Today’s Marketplace Archive
CoreLogic® recently released its National Foreclosure Report for February, which provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 54,000 completed foreclosures in the U.S. in February 2013, down from 67,000 in February 2012, a year-over-year decrease of 19 percent. On a month-over-month basis, completed foreclosures fell from 58,000* in January 2013
to the February level of 54,000, a decrease of 7 percent.
Regional Spotlight—The recovery year for the local housing market is evident in recent statistics - showing 2012 mortgage activity in New England at the highest level in five years,
Data through January 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1Home Price Indices, a leading measure of U.S. home prices, showed average home prices increased 7.3% for the 10-City Composite and 8.1% for the 20-City Composite in the 12 months ending in January 2013.
All 20 cities posted year-over-year gains with Phoenix leading the way with a gain of 23.2%. Nineteen of the 20 cities showed acceleration in their year-over-year returns. Despite posting a positive double-digit annual return, Detroit was the only city to show a deceleration.
As the urban revival in some American cities pushes out lower-income earners to the nearby suburbs, many of those edge cities are struggling to redefine their purpose—and identity—in a new economy.
February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORS®. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January,
Housing construction activity has increased significantly over the last year across the three primary sectors of home building: single-family, multifamily and remodeling. And that growth in turn means good news for those businesses that support residential construction, including building suppliers and other associated enterprises. While the NAHB forecast for this year calls for additional growth, there are likely to be monthly ups and downs along the way.
For example, Census construction spending data reported flat headline growth in January due to declines in the volatile remodeling spending category. Spending on new single-family homes continued to expand, rising 3.6 percent over December’s pace,
There’s a new type of homebuyer on the market. They know what they want and are ready to get their hands dirty to transform a house to meet their unique needs. Stereotypical luxury and prototypical homes do not entice them; rather these consumers strive to own homes that stand apart and suit their personal lifestyle… Enter the next generation of homebuyers.
Better Homes and Gardens® Real Estate has released national survey findings of 18-35 year-old Americans that reveal the next generation of homeowners are rewriting the rules to homeownership and reinterpreting traditional norms to fit their values. Results indicate that the next generation of homeowners seeks essential, purposeful homes (77 percent) equipped with the technological capabilities
(MCT)—Even before dawn breaks, workers at the lumberyard in Lynwood, Calif., were bustling around, getting a move on the day. Men in yellow safety vests drove flatbed trucks stacked to the brim with planks of wood.
In February, both home sales and prices rose higher than a year ago. After a decisive housing turnaround in 2012, this year looks to improve on recovering market trends. With data representing 52 metropolitan areas, the February RE/MAX National Housing Report shows home sales 2.3 percent greater than February 2012 ...
While recent economic reports suggest that home building took a pause at the beginning of 2013, leading indicators point to more growth for housing in the months ahead.
Per data from the Census Bureau, housing starts were down 8.5 percent in January. However, all of the loss was in the multifamily segment, where construction fell from an unusually high annualized rate of 365,000 in December to a steadier 277,000 rate in January.
Regional Spotlight--According to a monthly survey of real estate brokers by The Real Estate Board of New York, brokers remained confident in the market in February 2013,
Pocket listings—listings sold outside of the MLS—are gaining heat inside the real estate industry. Far from a new concept, they are one of real estate’s biggest in-house controversies, with professionals from across the country
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely holding steady from the previous week, remaining near their 65-year record lows, and continuing to provide support for the housing recovery.
Results showed that the 30-year fixed-rate mortgage (FRM) averaged 3.52 percent with an average 0.7 point for the week ending March 7, 2013, up from last week when it averaged 3.51 percent. Last year at this time, the 30-year FRM averaged 3.88 percent.
Additionally, the 15-year FRM this week averaged 2.76 percent with
(MCT)—Andreea Stucker thought she made a good investment when she bought a Huntington Beach, Calif., condo with her boyfriend in December 2005.
But then she and her boyfriend split up.
Private residential construction spending was relatively unchanged for the first month of 2013 due to declines in the volatile remodeling spending category. Nonetheless, total residential construction spending remains near post-2009 highs