absorption of industrial space in 58 markets tracked should be a negative 51.0 million square feet this year, then a positive 23.2 million in 2010. Many obsolete structures remain on the market because construction in recent years was designed to meet customized needs of industrial clients.Retail MarketWith consumers reluctant to spend much in the current economy, the retail vacancy rate will probably rise to 12.1 percent this year and 15.8 percent in 2010 from 9.7 percent in 2008. Average retail rent is expected to fall 2.1 percent in 2009 and 1.5 percent next year; it declined 2.0 percent in 2008. Net absorption of retail space in 53 tracked markets will likely be a negative 38.6 million square feet this year and a negative 44.2 million in 2010.
Multifamily MarketThe apartment rental market – multifamily housing – has been doing better than other commercial sectors, but a gain in home sales during the second half of this year will modify demand. Multifamily vacancy rates are forecast to rise to 6.8 percent in 2009 and 6.7 percent next year from 5.7 percent in 2008.Average rent should grow 1.5 percent this year and 2.5 percent in 2010, following a 2.9 percent gain in 2008. Multifamily net absorption is projected at 133,000 units in 59 tracked metro areas in 2009 and 89,700 next year.
Source: NAR
HUD: Homebuyer Tax Credit Loans Still on Track
HUD: Homebuyer Tax Credit Loans Still on Track
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says. "The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.
Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week.
In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly. When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.
Source: REALTOR® Magazine Online
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says. "The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.
Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week.
In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly. When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.
Source: REALTOR® Magazine Online
Friday, May 15, 2009
Rates Below 5% for Ninth Week Straight
Freddie Mac reports a slight rise this week in the 30-year fixed mortgage rate to 4.86 percent from 4.84 percent in the previous week.Rates have been below 5 percent for nine weeks in a row. Last year at this time, the average 30-year rate was 6.01 percent.
The 15-year fixed mortgage rate climbed to 4.52 percent from 4.51 percent. Meanwhile, the five-year adjustable mortgage rate slipped to 4.82 percent from 4.9 percent; and the one-year ARM fell to 4.71 percent from 4.78 percent. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.
Source: Freddie Mac
The 15-year fixed mortgage rate climbed to 4.52 percent from 4.51 percent. Meanwhile, the five-year adjustable mortgage rate slipped to 4.82 percent from 4.9 percent; and the one-year ARM fell to 4.71 percent from 4.78 percent. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.
Source: Freddie Mac
Saturday, May 2, 2009
Senate Defeats Mortgage Cramdown Bill
The proposed law allowing bankruptcy judges to modify mortgages, known as the cramdown bill, was voted down Thursday by the U.S. Senate.The financial industry opposed the bill, arguing that the change would drive up interest rates and make the market less stable.
Some senators also were concerned that their constituents who pay their bills on time would resent this measure.Minority Leader Mitch McConnell, who led the opposition, says the vote "ensures that homeowners who pay their bills and follow the rules won't see an interest-rate hike at the whim of a bankruptcy judge."The reform was a key part of President Obama’s foreclosure prevention plan, leaving some to question ultimate likelihood of its success."It won't render the loan modification program useless, but it removed an important ingredient that would have helped realign everybody's interests," says Barry Zigas, director of housing policy for the Consumer Federation of America.
Source: CNNMoney.com, Tami Lubby (04/30/2009)
Some senators also were concerned that their constituents who pay their bills on time would resent this measure.Minority Leader Mitch McConnell, who led the opposition, says the vote "ensures that homeowners who pay their bills and follow the rules won't see an interest-rate hike at the whim of a bankruptcy judge."The reform was a key part of President Obama’s foreclosure prevention plan, leaving some to question ultimate likelihood of its success."It won't render the loan modification program useless, but it removed an important ingredient that would have helped realign everybody's interests," says Barry Zigas, director of housing policy for the Consumer Federation of America.
Source: CNNMoney.com, Tami Lubby (04/30/2009)
Saturday, April 18, 2009
Open Houses Are Still Worth It, Practitioners Say
Open Houses Are Still Worth It, Practitioners Say Despite a changing market, many real estate professionals say open houses are still a good way to showcase a home.Open houses work just as well as they did a few years ago when the market was very competitive, says Trudy Severa, an associate with Long & Foster in Reston, Va. "Anything you can do helps," says Severa. "It's a numbers game, and there is no way to know the residual effects [that an open house can have]."Some practitioners have had success joining forces with others to produce a group tour. For instance, seven different practitioners recently held a neighborhood open house in Washington, D.C., where participants could view eight listings ranging in price from $500,000 to more than $1 million.
An open house can be an opportunity to talk to potential buyers who are interested but who might be unsure about the uncertain market, says Mario Rubio, a practitioner with Rubio Real Estate in Annandale,Va. He suggests having a loan officer/mortgage banker on hand at the event to answer questions.
Source: The Washington Times, Cary Lee Dailey (04/10/2009)
An open house can be an opportunity to talk to potential buyers who are interested but who might be unsure about the uncertain market, says Mario Rubio, a practitioner with Rubio Real Estate in Annandale,Va. He suggests having a loan officer/mortgage banker on hand at the event to answer questions.
Source: The Washington Times, Cary Lee Dailey (04/10/2009)
Friday, April 3, 2009
Tread Carefully When Making a Low-Ball Offer
Tread Carefully When Making a Low-Ball Offer These days, it’s easier to make a low-ball offer than it used to be, but still it’s important to be smart. Here are some things that a real estate practitioner and would-be buyer should consider when contemplating such an offer:
● Use foreclosures as comps carefully. Look realistically at the prices foreclosures in the neighborhood brought. Foreclosures aren’t good comps if the homes were stripped of appliances, pipes, HVAC, etc.
● Examine details of short sales critically. How many liens were there against low-selling short sales? If there were no secondary liens, the lender had considerable flexibility.
● Establish realistic time frames. Even in the best of circumstances, foreclosure takes a long time. Will the seller play the waiting game? How long have houses whose owners have equity stayed on the market?
Is the buyer in a hurry? If your buyer makes a low-ball offer, the bank probably won’t be in any rush to take it. They’ll likely just keep soliciting offers without coming back with a counter. Ultimately, the property is likely to sell for a higher price and, chances are, you and your buyer won’t know it until the deal is done.
Source: ThinkGlinck, Ilyce R. Glink (03/30/2009)
● Use foreclosures as comps carefully. Look realistically at the prices foreclosures in the neighborhood brought. Foreclosures aren’t good comps if the homes were stripped of appliances, pipes, HVAC, etc.
● Examine details of short sales critically. How many liens were there against low-selling short sales? If there were no secondary liens, the lender had considerable flexibility.
● Establish realistic time frames. Even in the best of circumstances, foreclosure takes a long time. Will the seller play the waiting game? How long have houses whose owners have equity stayed on the market?
Is the buyer in a hurry? If your buyer makes a low-ball offer, the bank probably won’t be in any rush to take it. They’ll likely just keep soliciting offers without coming back with a counter. Ultimately, the property is likely to sell for a higher price and, chances are, you and your buyer won’t know it until the deal is done.
Source: ThinkGlinck, Ilyce R. Glink (03/30/2009)
A Record Low for Mortgage Rates, Again
A Record Low for Mortgage Rates, Again Just one week after 30-year mortgage rates fell to a record low of 4.85 percent, the average dropped even further to 4.78 percent this week, Freddie Mac reported. Refinancing activity has picked up because of the low rates, and the Mortgage Bankers Association says approximately 80 percent of mortgage applications came from borrowers seeking to refinance.
Source: Boston Globe (04/03/09)
Source: Boston Globe (04/03/09)
Saturday, March 28, 2009
Survey: Households Say Now Good Time to Buy
Survey: Households Say Now Good Time to Buy More than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.
Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42 percent) and “waiting for prices to go down before they seriously consider making a purchase” (48 percent).
“Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,” said Tom Kunz, Century 21 Real Estate president and CEO. “Our research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.”Among the survey’s other key findings:Bargains in the marketplace are providing additional options for buyers to consider. 56 percent of potential first-time home buyers are considering purchasing a foreclosed or short sale home, and 63 percent are open to purchasing either a “fixer-upper” or “as-is” home.When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent).
Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are “very worried” about the issue.Most respondents (86 percent) are in the market for single family homes.
Source: Century 21
Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42 percent) and “waiting for prices to go down before they seriously consider making a purchase” (48 percent).
“Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,” said Tom Kunz, Century 21 Real Estate president and CEO. “Our research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.”Among the survey’s other key findings:Bargains in the marketplace are providing additional options for buyers to consider. 56 percent of potential first-time home buyers are considering purchasing a foreclosed or short sale home, and 63 percent are open to purchasing either a “fixer-upper” or “as-is” home.When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent).
Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are “very worried” about the issue.Most respondents (86 percent) are in the market for single family homes.
Source: Century 21
First-time Buyers Drive February Sales
First-time Buyers Drive February Sales Existing-home sales increased in February, reversing losses in January, according to the latest report by the NATIONAL ASSOCIATION OF REALTORS®. However, sales activity remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect, according to NAR.Existing-home sales— including single-family, townhomes, condominiums and co-ops—rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January.
Existing-home sales are 4.6 percent below the 4.95 million-unit level in February 2008. Seasonal adjustment factors are more volatile in winter months, but sales rates over the past few months show dampened sales activity, according to NAR.Lawrence Yun, NAR chief economist, says first-time buyers accounted for half of all home sales last month, with activity concentrated in lower price ranges. “Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February,” he says. “Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price, and this naturally is drawing down the overall median price.”Home Buyer Tax Credit Increases ActivityNAR President Charles McMillan says home shopping activity has picked up with housing affordability at a record high. “The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago,” he says. “It appears most of the increase in buyer traffic occurred in the latter part of the month after the $8,000 first-time buyer tax credit was put in place. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring.”McMillan notes that more potential buyers are learning about the tax credit, just as the traditional spring home-buying season begins. Existing-Home Sales Rise in FebruaryThe national median existing-home price for all housing types was $165,400 in February, down 15.5 percent from a year ago when the median was $195,800 and conditions were close to normal. The median is where half of the homes sold for more and half sold for less.
“Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” Yun says.Housing inventory: Total housing inventory at the end of February rose 5.2 percent to 3.80 million existing homes available for sale, which represents a 9.7-month supply at the current sales pace, unchanged from January. In the six months prior to February, the total number of homes for sale had steadily declined from a record level last July.Single-family home sales: rose 4.4 percent to a seasonally adjusted annual rate of 4.23 million in February from a level of 4.05 million in January, but are 3.6 percent below the 4.39 million-unit pace in February 2008. The median existing single-family home price was $164,600 in February, down 15 percent from a year ago.Existing condominium and co-op sales: increased 11.4 percent to a seasonally adjusted annual rate of 490,000 units in February from 440,000 units in January, but are 13.1 percent lower than the 564,000-unit pace a year ago. The median existing condo price was $172,200 in February, which is 18.7 percent lower than February 2008.According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.13 percent in February from a record low 5.05 percent in January. The rate was 5.92 percent in February 2008.
Last month’s average mortgage rate was the second lowest since data collection began in 1971. Last week the rate further declined to 4.98 percent.Regional BreakdownYun says a recovery in the West is much stronger than expected. “Strong sales gains in the West are led by California, where the median listing price is beginning to rise for the first time in three years,” he says.Here's how existing-home sales fared across the country:Northeast: jumped 15.6 percent to an annual pace of 740,000 in February, but 14.9 percent below February 2008. Median price: $251,200, down 4.8 percent from a year ago. Midwest: increased 1 percent in February to a pace of 1.04 million but 14 percent lower than a year ago. Median price: $131,000, which is 7.8 percent below February 2008. South: rose 6.1 percent to an annual pace of 1.74 million in February but 11.2 percent below February 2008. Median price: $146,700, down 10 percent from a year ago. West: increased 2.6 percent to an annual rate of 1.2 million in February and remain 30.4 percent higher than a year ago. Median price: $204,600, which is 30.3 percent below February 2008.
Source: NAR
Existing-home sales are 4.6 percent below the 4.95 million-unit level in February 2008. Seasonal adjustment factors are more volatile in winter months, but sales rates over the past few months show dampened sales activity, according to NAR.Lawrence Yun, NAR chief economist, says first-time buyers accounted for half of all home sales last month, with activity concentrated in lower price ranges. “Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February,” he says. “Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price, and this naturally is drawing down the overall median price.”Home Buyer Tax Credit Increases ActivityNAR President Charles McMillan says home shopping activity has picked up with housing affordability at a record high. “The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago,” he says. “It appears most of the increase in buyer traffic occurred in the latter part of the month after the $8,000 first-time buyer tax credit was put in place. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring.”McMillan notes that more potential buyers are learning about the tax credit, just as the traditional spring home-buying season begins. Existing-Home Sales Rise in FebruaryThe national median existing-home price for all housing types was $165,400 in February, down 15.5 percent from a year ago when the median was $195,800 and conditions were close to normal. The median is where half of the homes sold for more and half sold for less.
“Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” Yun says.Housing inventory: Total housing inventory at the end of February rose 5.2 percent to 3.80 million existing homes available for sale, which represents a 9.7-month supply at the current sales pace, unchanged from January. In the six months prior to February, the total number of homes for sale had steadily declined from a record level last July.Single-family home sales: rose 4.4 percent to a seasonally adjusted annual rate of 4.23 million in February from a level of 4.05 million in January, but are 3.6 percent below the 4.39 million-unit pace in February 2008. The median existing single-family home price was $164,600 in February, down 15 percent from a year ago.Existing condominium and co-op sales: increased 11.4 percent to a seasonally adjusted annual rate of 490,000 units in February from 440,000 units in January, but are 13.1 percent lower than the 564,000-unit pace a year ago. The median existing condo price was $172,200 in February, which is 18.7 percent lower than February 2008.According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.13 percent in February from a record low 5.05 percent in January. The rate was 5.92 percent in February 2008.
Last month’s average mortgage rate was the second lowest since data collection began in 1971. Last week the rate further declined to 4.98 percent.Regional BreakdownYun says a recovery in the West is much stronger than expected. “Strong sales gains in the West are led by California, where the median listing price is beginning to rise for the first time in three years,” he says.Here's how existing-home sales fared across the country:Northeast: jumped 15.6 percent to an annual pace of 740,000 in February, but 14.9 percent below February 2008. Median price: $251,200, down 4.8 percent from a year ago. Midwest: increased 1 percent in February to a pace of 1.04 million but 14 percent lower than a year ago. Median price: $131,000, which is 7.8 percent below February 2008. South: rose 6.1 percent to an annual pace of 1.74 million in February but 11.2 percent below February 2008. Median price: $146,700, down 10 percent from a year ago. West: increased 2.6 percent to an annual rate of 1.2 million in February and remain 30.4 percent higher than a year ago. Median price: $204,600, which is 30.3 percent below February 2008.
Source: NAR
Subscribe to:
Posts (Atom)