St Louis Real Estate NewsDaily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals. |
Dennis Norman
Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in September were at at a seasonally adjusted-annual rate of 4.53 million units which is an increase of 10.0 percent from August but is a a decline of 19.1 percent from a year ago.
The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for September 2010 showing a slight increase in single-family home building permits and an increase in new home starts compared to the month before.
Dennis Norman
According to a new survey released by FindLaw.com, nearly two-thirds of Americans say the current economic situation is making them less likely to buy a house.
The survey shows that sixty-three percent of American adults say they are less likely to buy a house because of the current state of the economy. So even with record-low interest rates, depressed home prices and plentiful inventory to choose from, only 8 percent of people say the current economic situation makes them more likely to buy a house. About a quarter of people – 28 percent – say they are Continue Reading →
Dennis Norman
Today Bank of America announced they will stop foreclosure sales in all fifty states until after they have completed their review of foreclosure documents.
This comes after Bank of America, JPMorgan Chase & Co and GMAC deciding last week to stop foreclosure proceedings in states that require a judicial foreclosure process which was apparently the result of recent court decisions on lawsuits brought by homeowners that alleged lenders were abusing the foreclosure process.
Dennis Norman
Today, Trulia released it’s “Rent vs. Buy Index” which established a price-to-rent ratio for the 50 largest cities in America (by population), then, based upon that ratio, determined which cities it makes more sense (financially) to rent versus buy.
Number of price-reduced homes on Market Rose 24 percent in September from 2009..
According to a report released by ZipRealty, the number of price-reduced homes on the market increased 2.1 percent in September compared to August. ZipRealty’s monthly review of MLS-listed properties in 26 major markets found that 47.8 percent of “for sale” homes had at least one price reduction and the average seller actually slashed their list price twice to attract buyers.
If you have bought a house and are getting ready to apply for your home mortgage, or perhaps you are about to refinance your existing mortgage to take advantage of the dirt-cheap interest rates, this handy loan application checklist will help you be prepared and make the process smoother and quicker:
Dennis Norman
Pending home sales rise for 2nd consecutive month in August –
The National Association of REALTORS Pending Home Sales Index for August shows an increase of 4.3 percent in the index from the month before (seasonally adjusted), which is 20.1 percent below a year ago.
Dennis Norman
This morning S&P/Case-Shiller Index report for July was released showing that the annual growth rates of home prices in 16 of the 20 Metro areas covered by the report slowed in July compared to June. The Case-Shiller Home Prices Indices for the 20 metros showed a slight increase of 0.6 percent in home prices in July over June and an increase of 3.2 percent in home prices from the year before, down from June’s 4.2 percent increase from the year before.
Dennis Norman
Last month I wrote an article about private transfer fees drawing fire from the Federal Housing Finance Agency which cast private transfer fees in a negative light. Freehold Capital Partners, a company that, according to it’s website, partners with real estate developers to utilize private transfer fees (PTF’s) has come out in defense of the use PTF’s and show that they do benefit homebuyers as well as the community.
Dennis Norman
Last month I reported that July’s new home sales rate of 276,000 homes was the lowest rate on record. Subsequently the Commerce Department revised July and changed the sales rate to 288,000 homes raising July to the second-lowest home sales rate on record. Today, the numbers for August came out and they are no better….the new home sales rate for August is being reported by the Commerce Department as 288,000 homes, the same as July.
Dennis Norman
After July’s existing home sales fell over 27 percent and hit ROCK BOTTOM, August didn’t fare much better…..
Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in August were at at a seasonally adjusted-annual rate of 4.13 million units which is an increase of 7.6 percent from July’s dismal rate but is a a decline of 19.9 percent from a year ago and the second-lowest sales rate in over 14 years (July was the lowest).
The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for August 2010 showing a decrease in single-family home building permits and an increase in new home starts compared to the month before.
Dennis Norman
Fannie Mae announced this week that it is expanding the Freddie Mac First Look Initiative so any home shopper can buy a HomeSteps® home as their primary residence during the first 15 days of the property’s listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.
Dennis Norman
A report by CoreLogic shows that in June 2010 almost one in five (19.3 percent) of the home sales in St. Louis are distressed home sales, such as foreclosure or a short sale. The report cautions that recent data showing improvements in negative equity, serious mortgage delinquency and a decrease in market share of short-sales, has been distorted as a result of the short-term boost in the “non-distressed” housing market by the homebuyer tax credit program, which recently ended.
Dennis Norman
Fannie Mae conducted a National Housing Survey poll between June 2010 and July 2010 to asses homeowners and renters’ confidence in home-ownership as an investment, the current state of their household finances and overall confidence in the economy. The finding from this survey were compared with a similar survey conducted by Fannie Mae from December 2009 to January 2010 as well as one conducted back in 2003.
Dennis Norman
While much of the talk (including mine) about the real estate market is somewhat negative, there are some positive things to talk about; home prices have fallen back to levels they were at 7 years ago or more and home mortgage interest rates have hit the lowest levels in decades making a home more affordable than ever. This is a great opportunity for someone to buy a home, particularly if a first-time buyer that doesn’t have to deal with selling a home in the current market. In addition, provided Congress doesn’t take them away, there are Continue Reading →
Dennis Norman
The U.S. Department of Housing and Urban Development (HUD) has issued their report on St. Louis Housing Market condition as of second quarter of this year. The report from HUD labels the St. Louis area as a “hub for shipping and transportation” and a “center for manufacturing and biomedical sciences.” Among the “positives” for St. Louis, HUD identifies that St. Louis is the home to several institutes of higher learning, including St. Louis University and Washington University which, between the two, have an estimated annual economic impact on the region of nearly $3 billion.
Daniel Manzano
Many of us Real Estate industry professionals know that a Short Sale transaction can take months for it to be approved and closed. Nevertheless, we have had Short Sale approvals in less than 10 days. But, the reality is that Short Sales usually take three to four times as much as a regular sale to finally get to the closing.
From the time the Realtor actually gets the property under contract to the time the Lender approves, it could take anywhere from 30 days to 6 months, depending on how fast the Borrower provides critical information Continue Reading →
Dennis Norman
When I first entered the real estate business in 1979, at the age of 18 which seems so long ago) foreclosures were a mystery to most people and certainly no one looking for a home to live in looked to buy a foreclosure. Homes that were being foreclosed upon were advertised in legal newspapers that no one other than some speculators, attorneys and bankers subscribed to basically. Here in St. Louis I was one of a couple of handfuls of real estate investors that would do the research then go out and try to buy foreclosures Continue Reading →
Dennis Norman
After hitting all-time low in June, pending home sales increase 5.2 percent in July
The National Association of REALTORS Pending Home Sales Index for July shows an increase of 5.2 percent in the index in July (seasonally adjusted) which is 19.1 percent below July 2009.
As the mortgage industry adjusts to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing.
Dennis Norman
Earlier this month I wrote about a set-back in an effort to give Missourian’s a an opportunity in November to prevent the possibility of double taxation by voting to pass a constitutional amendment prohibiting transfer taxes or fees on the transfer of real estate. The effort, which had the full support and backing of the Missouri Association of REALTORS, hit a road block when the Secretary of State’s office did not certify that enough signatures were obtained to put the issue on the ballot in November.
Dennis Norman
Naturally, no sooner than I finish writing my post this morning about the Case-Shiller report on home prices in which I actually got to report somewhat “positive” news, my bubble is burst. RadarLogic, another company that has their own home price index that I like, came out with a report saying the Case-Shiller report was too optimistic and that their (RadaLogic) home price index was a better reflection of home values.
Dennis Norman
This morning S&P/Case-Shiller Index report for the 2nd quarter of 2010 was released showing that the home prices improved slightly over a year ago in 17 of the 20 Metro Area’s their reports cover.
The Case-Shiller Home Prices Indices showed an increase of 4.4 percent in home prices in 2nd quarter after a decline of 2.8 percent in the first quarter. As of the end of the 2nd quarter U.S. home prices are, on average, up 3.6 percent from the year before.
Dennis Norman
After a couple of days of writing about bad reports on the housing market (existing home sales and new home sales to name two) I’m excited that I actually get to write something today that is positive! According to newly released data from CoreLogic, the percentage of homeowners in the U.S. with negative equity in their homes declined slightly at the end of the second quarter of 2010 making it the second consecutive month of declines.
According to the CoreLogic report, 11 million, or 23 percent, of all residential properties with mortgages were in negative equity Continue Reading →
Dennis Norman
The good news is May’s new home sales rate of 267,000, which was the lowest sales rate on record, was revised upward to 281,000. The bad news is June’s sales rate of 330,000 was revised downward to 315,000 and now new home sales for July were reported at 276,000 the new lowest rate on record. Due to the dismal sales, the inventory of new homes on the market increased from an 8 month supply in June to a 9.1 month supply in July.
Dennis Norman
Beginning last November I have written several articles about the “sugar-rush” effect of tax credits and other stimulus on the housing market and voicing my concern that these things are short lived (like a sugar rush on a child) and after the sugar wears off there is a crash….Well, as expected, here it is…
Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in St. Louis for July decreased 36.1 percent from a year ago. For the US as a whole, existing home sales in July were at at a seasonally adjusted-annual Continue Reading →
Dennis Norman
1 in 3 Think Worst Is Yet to Come, While 38% Think Local Home Values Have Reached Bottom
According to the second quarter 2010 Zillow Homeowner Confidence Survey, one-third (33 percent) of homeowners feel home values in their local market have not reached bottom, while 38 percent believe their market has in fact hit bottom.
Dennis Norman
Just as we are talking more about home prices “stabilizing” there is yet another cause for concern as to just where the market is headed. Last week Celia Chen, senior director of the Moody’s Economy.com research staff, issued a report stating that the odds of a near-term “double-dip recession” have increased from about one in five to closer to in in four.