Yesterday’s existing home sales report from the National Association of REALTORS® shows existing home sales in May were at at a seasonally adjusted-annual rate of 4.55 million units which is a decrease of 1.5 percent from the month before, however, here in the Midwest we bucked the trend coming in with home sales at an annual rate of 1.04 million units, up 1.0 percent from the month before. The Midwest was the only region in May that saw an increase in the rate of home sales in May from the month before, all regions saw an increase from a year ago however. Home prices in the Midwest didn’t fare as well as the rest of the country however, coming in at 147,700 which is an increase of 6.4 percent from a year ago, less than the 7.9 percent increase seen at the national level, however the month over month increase of 5.6 percent in the Midwest did top the 5.1 percent month over month increase at the national level. Continue Reading →
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According to a report just released by S&P Experian, the first mortgage default rate fell by more than a quarter of a percent (26 basis points) in May compared to April and is the lowest rate since May 2007. The second mortgage rate also fell during the month, by 5 basis points, and is at a seven year low. Mortgage defaults and delinquencies are the pre-cursor to foreclosures and foreclosures are the enemy of home prices so this is good news and a trend that, if it continues, should point the way to a housing recovery. This morning, RealtyTrac released their U.S. Foreclosure Market Report for May 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 1,872 properties in St. Louis during the month, a 4.41 percent increase from the previous month and an increase of 16.71 percent from May 2011. During the month, 1 out of every 667 homes in St. Louis had a foreclosure filing. Continue Reading → Below is a video update on the St. Louis Real Estate Market that I prepare monthly. In this video I do a quick recap of the news in the St Louis real estate market for the month as well as 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 is and where it is headed. (Check out all our market update videos on our YouTube Channel – click here. Continue Reading → The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their May Housing Scorecard, which collects key market data and tracks the administration’s recovery efforts. According to the May scorecard, recent market data contains a number of promising indicators and increasing signs of stability. In April, sales of existing homes increased in every region of the country and the number of new homes rose for the first time since 2007. Continue Reading → This week Clear Capital® released its Home Data Index™ (HDI) Market Report with data through May 2012 which showed home prices in the U.S. grew both on a quarterly and yearly basis for the first time since August 2010. At the regional level home prices improved on a quarterly and yearly basis as well in all regions except for the Midwest which saw declines in home prices but not as large of declines as in the previous month. Continue Reading → My family is definitely a beach-loving family! Most of the trips and vacations our family has been on over the years have included beaches and both of our children’s first trips as infants were to the beach. So, I guess it is safe to say our family loves beaches and we are not alone! Even though beach property has suffered during the real estate bust, there seems to always be demand for homes in beach communities. Some areas, like Sarasota, Florida, are already seeing prices increase on homes located on or near the beach. Did you wait too late to buy that second home or vacation home in a beach community? Well, according to a report just released by RealtyTrac, there are still some bargains to be found out there! Continue Reading → CoreLogic released its April Home Price Index (HPI) report showing home prices nationwide, including distressed sales, increased on a year-over-year basis by 1.1 percent in April 2012 compared to April 2011. This is the second consecutive month with year-over-year increases, and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices, including distressed sales, increased by 2.2 percent in April 2012. This marks the second consecutive month-over-month increase this year. Continue Reading → Trulia today released the latest findings from the Trulia Price Monitor and the Trulia Rent Monitor, the earliest leading indicators available of trends in home prices and rents. Based on the for-sale homes and rentalslisted on Trulia, these monitors take into account changes in the mix of listed homes and reflect trends in prices and rents for similar homes in similar neighborhoods through May 31, 2012. Continue Reading → This morning RealtyTrac® released its U.S. Foreclosure Sales Report™ for the first quarter of 2012, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 24 percent of all St. Louis metro area home sales during the first quarter — up from 17 percent of all St Louis home sales in the fourth quarter and the same as the first quarter of 2011. The report also shows that, during the quarter, over 10 percent (10.36) of St Louis metro home sales were short-sales, an increase from 5.85 percent the previous quarter and an increase from 7.46 percent from the first quarter of 2011. Continue Reading → Rents Rise in Three-Quarters of Markets, According to April Zillow Real Estate Market Reports National home values rose for the second month in a row, climbing 0.7 percent from March to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January 2006, when they rose 0.8 percent, according to the April Zillow® Real Estate Market Reports. Rents also rose from March to April, increasing 1.6 percent, according to the Zillow Rent Index. Rents rose in 78 percent of the 178 markets covered by Zillow. Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for April 2012 showing an increase of 3.3 percent from the month before, and an increase of 9.9 percent from a year ago. The seasonally-adjusted new home sales rate for April was 343,000 homes, up from a revised rate of 332,000 homes the month before. The supply of new homes on the market decreased to a 5.1 month supply from a revised 5.2 months the month before. The median new home price increased slightly to $235,700 from a revised median price of $234,000 the month before and increased 4.4 percent from a year ago when the median new home price was $224,700. Continue Reading → Fannie Mae’s April 2012 National Housing Survey indicates consumer attitudes toward homeownership, the economy, personal finances, and home prices continuing to improve. Continue Reading → Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in April were at at a seasonally adjusted-annual rate of 4.62 million units which is a increase of 3.4 percent from the month before and an increase of 10.0 percent from a year ago. The actual number of homes sold in April was 400,000 which is an increase of 11.1 percent from the month before and an increase of 6.7 percent from a year ago when there were 375,000 homes sold. Continue Reading → By now almost everyone has probably heard a story about (or experienced themselves) the laborious, time-consuming and mind numbing process of trying to buy (or sell) a home on a short sale or, in other words, for less than is owed on the home with the lenders blessing. Unfortunately the lenders blessing, in many cases, has taken many weeks or even many months to get causing many buyers and sellers to give up along the way. Now though, thanks to a recent rule change by Fannie Mae, this process will be improved greatly and happen within 30 days in most instances. Continue Reading → The St. Louis real estate market has increased activity and is showing signs of St Louis home prices stabilizing. Get this and much more up to date information on St Louis Real Estate from an experienced St Louis Realtor in this informative video update. Continue Reading → According to a new report, The Shifting Nature of U.S. Housing Demand, by The Demand Institute, average home prices will increase by up to 1 percent in the second half of 2012. By 2014, home prices will increase by as much as 2.5 percent. From 2015 to 2017, the study projects annual increases between 3 and 4 percent. This recovery will not be uniform across the country, and the strongest markets could capture average gains of 5 percent or more in the coming years. Continue Reading → Before you go getting too excited over my headline, I should point out that, even though Fed Reserve Board Governor Duke’s presentation today at the National Association of REALTORS mid-year meeting in Washington D.C. was titled “Prescriptions for Housing Recovery”, Governor Duke opened her remarks with “I wish I had such a prescription”. She went on to say that it is difficult to think of a single thing that, by itself will generate a sustainable recovery in housing. She did say, however, that she saw some policies that will help reduce the shadow inventory of houses in the foreclosure pipeline as well as improve the availability of financing to potential home buyers. Continue Reading → Finally, after several years of writing depressing things about the real estate market and housing industry, I’m getting to write some positive things lately! Well, to keep the party going, today I have a list of 10 towns in the U.S. that are leading the U.S. in terms of a housing market recovery according to the “Top Turnaround Town Report” from REALTOR.com. Seven of the top ten markets are in Florida, but the number 1 turnaround town in the U.S. according to the report is Phoenix-Mesa, Arizona where the inventory of homes for sale has fallen almost 50 percent in the past year while prices increased almost 27 percent during the same period. Continue Reading → A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in March 0.6 percent from the year before and increased by 0.6 percent from the month before. Excluding distressed sales, month-over-month home prices increased for the third month in a row. If we take distressed sales out of the picture then the year-over-year home prices increased 0.9 percent. According to the report, St. Louis home prices declined by 3.4 percent in March 2012 compared to March 2011. Excluding distressed sales, year-over-year prices increased by 1.7 percent in March 2012 compared to March 2011. Continue Reading → In a report released by Trulia, which looks at changes in asking prices on homes that are for sale as a leading indicator of where the market is headed, asking prices on homes for sale, on a year over year basis, were up 0.2 percent nationally. Here in St. Louis, as the chart below shows, we can see that year–over-year asking prices in the St. Louis MSA are up almost 1 percent, or almost 5 times the national average but still far from the ten MSA’s in the U.S. with the highest price increases (see table below). Continue Reading → As the chart below shows, St Louis Home Prices appear to have hit bottom back around April 2011 then were headed back down in the last half of the year but have been on the rise since (chart includes data through today) so, unless things change course, I would say St Louis home prices have bottomed out. Don’t worry, if you’re one of the many, many people out there that have been waiting for the “bottom” to buy, you haven’t missed out yet…prices are still low. Our newsletter has charts like below for each county in the St Louis area so you can see how your county is doing. Sign up for it here. Continue Reading → Clear Capital just released it’s Home Data Index™ (HDI) for April, which reveals that REO’s, which have been a drag on the market for several years now by bringing home prices down, are actually help bolster prices as a result of investor demand for REO’s for rentals. REO home price gains (on a price per foot basis) are “vastly outpacing fair market prices on a national level” according to the report. Continue Reading → The latest housing market report by RadarLogic showed home prices in the 25 major metropolitan areas it tracks increased 1.9 percent in February from the month before (in contrast to the Case Shiller home price index which showed home prices fell a little under 1 percent from the month before) however was 3.18 percent lower than a year ago. Continue Reading → The National Association of REALTORS released it’s Pending Home Sales Index for March today showing an increase of 4.1 percent in the index from the month before (seasonally adjusted), and an 12.8 percent increase from a year ago and is now at the highest level it’s been since April 2010 Continue Reading → Home prices fall to lowest levels in almost 10 years; 20-city case shiller lowest since October 2002This morning, the S&P/Case-Shiller Index report for February was released which showed both the 10-city and 20-city composites, after both hitting record low levels in the two prior months, fell further in February. The 10-city and 20-city composites saw annual price decline of 3.6 percent and 3.5 percent respectively and both saw price declines of 0.8 percent in February from January. Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data forMarch 2012 showing a decrease of 7.1 percent from the month before, and an increase of 7.5 percent from a year ago. The seasonally-adjusted new home sales rate for March was 328,000 homes, down from a revised rate of 353,000 homes the month before. It’s worth noting that February’s sales were originally reported by the Commerce Department to be 313,000, so the revision to 353,000 was significant. So, in the end, March may not look so bad either if the revised numbers follow suit with the month before. Continue Reading → Today’s existing home sales report from the National Association of REALTORS® shows U.S. existing home sales in March decreased 2.6 percent from the month before but the Midwest region saw sales activity remain steady coming in at the same rate as the month before. Here in St Louis the story is even better as home sales for the St Louis five-county core (City of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) increased 22.5 percent from the month before and increased 12.4 percent from a year ago. (not seasonally adjusted – see chart below). Continue Reading → Yesterday, MarketWatch published their list of the 10 best cities in the U.S. for real estate investors and St. Louis made the list! Coming in at #10, St. Louis was included in spite of the fact that home prices are still falling in St. Louis and MarketWatch says the St. Louis rental market is softer than the rest of the country. Citing a median list price of $159,000, the site says St Louis houses can still be bought at bargain prices and are recommending the St Louis market “for long-term investors interested in a conservative market that will promise annual appreciation as the market improves.” Continue Reading → For the second month in a row, home prices have risen higher than a year ago. Median prices in March were an impressive 5.8% higher than March 2011 in the 53 metro areas surveyed for the RE/MAX National Housing Report. February marked the first time in 18 months that home prices rose higher than the previous year, and year-to-year price increases haven’t occurred in two consecutive months since August 2010. Home sales in March were 25.4% higher than February and 1.5% higher than March last year. For the last 9 months, sales have reached a level higher than the same month in the previous year. Following these trends, the spring and summer months should experience increased activity. With falling inventory and many markets witnessing multiple offers with bidding competitions, prices are likely to continue to rise in many areas. Continue Reading → |
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