Low Rates, Jobs Market Push March Home Sales Higher

Sales of existing U.S. homes in March reached their highest annual pace since September 2013, buoyed by continued low mortgate interest rates and a firming employment scene, according to the National Association of Realtors. Total existing-home sales rose 6.1 percent to a seasonally adjusted annual rate of 5.19 million in March, up from 4.89 million the month before. Compared with a year ago, sales are up 10.4 percent with year-over-year sales having increased now for the past six straight months. "After Read more [...]

Low Inventory, Rising Prices Slow January Home Sales

Sales of existing U.S. homes dropped in January, according to the National Association of Realtors, a product of both seasonal and unique market factors. Total sales fell 4.9 percent to a seasonally adjusted annual rate of 4.82 million in January, down from December’s 5.07 million. Even though sales decreased to their lowest rate in nine month, they were still 3.2 percent higher than the previous year. “January housing data can be volatile because of seasonal influences, but low housing Read more [...]

Existing-Homes Sales Reach Highest Yearly Level in October

Sales of existing U.S. homes rose for the second month in a row, according to the National Association of Realtors, aided by super low interest rates and a stronger economy. Total existing-home sales increased 1.5 percent to a seasonally adjusted annual rate of 5.26 million last month, up from 5.18 million in September and up 2.5 percent from one year ago. Sales have reached their highest pace since September 2013. At the same time, the number of existing-homes on the market fell 2.6 percent Read more [...]

Zombie Foreclosures Still A Problem in Many States

Halloween may be over, but the U.S. is still dealing with a zombie problem – zombie foreclosures, that is. The most recent data from property intelligence firm RealtyTrac reveals that the percentage of these distressed properties increased in 16 states and 60 metropolitan areas in the third quarter. So what is a zombie foreclosure? It is a property where a homeowner in default on his mortgage moves out before the bank actually takes possession of it. Zombie foreclosures are vacant properties Read more [...]

Existing Home Sales Dip in August

Breaking a four-month streak of increases, existing U.S. home sales reversed course in August, according to the National Association of Realtors, even as mortgage interest rates and total inventory fell. Sales of existing homes, including single family homes, townhomes, condos and co-ops, fell 1.8 percent in August to a seasonally adjusted annual pace of 5.05 million, down from July’s 5.14 million rate. Compared with August 2013, sales are down 5.3 percent from the 5.33 million level. "There Read more [...]

Existing Home Sales and Prices Took a Tumble in January

A host of factors combined in January to make the perfect storm in the housing market, resulting in the lowest level of existing-home sales in a year-and-a-half, according to new data from the National Association of Realtors. Sales of existing U.S. homes fell 5.1 percent on both a monthly and yearly basis to a seasonally adjusted annual rate of 4.62 million. Sales levels have not been that low since July 2012 when they fell to 4.59 million. January home prices did a nose-dive as well from Read more [...]

2014 May Be a Less Competitive Year for Homebuyers

Real estate investors, who have dominated segments of the housing market since the Great Recession began, may start to pull out this year, leaving the playing field a little more open for traditional home buyers, according to a new survey from housing data firm Zillow.com. In the Zillow Home Price Expectations Survey, 110 economists and real estate experts predicted that investors are likely to make fewer purchases in 2014 as a result of rising prices. "Buyers entering the market in the next Read more [...]

Home Sales Slipped in September

Sales and prices of existing U.S. homes fell in September from August, according to the National Association of Realtors, but both continued to rise on a yearly basis. Existing-home sales slumped 1.9 percent last month to seasonally adjusted annual rate of 5.29 million, down from 5.39 million in August, but rose 10.7 percent from September 2012’s pace. Sales have now increased on a year-over-year basis for 27 consecutive months. Meanwhile, the median price for an existing-home dropped to Read more [...]

Foreclosures Rise Even As Housing Market Heats Up

The number of homes repossessed by lenders rose in May, according to foreclosure data company RealtyTrac, as did foreclosure starts and filings, an indication that banks want to take advantage of rising home prices to push out their inventory. In May, bank repossessions grew to 39,000, up 11 percent from April, with 33 states posting increases. North Carolina had the biggest monthly gain with a 60 percent increase in May, followed by Oregon with a 57 percent leap and Wisconsin and Illinois with Read more [...]

U.S. Homes Selling in Record Time

Home prices rose in April, sales increased and inventory expanded. And it all happened at breakneck speed, according to a report from real estate brokerage Redfin, with homes selling at the fastest pace on record. In April, 35.2 percent of all houses going under contract within 14 days of their initial listing. That’s up from 34.5 percent in March, the previous all-time high. The fastest-selling market was San Jose with 63.3 percent of homes going under contract in two weeks. San Francisco Read more [...]