Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading →
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Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for June 2011 showing a decrease of 1.0 percent from the month before, and an increase of 1.6 percent from a year ago. The seasonally-adjusted new home sales rate for June was 312,000 homes, down from 315,000 the month before and is a rate that if we finish 2011 at will make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. Dennis Norman This morning, the S&P/Case-Shiller Index report for May was released showing US home prices increased for the second consecutive month with average home prices in the U.S. being about the same as they were in the summer of 2003. The report shows their 20-city composite home price index increased by 1.0 percent from the month before and declined by 4.5 percent from a year ago. and the 10-city composite home price index increased by 1.1 percent from the month before and was down 3.6 percent from the year before. A “first-look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows mortgage delinquencies increased 2.4 percent in June from the month before and decreased 14.7 percent from the year before. According to the report, the U.S. foreclosure pre-sale inventory rate declined 0.2 percent from the month before but increased 12.8 percent from the year before. Radarlogic, real estate data and analytics company that frequently disagrees with the National Association of REALTORS® view of the housing market, released their RPX Monthly Housing Market Report for May 2011 yesterday and in it had a scorecard showing how their rather bleak predictions they made at the end of 2010 for the 2011 housing market were holding up. Unfortunately, as you will see below, it seems many of their predictions have been accurate and the housing market is performing as poorly as they expected in many areas. Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading → As we watch the values of our homes drop, we would expect to see our county assessor’s valuations drop as well, resulting in lower property taxes. However, that is not the case in many counties as homeowners find their homes being valued higher by assessor’s than the market value is. Well, according to a survey conducted by FindLaw.com, one in four homeowners are doing something about it and challenging the assessed value of their homes. The good news? According to the responses, the majority who did so say they were successful in lowering their tax bills! Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in June were at at a seasonally adjusted-annual rate of 4.77 million units which is a decrease of 0.8 percent from the month before, a decrease of 8.8 percent from a year ago and is the lowest rate of home sales since November 2010 when it was 4.64 million. The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for June 2011 showing a very slight increase in single-family home building permits from the month before (0.2 percent), and a 9.4 percent increase in new home starts compared to the month before. A report just released by Zillow.com shows that current home sellers who purchased their homes “after the bubble” (2007 or after) are overpricing their homes by more than sellers that bought during the bubble (2002-2006) or before the bubble (pre-2002). According to the report, current sellers that bought post-bubble are overpricing their homes by an average of 14.1 percent, compared with sellers that bought during the bubble that are overpricing their homes by an average of 9.3 percent and the sellers that purchased pre-bubble are overpricing by 11.6 percent. Hmm, notice a theme? On average, ALL sellers are overpricing their Continue Reading → Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading → RealtyTrac released their Midyear 2011 foreclosure report this morning showing a total of 1,170,402 U.S. properties received foreclosure filings (default notices, scheduled foreclosures and bank REO’s) in the first six months of 2011, a 25 percent decrease from the prior six months and a 29 percent decrease from the first half of 2010. Typically from early spring until late summer is a busy season for the real estate market with increased home sales as people try to make their move without fighting winter and in time to have their kids in place before the new school year. Now, thanks to a report by Intersections, Inc., a company that provides address monitoring and credit monitoring services, I realize that it is also a season of increased identify theft. They say the risk of identity theft during a move is a result of personally identifiable information being shuffled around from one home to the next Continue Reading → The U.S. Department of Housing and Urban Development (HUD) announced last week, the launch of the Emergency Homeowner’s Loan Program (EHLP) to help homeowners who are at risk of foreclosure. This program is available in 27 states and is available to homeowners who have experienced a reduction in income due to: Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading → A recent survey conducted on behalf of Money Management International (MMI), the largest nonprofit credit counseling agency in the U.S., showed that the majority of Americans still view home ownership as the “American Dream“. The survey found that 81 percent of people still put a lot of value in owning a home however the number of people who rent has increased from 34 percent to 38 percent since December. “FHA still could serve 95 percent of its historic targeted market even if the maximum FHA loan limits were reduced by nearly 50 percent.” Last week, George Washington University released a report, “FHA Assessment Report: The Role and Reform of the Federal Housing Administration in a Recovering U. S. Housing Market,” in which it revealed that the Federal Housing Administration’s (FHA) current loan limits are larger than necessary to serve its targeted market of first-time and low to moderate income borrowers. The study finds that the Obama Administration’s current proposal to reduce the higher end of FHA’s loan limits Continue Reading → Following last week’s somewhat encouraging Pending Home Sales report from the National Association of REALTORS which showed increased home sales activity, Radar Logic issued a much less encouraging report. Their report, titled “Don’t be Misled by Gains in Home Price Indices and Pending Homes Sales; Housing Recovery is Still a Long Way Off” pretty much says it all in the title. As we celebrate the 235th birthday of our nation I would hope that we would all take a moment and remember all the men and women that have served, and thank those that are serving, in our armed forces to protect and preserve our freedom! Below are photos I shot of a couple of them flying a Harrier and and Osprey in an Independence Day Celebration this past Saturday at Fair St. Louis. Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading → A report issued yesterday by Equifax reveals just how severe the impact of shadow inventory (homes that have been, or should be, foreclosed on but have not been put back on the market for sale yet) and REO’s (properties owned by lenders after acquiring through foreclosure) are on a housing market recovery. A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that while mortgage delinquencies continue to decline, lenders are taking longer to foreclose resulting in a drop in foreclosure sales. In fact, there are still significantly fewer foreclosure sales than there were before foreclosure moratoriums were put into place, and foreclosure sales are declining. Dennis Norman The National Association of REALTORS Pending Home Sales Index for May shows an increase of 8.2 percent in the index from the month before (seasonally adjusted), and a 13.4 percent increase from a year ago. This is the first time since April 2010 that the index increased on a year-over-year basis, and had the largest monthly gain since last November when the index rose 10.6 percent. In Britain… I am not a “misery loves company” guy, nor a “grass on the other side is always greener” guy, but in this case, it’s good to know the grass is greener in the U.S., at least as it relates to the housing market. Granted, I may be getting a little desperate for some good news, but a study I saw on the housing market in Britain by Zoopla.co.uk got my attention when I saw that 80 percent of the 4.32 million homes bought in Britain since 2006 are now worth less than the buyer paid. My first Continue Reading → Dennis Norman The St. Louis foreclosure rate in April was 1.66 percent, down slightly from 1.71 percent the prior month, but up almost 17 percent from a year ago, according to a report published by CoreLogic. The report shows that the St. Louis Mortgage Delinquency rate (Serious delinquency, 90+ days delinquent) decreased to 4.72 percent in April, down from 4.83 percent the month before and down 13.4 percent from a year ago. Dennis Norman This morning, the S&P/Case-Shiller Index report for April was released showing US home prices showed a monthly increase for the first time in eight months bringing average home prices in the U.S. back to their summer 2003 levels. The report shows their 20-city composite home price index increased by 0.7 percent from the month before and declined by 4.0 percent from a year ago. and the 10-city composite home price index increased by 0.8 percent from the month before and was down 3.1 percent from the year before. Last week I got to hear a presentation by Brendan Lowney of Economic Advisors, aptly titled “Groping Toward a Housing Recovery“, which I think is a perfect way of describing our current housing market, so perfect, I borrowed it for the title of this article. Mr. Lowney began his presentation with a very sobering statement, saying “it’s really hard to overestimate the severity of the downturn that we’re in. This is much worse than anything we saw in the ’70s or the early ’80s, if people remember, and it’s really akin in many ways to the Great Depression, and within Continue Reading → This week, in response to the House Appropriations committee voting to slash funding for the newly formed Consumer Financial Protection Bureau (CFPB) and to subject the new agency to a “politically-charged” funding process, Mike Calhoun, President of the Center for Responsible Lending, made the following comment: “the House Appropriations Committee yesterday voted for a return to policies that allowed predatory financial products to plunder our economy. Clearly some lawmakers have forgotten the lesson of today’s financial crisis, which continues at great cost to taxpayers, shareholders, retirees and, of course, tens of millions of families who have needlessly lost their Continue Reading → Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for May 2011 showing a decrease of 2.1 percent from the month before, and an increase of 13.5 percent from a year ago. The seasonally-adjusted new home sales rate for May was 319,000 homes, down from 326,000 the month before. The supply of new homes on the market decreased from an adjusted 6.3 month supply the month before to a 6.2 month supply in May. The median new home price increased for the month to $222,600, a 2.6 percent increase from a Continue Reading → |
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