October pending homes sales rose for the ninth straight month and hit their highest levels since March 2006, just about when the housing bubble was at its peak.
According to data released moments ago by the National Association of Realtors, October pending home sales were up 3.7 percent in October, compared to September, and up 32 percent versus October 2008--the biggest annual increase in history. Remember, though, October 2008 was a historic trough, so a year later, there was nowhere to go but up.
Pending home sales -- this number of contracts signed, not actual closings -- rose in all sections of the country except the West. They were up 20 percent in the Northeast, 11.6 percent in the Midwest and 5.4 percent in the South, but down 11.2 percent in the West, which is not surprising, because that's where the most overbuilt states -- California, Arizona, Nevada -- area.
Part of the surge is probably attributable to buyers rushing to take advantage of the government-subsidized first-time home buyer's credit, which was set to expire at the end of November but now has been extended through April. Also, the bulk of sales still are coming from cheaper houses, with little movement in houses costing more than $250,000.
In other key data out moments ago, the Institute for Supply Management said its November index of U.S. manufacturing came in at 53.6, down from the October number of 55.7, indicating a slowdown of manufacturing.
Also, construction spending in October was largely unchanged compared to September. The weakness came from the commercial side, balancing out a 4.4 percent gain in residential construction.
Tuesday, December 1, 2009
Friday, October 2, 2009
REAL ESTATE LOOK-BACK
New home sales have risen for five straight months.
Existing home sales are up in four of the last five months.
Construction of new homes increased for the third straight month in August.
Home inventories down.
Average home prices in the conforming price range are up for the 3rd month in a row.
The Case-Shiller Index shows prices for homes in ALL price ranges in 18 of the top 20 cities up two months in a row, and up 3 months in a row in 15 of the largest 20 cities.
Why is this not important anymore? But there’s more….
Last week’s economic data that showed a 30% drop in corporate layoffs vs last year.
The ISM Manufacturing report shows that, although weaker than anticipated, we’ve had the second consecutive month of growth in the manufacturing sector.
90% of our workforce is working.
AND FINALLY
With the slide in the dollar rates have dropped back to where they were last May – 4.5% to 5% depending on program and credit…
AND with the low rates and lower home prices, NOW is the MOST AFFORDABLE TIME IN THE LAST 30 YEARS to buy a home. There couldnt be a better time to buy!
Existing home sales are up in four of the last five months.
Construction of new homes increased for the third straight month in August.
Home inventories down.
Average home prices in the conforming price range are up for the 3rd month in a row.
The Case-Shiller Index shows prices for homes in ALL price ranges in 18 of the top 20 cities up two months in a row, and up 3 months in a row in 15 of the largest 20 cities.
Why is this not important anymore? But there’s more….
Last week’s economic data that showed a 30% drop in corporate layoffs vs last year.
The ISM Manufacturing report shows that, although weaker than anticipated, we’ve had the second consecutive month of growth in the manufacturing sector.
90% of our workforce is working.
AND FINALLY
With the slide in the dollar rates have dropped back to where they were last May – 4.5% to 5% depending on program and credit…
AND with the low rates and lower home prices, NOW is the MOST AFFORDABLE TIME IN THE LAST 30 YEARS to buy a home. There couldnt be a better time to buy!
Thursday, January 1, 2009
Great websites for homebuyers
More and More consumers are turning to the internet to start their home search.
With home prices more affordable than they've been in many years, there are some real bargains.
Investors who are less interested in the aesthetics than the bottom line can try InvestorLoft.com's new PropScout to find lucrative options.
The tool offers several search filters, which go much deeper than just location and price. For example, Estimated Equity finds homes with big differences between listing price estimated value. Cash Flow ranks homes by the profits they produce. Cap Rate ranks by the percentage of profit on investment.
• Investors snapping up properties in Detroit
• Latest median home price in your city
• Foreclosures: How bad is your state?
if you have an iPhone, you can get the information on the spot.
Zillow.com released a free iPhone app last month, enabling consumers to get the low-down on more than 88 million homes - and not just the ones for sale.
The app is GPS-powered so the map follows you as you stroll, with price estimates popping up along the way. Pass a sale sign and you can access pricing, number of bedroom and baths, square footage and other info.
This spring Trulia.com launched a nationwide filter that enables consumers to search 3.2 million listings for price reductions. Enter a town or zip code, and reduced-price homes will come up.
Details include the number of times the price has dropped, the dates, by how much and the percentage of the reduction.
www.Realtor.com
is a great website to get all listings directly from the MLS
you can also do this on my website.
With home prices more affordable than they've been in many years, there are some real bargains.
Investors who are less interested in the aesthetics than the bottom line can try InvestorLoft.com's new PropScout to find lucrative options.
The tool offers several search filters, which go much deeper than just location and price. For example, Estimated Equity finds homes with big differences between listing price estimated value. Cash Flow ranks homes by the profits they produce. Cap Rate ranks by the percentage of profit on investment.
• Investors snapping up properties in Detroit
• Latest median home price in your city
• Foreclosures: How bad is your state?
if you have an iPhone, you can get the information on the spot.
Zillow.com released a free iPhone app last month, enabling consumers to get the low-down on more than 88 million homes - and not just the ones for sale.
The app is GPS-powered so the map follows you as you stroll, with price estimates popping up along the way. Pass a sale sign and you can access pricing, number of bedroom and baths, square footage and other info.
This spring Trulia.com launched a nationwide filter that enables consumers to search 3.2 million listings for price reductions. Enter a town or zip code, and reduced-price homes will come up.
Details include the number of times the price has dropped, the dates, by how much and the percentage of the reduction.
www.Realtor.com
is a great website to get all listings directly from the MLS
you can also do this on my website.
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