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Mortgage Rates to End Soon? Only Time Will Tell
The Federal Reserve remains on course to wind down its purchases of mortgage-backed securities at the end of March, but would consider resuming them if mortgage rates shoot up with unintended consequences for the economy, according to a Fed official. http://www.ncrealtors.org/news_display.cfm?nid=1204
Battling Back, Home Builders Cut Prices, Work Faster
Home builders have lost half their share of the U.S. housing market in the past two years, largely because of competition from cheap foreclosed houses. In 2009, only 7.6 percent of the homes sold were newly constructed, down from the average of about 16 percent. But now home builders are fighting back, cutting prices, promising to complete homes faster, and warning about the risks of buying foreclosed property. http://online.wsj.com/article/SB1000142405274870 3422904575039691675728982.html?mod=WSJ_Real+Estate_LeftTopNews
U.S. Economy Grew at Vigorous Pace in Last Quarter
The United States economy grew at its fastest pace in more than six years at the end of 2009, even as businesses resisted hiring and continued to do more with less. In addition, the growth rate was the fastest since the third quarter of 2003, when the economy grew at a rate of 6.9 percent. http://www.nytimes.com/2010/01/30/business/economy/30econ.html?th&emc=th
Homebuyer Tax Credit: No E-File and Four-Month Delays First, here's the good news; Homebuyers can finally file for the $8,000 first-time buyer tax credit again. Now here's the bad news; Recent homebuyers still can't e-file their taxes if they want the cash. And speaking of cash, homebuyers should also expect a long delay in actually receiving their $8,000 from the government. http://money.cnn.com/2010/01/15/real_estate/ homebuyer_tax_credit_available/index.htm
Springtime House Hunters Out Early This Year
The springtime spurt in home buying may hit well before the snow melts this year as buyers scramble to meet an April 30 tax credit deadline, and understandably so. It’s now estimated that the average time it takes to get a home loan processed is about eight weeks now — two weeks more than it used to be, according to the National Association of REALTORS®. http://www.usatoday.com/money/economy/housing/2010-01-19-spring-home-buyers_N.htm
Pending Home Sales Down, but Higher than a Year Ago
Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time homebuyer tax credit but sales continue to remain comfortably above a year ago, according to recently released data from the National Association of REALTORS®. http://www.realtor.org/press_room/news_releases/2010/01/pending_surge
Foreclosures Decline for Fourth-Straight Month Foreclosures declined 8 percent in November compared with October, the fourth-straight month that U.S. foreclosures have declined since hitting an all-time high in July, according to online foreclosure marketer RealtyTrac. http://www.realtor.org/RMODaily.nsf/pages/News2009121001?OpenDocument
A Better Forecast on Mortgage, Credit Delinquencies After three straight years of dramatic leaps in mortgage delinquencies, the tide should finally turn next year, according to a new forecast by TransUnion, the credit-reporting company. The company also expects credit-card delinquencies to decline through most of 2010. http://www.philly.com/philly/business/78846777.html
Home Prices Rise in Third Quarter
For the second consecutive quarter, home prices were on the rise, according to Freddie Mac's recently released quarterly national Conventional Home Price Index (CMHPI) Purchase-Only Series, adding evidence the nation's housing market is warming up. http://www.ncrealtors.org/news_display.cfm?nid=1137
Housing Inventory Declines
The number of homes listed for sale declined in many U.S. cities in November, according to ZipRealty, Inc. Inventory declined 2.4 percent compared with a month earlier and shrunk 28 percent when compared to the previous year. http://tinyurl.com/ygm93no
Home Sales Rise to Highest Level in Over Two Years
Home sales surged for the second month in a row in October, climbing to the highest level in over two years as first-time buyers rushed to take advantage of what was expected to be an expiring tax credit. Home sales nationwide are now up nearly 36 percent from their bottom in January. http://www.msnbc.msn.com/id/34105403/ns/business-real_estate
Bernanke: Housing in the Coming Year is Going to be a Relative Bright Spot
Federal Reserve chairman Ben Bernanke put out a forecast last week that included some important observations on housing. Speaking to the Economic Club of New York, Bernanke predicted housing in the coming year will be a helpful driver of national economic growth. http://realtytimes.com/rtpages/20091124_realestateoutlook.htm
Nine Consecutive Gains for Pending Home Sales
Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of REALTORS®. Sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago. http://www.realtor.org/RMODaily.nsf/pages/News2009120101?OpenDocument
Guidelines Aim to Ease Short Sales
The Obama administration laid out final guidelines earlier this week that should make it easier for some financially troubled borrowers to sell their homes. The guidelines are designed to encourage the use of short sales, as well as make it easier for borrowers to voluntarily transfer ownership of properties through a "deed in lieu of foreclosure." http://online.wsj.com/article/SB125963239592170665.html
Existing-Home Sales Record Another Big Gain in October
Driven by the first-time homebuyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, according to the National Association of REALTORS®. http://www.realtor.org/press_room/news_releases/2009/11/record_big
First-Time Homebuyers Lead the Way in Home Sales
Propelled by the first-time homebuyers tax credit, nearly half of home sales are now being made by first-time purchasers, according to an industry report released late last week. In fact, 47 percent of all Americans who purchased homes this year had not owned a home during the previous three years. http://money.cnn.com/2009/11/13/real_estate/first-timers_leading_housing/index.htm
At Last, Middle-Market Sector Expected to Improve
Executives from some of the largest brokerages in the country expect to see their sales grow 6-8 percent in 2010 and home prices to start heading up about 3 percent, according to the National Association of REALTORS®. One industry expert said expansion of the tax credit to include repeat buyers will help boost middle-market sales next year, although mortgage financing above the $417,000 non-jumbo conforming loan limit will remain a challenge. http://www.realtor.org/RMODaily.nsf/pages/News2009111705?OpenDocument
Obama Signs Homebuyer Tax Credit Extension
President Barack Obama last week approved the first-time homebuyer tax credit extension that will extend the tax credit until April 30, 2010. The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for first-time homebuyers and expand the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years. For details on the extension and expansion, follow the link below. http://tinyurl.com/ycyslj2
Zillow: Fewer Homeowners Underwater
The percentage of U.S. homeowners with mortgage debt that exceeds the value of their home declined slightly from the second to third quarters, according to recently released data from Zillow.com. http://www.ncrealtors.org/news_display.cfm?nid=1114
Declining Inventory Sign of Stabilizing Market
The reduction in inventory is a primary reason for the stabilization we’re now seeing in the housing market. Current sales and inventories suggest that supply will decline below the pre-2006 levels by the end of 2009. But analysts warn of “shadow inventory,” or, foreclosed homes that banks are temporarily holding off the markets. http://www.realtor.org/RMODaily.nsf/pages/News2009110603?OpenDocument
Fannie to Rent to Owners in Foreclosure
Fannie Mae will allow homeowners facing foreclosure to stay in their homes and rent them for as long as a year, as part of the government's latest effort to help troubled borrowers, while keeping more foreclosed properties from hitting the housing market. http://online.wsj.com/article/SB125743289932030933.html
States See Surging Sales, Moderating Prices
Most states continued to experience rising existing-home sales in the third quarter, with prices moderating
in many metro areas. In the South, existing-home sales rose 11.3 percent in the third quarter and are 5.9 percent higher than the third quarter of 2008, according to the latest survey by the National Association of REALTORS®. http://www.realtor.org/RMODaily.nsf/pages/News2009111001?OpenDocument
Home Sales Contracts Rise for Record Eight Straight Months
The number of signed sales contracts to buy homes rose in September for the eighth straight month, according to recently released data from the National Association of REALTORS®. Most analysts trace the steady improvement to the government's first-time homebuyer tax credit program, which has brought in between 200,000 and 400,000 additional sales that would not have otherwise been made. http://money.cnn.com/2009/11/02/real_estate/ September_sales_contracts/index.htm?postversion=2009110210
The State of the Housing Market is ‘Up for Grabs’ this Winter
Even as new figures show house prices have risen for three consecutive months, concerns are growing that the real estate market will be severely tested this winter. Artificially low interest rates and a government tax credit are luring buyers, but both those inducements are scheduled to end, leaving many to wonder what’s in store for the housing market. http://www.nytimes.com/2009/10/28/business/economy/28home.html?_r=1&ref=business
McMansions: Going, Going, Gone!
If your buyer is looking to purchase a brand-new McMansion in the 'burbs, they'd better act fast. With home prices this low, there's not much incentive for builders to start new houses. And once the market is ripe for new homes, builders are most likely to be catering to the modest needs of first-time homebuyers, and baby boomers. http://online.wsj.com/article/SB1000142405274870 3573604574491630350933974.html
Pending Home Sales Continue to Rise
Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of REALTORS®. http://www.realtor.org/RMODaily.nsf/pages/News2009110201?OpenDocument
Economists: Recovery to be Slow and Steady
A large majority of economists are now pointing to the recent stock market rally as a sign of sustainable recovery. Economists warn, however, that the recovery will be slow and many do not see home values bottoming out until the first half of 2010 or later. http://www.usatoday.com/money/economy/2009-11-01-survey-recovery-economy_N.htm
Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum
Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of REALTORS®. http://www.realtor.org/press_room/news_releases/ 2009/10/rebound_shows?lid=ronav0021
A Historic Time to Buy
Young people just starting to invest and buying their first homes are most likely the winners in this recession. First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS® http://www.realtor.org/RMODaily.nsf/pages/News2009100601?OpenDocument#
Are Million Dollar Homes the Next Big Bargain?
Million dollar homes in virtually every city in the nation are selling at large discounts and are remaining on the market for far longer than they did two years ago. The smallest drops in price since the plateau in real estate prices have been in Charlotte, and Omaha, Nebraska, which dropped only about three percent. http://www.huliq.com/1/87336/million-dollar-homes-are-next-big-bargain#
Record Streak Continues for Pending Home Sales Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of REALTORS®. NAR Chief Economist Lawrence Yun also noted in the report that the forecast for future home sales and prices depends very much on whether a tax credit is extended. http://www.realtor.org/press_room/news_releases/ 2009/10/streak_continues?lid=ronav0021
First-Time Homebuyers Continue to Sustain Housing Market The housing market is getting a much-needed boost as first-time homebuyers rush to take advantage of an $8,000 federal tax credit that is set to expire in 56 days. The incentive is effectively helping to slow the decline in home sales, while real-estate agents and home builders worry sales could slump again if it's allowed to expire. http://www.newsobserver.com/life/home_garden/story/120899.html
D.C. Dances Around Tax Credit Extension
With the real estate industry pushing hard to extend the first-time homebuyer tax credit, Washington is being forced to take a hard look at what will become of the $8,000 credit. Nearly a dozen bills have been proposed to extend the credit past the Nov. 30 deadline, but the top decision makers are just beginning to weigh in. http://www.realtor.org/RMODaily.nsf/pages/News2009091802?OpenDocument
‘The Recovery is Broad Based’
Contract activity for pending home sales has risen for six straight months - a pattern not seen in the history of the index - according to the National Association of REALTORS®. Additionally, NAR reported that about 1.8 to 2 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. http://www.ncrealtors.org/news_display.cfm?nid=1049
Strong Gain in Existing Home Sales Maintains Uptrend
For the first time in five years, existing home sales have increased for four months in a row, according to the National Association of REALTORS®. The monthly sales gain was the largest on record for the total existing home sales series dating back to 1999. http://www.realtor.org/press_room/news_releases/ 2009/08/strong_uptrend?LID=RONav0021
Housing Affordability Near Record High
Housing affordability remained near an 18-year high during the second quarter, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released this month, another great argument in favor of buying a home, pronto. http://www.ncrealtors.org/news_display.cfm?nid=1040
Construction of Single-Family Homes Continues to Rise
Construction of single-family homes rose in July for the fifth straight month, edging up almost 2 percent to the highest level since October, the government announced yesterday. With new construction up 37 percent from its low point this winter, the industry is expected to help the overall economy this quarter for the first time in three and a half years. http://www.newsobserver.com/business/story/1652978.html
Second Quarter Existing Home Sales Rise in Most States
Existing home sales in the second quarter showed healthy gains from the first quarter in 39 states, and price declines have increased affordability in most metro areas, according to the latest survey by the National Association of REALTORS®. http://www.realtor.org/press_room/news_releases/ 2009/08/2nd_Helped?LID=RONav0021
Fed Views Recession as Near an End
Almost exactly two years after it embarked on what was the biggest financial rescue in American history, the Federal Reserve said last week that the recession is ending and that it would take a step back toward normal policy. http://www.nytimes.com/2009/08/13/business/ economy/13fed.html?_r=1&th&emc=th
Survey: More Home Sellers Cutting Prices
One in four U.S. homes for sale on August 1 had their prices marked down at least once since landing on the market, data compiled by real estate website Trulia.com recently showed. The average discount was 10 percent from the original price. http://www.ncrealtors.org/news_display.cfm?nid=1034
Pending Home Sales Continue to Rise
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of REALTORS®. Lawrence Yun, NAR chief economist, attributed the gains to a combination of positive market factors, including low mortgage interest rates and affordable home prices. http://www.realtor.org/press_room/news_releases/ 2009/08/uptrend_pending?LID=RONav0021
Inventory of Houses Falls in July
The number of homes listed for sale declined again in many U.S. cities last month as bargain hunters continued to search for foreclosed properties. The supply of homes available for sale in 28 major metropolitan areas at the end of July was down 2.5 percent from a month earlier, according to figures compiled by ZipRealty, Inc. Historically, inventory declines only 1 percent from June to July. http://online.wsj.com/article/ SB10001424052970203674704574330601571737952.html
Are Housing Prices Rounding a Corner?
If you’ve been paying attention to the news lately, you’ve probably noticed a slew of positive coverage relating to the housing market. Among some of the news items coming out this week alone: Housing prices in May showed their first gain in three years, there is a much smaller inventory of homes for sale and we continue to see a rise in home sales. All of this begs the question, is the market finally turning around? http://www.usatoday.com/printedition/news/ 20090729/1ahousingsales29_st.art.htm
NAR: Increase in Home Sales Occurred in All Major Regions of the Country
Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of REALTORS®. Lawrence Yun, NAR chief economist, predicted a gradual uptrend in sales to continue due to tax-credit incentives and historically high affordability conditions. http://www.ncrealtors.org/news_display.cfm?nid=1014
Fed Plans Consumer-Friendly Changes to Mortgage Rules
Federal Reserve governors recently proposed tough new consumer-friendly disclosure rules for mortgages and home equity loans, tackling one of the less-appreciated causes of the nation's deep financial crisis. http://www.miamiherald.com/business/nation/story/1154876.html
Reworking a Mortgage Comes at a Price If and when homeowners are faced with the possibility of losing their home, modifying their mortgage seems like the obvious next step. Not so fast, say some housing experts. Understanding the major hit that a mortgage modification can have on an individual’s credit score should first be clearly disclosed. http://www.charlotteobserver.com/business/story/852357.html
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