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Photo Courtesy of Baird & Warner Last week, the longtime personal residence of NBA legend Michael Jordan in Highland Park, Illinois, was presented for sale by Katherine Chez-Malkin of Baird & Warner Real Estate and will be marketed globally by Luxury Portfolio International. With an asking price of $29 million, the secluded compound offers over 56,000 [...] A report released today by CoreLogic shows that nationally 11.1 million, or 22. 8 percent , of homeowners with a mortgage were in a negative equity position at the end of the fourth quarter of 2011. This was an increase from 22.1 percent for the prior quarter. Negative equity is also referred to as being “underwater” or “upside down” and refers to homeowners that owe more on their mortgages than their homes are worth. [...] This morning, RealtyTrac released their U.S. Foreclosure Market Report for fourth quarter 2011 which showed that pre-foreclosure and REO home sales accounted for nearly one of every 4 home sales (24 percent) during the quarter which is an increase from 20 percent in the prior quarter, however down from 26 percent in the fourth quarter of 2010. [...] This morning, the S&P/Case-Shiller Index report for December was released showing all three of the home price composites ended the year at new index lows. The national composite fell by 3.8 percent during the fourth quarter of 2011 and was down 4.0 percent from the year before. Both the 10-city and 20-city composites fell by 1.1 percent in December from the month before and the home price indexes were down 3.9 percent and 4.0 percent respectively from the year before. All three composites are at their lowest levels sine the housing crisis began in mid-2006. [...] The National Association of REALTORS released it’s Pending Home Sales Index for January today showing an increase of 2.0 percent in the index from the month before (seasonally adjusted), and an 8.0 percent increase from a year ago. This marks the highest level the pending home sales index has been at since April 2010 when it hit 111.3 as a result of buyers racing to buy before the homebuyer tax credit expired. [...] Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for January 2012 showing a decrease of 0.9 percent from the month before, and an increase of 3.5 percent from a year ago. The seasonally-adjusted new home sales rate for January was 321,000 homes, down from an adjusted rate of 324,000 homes the month before. This is the first month new home sales have declined after four consecutive months of increases. [...] Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in January were at at a seasonally adjusted-annual rate of 4.57 million units which is an increase of 4.3 percent from the month before and an increase of 0.7 percent from a year ago. The actual number of homes sold in January was 257,000 which is 26.4 percent less than the month before and 4.0 percent more than a year ago when there were 246,000 homes sold. [...] Two things are driving home buyers into the real estate market; babies and jobs, according to a survey just released by Coldwell Banker. According to the survey, 70% of real estate professionals surveyed say the “most common” reason buyers are searching for a new home today is a result of a new baby or growing family, followed closely by a relocation for a job. Other things driving buyers into the market include marriage, divorce and retirement. [...] This morning, RealtyTrac released their U.S. Foreclosure Market Report for January 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 210,941 properties in the U.S. during the month, a three percent increase from the previous month and a decrease of 19 percent from the year before. During the month, 1 out of every 624 homes in the U.S. had a foreclosure filing. [...] The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for January 2012 showing an increase in single-family home building permits from the month before of 0.9 percent and a 1.0 percent decrease in new home starts compared to the month before. [...] Today, Moe Veissi, President of the National Association of REALTORS, issued the following statement in response to President Obama’s budget proposal: “As the leading advocate for housing and homeownership, NAR is strongly opposed to elements of President Obama’s budget proposal that would limit itemized deductions, including the mortgage interest deduction, for thousands of families.” [...] According to a report just released by CoreLogic, there were 830,000 foreclosures completed during the year in 2011, a 24 percent decrease from 2010 when there were 1.1 million. For the month of December, there were 55,000 foreclosures, down 3.5 percent from November when there were 57,000 and down 17.9 percent from December 2010 when there were 67,000 foreclosures completed. [...] Where will the “Hot” real estate markets be in 2012? What would be the best cities to buy real estate in? Boy, wouldn’t we all love to know the answers to those questions! Considering this is, by far, the worst, and longest lasting, downturn in the real estate market I have seen in my 33 years in the biz, and, last week, Lawrence Yun, chief economist of the National Association of REALTORS, called this a “very strange” market since the market was not reacting to low interest rates and high affordability, I think it is tough for anyone to predict what is going to happen. Having said that, Inman News came out with a list of 10 markets to watch in 2012 that they feel are showing “signs of strength” in areas including price-appreciation, jobs and a high rate of sales to population. Below you will find the list and, beneath that, you will find some charts on some of those markets I put together to show what the markets are like as well as some charts for some cities I think are worth watching that are not on Inman’s top 10 list. [...] Well, I guess my wife and kids aren’t the only people that want to move to Florida! According to a report released by Trulia, house hunters from all over the country are searching for homes in Florida. In fact, of the top 10 metro areas where demand among online house hunters is strongest, seven are located in Florida! Florida also, according to the report, leads the list of states existing residents don’t want to leave as well with many times more people from outside of Florida searching for homes in Florida than searches outside the state by people living in Florida. The metro in the number 1 slot is Palm Bay-Melbourne-Titusville, Florida with 8.8 times more “inbound” property searches than “outbound” property searches. Wow! [...] This morning, the S&P/Case-Shiller Index report for November was released showing US home prices decreased from the month before as well as the year before. The 10-city and 20-city composites fell by 1.3 percent each and the home price indexes were down 3.6 percent and 3.7 percent respectively from the year before. For a second consecutive month, 19 of 20 cities covered by the indices also saw home prices decrease. [...] Until recently, home ownership was no bargain compared to renting, according to Paul Diggle, a housing economist at Capital Economics. Recent data from the U.S. Census Bureau and published statistics from Thomson Datastream indicate that rising rents and falling mortgages are tipping the scales towards home ownership. The median monthly mortgage payment has fallen to about the same as a median monthly rent check. [...] Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for December 2011 showing a decrease of 2.2 percent from the month before, and a decrease of 7.3 percent from a year ago. The seasonally-adjusted new home sales rate for December was 307,000 homes, down from an [...] Foreclosure Price 34 Percent Below Average Price of Non-Foreclosures RealtyTrac, today released its third-quarter 2011 U.S. Foreclosure Sales Report, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent of all U.S. residential sales in the third quarter of 2011, down from 22 percent of all sales in the second quarter and down from 30 percent of all sales in the third quarter of 2010. [...] Realtor.com, which claims to have more traffic on it’s website than any other real estate website in the world, released their report for December showing how 146 metro areas in the U.S. stack up in terms of popularity for home searches. Chicago was number 1 on the list again this month, followed by Detroit, MI, and Los-Angeles-Long Beach, CA. [...] Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in December were at at a seasonally adjusted-annual rate of 4.61 million units which is an increase of 5.0 percent from the month before and an increase of 3.6 percent from a year ago. The actual number of homes sold in December was 350,000 which is 4.5 percent more than the month before and 1.4 percent more than December 2010 when there were 345,000 homes sold. [...] The last couple of months I have said that, “unless something changes dramatically, 2011 will hit a new record low of new home starts. Unfortunately, nothing dramatic happened, and 2011 has ended with only 428,600 new home starts setting a new record low and significantly below the prior all-time low of 445,200 starts in 2009. [...] Mortgage delinquencies in December increased to 2.24 percent of all mortgages, a slight increase from the month before when delinquencies were at 2.22 percent but a decrease of over 25 percent from a year ago when the rate was 3.01 percent. The mortgage delinquency rate is something I pay close attention to because it is the “leading indicator” of foreclosures and foreclosures and REO’s are one of the major hurdles to a recovery in the housing market. Declining delinquency rates are our first clue that the housing market is headed to a recovery. [...] This morning, RealtyTrac released their 2011 year-end U.S. Foreclosure Market Report which shows that 2,698,967 foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 1,887,777 properties in the U.S. during the year, a decrease of 34 percent from the year before and marking the lowest level since 2007! [...] This morning, Freddie Mac released the results of it’s Primary Mortgage Market Survey revealing that the interest rate on a 30-year fixed rate mortgage averaged 3.91 percent, matching the all-time low! Makes me want to go out and borrow some money! The National Association of Realtors’ research staff recently released its comprehensive annual report: Profile of Home Buyers and Sellers for 2011. Market researcher, Paul C. Bishop, Ph. D., Vice President and Jessica Lautz, Manager of Consumer Survey Research state that they’ve identified “trends that have not been seen in the last 10 years,” which will affect the housing market as we enter 2012. [...] Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS), showing average fixed mortgage rates finishing the year near their all-time historic lows. Thirty-year fixed rate mortgages averaged 3.95 percent and have been at or below 4.0 percent for the past nine consecutive weeks keeping homebuyer affordability at a near all-time high. [...] Ah the beauty and splendor of Hawaii! Living in paradise comes at a price though as Hawaii, by far, leads the nation in average loan amount on a home, coming at $677,299 according to a report just released by LendingTree.com. Coming in a rather distant second is Washington D.C. at $393,453, followed by New Jersey at $344,240 and New York at $340,124. At the other end of the spectrum, Mississippi has the lowest average home loan at $137,182. The national average is $222,261. [...] The National Association of REALTORS Pending Home Sales Index for November shows an increase of 7.3 percent in the index from the month before (seasonally adjusted), and a 5.9 percent increase from a year ago. This is the second consecutive month that the index has increased and marks the highest level the index has achieved since April 2010 when it was at 111.5. [...] |
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At this time last year, the interest rate on a 30-year fixed-rate mortgage averaged 4.77 percent. [...]