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Keyword: homesales

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  • U.S. existing home sales tumble in warning sign for housing market

    03/21/2016 7:08:40 AM PDT · by John W · 20 replies
    Reuters ^ | March 21, 2016 | Reuters
    U.S. home resales fell sharply in February in a potentially troubling sign for America's economy which has otherwise looked resilient to the global economic slowdown. The National Association of Realtors said on Monday existing home sales dropped 7.1 percent to an annual rate of 5.08 million units, the lowest level since November. Economists had forecast home resales decreasing 2.8 percent to a pace of 5.32 million units last month. Sales have been volatile and prone to big swings up and down in recent months following the introduction in October of new mortgage regulations, which are intended to help homebuyers understand...
  • Pending Sales of Existing Homes Unexpectedly Fell in June

    07/29/2015 8:18:23 AM PDT · by BenLurkin · 9 replies
    NewsMax ^ | Wednesday, 29 Jul 2015 10:19 AM
    The index of pending home sales unexpectedly fell 1.8 percent, the first drop this year, after a revised 0.6 percent increase in May that was smaller than initially reported, figures from the National Association of Realtors showed Wednesday in Washington. The median forecast of 37 economists surveyed by Bloomberg called for a 0.9 percent gain. The data are consistent with the slow improvement in housing, restrained by still-tight lending standards and a limited selection of available properties. An easing of those conditions, along with an acceleration in wage growth, would allow more Americans to take advantage of cheap borrowing costs...
  • Homeownership rate drops to 63.4%, lowest since 1967

    07/28/2015 8:29:55 AM PDT · by John W · 28 replies ^ | July 28, 2015 | Diana Olick
    The U.S. homeownership rate fell to 63.4 percent in the second quarter of 2015, according to the U.S. Census. That is down from 63.7 percent in the first quarter and from 64.7 percent in the same quarter of 2014. It marks the lowest homeownership rate since 1967. "It is now just five-tenths from the record low seen in 1965 in data going back also to 1965," noted Peter Boockvar, an analyst with The Lindsey Group. "All the governmental attempts (certainly aided and abetted by many players in the private sector) at boosting homeownership has gotten us to this point in...
  • Existing Home Prices Hit Record; Sales Soar To 8 Year High [Property Sales Are Hot, Hot, Hot]

    07/22/2015 7:44:49 AM PDT · by SeekAndFind · 22 replies
    Zero Hedge ^ | 07/22/2015 | Tyler Durden
    Houses have become stocks... the higher the price, the more demand (especially as the government has your back with low down-payment loans and the re-emergence of IOs). With Existing Home Sales soaring to a SAAR of 5.49 million, the highest since early 2007, the fact that median home prices are at an all-time high appears to be any problem for the releveraging American (or Chinese) homebuyer.  Lawrence Yun, NAR chief economist, says backed by June's solid gain in closings, this year's spring buying season has been the strongest since the downturn. "Buyers have come back in force, leading to the...
  • New Home Sales Data Goes Full Retard With Unbelievable Report Frozen Northeast Saw 153% Surge

    03/24/2015 9:28:30 AM PDT · by SeekAndFind · 17 replies
    Zero Hedge ^ | 03/24/2015 | Tyler Durden
    This is how ridiculous government data has become: in the same month in which both Housing Starts and Existing Home sales significantly missed expectations, misses which were promptly blamed on the weather, the Census Bureau moments ago released a stunner of a New Home Sales number, which supposedly rose from an upward revised 500K to 539K, smashing expectations of 481K, a 25% spike from a year ago and up 7.8% from January, which incidentally is also the highest number since February 2008, even as the median home price dropped to the lowest since September. And a close-up on the...
  • California Leads Housing Slowdown As Case-Shiller Home Prices Decline For 4 Months In A Row

    10/28/2014 9:36:47 AM PDT · by SeekAndFind · 14 replies
    Zero Hedge ^ | 10/28/2014 | Tyler Durden
    Following misses in yesterday's Markit Service PMI, Existing Home Sales and the Dallas Fed report, and today's Durable Goods numbers, we just made it a pentafecta for misses in US econ data, when the just released August Case-Shiller data for August confirmed once again that US housing is rapidly slowing down, when the Top 20 Composite Index (Seasonally Adjusted) posted another decline in August, its fourth in a row, declining by -0.15% and missing expectations of a modest 0.2% rebound (following last month's -0.5%) decline. The best summary of the situation came from S&P's David Blitzer: "The deceleration in...
  • New Home Sales Plunge - And It's Not the Weather

    04/24/2014 9:25:31 AM PDT · by SeekAndFind · 11 replies
    Townhall ^ | 04/24/2014 | Mike Shedlock
    The Census Bureau report New Residential Sales Report shows sales of new single-family houses in March 2014 were at a seasonally adjusted annual rate of 384,000. Sales are 14.5 percent below the revised February rate of 449,000 Sales are 13.3 percent below the March 2013 estimate of 443,000 Median sales price was $290,000 vs. $260,900 in February, $257,500 in March of 2013 Average sales price was $334,200 vs. $318,900 in February, $300,200 in March of 2013 Median sales price was up 11.5% from last month, 12.6% from year ago Average sales price was up 4.8% from last month, 11.3% from...
  • African-Americans squeezed out of the housing market

    01/27/2014 10:48:32 AM PST · by rightwingintelligentsia · 69 replies
    CNN Money ^ | January 27, 2014 | Les Christie
    More African-Americans are being squeezed out of the housing market. Not only are they less likely to apply for a mortgage than any other ethnic group, but African-Americans are also 2.4 times more likely to get denied a mortgage than Whites, a recent study conducted by Zillow and the National Urban League found.
  • Joke Headline of the Day: "Pending Home Sales Rise"

    12/31/2013 6:52:00 AM PST · by SeekAndFind · 12 replies
    Townhall ^ | 12/31/2013 | Mike Shedlock
    I was perusing online stories about today's release of pending homes sales data from the National Association of Realtors. Here are a few sample headlines. NAR: Pending Home Sales Edge Up in NovemberCNBC: US pending home sales rise 0.2 percentCalculated Risk: Pending Home Sales Index increased 0.2% in NovemberForbes: Pending Home Sales Tick Up In November, First Time In Five MonthsReuters: U.S. pending home sales end slide, hint at stabilizationFox Business News: Pending Home Sales Rise Slightly, Miss Street View One Headline Title Stood Out Zero Hedge: Pending Home Sales Plunge At Fastest Pace Since April 2011 It took about...
  • All-Cash Home Sales Hit Record 42% of Sales

    12/22/2013 10:28:58 AM PST · by Kaslin · 57 replies ^ | December 22, 2013 | Mike Shedlock
    Even though household formation by millennials is at a record low percentage, home sales are at modest levels thanks to investor all-cash buying. Market-Watch notes All-Cash Home Sales Reach New High. More Americans are buying homes in all-cash deals, according to a new report. But real-estate experts say this increase may not be a good sign for the health of the housing market, which may also be impacted by the Federal Reserve’s decision to pull back on its bond-buying program. All-cash purchases accounted for 42% of all sales of residential property in November 2013, up from 39% during the previous...
  • Home sales drop to lowest level in almost a year

    12/19/2013 7:52:36 AM PST · by John W · 27 replies
    Reuters via ^ | December 19, 2013 | Reuters
    U.S. home resales fell sharply in November to their lowest level in nearly a year, hurt by a rise in interest rates since the spring and ongoing price increases that have shut some home buyers out of the market. The National Association of Realtors (NAR) said on Thursday that sales of previously owned homes dropped 4.3 percent last month, the third monthly fall in a row, to an annual rate of 4.90 million units. That was the lowest annual rate since December 2012, and well below the median forecast in a Reuters poll of a 5.03 million unit pace. "It...
  • Economic Recovery? Pending Home Sales Fall To May 2011 Levels (Falling Real Income)

    11/25/2013 8:15:58 AM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 11/25/2013 | Anthony B. Sanders
    According to the National Association of Realtors, pending home sales dropped 0.6% in October. The West led the decline with -4.1%. Year-over-year (YoY), pending home sales fell -2.2%, the lowest print since May 2011. Was it interest rate increases? Partly, at least in May and June. But since a recent high on August 22nd, the Freddie Mac 30 year mortgage commitment rate has been falling along with pending home sales. Rising house prices combined with declining real median household income isn’t helping home sales. And, of course, falling labor force participation isn’t helping, although house prices continue to rise in...
  • Nearly half of homes are purchased in cash

    08/29/2013 6:48:49 AM PDT · by KeyLargo · 57 replies
    Market Watch ^ | Aug 29, 2013 | By Quentin Fottrell
    <p>More Americans are buying homes in all-cash deals, according to several recent studies. But real- estate experts say this increase may not be a good sign for the health of the housing market.</p> <p>All-cash purchases accounted for 40% of all sales of residential property in July 2013, up from 35% during the previous month and 31% in July 2012, according to data from real-estate data firm RealtyTrac released Thursday. That’s the second highest rate since the survey began in January 2011 – second only to 53% in March 2012.</p>

    08/23/2013 7:08:59 AM PDT · by John W · 16 replies
    Business Insider ^ | August 23, 2013 | Mamta Badkar
    New home sales plunged 13.4% month-over-month in July to an annualized pace of 394,000 units in July. Economists polled by Bloomberg were looking for new home sales to fall 2% to an annualized pace of 487,000 units. There was also a huge downward revision to June's number. New home sales climbed a more modest 3.6% to 455,000 units, down from the initial reading of an 8.3% rise to 497,000 units.
  • Big Swing And A Miss! New Home Sales Plunge As Mortgage Rates Rise

    08/23/2013 7:17:47 AM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 08/23/2013 | Anthony B. Sanders
    New home sales plunged 13.4% to an annual rate of 394,000 units. nhsjuly13 If we chart new home sales against the Freddie Mac 30 year commitment rate, we see a pattern (in the red box). Mortgage rates rise and new home sales plunge. nhsjulfreddi Expectations were for 487k and a prior reading in June of 497K that was revised down to 455K. So the July read declined and was below expectations. In baseball parlance, this was a big swing and a miss. obama-baseball-shirt Share this:
  • Elite Housing Recovery: Million Dollar Home Sales Jump As Middle Class Sucks Wind

    08/09/2013 1:36:15 PM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 08/09/2013 | Anthony B. Sanders
    Home sales from Los Angeles to Charleston, South Carolina that are priced at more than $1 million are gaining at triple the pace of the broader market, according to real estate research firm DataQuick Inc. According to Susan Wachter, a professor of real estate and finance at the University of Pennsylvania’s Wharton School and an architect of Clinton’s housing policy (The National Homeownership Strategy: Partners in the American Dream), wealthy purchasers, helped by gains in equities, are diving into real estate a year after a recovery began in the housing market when less-well-heeled buyers rushed to take advantage of record-low...
  • Housing Recovery? Existing Home Sales Drop 1.2%, Back to 1999 Levels

    07/22/2013 10:11:17 AM PDT · by whitedog57
    Confounded Interest ^ | 07/22/2013 | Anthony B. Sanders
    According to the NAR, total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dipped 1.2 percent to a seasonally adjusted annual rate of 5.08 million in June from a downwardly revised 5.14 million in May, but are 15.2 percent higher than the 4.41 million-unit level in June 2012. Total housing inventory at the end of June rose 1.9 percent to 2.19 million existing homes available for sale, which represents a 5.2-month supply at the current sales pace, up from 5.0 months in May. Listed inventory remains 7.6 percent below a year ago, when there...
  • June Pending Home Sales Down 0.4%, LPS Home Prices Up 1.3% For May (West Coast BIGGEST WINNER!)

    07/29/2013 7:46:22 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 07/29/2013 | Anthony B. Sanders
    According to the National Association of Realtors (NAR), June pending home sales declined 0.4% in June, but the year-over-year pending home sales rose 9.1%. phs07292013 Home affordability has declined with recent interest rates increases. But affordability is still high by historic standards. narafford On the house price front, according to Loan Processing Services (LPS), May home prices rose 1.3% for the month and were up 7.9% Year-Over-Year. lpshp072913 The biggest winners? All west coast MSA. lpsmovers And Case-Shiller is out tomorrow. Here is a chart of the LPS home price index versus the Case-Shiller 20 metro repeat sales index. lpcs072913...
  • Pending home sales pull back in June as rates rise

    07/29/2013 7:55:13 AM PDT · by John W · 2 replies
    Reuters ^ | July 29, 2013 | Paige Gance
    (Reuters) - Contracts to purchase previously owned U.S. homes fell in June, retreating from a more than six-year high touched the prior month, suggesting rising mortgage rates were starting to dampen home sales. The National Association of Realtors said on Monday its Pending Homes Sales Index, based on contracts signed last month, decreased 0.4 percent to 110.9. May's index was revised down to 111.3 from a previously reported 112.3.
  • Mortgageless Recovery: New Home Sales Rise Despite Declining Mortgage Applications

    07/24/2013 8:09:05 AM PDT · by whitedog57 · 10 replies
    Confounded Interest ^ | 07/24/2013 | Anthony B. Sanders
    Sales of new U.S. homes rose more than forecast in June to the highest level in five years, a sign builders are benefiting from a lack of supply of existing properties. Purchases climbed 8.3 percent to an annualized pace of 497,000 homes, highest level since May 2008, the Commerce Department said today in Washington. nhs072413 The regional breakout of the data shows the West and South are booming. nhsregion072413 Here is a chart of new homes sales versus 1 unit housing starts. nhsstarts072413 And here is an overlay of Bankrate’s 30 year mortgage rate average. nhshsbr30 And a closer look...
  • Mortgage Purchase and Refi Applications Decline 4% With Rate Increases

    07/10/2013 8:55:34 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 07/10/2013 | Anthony B. Sanders
    The great Nick Timiraos at the Wall Street Journal has an interesting article on the Las Vegas housing market entitled “Foreclosure Squeeze Crimps Las Vegas Real-Estate Market.“ “The number of available homes has plunged here after a sweeping state law subjected lenders to stiff new foreclosure rules and penalties. With banks exercising caution, many homeowners—including those seriously delinquent on their loans—have been allowed to remain in place. As a result, there is little on the market at a time when first-time buyers and real-estate speculators are anxious to tap both cheap prices and low-interest mortgages.” So, The Fed puts in...
  • The Disappearing First Time Home Buyer

    07/08/2013 9:54:59 AM PDT · by Kaslin · 11 replies ^ | July 8, 2013 | Fritz Pfister
    How do you reconcile these recent reports on housing? The National Association of Realtors (NAR) reported a surge in pending sale contracts in May to the highest level since 2006. Simultaneously Bloomberg reported that mortgage applications fell to their lowest level in nineteen months. Cash must be king? According to NAR 33% of existing home sales in May were cash. What portion of those cash sales do you think were from first time home buyers? My guess would be somewhere between zero and one percent. The first time home buyer has always been the most important buyer in the market,...
  • The Sobering Link Between Student Debt and Housing

    05/06/2013 9:07:12 AM PDT · by SeekAndFind · 6 replies
    Motley Fool ^ | 04/13/2013 | Amanda Alix
    The housing market has been steadily improving, lifting the stocks of homebuilders like Beazer Homes (NYSE: BZH ) , Hovnanian (NYSE: HOV ) , and PulteGroup (NYSE: PHM ) to heights not seen since the mortgage crisis. Indeed, a recent Federal Reserve survey noted that housing helped buoy the economy during the first two months of this year, along with auto sales. But housing isn't out of the woods yet. While the most recent Census Bureau data shows that housing starts were up considerably, building permits were down from February, putting the brakes on many homebuilders' upward stock price trajectory....
  • The Birth of the New Real Estate Market in the USA

    05/03/2013 8:55:15 AM PDT · by Mr. Jeeves · 15 replies
    Financial Sense Online ^ | 5/2/2013 | Ramsey Su
    Who is Ed DeMarco? What is the FHFA? Even though it did not come entirely unexpected, the day has finally arrived. President Obama has decided to nominate Mel Watt instead of Ed DeMarco as the Director of the FHFA (Federal Housing Finance Administration). Most people have never heard of the FHFA, nor Mr. DeMarco. Who cares? Why should one care? You should actually all care. The real estate market has officially entered a new chapter. Analysts, economists, investors and homeowners, throw away everything you thought you knew about real estate and start all over. I would like to get right...
  • Leveraged Recovery:Pending Home Sales Rise, Savings Rate Low and Flat

    04/29/2013 7:38:32 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 04/29/2013 | Anthony B. Sanders
    Pending home sales rose more than expected while real personal income continues to struggle. And the personal savings rate remains low. Looks like a zero interest rate, leveraged recovery to me! April 29 (Bloomberg) — More Americans than forecast signed contracts in March to buy previously owned homes, another indication of progress in the housing market. The index of pending home sales increased 1.5 percent after a revised 1 percent decline the prior month. Excluding the April 2010 first time homeowner tax credit, this is the highest print since 2007. In related news, consumer spending in the U.S. rose more...
  • Reuters: New home sales rise, housing recovery still on track

    04/23/2013 8:50:28 AM PDT · by SeekAndFind · 16 replies
    Reuters ^ | 04/23/2013
    (Reuters) - Sales of new single-family homes rose in March, indicating the housing market recovery remains on track. The Commerce Department said on Tuesday sales increased 1.5 percent to a seasonally adjusted annual rate of 417,000 units. Last month's rise followed a 7.6 percent drop in February. Economists polled by Reuters had expected sales to rise to 420,000-unit rate last month. Compared with March 2012, sales were up 18.5 percent, indicating the strength in the housing market that has helped boost the economy was on course. Sales are being set back by a lack of supply of homes on the...
  • US: Existing Home Sales fall unexpectedly by -0.6% to 4.92M in March

    04/22/2013 8:29:02 AM PDT · by xzins · 26 replies
    Nasdaq ^ | 22 Apr 13 | (Barcelona) - Instead of improving to 5.01M in March, US existing home sales fell from 4.95M to 4.92M,
  • Housing Recovery: Mortgage Applications Rise, Pending Home Sales Decline, PIGS Tank

    03/27/2013 7:24:50 AM PDT · by whitedog57
    Confounded Interest ^ | 03/27/2013 | Anthony B. Sanders
    The housing market in the US is improving (after wandering in the economic desert since 2008). It has been a slow recovery, but is getting some legs from investors buying discounted foreclosures. And foreign investors. According to the Mortgage Bankers Association (MBA), mortgage applications rose by +7.66% SA from the previous week. Mortgage purchase applications rose 6.67% while refinancing applications from 7.98%. Over the past year, we saw the seasonal pattern where mortgage applications began slowing after Spring culminating in a plunge between Christmas and January 1st. But since January 1st, mortgage purchase applications have been increasing. But if we...
  • The Housing Bubble Is Back

    03/26/2013 8:30:22 AM PDT · by SeekAndFind · 1 replies
    Forbes ^ | 03/26/2013 | Karl Smith
    Cullen Roche is worried that the trajectory of housing prices might deviate from what practical assumptions would predict. "Real estate returns are not rocket science. Because they’re such a huge portion of the consumer balance sheet they tend to be tied very closely to wage growth. Wage growth, by definition, is very closely tied to the rate of inflation. That explains why the long-term historical return of real estate is roughly in-line with rate of inflation. But this survey from Zillow shows that real estate “investors” are probably still too optimistic." I can see why these assumptions are attractive, but...
  • U.S. House Prices About To Soar... Don't Wait A Moment Longer!

    03/22/2013 4:35:06 AM PDT · by blam · 58 replies
    TMO ^ | 3-21-2013 | Steve Sjuggerud
    U.S. House Prices About To Soar... Don't Wait A Moment Longer! Housing-Market / US HousingMarch 21, 2013 - 09:56 AM GMT By: DailyWealth Steve Sjuggerud writes: "We're only one year into this recovery..." Doug Yearley said on Bloomberg TV yesterday morning. "Remember, we had seven of the worst years in housing that this country has ever seen. This recovery, we believe, should be a lot longer than just one or two years." Yearley is the CEO of Toll Brothers, a nationwide homebuilder. When asked if he thought the strength in housing could continue, he didn't mince words... "We feel really...
  • CREDIT SUISSE: There's A Rush In The US Housing Market Unlike Anything We've Ever Seen

    03/07/2013 7:35:29 AM PST · by SeekAndFind · 19 replies
    Business Insider ^ | 03/07/2013 | Matthew Boesler
    Credit Suisse analysts conduct a monthly survey of real estate agents in 40 housing markets across the U.S. to get a ground-level view of the market around the country. The results from their latest survey are out, and Credit Suisse analyst Daniel Oppenheim writes in a note to clients that "the breadth of strength in both pricing and traffic at the start of spring selling season" is "unprecedented in [the] survey's history (dating back to '05)." Oppenheim says real estate agents are "widely citing increased buyer urgency due to the combination of persistent inventory shortages (driving prices higher) and signs...
  • Case-Shiller House Prices Rises Slightly (Driven By LA and Vegas), SeaQuestRation Looms

    02/26/2013 8:50:05 AM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 02/26/2003 | Anthony B. Sanders
    The housing news out this morning was all good, by historic standards. The S&P Case-Shiller house price index was released today and showed an increase of 0.88% (although you can barley see it on the chart). The slight rise was driven by Los Angeles an Las Vegas. New home sales in January surprised to the upside by 15.6%, but it remains low by historic standards. However, houses for sales remained the same. The median price for new home sales fell -9.37%. Consumer confidence rose to 69.60, despite the media rhetoric about the “savage and draconian” sequestration cuts. That I can...
  • They Bailed On Their Homes -Now They Want Back In

    02/22/2013 1:12:45 PM PST · by ExxonPatrolUs · 30 replies
    CNBC ^ | 2.22.13 | Diana Olick
    Home sales are slowly climbing back, thanks to investor demand, improving consumer confidence in housing, and the surprising return of former homeowners who once walked away from their commitments. These so-called, "strategic defaulters," some of them investors and some owner-occupants, are coming back to the market, despite damaged credit, and apparently the market is welcoming them back. (snip) Crashing home prices and sketchy mortgage products caused millions of Americans to default on their loans and eventually lose their homes. For some, it was a tragic fight to the end to keep their single investment; for others it was a conscious...
  • Rather Shocking News About the Real Estate Market:

    02/13/2013 11:36:41 PM PST · by Vinylly · 61 replies
    We have a Chinese side to our family and have a brother- in-law and his wife who just came over from Peking for the Chinese New Year to visit relatives here, and also for business purposes. Seems his business in Peking is a venture capitalist. Apparently there are lots of wealthy business people in China that are buying up U.S. real estate. He is here representing a group of them and his job is to locate depressed real estate that he thinks has the best potential to take the most advantage of a new real estate boom if and when...
  • The "Undisputed Housing Recovery" Is Unmissable On This New Home Sales Chart

    01/25/2013 8:54:46 AM PST · by Para-Ord.45 · 8 replies ^ | January 25 2013 | Tyler Durden
    We could bore readers with the just announced New Homes Sales data from the Census Bureau, which put a somewhat largish dent in the "undisputed" housing recovery fairytale taking place in America (perhaps in the Hamptons, and triplexes in Manhattan where the NAR continues to launder Chinese and Russian oligarch money) such as: December new homes sales, seasonally adjusted annualized, dropped from an upward revised 398K (was 377K) to 369K on expectations of a 385K print; That this was the biggest M/M drop since February 2011; That months supply rose from 4.5 to 4.9, the highest since January 2012; That...
  • US House Prices Soars, Mortgage Purchase Applications Rise and the Perils of Big Government

    01/23/2013 7:44:34 AM PST · by whitedog57 · 9 replies
    Confounded Interest ^ | 01/23/2013 | Anthony B. Sanders
    U.S. home prices climbed 5.6 percent in the 12 months through November as buyers competed for a dwindling inventory of properties, according to the Federal Housing Finance Agency. Prices rose 0.6 percent from October on a seasonally adjusted basis. Could it be, at last, the The Fed’s massive quantitative easing is FINALLY bear some economic fruit for the housing market? Let’s take a look at the Mortgage Bankers Association (MBA) mortgage application indices that were released this morning. On a non seasonally adjusted basis, mortgage purchase applications rose 8.57%. Mortgage refinancing applications rose 7.73% from the preceding week. Despite this...
  • December home prices jump 19.6% in Southern California

    01/15/2013 10:34:26 PM PST · by ExxonPatrolUs · 3 replies
    LA Times ^ | January 15, 2013, 9:30 p.m. | ALEJANDRO LAZO
    Southern California's housing market ended the year with sharp gains, rounding out the first solid year of sustained improvement after nearly five years of real estate malaise — and helping set up further improvement in 2013. The region's median home price registered a sizable 19.6% pop in December compared with the same month last year to hit $323,000, real estate firm DataQuick reported Tuesday. A record level of cash buyers flooded into the market and more move-up homes sold last month. While Southland housing is on the mend, the steep increase in the region's median price last month probably reflects...
  • New Home Sales Fall for First Time Since August ("Unexpectedly" again)

    01/26/2012 8:24:52 AM PST · by tobyhill · 11 replies
    Fox Business ^ | 1/26/2012 | reuters
    New single-family home sales unexpectedly fell in December for the first time in four months and the median home price dropped, dampening some of the hopes the housing sector will boost the economy this year. The Commerce Department said on Thursday sales decreased 2.2 percent to a seasonally adjusted 307,000-unit annual rate. Economists polled by Reuters had forecast sales at a 320,000-unit rate. November's sales pace was revised slightly lower. The housing market remains constrained by high unemployment, falling prices and an oversupply of unsold homes following a bust that triggered the 2007-09 recession. Sales fell in two of the...
  • Even home-sales data is bogus, Realtors say

    12/16/2011 7:09:04 AM PST · by SeekAndFind · 42 replies
    New York Post ^ | 12/16/2011 | John Crudelle
    The real estate industry lives by the motto: “location, location, location.” Next week it’ll be known for “deception, deception, deception.” The National Association of Realtors admitted this week that it has been reporting bad figures on sales of previously occupied houses for the past five years. It will correct the mistakes next Wednesday, with everything reported since January 2007 revised downward. This shouldn’t come as a surprise to readers of this column. I began telling you years ago that the sales figures on homes were wrong — and dangerously misleading. For one thing, the Realtors seasonally adjust figures to such...
  • Realtors: We Overcounted Home Sales for Five Years

    12/13/2011 7:22:15 PM PST · by WilliamIII · 59 replies
    CNBC ^ | Dec 13 2011 | Reuters
    Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought. The National Association of Realtors said a benchmarking exercise had revealed that some properties were listed more than once, and in some instances, new home sales were also captured. "All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought," NAR spokesman Walter Malony told Reuters.
  • Existing home sales to be revised lower (Unexpectedly, of course)

    12/13/2011 7:29:48 PM PST · by Signalman · 17 replies
    CNNMoney ^ | 12/13/2011 | Blake Ellis
    NEW YORK (CNNMoney) -- If you thought the U.S. housing market couldn't get much worse, think again. Far fewer homes have been sold over the past five years than previously estimated, the National Association of Realtors said Tuesday. NAR said it plans to downwardly revise sales of previously-owned homes going back to 2007 during the release of its next existing home sales report on Dec. 21. NAR's existing home sales numbers, released monthly, are a closely followed gauge of the health of the housing market. While NAR hasn't revealed exactly how big the revision to home sales will be, the...
  • Citi: "The Most Interesting Thing You May Not Know About the Housing Market" (Inventory down)

    10/24/2011 7:40:15 AM PDT · by SeekAndFind · 17 replies
    Business Insider ^ | 10/24/2011 | Joe Weisenthal
    More and more people are jumping on this bandwagon about the housing market finding some floor, a topic we've covered a lot.Citi's Josh Levin writes:The Most Interesting Thing You May Not Know About the Housing Market — Amidst the continuous stream of housing data points and housing headlines, we think one has been overlooked: the inventory of existing homes for sale has been declining on a y/y basis for the past eight months and now stands at a multi-year low. According the National Association of Realtors (NAR), in September there were 3.48 million homes listed for sale. Although it...
  • The 10 Cities Where Home Sales Are Actually Bouncing Back

    09/21/2011 9:39:32 AM PDT · by SeekAndFind · 12 replies
    Business Insider ^ | 09/20/2011 | Mamta Badkar
    Foreclosure activity was up in August and 22.5% of mortgage borrowers were in negative equity (i.e. owe more on their mortgage than their home is worth) in the second quarter. So, when the National Association of Realtors, reported that existing home sales surged 7.7% in August to 5.03 million annualized sales, it came as a huge relief. Historically this number may be anemic, but in the current market, this was great news. So, we put together the 10 metros with the biggest gains in existing home sales and the median price of homes. Note: All data is for existing single-family...
  • Pending sales of existing US homes fell in July (Beware of Happy Spin)

    08/29/2011 8:04:40 AM PDT · by tobyhill · 8 replies
    msnbc ^ | 8/29/2011 | msnbc
    Pending sales of existing U.S. homes fell in July from June in the latest sign of weakness in the housing industry, data from a real estate trade group showed on Monday. The National Association of Realtors Pending Home Sales Index, based on contracts signed in July, was down 1.3 percent to 89.7 from 90.9 in June. Economists polled by Reuters ahead of the report were expecting pending home sales to fall 1.3 percent. In a sign of how much the sector has recovered from a year ago, the index was up 14.4 percent from July of 2010.
  • Bay State sales decline 18% for fifth straight monthly loss

    07/20/2011 12:46:11 PM PDT · by massmike · 18 replies ^ | 07/20/2011 | Brendan Lynch
    As Bay State temperatures have risen, year-over-year home sales have dropped, marking a fifth straight month of declines with 18 percent fewer deals in June, according to figures compiled for the Herald. June sales of single-family homes dropped to 4,094 from 4,995 in June 2010, according to the MLS Property Information Network. Sales of condominium units dropped 19 percent to 1,717 compared to 2,131 in the same period a year ago. In May, home sales had fallen 19 percent from a year earlier to 3,050 and condo deals had dropped 22 percent to 1,265. Meanwhile, the median single-family price dropped...
  • Existing home sales drop 3.8% (Obama's booming economy! /sarc)

    06/21/2011 8:42:26 AM PDT · by tobyhill · 61 replies
    cnn ^ | 6/21/2011 | Ben Rooney
    Sales of existing homes fell in May, as severe weather and high gas prices weighed on the shaky housing market. Home sales fell 3.8% to a seasonally adjusted annual rate of 4.81 million, down from a revised rate of 5 million in April, the National Association of Realtors said Tuesday. Sales were more than 15% lower than in May 2010. Economists had expected a May sales rate of 4.79 million existing homes, according to consensus estimates from "Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May,"...
  • Pending Home Sales Tumble

    05/27/2011 10:43:27 AM PDT · by library user · 9 replies
    WSJ ^ | May 27, 2011 | by Mark Gongloff
    ~ EXCERPT ~ Well, that’s not good — The National Association of Realtors says pending home sales plunged 11.6% To 81.9 in April. Expectations were for a smaller drop, to 92 from 94.1 in March. **snip** “This terrible report should shock all of those optimists in the housing market back into being realists,” writes David Semmens of Standard Chartered. “Falling prices should be tempting buyers slowly back into the market, but while the price declines appear to be entrenched, consumers will continue to hold off from signing contracts.”
  • Sales of new U.S. homes tumble 16.9% to record low

    03/23/2011 7:25:12 AM PDT · by library user · 172 replies
    CBS Marketwatch ^ | March 23, 2011 | by Steve Goldstein
    ~ EXCERPT ~ WASHINGTON (MarketWatch) — Sales of new single-family homes collapsed in February, the Commerce Department reported Wednesday, as a combination of high unemployment, tumbling prices and a glut of cheaper alternatives brought activity to a near-standstill. New-home sales fell 16.9% to a seasonally adjusted annual rate of 250,000 in February, though January’s figures were revised higher to 301,000 from 284,000. Compared to February 2010, sales collapsed by 28%. Every region but the West saw record lows, and in the Northeast, sales dropped by 50% compared to year-earlier levels.
  • US STOCKS SNAPSHOT-Indexes add to losses on US home sales data

    03/23/2011 7:20:35 AM PDT · by mlocher · 1 replies
    Reuters ^ | March 23, 2011 | Ryan Vlastelica
    US STOCKS SNAPSHOT-Indexes add to losses on US home sales data REUTERS — 2 MINUTES AGO NEW YORK, March 23 (Reuters) - U.S. stocks slightly added to losses on Wednesday as new home sales plunged to a record low in February. Wall St had opened lower as concerns over debt issues in the euro zone, Japan's nuclear crisis and violence in the Middle East and North Africa persisted. The Dow Jones industrial average was down 22.90 points, or 0.19 percent, at 11,995.73. The Standard & Poor's 500 Index was down 6.85 points, or 0.53 percent, at 1,286.92. The Nasdaq Composite...
  • U.S. New-Home Sales Unexpectedly Fell to Record Low

    02/24/2011 8:35:51 AM PST · by tcrlaf · 47 replies
    Business Week ^ | 2-24-11 | Bob Willis
    Feb. 24 (Bloomberg) -- Sales of new homes in the U.S. unexpectedly fell in January to the lowest level on record, a sign that an extension of a government tax credit may not be enough to rekindle demand. The report underscores Federal Reserve Chairman Ben S. Bernanke’s comments today that the economy is in a “nascent” recovery the still requires low interest rates. Homebuilders face competition from foreclosed properties that have driven down prices at the same time companies are reluctant to create jobs. “The foreclosure flow is robbing demand from the new-homes market and that process seems to be...