Posts Tagged ‘National Association of Realtors’
NAR Calls for Affordable Disaster Insurance Policy
March 11th, 2010
(Mar. 10) Charles McMillan, immediate past president of NAR, told Congress that it must improve affordability of property insurance for natural disasters.
SIOR COMMERCIAL REAL ESTATE INDEX FOURTH QUARTER 2009 RESULTS
March 5th, 2010January 2010 – More than 700 SIOR market experts across the country weighed in on local Industrial and Office market conditions for the Fourth Quarter 2009 SIOR Commercial Real Estate Index, compiled by the Society of Industrial and Office Realtors (SIOR) in association with the National Association of Realtors (NAR). SIOR members again report that the national economic recession continues to have a significant negative affect on local industrial and office markets. However, 55% of SIOR members expect the market to improve next quarter. Although only an 8% positive increase over the 3rd quarter sentiment, optimism, none the less, continues to increase.
» More: SIOR COMMERCIAL REAL ESTATE INDEX FOURTH QUARTER 2009 RESULTS
Pending Home Sales drag in January, but should rebound for spring.
March 5th, 2010
Brought to you by: www.thedailymortgagegazette.com
Fewer homes went under contract in January as the housing market continues to limp through the winter months. According to the National Association of Realtors®, the Pending Home Sales Index fell to its lowest level in 3 quarters this January. By contrast, in October 2009, the index had touched a 3-year high. The Pending Home Sales Index measures the number of homes that have gone under contract to sell, but have yet to close nationwide. It’s compiled using data from more than 100 regional listing services and 60-plus brokerages — the sample set encompasses 20 percent of all home resales in a given month.
Economists have come to rely on the Pending Home Sales Index because of its high correlation to actual home sales. 80% of all home marked “pending” close within 60 days. Many of the rest close within 120. Therefore, when we see Pending Home Sales show weakness like it did in January, we can infer that home resales will remain weak through the spring.
But will they really?
- Fewer sales should drag down home prices, bringing more buyers into the market
- Mortgage rates are still very low, but are poised to rise in just a few weeks
- The home buyer tax credit requires buyers to be in contract by April 30, 2010
In other words, there’s a confluence of factors that could lead to a rush of sales in Modesto and around the country over the next two months, reversing the housing market’s recent momentum.
Pending Home Sales Down
March 4th, 2010
Pending home sales fell 7.6 percent and additional declines are expected from abnormal weather conditions.
Existing Home Sales drop again in January but stay on the trendline
March 2nd, 2010
Brought to you by: www.thedailymortgagegazette.com
The winter months have not been kind to home sales. After plunging 17 percent in December, Existing Home Sales fell by an additional 7 percent in January, according to the National Association of Realtors®. An “existing home” is a home resold by a previous owner (i.e. not new construction). In looking at the annualized, adjusted Existing Home Sales data, we find:
- Sales volume is at its lowest levels since June 2009
- Sales volume fell below its 12-month rolling average
- Home supplies are at a 5-month high
These are similar findings to the New Home Sales data issued by the government last week. That report put new home sales at a 40-year low and showed new homes supplies higher by an entire month. But don’t think housing rebound has halted! Home sales are cyclical and there are outside forces on today’s market.
For one, the market is still feeling the after-effects of the original First-Time Home Buyer Tax Credit. Sales spiked in the months leading up to the original November 2009 expiration date. A pull-back is natural and expected. Looking at the long-term trend, Existing Home Sales volume appears right in line.
Furthermore, weather across much of the U.S. was awful in January. That, too, can impede home sales as homes are neither shown nor negotiated when weather is majorly inclement. Anecdotal evidence is showing sales activity higher through February and into March. And, although it’s unlikely we’ll see a spike through April like we did last November, buy-side demand for homes should remain strong. The good news of the sagging sales reports is that today’s buyers may find home prices are lower and sellers are more willing to negotiate.
New Data: January Existing-Home Sales
February 26th, 2010
Existing-home sales fell in January but are above year-ago levels, and prices are holding steady.
REALTOR® Magazine’s Good Neighbor Awards Seek Entries, Winners Receive $10,000
February 24th, 2010
Realtors® is now accepting applications for the 11th annual REALTOR® Magazine Good Neighbor Awards.
New Data: Commercial Market Forecast
February 23rd, 2010
While the recent recession negatively impacted commercial real estate, there is hope for improvement.
Fourth Quarter Existing-Home Sales Surge in Most States, Prices Up in More Areas
February 11th, 2010
Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors®.
Pending Home Sales Stabilize, Remain Above Year-Ago Levels
February 2nd, 2010
Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the National Association of Realtors®.
