Discussing the latest report on Pending Home Sales, Black Knight on home prices, personal income and spending, fiduciary duty and Zillow plus more…
December 2016 Pending Home Sales 03% Higher than December 2015
Pending home sales picked up in December as the Pending Home Sales Index increased 1.6 percent in December from the November level. With last month’s uptick in activity, the index is now 0.3 percent higher than last December.
US existing-home sales are forecast to increase 1.7% from 2016, which was the best year of sales since 2006. The national median existing-home price in 2017 is expected to increase around 4%.
Counting your chickens before they hatch! There is a huge difference between being under contract and being sold…
That being said, this is really good news for the U.S. housing market. Looking locally, pending home sales in Upstate SC during December 2016 were almost 4% lower than December 2015.
- U.S. Home Prices Up 0.2% for the Month
- U.S. Home Prices Up 5.7% Year-Over-Year
- U.S. Home Prices Within 0.3% of a New National Peak
Black Knight is reporting about home prices for the entire U.S. and this data is from November 2016. If we again look at the December 2016 Upstate SC Market Report, the median home price in our area increased 0.9% from December.
Personal Income and Personal Spending Increased
Personal income increased 0.3% in December according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased 0.3% and personal consumption expenditures (PCE) increased 0.5%. Real DPI increased 0.1% in December and Real PCE increased 0.3%. The PCE price index increased 0.2%. Excluding food and energy, the PCE price index increased 0.1%.
More or less, incomes increased 0.3%, consumer spending increased 0.5% and prices (not including food or gas/energy) increased 0.1%.
Disallow compilations of your MLS data to be sent to Realtor.com, Zillow, or Trulia. Disallow your membership to post homes for sale on Realtor.com, Zillow, Trulia, or any other entity in the future that rises to threaten the profession. An MLS with brokers focused on protecting their market can keep ZTR out. Don’t believe me? I already see it being doing in 3 geographical markets, with two of them being fairly large markets.
All you idiots that posted homes for sale on Zillow and Trulia are the cause of this chaos, along with all you idiots that pay ZTR each month for advertising. Did you guys not see this shit coming 5 years ago? I guess not. I’ll admit I’ve been an idiot before. I have never purchased advertising from ZTR, but I have posted homes for sale there. I wised up though, and you should too!
First let me say I don’t care for Zestimates or the sales people from ANY of the real estate portals. But I think real estate agents should put their clients listings in front of as many buyers as possible.
I know that Zillow and every other website sends inquiries to other agents instead of sending them to the listing agent. While this is far from perfect or what I prefer, at least the buyers become aware of the property.
The amount of housing inventory, or lack thereof, was the story of 2016. A look at recent housing data, as well as historic trends, shows the shortage in housing stock may continue throughout 2017.
This means fierce competition for homes, where buyers that are able to act fast and pose less risk to the seller have the advantage. These “favored” buyers would include those already pre-approved for a mortgage, those with larger cash down payments and those with no contingencies (like the sale of another home).
Nothing really ground breaking but needs to be stated again and again. Home buyers MUST have a pre-approval letter and work with a buyers agent to be successful in today’s real estate market.
Irony isn’t a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation’s capital has reaped the rewards of government while the people have borne the cost. Washington flourished — but the people did not share in its wealth.” Under Trump, an even smaller group will flourish — in particular, a cadre of former Goldman Sachs executives. To put the matter bluntly, two of them (along with the Federal Reserve) are likely to control our economy and financial system in the years to come.
Infusing Washington with Goldman alums isn’t exactly an original idea. Three of the last four presidents, including The Donald, have handed the wheel of the U.S. economy to ex-Goldmanites. But in true Trumpian style, after attacking Hillary Clinton for her Goldman ties, he wasn’t satisfied to do just that. He had to do it bigger and better. Unlike Bill Clinton and George W. Bush, just a sole Goldman figure lording it over economic policy wasn’t enough for him. Only two would do.
Whether you voted for or against Donald Trump, whether you’re gearing up for the revolution or waiting for his next tweet to drop, rest assured that, in the years to come, the ideology that matters most won’t be that of the “forgotten” Americans of his Inaugural Address. It will be that of Goldman Sachs and it will dominate the domestic economy and, by extension, the global one.
I am sure many will blow this off since it is critical of Trump. Don’t forget that Hilary is VERY friendly to Goldman Sachs…
The Ugly But Honest Truth is that the Vampire Squid has a very firm grip on Washington…