Today’s real estate news includes several reports about home prices, home builder confidence and the number of mortgages in 2011…
Existing Home Sales and Prices Increase
NAR released their latest report on US Existing Home Sales earlier this week and it was full of good news. The number of homes sold in August 2012 was 9.3% higher than the number of homes sold back in August 2011. Plus the median US home price for August 2012 was up 9.5% compared to August 2011.
In Upstate South Carolina, home sales for August 2012 were up 3.7% compared to the August 2011 level. However, the median home price for August 2012 was down 4.6% compared to August 2011.
Home Builder Confidence Up to 2006 Level
Earlier this week the National Association of Home Builders reported that home builder confidence has risen to the highest level since 2006. Builders are saying they are seeing the best sales numbers in 6 years and more buyer traffic. Also this is the 5th month that builder confidence has increased. America needs a strong housing market as part of the economic recovery.
Housing Starts and Permits Up
If you are wondering why builders are feeling more confident, then look at the recent news from the Census Bureau and HUD regarding residential construction. Building permits in August 2012 were up 24.5% compared to August 2011 and housing starts in August 2012 were up 29.1% compared to August 2011. So it is very understandable that builders are feeling more confident.
Fewer Mortgages in 2011
Should not be a surprise that there were fewer mortgages in 2011 than 2010. I wonder what the numbers for 2012 will look like? With the super low mortgage rates, you would think more people would be buying homes. Maybe we can get buyers to have the same increase in confidence that home builders are experiencing?
FNC Reporting Increase in Home Prices
Yet another report about home prices increasing. FNC is reporting that US home prices rose for the 5th month in a row. And they are seeing year-over-year increases that shows recovery may actually be her. If you are selling a home, this is great news. Buyers, more news about increasing home prices combined with the super low mortgage rates should give you all the motivation you need to get serious about your home search.
And I Shall Call You Sherlock
Earlier this week, NAR proved they are spending my dues in a very prudent manner after they said:
New survey findings, combined with an analysis of historic credit scores and loan performance, show home sales could be notably higher by returning to reasonably safe and sound lending standards, which also would create new jobs
Such dazzling brilliance and insight. Which is why I had to say No $#!+ Sherlock…
Tomorrow is the Day That Never Arrives
I would not suggest that you hold your breath waiting on the Mortgage Task Force to finally do something: U.S. mortgage task force to act soon They have talked and talked. Held press conferences. But the fact is they have not really done anything to prevent this stuff from happening again.