TAG | Home Prices
NAR is reporting slipped 0.6 percent nationally to a seasonally adjusted annual rate of 5.02 million units in February from 5.05 million in January.
Highlights of the report:
- 7% higher than February 2009
- Weather affected closing schedules
- Housing inventory rose 9.5% to 3.59 million units or 8.6 months of supply
- 26% of transactions were cash purchases
- Distressed sales made up 35% of transactions
- Median house prices fell 1.8% to $165,100.
- First time homebuyers made up 42% of transactions.
- Northeast rose 2.4%
- Midwest rose 2.8%
- South retraced 1.1%
- West dropped 4.7%
Home sales surged on the back of a $8,000 tax credit for first-time buyers, but have faltered 3 months in a row. This raises worries that the housing market may be in for a rough few years once the tax credit ends and interest rates begin rising due to the government plan to stop buying mortgages on the secondary market at teh end of March. The overall debt load now on the government balance sheet will result in higher taxes dropping the disposable income consumers use to buy bigger houses or vacation properties.
This data shows that the people who need housing are buying it along with investors looking for great deals. Current homeowners have not been inspired to use the governments new $6500 tax credit to purchase another house. That may be a direct result of the fact that 25% of houses are now worth less than their mortgage balance, so they cant sell their houses.
Staff Writter
Home Prices · Pending Home Sales · sell my house · sellmyhouse.com
12
Is it responsible to recommend short sale properties to our buyers who want to qualify for the tax credit?
2 Comments · Posted by admin in Short Sales
How can we recommend a short sale property to a buyer who specifically wants to qualify for the tax credit? We have time to meet the criteria of signed contract date, but the closing date is completely out of our control. And that creates a real challenge for Realtors knowing that these short sales can take 6 months or longer to close.
Thoughts?
2
An Outright Assualt on the Realtor Profession.
1 Comment · Posted by admin in Bank Owned, FSBO, Foreclosure, Home Sales Stats, Lead Generation, REO, Short Sales
We always try to stay on top of the news, trends, etc here at www.sellmyhouse.com. In doing our daily research of the goings on in the market we came across the following blog written from somebody who clearly thinks that Realtors are the absolute scum of the world and we created the entire Economic collapse.
Enjoy:
Please chime in!
www.SellMyHouse.com Staff Writter
Bank Owned · Foreclosures · Freddie Mac · Home Prices · housing market · sell my house · sellmyhouse.com · short sale
24
1 in 4 Homes with Mortgages Underwater
No comments · Posted by admin in JKR Investment Group
We just got the report from First American Core Logic regarding mortgage statistics.
24% of houses with a mortgage are now underwater, over 11 million in total. Another 2.3 million are within 5% of a negative equity position.
Highlights of the report:
“Negative equity continues to be concentrated in five states: Nevada , which had the highest percentage negative equity with 70 percent of all of its mortgaged properties underwater, followed by Arizona (51 percent), Florida (48 percent), Michigan (39 percent) and California (35 percent).
We can use our houses as piggy banks when the market it dropping. www.SellMyHouse.com has seen estimates that predict houses could drop another 15% from current levels….or 50% from 2006 valuations.
Hope not but time will tell.
www.SellMyHouse.com Staff Writer
Bank Owned · Foreclosures · Home Prices · housing market · sell my house · short sale · stop foreclosure
Two completley different headlines using the exact same source for data. Unreal!
Home prices rise 0.3 percent in December
