Follow Me on Twitter

Pending Home Sales Drop In January; Weather Named as Cause

Dennis Norman

 Today the National Association of REALTORS released it’s January Pending Home Sales Index showing a decrease of 7.6 percent in the index from December, 2009 to January 2010 (seasonally adjusted) and a 12.3 percent increase from last year.

Here are highlights from the report:

January’’s pending home sales index (seasonally adjusted) was 90.4 (the index is based upon 100.0 being [...]

Existing home sales drops in January

Dennis Norman

According to the latest report from the National Association of REALTORS(R), existing home sales in January decreased 7.2 percent to a seasonally adjusted-annual rate of 5.05 million units in January from a level of 5.44 million units in December, however this does represent an increase over a year ago when the rate was 4.53 million units (seasonally adjusted).

Lawrence Yun, [...]

Realtor Pending Home Sales Index shows Real Estate Market Leveling off

Dennis Norman

 Today the National Association of REALTORS released it’s December Pending Home Sales Index showing an increase of 1.0 percent in the index from November (seasonally adjusted) and a 10.9 percent increase from last year.

Here are highlights from the report:

December’’s pending home sales index (seasonally adjusted) was 96.6 (the index is based upon 100.0 being [...]

December home sales plummet but 2009 finishes stronger than 2008

Dennis Norman

NAR’s “seasonally-adjusted” numbers show sales down 16.7 percent for the month…2009 finishes with 5,156,000 homes sold…My projection for the year was 5,143,000 homes….missed it by 13,000 (2/10 of 1 percent) hmm..not bad for a “non-economist”

According to the latest report from the National Association of REALTORS(R), existing home sales in December decreased 16.7 percent to a [...]

Let’s play ’spin the data’

Dennis Norman

Or should I say “It’s all in the headline”?

So what am I talking about?  The pending home sales data that was released by the National Association of REALTORS today, of course. Actually I could be referring to any data on the housing market whether new home sales, foreclosure rates, interest rates, existing home sales or inventories [...]

Which home improvements and remodeling projects pay off?

Dennis Norman

“The smartest home improvement investments may also be some of the least expensive”

Realtors® report that the smartest home improvement investments may also be some of the least expensive. Results from the “2009 Remodeling Cost vs. Value Report” show that small-scale exterior projects are the most profitable at resale, according to a report from [...]

‘Actual’ Existing home sales drop 5.2 percent in November; Up 4.2 percent from a year ago

Dennis Norman

NAR’s “seasonally-adjusted” numbers show sales up 7.4 percent for the month…”actual” numbers show a 5.2 percent decrease….Sales up 44 percent from last year, lest we not forgot last year was the worst in over 10 years…

According to the latest report from the National Association of REALTORS(R), existing home sales in November increased 7.4 percent [...]

Most recent homebuyers are first-time buyers

According to NAR 51 percent of recent homebuyers are first-time buyers and 39 percent of recent home sales have relied on an FHA loan

Dennis Norman

The National Association of REALTORS  just released a report showing that 51 percent of the homes sold recently have been to first-time home buyers  and that 39 percent of all recent buyers have turned to an [...]

Pending home sales rise for ninth consecutive month

Lawrence Yun, Chief Economist, NAR

Is the increase real or have the tax-credits created an “artificial” market that cannot be sustained?

Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for October showing pending sales in the U.S. rose again for the ninth consecutive month – marking the longest streak since since [...]

Pending home sales rise for eighth consecutive month

Lawrence Yun, Chief Economist, NAR

Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for September showing pending sales in the U.S. rose again for the eighth consecutive month – marking the longest streak since since NAR began the pending home sale index in 2001.

As I have expressed previously, I’m somewhat cautious [...]

Home buyer tax credit update-October 30, 2009

Dennis Norman

In yesterday’s update I had some rather encouraging news about the possible extension of the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th.  The good news was that there is an agreement amongst the powers that be with regard to extending the home buyer [...]

Home buyer tax credit update

Dennis Norman

I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th.  I have also shared the efforts by organizations such as the National Association of REALTORS,  The Mortgage Bankers Associaiton, The National Association of Home Builders and Fix [...]

Tax credits and distressed sales push home sales to highest pace in over two years

Dennis Norman

According to the latest report released today from the National Association of REALTORS(R), existing home sales in September jumped 9.4 percent to a seasonally adjusted-annual rate of 5.57 million units in September from a level of 5.09 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.  [...]

Existing homes sales down 2.7 percent in August; Median home prices drop 2.0 pecent for month

Dennis Norman

According to the latest report released today from the National Association of REALTORS(R), existing home sales in August dropped 2.7 percent to a seasonally adjusted rate of 5.1 million units down from a level of 5.24 million units in July.  This drop follows four-consecutive months of increases in the pace of existing home sales and, if we [...]

REALTORS Urge Congress to Extend Homebuyer Tax Credits

Dennis Norman

The National Association of REALTORS®is calling upon its 1.2 million members to urge Congress to extend the home-buyer tax credit into next year.

According to NAR the $8,000 first-time home-buyer tax credit has brought 1.2 million new buyers into the market – 350,000 of whom would not have purchased a home without the credit.

 ”Now [...]

Pending Home Sales Increase in July marking six months of increases; Boom or Bust?

Lawrence Yun, Chief Economist, NAR

Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for July showing pending sales in the U.S. were up for the sixth consecutive month, the best streak since NAR began the pending home sale index in 2001.

Today’s report is not the only recent report shedding some [...]

Home Sales rose 7.2 percent in July

Dennis Norman

According to the latest report released today from the National Association of REALTORS(R), existing home sales in July rose 7.2 percent to a seasonally adjusted rate of 5.24 million units up from a level of 4.89 million units in June.  Home sales data for July 2009 represents a 5.0 percent increase over home [...]

Affordable home prices help boost existing home sales in most states

Dennis Norman

According to the latest report released today from the National Association of REALTORS(R), existing-home sales in the second quarter showed healthy gains from the first quarter in the vast majority of states. 

Existing home sales (including single-family homes and condos) by state rose 3.8 percent to a seasonally adjusted annual rate of 4.76 million [...]

Real estate market continues to show life
Sales up for fifth month in a row

Lawrence Yun, Chief Economist, NAR

The real estate market continues to show signs of life and continues to point to the possibility that we have hit bottom.  Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for June which showed pending sales were up for the fifth consecutive month, the first [...]

Housing affordability slips in June; but homes still very affordable

Dennis Norman

By: Dennis Norman

The National Association of REALTORS(R) has been reporting and tracking a “Housing Affordability Index” since January 1989. The index looks at whether or not an average family (an income equal to the median income) can qualify for a loan to buy a median-priced home.

The Housing Affordabiity Index for June was at [...]

Existing home sales up again
Up 3.6% for June

Dennis Norman

Today the National Association of REALTORS(R) released its existing home sales report for June showing an increase in sales for the 3rd month in a row and home prices declining less sharply.

Existing home sales, including single-family, town-homes, condominiums and co-ops increased 3.6% in June to a seasonally adjusted annual rate of 4.89 million units.  [...]

Be sure to check out the new feature – Real Estate Today Radio

To the right of this post is a player for Real Estate Today.  The daily radio show produced by The National Association of REALTORS(R).  Every day there is a new show with interesting and informative news and information for real estate consumers.

Jobs and ability to make payments; two biggest barriers to home ownership survey shows

Dennis Norman

By: Dennis Norman

Realtor.Com and the National Association of REALTORS(R) released the results of it’s National Home Ownership Survey today. 
The survey, which focused on affordability, foreclosures and refinancing showed:

Employment concerns and the ability to make mortgage payments are the greatest barriers to home ownership today.  This is particularly true for those people 25-49 years of age.
More [...]

Buyers are returning to the market – Home sales up 4 months in a row

By: Dennis Norman

Lawrence Yun, Chief Economist, NAR

It appears that lower prices along with low interest rates are bringing buyers back into the market as the market continues to show signs of life and gives us hope that we may be near the bottom.

The National Association of REALTORS(R) issued their Pending Home Sales Index Report [...]

What to do when you owe more than your home is worth

First off, my usual disclaimer…I am not an attorney and this is not intended to be legal advice or a legal opinion. 

Dennis Norman

Now that we have that out of the way lets talk about options that may be available to you if you are one of the 20% of homeowners that a recent study [...]

HVCC has caused havoc with appraisals – help may be on the way

Dennis Norman

By: Dennis Norman

May1st the new Home Valuation Code of Conduct (HVCC) went into effect with regard to appraisals and the controversy over it began.

It seems no one likes it; not appraisers, real estate agents nor lenders.  Many complain it is slowing down the home sale process and increasing the cost of buying a home.

This week [...]

Existing Home Sales Rise for 2nd Consecutive Month

Dennis Norman

By: Dennis Norman

Today the National Association of REALTORS(R) released its existing home sales report for May showing an increase in sales for the 2nd month in a row.  This is the first time we’ve seen two consecutive months of sales increases in almost 4 years.

Sales for May were at a seasonally-adjusted annual rate of 4,770,000 homes which [...]

Pending home sales index jumps in April: Third month in a row sales have increased

By: Dennis Norman

Lawrence Yun, Chief Economist, NAR

Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for April which showed a significant increase of 6.7% on the index, over March.  April makes the third month in a row the index has increased.

Lawrence Yun, NAR chief economist, said “buyers are responding to very favorable [...]

Existing home sales in U.S. increase 2.9% in April – Prices hold steady

Dennis Norman

By: Dennis Norman

Yesterday the National Association of REALTORS(R) released its existing home sales report for April showing a slight increase in sales of 2.9% over March. 

Sales for April were at a seasonally-adjusted annual rate of 4,680,000 homes which is down 3.5% from last year, which means in year over year numbers things are improving because last months annual rate [...]

Jobs created by stimulus plan don’t pay enough to buy a home

Dennis Norman

By: Dennis Norman

According to a new study by the Center for Housing Policy despite declining home prices, many of the jobs created through the federal stimulus package do not pay enough to afford a home. 

 The study, Paycheck to Paycheck: Wages and the Cost of Housing in America,  This new study compares housing costs in more [...]