Tag Archives: National Association of Realtors

Homeownership Rate Is Not the Lowest Since 1965

Aside

Reply

Please CNN, the news coming out of the housing market is bad enough. At least report it correctly.

Homeownership is nowhere near the level it was in 1965.

Lawrence Yun, Chief economist and Senior Vice President, Research, National Association of Realtors® pointed out that CNNMoney got it wrong in their headline last Friday when they said the homeownership rate fell to its lowest ebb since 1965. The data show that it has only fallen to its 1997 level; and according to Yun, with rents rising, the ownership rate may be stabilizing right where it’s at. CNN, your “Pants On Fire.”

See for yourself!

[contemplate1]
[contemplate4]

Quote: NAR – Preserve the MID

Quote

Posted on by
Reply

Changes to the mortgage interest deduction could threaten recent progress toward stabilizing the housing market,

National Association of Realtors® NAR Chief Economist Lawrence Yun argues that now is the worst possible time to discuss changing the tax laws, which could critically erode home prices and values, destroy middle-class wealth accumulation and further impair the housing market’s fragile recovery and a broader job market recovery.

“One thing that is indisputable is that eliminating the MID will lower the homeownership rate in the U.S.,” Yun said. “While we must ensure that the conditions that led to the artificially inflated home ownership rate of the bubble years do not resurface, we also need to create the conditions for sustainable home ownership, which has been shown to provide myriad social benefits for families and communities.”

[contemplate1]

[contemplate4]

June Pending Home Sales Surprise with Gain

Posted on by
Reply

Pending Home Sales increase more than expected in June, up 2.4 percent.

Pending Home Sales IncreasePending home sales increased more than expected in June following a disappointing downturn in April and then a strong showing in May, according to the National Association of Realtors®. Activity in June increased in the West and South but declined in the Midwest and Northeast; however, all regions show robust double-digit gains from a year ago.

Continue reading →

Contract Cancellations Blamed For Dip in June Home Sales

Posted on by
1

Existing-home sales slip in June as tight credit and low appraisals pushed contract cancellations into the red zone, according to the National Association of Realtors®.

Median home prices were up slightly, and sales of single-family home sales stabilize as the condo sector weakens.

Existing Home Sales DownTotal existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, and remain 8.8 percent below the 5.23 million unit level in June 2010, which was the scheduled closing deadline for the home buyer tax credit.

Continue reading →

Owning Home Still Top Priorty for Most Renters.

Posted on by
Reply

NAR: 72 percent of American renters say owning a home still their long term goal.

The Qualified Residential Mortgage (QRM) rule as now envisioned and eliminating the Mortgage Interest Deduction (MID) would have a negative impact on their ability buy as well as on the entire housing market and overall economy.

for rentMost Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey recently released by the National Association of Realtors® (NAR), 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.

Continue reading →

CoreLogic: Home Prices Up Second Straight Month

Posted on by
Reply

CoreLogic’s Home Price Index Recorded second straight monthly gain. Although prices still 7.4 percent lower than year ago this is good news for housing.

This news combined with other positive housing news this week may not yet signal hope for a turn around, but it does at least hint at some relief for a market in free fall.  

Home PricesCoreLogic , a provider of information, analytics and business services, released its May Home Price Index (HPI) which shows that home prices in the U.S. increased on a month-over-month basis. According to the CoreLogic HPI, national home prices increased by 0.8 percent in May 2011 compared to April 2011, the second consecutive month-over-month increase. On a year-over-year basis, home prices declined by 7.4 percent in May 2011 compared to May 2010 after declining by 6.7 percent* in April 2011 compared to April 2010.

Continue reading →

Strong May Showing For Pending Homes

Posted on by
2

All regions experienced gains from a year ago as Pending Home Sales rose strongly in May both month over month and year over year.

The National Association of Realtors® predicts higher housing activity in the second half of the year.

Pending Home Sales IncreaseThe Pending Home Sales Index a forward-looking indicator based on contract signings, rose 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two months.

This is the first time since April 2010 that contract activity was above year-ago levels, and the monthly gain was the strongest increase since last November when the index rose 10.6 percent.

Continue reading →

Existing Home Sale Decline Again In May

Posted on by
2

Existing-home sales were down nearly 4 percent in May as temporary economic, weather, and financing problems weighed on the market, according to the National Association of Realtors®.

Existing Home Sales DownExisting-home sales (completed transactions that include single-family, townhomes, condominiums and co-ops), fell 3.8 percent to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5.00 million in April, (you may recall that March was downwardly revised as well) and are 15.3 percent below a 5.68 million pace in May 2010 when sales were humming along to the beat of the home buyer tax credit.

Continue reading →

April Pending Home Sales Disappoint

Posted on by
1

US Pending Home Sales ‘unexpectedly’ fell from 3.5% in March to -11.6% in April according to data released by the National Association of Realtors. Experts foresaw just a -0.1% decrease.

Pending Home Sales - DecreasePending home sales , the data of which reflects contracts but not closings, and which normally occur with a lag time of one or two months, fell in April with regional variations following increases in February and March. According to the National Association of Realtors®, it was the combination unusual weather and economic softness adding to ongoing problems hobbling a housing recovery.

Continue reading →