Talking about new home sales, home prices both US and in Upstate South Carolina and more…
New Home Sales Better But Still Not Good
Yesterday the Census Bureau and HUD released their report on new home sales. While new home sales are up about 25% compared to one year ago, we are still a long way from a healthy level of new home sales. Look at the long long term chart:
Anybody showing you a chart that does not go way back in time is not giving you the BIG picture. New home sales are way way down. The economy depends on a healthy housing market. Ask yourself how much Washington has done to truly help the real estate market. What effective solutions has Washington come up with to help struggling home owners facing foreclosure?
Smaller, Poorer and More Pessimistic
With the upcoming election forcing us to choose between a BS artist and a Wall Street insider, it does not look good for the middle class in the US. Obviously the days of depending on Washington to do what is best for the average American are long gone. It is up to you to do what is best for you and to make the best choices for you and your family. Such as whether you should buy a home while prices and mortgage rates are making homes very affordable.
Another Report on Home Values Rising
As with any report from Zillow, I strongly suggest taking this news with a grain of salt considering how inaccurate much of their data is:
- US home values climbed 0.5% from June 2012 to July 2012
- US home values climbed 1.2% from July 2011 to July 2012
You can read more about Zillow’s report here. Here are the basics for house prices in Upstate South Carolina:
- The July 2012 Median House Price is up 3.8% compared to July 2011
- The July 2012 Average Home Price is up 6.1% compared to July 2011
- The Median House Price in July 2012 was $135,000
- The Medina House Price in June 2012 was $133,000
- The Average Home Price in July 2012 was $180,991
- The Average Home Price in June 2012 was $189,012
For more accurate data that would actually help anyone looking to buy or sell in Upstate South Carolina, you should consult with a local experienced REALTOR.
Why is it that some people resort to being pieces of crap to make money? It used to be that people would work hard for a honest days pay. Now it seem too many people want to take the quick & easy route, even if it means breaking the law. Consider these stories:
Buying a house is a serious decision. And committing fraud is even more serious. Just don’t do it. Pretty simple?
FOMC Lowers Expectations
We may have dodged a bullet when the Federal Reserve declined to provide more stimulus after its last meeting. But the minutes were released Wednesday and they show that some members of the FOMC do NOT have a very good outlook for the economy.
Which could mean QE3 is just around the corner…
Which could mean lower mortgage rates…
No guarantees that rates will drop after the recent increases.
The Titanic is Stable On the Ocean Floor
Anyone looking to sell a home must think like a buyer. Not just when they select their list price but also in many many other ways. Buyers are so easy to spook today. Easy to see why considering what has happened in the past several years in real estate.
It is hard to get some people to buy any large ticket items, such as a car or a house, when they do not have any confidence. Sad considering the deals to be had in real estate today. Please read US Economic Confidence Stable at Low Level