Lots of stuff to talk about today including the latest report on home prices from Case-Shiller, the blame for the meltdown in real estate keeps getting placed on the wrong people, new home sales numbers, economic confidence and is now the right time to buy a home?
Case Shiller Say US Home Prices Hit New Lows
Not exactly good news from Case Shiller that US home prices fell 3.6% for their 10-City Composite and 3.5% for their 20-City Composite. But remember this is for the cities they track and this will not tell you what is happening in upstate South Carolina!
Because if we look at the February 2012 Real Estate Market Indicators we will see:
- The median home price for February 2012 in the WUAR MLS was up 10.4% compared to February 2011
- The average home price for February 2012 in the WUAR MLS was down 7.9% compared to February 2011
But if we look at the numbers from the March 2012 Real Estate Market Indicators we will see:
- The median home price for March 2012 in the WUAR MLS was up 11.3% compared to March 2011
- The average home price for March 2012 in the WUAR MLS was up 20.8% compared to March 2011
That sounds better than the report from Case Shiller. But that is the BIG picture for our area. Just as the Case Shiller report is the big picture for the US real estate market. If you have question about buying or selling a home in Upstate South Carolina, please Contact Me!
Playing the Blame Game for the Meltdown in Real Estate
It is pretty apparent any more that the average American does not have the power or influence that the big banks and Wall Street do. They control the politicians & the media so when the rare occurrence of someone actually speaking the truth does occur, it is up to us to share. Consider this quote in the WSJ from former Fannie CEO Franklin Raines:
This has nothing to do with the average American family wanting to own a home. This was rank speculation that was being financed out of Wall Street with no questions asked. That is what caused this crisis. Blaming people — ordinary people — who tried to own a home for this crisis is simply wrong.
The banks and Wall Street are working hard to manipulate people into thinking they were somehow forced to make stupid loans that the banks knew would go into default.
New Home Sales March 2012
HUD and the Census Bureau just released the new residential sales numbers for March 2012. Sales of new single-family houses in March 2012 were 7.5% above the March 2011 level. But this is 7.1% below the revised February 2012 level. Sales of new homes in the South were up 3.1% from the February 2012 level and a whopping 16.4% from the March 2011 level.
According to their data, there is a 5.3 month supply of new homes in the US. That many months of supply is high if you think about how many foreclosures are out there. Because just like anyone else selling a home today, the new home builders have to compete with the foreclosures…
More Economic Confidence
Good news for anyone selling a home is that US Economic Confidence Holds Steady Near Four-Year High. Just because prices and mortgage rates are great does not mean everyone has the confidence to take advantage of this historic opportunity. Plenty of people are scared about the economy right now. Even if there are plenty of news stories about the housing market being on the mend…
Is it Time to Buy a Home?
Somebody else is saying the Housing market may be on rebound at last. Which is great but I can just hear some people saying we have not hit the bottom yet…
With extreme caution I suggest you read Zillow saying US Home Values Post Largest Monthly Gain Since 2006.
I said to read that with extreme caution since I feel Zillow does more harm than good for real estate buyers and sellers with their Zestimates and inaccurate listing information…
One thing I must mention is that just because home prices and mortgage rates are very attractive does NOT mean it is the right time for everyone to buy a home.
Do you think that right now is the right time for you to buy a home? Look at the numbers for Upstate South Carolina, read the reports from several different sources saying the bottom has arrived. Maybe it is time for more people to seriously consider buying a home.