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Today I want to feature a post from Charles Hugh Smith. Charles is a novelist and a commentator who we published an article from back in April. Charles is very insightful and I think makes some very good points in this article. To learn more about Charles, please visit his website OfTwoMinds.Com. Charles Hugh Smith, Of Two Minds By: Charles [...] Dennis Norman According to a report just issued by Trulia, a company whose website allows you to search for homes for sale throughout the U.S., 25 percent of homes currently on the market in the United States as of August 1, 2009 have experienced at least one price cut. The percentage of price reductions has continued [...] 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 [...]
The Federal Reserve, in it’s most recent “Beige Book” said Residential real estate markets in most Districts remained weak, but many reported signs of improvement. The report said that Minneapolis and San Francisco Districts cited large increases in home sales compared with 2008 levels, and other Districts reported rising sales in some sub-markets. Of the [...] Dennis Norman By: Dennis Norman Relocation.Comconducted a survey in June which shows that 50 percent of people who recently moved did so to improve their living situation, whether to move into a bigger home or move to a better neighborhood. The results of Relocation.Com’s most recent survey is a dramatic reversal from a similar Relocation.Com survey [...] James B. Lockhart III, Director, Federal Housing Finance Agency By: Dennis Norman In an interview on CNBC’s Squawk Box James Lockhart, Director of the Federal Housing Finance Agency which is the regulator of Freddie Mac, Fannie Mae and the Federal Home Loan Banks had a few good things to say about the real estate market. When asked [...] Dennis Norman By: Dennis Norman According to a report issued by IHS Global Insight, house prices in the first quarter of 2009 declined in 199 of the 330 metro markets they monitor. At just over 60% of the metros this represents a huge decrease from 4th quarter 2008 when 312, or almost 95% of the metros, showed declining prices. For [...] 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 [...] 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 [...] Today I want to feature a post from Charles Hugh Smith. This is an article that appeared on his site OfTwoMinds.Com a few days ago and I found it to be a very thoughtful and insightful look at the housing market. I asked Charles to allow me to publish him as a guest contributor and he [...] Dennis Norman By: Dennis Norman According to a report issued late last week by First American CoreLogic, Inc. based upon their LoanPerformance HPI1 home price data for February 2009, national housing prices have declined for 24 consecutive months to a level equal to 2004 prices. CoreLogic reported: National housing prices fell 12.2 percent in February from a year ago. By: Dennis Norman This morning the U.S. Department of Commerce released a report showing the sale of New Homes in March decreased 0.6 percent from February and is 30.6% less than a year ago. A decline of less than 1%, following last February’s increase of 4.7% in sales I think again shows the market is perhaps leveling off. [...] Dennis Norman By: Dennis Norman Today the National Association of REALTORS(R) released its existing home sales report for March showing a slight decline of 3% from February. This modest decrease following last months modest increase of 5.1% may show the market is starting to balance out. Sales for March were at a seasonally-adjusted annual rate of 4,570,000 homes which [...] According to the Metropolitan Foreclosure Market Report for first quarter 2009 issued by RealtyTrac(R) foreclosures for the quarter are up almost 24% from a year ago nationwide. The twenty six metro areas with the highest rates of foreclosure are all within only four states: California, Florida, Nevada and Arizona. I’m pleased that within the last couple of days, some real economists that are actually paid for their opinion of the market, have come out and stated that housing my be near the bottom; Something that I first suggested over two weeks ago in a post on this site and then again four days ago in another post. Today the Federal Reserve Board, in it’s monthly Beige Book, said about Real Estate and Construction that “housing markets remained depressed overall, but there were some signs that conditions may be stabilizing.” Dennis Norman By: Dennis Norman Say What??? How could home sales have increased six-fold but yet we are still in the midst of a major recession in the U.S.? For starters, the statistic I’m quoting come from the Radar Logic housing market report for January 2009. In their report for January 2009 their report states “On a [...] Dennis Norman By: Dennis Norman Well, this is in sharp contrast to what I’ve been saying lately in posts where [...] By: Dennis Norman This morning the U.S. Department of Commerce released a report showing the sale of New Homes in February increased 4.7% over January sales but was still 41.1% less than a year ago. It will take a lot more than this to conclude that we have “hit bottom” yet in the new home market but I think this is a [...] By: Dennis Norman Dennis Norman Yesterday the National Association of REALTORS(R) released its existing home sales report for February and it contained some good news. According to the report existing home sales in the U.S. increased 5.1% in February over January although the rate is still down 4.6% from the same time last year. The Northeast region [...] By: Dennis Norman This morning I received a press release from Move, Inc., the company that operates Realtor.Com for the National Association of REALTORS(R), with a headline that read “One in Five Americans Plan to Buy a Home Despite Economic Conditions.” After all the bad news about housing I have seen I was elated to see [...] By: Dennis Norman The National Association of REALTORS(R) has been reporting 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 January was at the highest level [...] By: Dennis Norman Terry Peterson, Brokerage Manager, M.O.R.E. We’ll pick up where we left off after parts one and two of this series with our E-View TM with Terry Peterson, the brokerage manager of Missouri Online Real Estate (M.O.R.E.) about selling a home in this market: Q-OK Terry, now the $64 question, how should a seller properly price [...] By: Dennis Norman Terry Peterson, Brokerage Manager, M.O.R.E. We’ll pick up where we left off in part one of this series with our E-View TM with Terry Peterson, the brokerage manager of Missouri Online Real Estate (M.O.R.E.) about selling a home in this market: Q-How should a seller select an agent? What should they look for in an agent [...] By: Dennis Norman Terry Peterson, Brokerage Manager, M.O.R.E. If you are a homeowner looking to sell your home today I don’t think I need to tell you it could be a challenge. In an effort to address some of the questions you may have about selling your home now as well as provide some useful tips [...] By: Dennis Norman Dennis Norman Last night my sister sent me a link to a video about children in Uganda and their battles with starvation, sickness and life without parents. Wow, when we are made aware of things like this it is really an eye opener to just how blessed we are, particularly here in [...] By: Dennis Norman Dennis Norman So says Robert Stevenson, a Fox-Pitt Kelton home-builder analyst as reported by John Spence for Marketwatch. Stevenson said he thinks this year will turn out to be a “bad time to buy a home”. “While some suggest that now is a great time to buy a home given low mortgage rates and falling [...] By: Dennis Norman Four days ago I wrote a post stating I did not think low interest rates will prove to be long-term fix to the housing market and in fact nothing more than short-term “life support”. Today CNNMoney.Com published an article which stated “Unfortunately, the low interest rates have not spurred much of an increase [...] By: Dennis Norman Lately, with the exception of mortgage interest rates, most of the news about the housing market is not very pretty. I have seen several articles suggesting it is smarter to rent a home than buy and that buying a home may not be a good investment. Earlier this month I wrote a post suggesting [...] |
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