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Tag Archives: Home Prices

Survey: High Share of Distressed Properties Keeps Prices Down

Inventory is shrinking and traffic for homebuyers seems to be increasing, but according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, home prices were down in March. One reason for this, according to the survey, which includes about 2,500 real estate agents, is the high number of distressed properties - short sale properties in particular - on the market. Prices for damaged REO properties saw a 5.7 percent decline in prices between March 2010 and March 2011, according to the survey, while move-in ready REO prices fell 2.5 percent during the same period. Prices on short sales, however, dropped 14.3 percent during the one-year period.

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RE/MAX Survey of 53 Metros Finds Home Prices Up Again

According to a March 2012 housing report released by RE/MAX, home prices have risen for the second month in a row now on a year-over-year basis. The RE/MAX report included 53 metro areas and found the median price in March was $184,525, a 7.3 percent price increase from February, and a 5.8 percent increase from a year ago in March 2011. A consecutive increase on a year-over-year basis has not occurred since August 2010, according to the report.

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Existing Home Sales Fall In March For 2nd Straight Month, Prices Rise

Existing-home sales fell to 4.48 million (seasonally adjusted annualized rate) in March from an upwardly revised February rate of 4.60 million, the National Association of Realtors (NAR) reported Thursday. Economists had forecast the March sales pace would be 4.62 million. At the same time, the median price of a new home rose to $163,800, its highest level since last November's $164,000 and up 2.5% since March 2011.

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Housing Permits Hit New Four-Year High; Starts Sputter

Housing permits surged another 4.5 percent in March to a seasonally adjusted annual rate of 747,000, the highest level since September 2008, the Census Bureau and Department of Housing and Urban Development reported jointly Tuesday. At the same time though, housing starts fell for the third time in the last four months to the lowest level since last October. The increase in permits was driven largely by multi-family activity; single family permits fell for the first time since last September.

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California Home Prices Going Up, Inventory Down, C.A.R. Reports

After 16 months of declines, median home prices in California posted a year-over-year gain, according to the California Association of Realtors (C.A.R.). The median price of a single-family home was $291,080, a 1.6 percent increase compared to a revised $286,550 for March 2011, and a 9.2 percent increase compared to February's median price of $266,660. The month-over-month increase is the largest since March 2004. C.A.R. reported that California's housing inventory declined, with the Unsold Inventory Index for existing, single-family homes down to 4.1 months in March, compared to a revised 5.4 months in February and a 5.4 month supply in March 2011.

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Builder Confidence Dips In April As Home Buying Season Begins

Builder confidence fell three points in April to 25, matching the lowest point of the year, the National Association of Home Builders reported Monday. The month-over-month decline was the first since last September. All three components of the index - current sales, sales six months out, and buyer traffic - fell in April, with buyer traffic slipping to a four-month low. The builder assessment of present home sales conditions dropped three points to 26. The outlook for home sales in the next six months also fell three points to 32, retreating from a near five-year high. Buyer traffic slid to 18 from 22 in March.

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CoreLogic: Best Markets for Single-Family Rental Investments

Single-family rental investing is a $3 trillion market, according to a CoreLogic’s MarketPulse report, which further stated that the single-family rental market accounts for $21 million rental units, or 52 percent of the residential rental market. With reports showing rental prices have gone up and home prices have decreased, it's no surprise that large investors have shown interest in buying up single-family homes at a discount to convert them to rental units. Based on the 26 major markets CoreLogic assessed, the markets that yield the highest single-family rental cap rates were generally in Florida or the Midwest.

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LPS Reports January Home Prices Down 0.9 Percent

Home prices for January 2012 dropped 0.9 percent, an even greater increase from the 0.4 percent drop in December 2011, according to Lender Processing Services' Home Price Index (HPI). For January, home prices averaged at $195,000, dropping from December’s average of $196,000.

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Americans More Likely to Buy, Not Rent, According to GSE Survey

According to the March 2012 Fannie Mae National Housing Survey, 48 percent of Americans who responded expect rental prices to increase, and the expectation is that they will go up by 4.1 percent over the next 12 months, the biggest projected increase recorded to date. Also, 33 percent of respondents expect home prices to increase over the next 12 months. Americans project home prices will go up by 0.9 percent over the same time period. If respondents were going to move, 66 percent say they would buy a home.

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Capital Economics: Banks Increasing Value of Loans, Not Volume

While having access to credit to finance a home remains a challenge, Capital Economics reported that signs show banks might be a bit more willing to lend. However, these ""signs"" aren't necessarily surfacing from data on the volume of mortgage lending, which continues to fall. The research firm said the value of mortgage lending has recently started to rise, and explained that this is happening specifically with commercial banks, which have started to lend more per borrower.

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