Tag Archive for housing market

Foreclosure Filings Drop To 7-Year Low

March 17, 2014 Housing Market Comments Off on Foreclosure Filings Drop To 7-Year Low

Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – dropped 10 percent in February and were down 27 percent from one year earlier, according to RealtyTrac’s most recent U.S. Foreclosure Market Report. The decline brought foreclosure activity to its lowest level since December 2006. Daren Blomquist, vice president of RealtyTrac, said cold weather and a short month contributed to the drop in foreclosure activity in February but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures. According to Blomquist, properties that have been lingering in the foreclosure process for years are now a bigger issue, as these properties are often left vacant with no one taking responsibility for maintenance and upkeep of the home. These homes bring down property values in their surrounding neighborhoods and contribute to low for-sale inventory in markets across the country. More here.

Recovery Continues Despite Recent Volatility

March 11, 2014 Housing Market Comments Off on Recovery Continues Despite Recent Volatility

Consumer attitudes about the economy and housing market have been up-and-down over the past few months. But despite the volatility, Fannie Mae’s February 2014 National Housing Survey finds that the overall outlook among Americans remains positive. Doug Duncan, senior vice president and chief economist at Fannie Mae, said it’s similar to the noisy economic and housing data published over the past few month. The housing recovery is continuing, according to Duncan, and the month-to-month changes in respondents’ perceptions of home-price expectations or the ease of getting a mortgage are a reflection of short-term factors rather than the long-term trend. Generally, Americans’ attitudes about economic conditions and the housing market are in positive ranges. In fact, the percentage of participants who said now is a good time to buy a home was up 3 percent in February, reaching 68 percent of survey respondents. Expectations for home prices and mortgage rates also rose, while the share of Americans who feel the economy is on the right track and expect their personal financial situation to improve over the next year fell. More here.

Housing Market Still Healing, Making Progress

March 11, 2014 Housing Market Comments Off on Housing Market Still Healing, Making Progress

The housing market has made significant strides in the past year but is still healing from the Great Recession, according to a new report from the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury. The February edition of the administration’s Housing Scorecard shows significant progress in a number of key areas. For instance, the scorecard notes that purchases of new homes rose, foreclosure completions continued trending downward, and home prices were stable during the month. Still, Kurt Usowski, HUD’s deputy assistant secretary for economic affairs, says there is work to be done. Usowski says the administration’s efforts to stabilize the housing market are having a positive effect but the encouraging news does not detract from the need to build on the progress. Among the highlights in the report, homeowner equity continues to rise, with the Federal Reserve announcing a 4.3 percent spike in the fourth quarter of 2013. Homeowners’ equity has risen 60 percent since the beginning of 2012. More here.

Gov’t Scorecard Finds Housing Market Progress

February 11, 2014 Housing Market Comments Off on Gov’t Scorecard Finds Housing Market Progress

The U.S. Department of Housing and Urban Development and the U.S. Treasury recently released the administration’s Housing Scorecard for January 2014. The scorecard, which collects data on the health of the housing market and the administration’s recovery efforts, shows progress in many key areas. According to the latest report, home sales, foreclosure starts, and homeowner equity all saw significant improvement in 2013. Kurt Osowski, HUD’s deputy assistant secretary for economic affairs, said the number of properties which started the foreclosure process fell 33 percent last year, while sales of previously owned homes rose 9.1 percent. With foreclosures down, home sales up, and equity continuing to grow, the housing market continues to make steady progress, Osowski said. In fact, home sales posted their strongest numbers in several years and homeowners’ equity is up $3.4 trillion since the beginning of 2012. Still, officials caution that the economy is still healing, despite the positive trends in the housing market. More here.

Economists Forecast Solid Year For Housing

February 7, 2014 Housing Market Comments Off on Economists Forecast Solid Year For Housing

Following a year of significant improvement in the housing market, four prominent economists are forecasting a solid 2014, according to a yearly survey from RealtyTrac. Mark Zandi, chief economist at Moody’s Analytics, believes this year should be a good one for the economy, as long as government gridlock doesn’t interfere with the progress. Zandi feels that if policymakers do no harm in 2014, the economy should do well and home prices should rise about 5 percent. The National Association of Realtors’ Lawrence Yun also expressed concern over federal policies, warning that regulations focused on lowering default risk may, in fact, restrict access to credit and impede the mortgage market. On the other hand, Chris Thornberg, principal at Beacon Economics, sees continued improvement in the housing market’s future. According to Thornberg, new home sales should be up this year and – though existing-home sales will remain around the same level as last year – there will be less investor activity and more retail buyers. Other economists cautioned that there is still room for improvement in the economy and housing market. Jed Kolko, chief economist at Trulia, is concerned that, while prices and sales volumes are now near normal levels, a shaky labor market means fewer young adults are moving out on their own and forming households. More here.

Housing Barometer Tracks Market Recovery

January 3, 2014 Housing Market Comments Off on Housing Barometer Tracks Market Recovery

Trulia’s Housing Barometer has been tracking the housing market’s recovery since February 2012. The Barometer measures how quickly the market has been returning to normal by comparing existing-home sales, prices, delinquency and foreclosure rates, new home starts, and the employment rate for 25-34 year-olds against their pre-bubble normal and their lowest reading during the housing crisis. The most recent release shows that three of the five indicators have improved significantly over the past year and are now close to normal. Existing-home sales, for example, are 79 percent back to normal, up from 51 percent a year earlier. Prices also have recovered dramatically from a year ago and are now 71 percent back to normal. Among the other indicators, foreclosure and delinquency rates have recovered 59 percent, while new home starts and employment levels still have a ways to go. Overall, the recovery has been uneven but, at the current pace, non-distressed sales and home prices could reach normal levels this year, with the other indicators taking a bit longer to fully recover. More here.

Housing Gradually Recovering Lost Ground

December 16, 2013 Housing Market Comments Off on Housing Gradually Recovering Lost Ground

Housing markets across the country are gradually recovering and even exceeding previous normal levels of economic and housing activity, according to the latest Leading Markets Index from the National Association of Home Builders. The NAHB scores more than 350 metro areas by taking their average permit, price, and employment levels for the past 12 months and dividing it by their annual average during the last period of normal growth. Based on that score, the index ranks markets that have reached or surpassed their previous normal level. The most recent release found 55 housing markets operating at or above their previous norm. Nationwide, the housing market was at 85 percent normal growth. Rick Judson, NAHB’s chairman, said the index shows that most housing markets across the country are continuing a slow, gradual climb back to normal levels. There were more than 125 markets showing activity of at least 90 percent of their previous norm. More here.

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