Existing Home Sales Up; Foreclosures Pressure Prices
Existing Home Sales Up; Foreclosures Pressure Prices
Existing Home Sales Up; Foreclosures Pressure Prices
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January 25, 2011 (Chris Moore)
mortgage-gorilla-image
Existing homes sales shot up 12.3% in December, coming in well above most analysts’ estimates and marking growth in five of the final six months of 2010, but there was still an 800 pound gorilla in the room…distressed properties.

The National Association of Realtors (NAR) said seasonally adjusted sales rose to an annualized rate of 5.28 million last month from 4.7 million for November, which was upwardly revised a few thousand. The monthly rate is down 2.9% from the 5.44 million units in December 2009.

Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million levels in December 2009. Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago.

“December was a good finish to 2010, when sales fluctuate more than normal,” NAR Chief Economist Lawrence Yun said. “The pattern over the past six months is clearly showing a recovery. The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

NAR said the median existing-home price in December was $168,000, down 1% from a year earlier, which was attributed to the number of distressed properties sold during the month. The level of distressed-home sales last month rose to 36% of the existing-home market, up from 33% in November and 32% a year earlier.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, “ Yun explained.

Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale (not including the “shadow” inventory), which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.

Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.

Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.

In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.

“Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” said NAR President Ron Phipps. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”

Tags: NAR, existing home sales, single-family homes, distressed properties, median home price, housing inventory, low mortgage rates

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January 25, 2011 (Chris Moore)
mortgage-gorilla-image
Existing homes sales shot up 12.3% in December, coming in well above most analysts’ estimates and marking growth in five of the final six months of 2010, but there was still an 800 pound gorilla in the room…distressed properties.

The National Association of Realtors (NAR) said seasonally adjusted sales rose to an annualized rate of 5.28 million last month from 4.7 million for November, which was upwardly revised a few thousand. The monthly rate is down 2.9% from the 5.44 million units in December 2009.

Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million levels in December 2009. Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago.

“December was a good finish to 2010, when sales fluctuate more than normal,” NAR Chief Economist Lawrence Yun said. “The pattern over the past six months is clearly showing a recovery. The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

NAR said the median existing-home price in December was $168,000, down 1% from a year earlier, which was attributed to the number of distressed properties sold during the month. The level of distressed-home sales last month rose to 36% of the existing-home market, up from 33% in November and 32% a year earlier.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, “ Yun explained.

Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale (not including the “shadow” inventory), which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.

Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.

Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.

In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.

“Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” said NAR President Ron Phipps. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”

Tags: NAR, existing home sales, single-family homes, distressed properties, median home price, housing inventory, low mortgage rates

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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January 25, 2011 (Chris Moore)
mortgage-gorilla-image
Existing homes sales shot up 12.3% in December, coming in well above most analysts’ estimates and marking growth in five of the final six months of 2010, but there was still an 800 pound gorilla in the room…distressed properties.

The National Association of Realtors (NAR) said seasonally adjusted sales rose to an annualized rate of 5.28 million last month from 4.7 million for November, which was upwardly revised a few thousand. The monthly rate is down 2.9% from the 5.44 million units in December 2009.

Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million levels in December 2009. Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago.

“December was a good finish to 2010, when sales fluctuate more than normal,” NAR Chief Economist Lawrence Yun said. “The pattern over the past six months is clearly showing a recovery. The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

NAR said the median existing-home price in December was $168,000, down 1% from a year earlier, which was attributed to the number of distressed properties sold during the month. The level of distressed-home sales last month rose to 36% of the existing-home market, up from 33% in November and 32% a year earlier.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, “ Yun explained.

Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale (not including the “shadow” inventory), which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.

Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.

Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.

In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.

“Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” said NAR President Ron Phipps. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”

Tags: NAR, existing home sales, single-family homes, distressed properties, median home price, housing inventory, low mortgage rates

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.