Coos Bay Properties - Jan Delimont (541) 290-1850

Shadow Inventory Levels Greatly Improved Since Peak

coosbayproperties — Wed, 29 Aug 2012 04:04:13 +0000

Freddie Mac’s August 2012 U.S. Economic & Housing Market Outlook examines the so-called shadow inventory and whether there are a significant number of distressed properties soon to hit the market and erase recent price gains. The concern over the shadow inventory stems from the theory that there are a large number of these soon to be foreclosed properties that will eventually flood the market and send home prices tumbling downward. But, though there is evidence of some excess inventory, the number is far less severe than it has been. According to Freddie Mac’s chief economist Frank Nothaft, much of the shadow inventory has been absorbed over the past few years as fewer new homes were being built and household formation was rising. Now with rental markets in balance and continuing shrinkage of the vacant housing stock, Nothaft believes improvements in home prices are stable and the recovery may be strengthening. According to the Mortgage Bankers Association’s National Delinquency Survey, the number of seriously delinquent loans has fallen by nearly 1.4 million since its peak in 2009. More here.

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Improving Markets Index Includes 80 Cities In August

coosbayproperties — Tue, 14 Aug 2012 03:51:05 +0000

The National Association of Home Builders Improving Markets Index lists metropolitan areas that have shown improvement from their respective bottoms in employment, housing permits, and prices. In August, the list includes 80 cities across 32 states and the District of Columbia. David Crowe, NAHB’s chief economist, said the fact that there continues to be a strong core of metros on the list each month adds to growing evidence that the housing recovery has a solid foundation. The index now includes nearly one quarter of all U.S. metros. Five cities were added to the list in August, while 75 markets retained their spot and nine were removed from the index. The five new metropolitan areas were Miami and Palm Bay, Fla.; Hinesville, Ga.; Terre Haute, Ind.; and Lubbock, Texas. More here.

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Midyear Foreclosure Report Finds Increasing Activity

coosbayproperties — Tue, 07 Aug 2012 04:10:16 +0000

RealtyTrac’s Midyear 2012 Metropolitan Foreclosure Market Report shows foreclosure activity increased in 125 of the nation’s 212 metro areas with a population over 200,000 during the first half of the year. But despite the increases, 129 of the included cities still saw year-over-year declines in foreclosure activity. Brandon Moore, RealtyTrac’s CEO, said increasing foreclosure starts in many local markets helped push total activity higher during the first half of the year. According to Moore, increasing foreclosure starts will be welcome news for prospective buyers and real-estate brokers in local markets where low inventory has caused slower sales activity. California had seven of the 10 highest foreclosure rates and 10 of the top 20 during the first half of this year. Florida, Georgia, Arizona, Nevada, and Colorado were also heavily represented among the top 20 foreclosure rates in the country. More here.

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Harvard Research Center Optimistic About Housing Market

coosbayproperties — Wed, 04 Jul 2012 03:17:57 +0000

The Joint Center for Housing Studies of Harvard University recently released their annual State Of the Nation’s Housing report. According to the report, there are several signs which indicate future gains for the market. Among them, the report cites strengthening rental markets, increasing home sales, and improved stability. Eric S. Belsky, managing director of the Joint Center for Housing Studies, said with rents up, home prices down, and mortgages rates at record lows, monthly mortgage costs relative to rent haven’t been this favorable since the early 1970s. Belsky also believes that unless the broader economy goes into a tailspin, stronger sales, lower inventory, and stabilizing prices should pave the way for a pickup in single-family housing construction. The report cautions that we’re still in the early stages of the housing recovery and a number of challenges remain but is optimistic about the market’s prospects. More here.

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New Home Sales Climb 7.6 Percent In May

coosbayproperties — Wed, 27 Jun 2012 02:31:55 +0000

Estimates released by the U.S. Department of Housing and Urban Development and the U.S. Department of Commerce show sales of newly built single-family homes at a seasonally adjusted annual rate of 369,000 in May. That is 7.6 percent above the revised April rate and nearly 20 percent above May 2011. The spike in sales exceeded economists’ expectations and put sales at a two-year high. The median price for a new house sold in May was $234,500; the average price was $273,900. The seasonally adjusted estimate of new houses for sale at the end of the month was 145,000. That represents a 4.7-month supply at the current sales rate. More here and here.

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Foreclosure Account For 26 Percent Of First Quarter Sales

coosbayproperties — Tue, 12 Jun 2012 05:20:02 +0000

According to RealtyTrac’s Q1 2012 U.S. Foreclosure Sales Report, homes in some stage of foreclosure accounted for 26 percent of all residential sales during the first quarter. There were 233,299 foreclosures sold during the first three months of 2012, an increase of 8.0 percent from the fourth quarter of 2011 and virtually unchanged from the year before. Brandon Moore, RealtyTrac’s CEO, said the increase was largely due to a spike in short sales, which hit a three-year high during the first quarter. Also, the average sales price of bank-owned homes and foreclosures showed signs of stabilization. The average sales price was down just 1.0 percent from the previous quarter and fell 2.0 percent from the first quarter of 2011. More here and here.

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Economic Confidence Rises To Four Year High

coosbayproperties — Tue, 05 Jun 2012 02:25:12 +0000

Americans’ view of the economy continues to improve, according to the most recent reading of Gallup’s Economic Confidence Index. The Index has improved 11 points since the beginning of the year and is up 38 points since last summer when it fell to a near-record low during the political fight over raising the debt ceiling. The Economic Confidence Index measures Americans’ perceptions of the economy based on a poll surveying views of both current economic conditions and the outlook for the future. In the most recent poll, 17 percent of Americans rated the economy as excellent or good while 37 percent viewed it as poor. Also, 42 percent of respondents said the economy is improving while 54 percent said it is worsening. According to Gallup, economic confidence is trending upward, despite a more bumpy view from week to week. More here.

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Government Scorecard Finds Progress In Recent Housing Data

coosbayproperties — Tue, 08 May 2012 04:44:01 +0000

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s monthly Housing Scorecard collects key market data and tracks the administration’s recovery efforts. The April report cites progress made in home sales and mortgage delinquencies but says there is continued fragility in the housing market. Mortgage delinquencies have declined for four straight months and existing-home sales are up more than five percent from last year’s level. Home prices, while still fragile, are beginning to show signs of stabilization and, in some markets, improvement. Also, inventory is at its lowest level in years, having fallen to levels typically associated with a healthy, balanced market. More here and here.

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Report Finds Continued Stabilization, Positive Home Price Trends

coosbayproperties — Tue, 01 May 2012 03:22:11 +0000

The National Association of Realtor’s Home Price Monitor is a monthly review of several respected measurements of house values. The monitor tracks trends and fluctuations in prices and provides an analysis of the current environment, as well as a forecast for future price performance. April’s report finds most measurements showing month-over-month growth in prices and a trend toward smaller year-over-year declines. These stabilizing trends should be supported by low inventory, declining delinquencies, and growing demand from prospective buyers. The report also cites high affordability, an improving job market, and rising rent as evidence that positive trends in home prices will continue. More here.

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Builder Confidence Slips For First Time In Seven Months

coosbayproperties — Tue, 17 Apr 2012 04:54:08 +0000

According to the National Association of Home Builders’ Housing Market Index, builder confidence slipped three points to 25 in April, the first decline after seven consecutive months of gains. The index measures builders’ perception of the market for newly built, single-family homes on a scale where any number below 50 indicates more builders view conditions as poor than good. David Crowe, NAHB’s chief economist, said the decline is a pause in what has been a fairly rapid build-up in confidence since last September. According to Crowe, despite increased interest from potential buyers, builders have yet to see that interest translate into sales activity. Still, regional results show that most of the decline was felt in the Midwest, where confidence was down eight points. The Northeast posted a four point gain and reached its highest level since May 2010. The West was unchanged at 32 and the south dropped three points to 24.

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