Home Prices
By Tory Barringer | 05/17/2012
Findings released Thursday in Trulia's Metro Movers Report indicated that homebuyers are prioritizing factors like climate above job markets when searching for new homes. The report, which examines home searches from April last year through March this year, showed that long-distance searchers tend to search in areas with higher unemployment and slow job growth if it means a more favorable climate. The report also showed that searchers looking for a home within 100 miles tend to look for suburban or smaller markets.
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By Krista Franks Brock | 05/17/2012
The Southern California housing market continues to inch slowly toward recovery with a 5.1 percent increase in home sales year-over-year in April and the first year-over-year price increase reported in 16 months, according to DataQuick, a San Diego-based analytics firm. However, the market still relies heavily on investors as credit remains tight. Previously common mortgage loan products continue to make up a much smaller percentage of the market than they did over the last several years, according to DataQuick.
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By Krista Franks Brock | 05/16/2012
Uncertainty is the greatest hindrance to the housing recovery today, according to Federal Reserve Governor Elizabeth A. Duke, who speak before the National Association of Realtors on Tuesday. Duke called on policymakers to "move forward with the difficult decisions that will affect the future of the mortgage market," deeming this the "most important solution" to today’s struggling market. While the economy and the housing market are beginning to see some signs of ripening, Duke pointed out that lending remains tight.
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By Krista Franks Brock | 05/16/2012
Home sales in Connecticut rose on an annual basis in March for the third month in a row, according to data released Wednesday by The Warren Group. The same report revealed that single-family home sales in Connecticut rose on a quarterly basis for the first time since the second quarter of 2010. Single-family home sales rose more than 5 percent in the first quarter of this year to 4,157 from 3,950 in the same quarter last year. Conversely, median prices declined 6.5 percent over the first quarter of the year in Connecticut, slipping from $230,000 in the first quarter of last year to $215,000.
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By Ryan Schuette | 05/10/2012
Home prices rose by a seasonally adjusted 0.2 percent in February, the first increase since March last year, according to Lender Processing Services. The analytics and data provider said that several other indicators posted solid gains in February. Home prices averaged $195,000, the same as seen in June 2003. LPS also projected a 0.3 percent increase in national home prices on the whole come March. Of 26 metro areas surveyed by LPS and the Labor Department, only cities in California – Los Angeles, San Diego, and San Francisco – observed price declines.
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By Krista Franks Brock | 05/09/2012
Noting some recent strengthening in demand in the housing market, Capital Economics suggests housing prices "are close to, or already through, their trough," and recovery will continue through the coming months. While acknowledging the decline in home sales in March, Capital Economics’ analysts remain optimistic due to the recent increases in pending home sales. The National Association of Realtors' latest Pending Home Sales Index in March reached 101.4, its highest level since April 2010. Recent data on mortgage applications also point toward a strengthening market.
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By Ryan Schuette | 05/08/2012
Solvency issues re-emerged for the Federal Housing Administration in a hearing convened Tuesday by the Senate Banking Committee, with HUD Secretary Shaun Donovan calling for lower loan-to-value thresholds and more servicer competition to expand refinance opportunities. The hearing follows a bill by Sens. Barbara Boxer and Robert Menendez to roll back refinancing barriers for homeowners with GSE-held mortgages and featured the legislation as lawmakers discussed solutions to the housing crisis. The hearing quickly turned to servicer competition.
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By Krista Franks Brock | 05/08/2012
Home prices declined by 0.6 percent on an annual basis in March, according to CoreLogic's latest Home Price Index, released Tuesday. However, when distressed sales – foreclosure sales and short sales – are taken out of the equation, the nation actually experienced a rise in home sales from March 2011 to March 2012 – an increase of 0.9 percent. Also notable: Overall home prices – including distressed sales – rose on a monthly basis in March for the first time since July 2011. Accounting for all transactions, prices are now 33.7 percent below their April 2006 peak.
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By Krista Franks Brock | 05/07/2012
The U.S. housing market continues to trudge down the slow, bumpy road to recovery with a few positive indicators lighting the way. However, a full recovery continues to linger listlessly on the horizon. Obama's Housing Scorecard for April, released jointly by HUD and the Treasury Department, reveals some positive movement in home sales, though prices continue to languish in many markets. Another piece of good news for the market: Housing inventory is now at a sustainable level. The market currently holds a 5.3-month supply of new homes.
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By Ryan Schuette | 05/03/2012
Homes for sale saw their asking prices tick up 0.5 percent in April, more than in March, according to Trulia. Asking prices climbed quarter-over-quarter by 1.9 percent, while price increases unadjusted for seasonality went up 4.8 percent. Prices for for-sale homes also went up 0.2 percent nationally. Miami and Phoenix saw the biggest increases among asking prices, with figures up by more than 15 percent year-over-year. Forty-four of the 100 largest metro areas observed year-over-year price increases, while pickups took place in 92.
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