Home Sales Lose MomentumDespite properties typically selling faster than at any time since July 2013, existing home sales slowed last month but remained above an annual sales pace of five million for the second straight month. All major regions except for the Midwest experienced monthly sales declines. » [read more]

 

Housing Starts Jump As New Permits Hits Seven Year HighGroundbreakings on new homes rose by a dramatic 20.2% and permitting hit a seven-year high. The numbers suggest that the ongoing inventory shortage holding back the housing recovery should ease in coming months.Housing Starts Jump As New Permits Hits Seven Year HighHousing starts stood at a seasonally adjusted, annual rate of 1.14 million last month. That pace is 9.2% higher than the rate of 1.04 million in April 2014. Numbers surpassed expectations of economists recently. » [read more]

 

Properties Selling At Near Record PaceWith demand far exceeding supply, properties sold in April faster at 39-days than at any time since July 2013 when it was 42-days and the second shortest time since tracking began in May 2011. Short sales were on the market the longest at a median of 180-days, while foreclosures sold in 50-days and non–distressed homes took 38-days. Fourty-six percent of homes sold in were on the market for less than a month.Properties Selling At Near Record PaceDistressed sale were 10% of sales last month, unchanged from the month before and below the 15% share a year ago. Seven percent of sales were foreclosures and 3% were short sales. Foreclosures sold for an average discount of 20% below market value, while short sales were discounted 14%. » [read more]

 

The Divide In Home Equity Between Underwater BorrowersThe number of borrowers who owe more on their mortgages than their homes are worth fell to the lowest level in eight years, but those who are still underwater are drowning faster than ever in foreclosure. By March, 1.6 million borrowers had crossed back into a positive equity position on their home loans compared to a year ago. The reason? Home values have sharply increased.The Divide In Home Equity Between Underwater BorrowersStill, more than 4 million borrowers, or 8% of all homeowners with a mortgage, remain underwater. While that is a 30% drop from a year ago, the numbers are considerably higher in states where values fell the most during the housing crash. Nevada and Florida have the highest rates of negative equity at 16 percent and 15 percent, respectively. » [read more]

 

Existing Home Sales Spike In MarchExisting home sales jumped to their highest annual rate in 18-months, while unsold inventory showed needed improvement. Led by the Midwest, all major regions experienced strong sales gains in March and are above their year-over-year sales pace.SummaryTotal existing home sales increased 6.13% to a seasonally adjusted annual rate of 5.19 million - the highest annual rate since September 2013. Sales have increased year-over-year for six consecutive months and are now 10.43% above a year ago, the highest annual increase since August 2013 » [read more]

 

Housing Starts Sluggish As Building Permits Post Record DropNew housing starts rose far less than expected and permits recorded their biggest drop since last May, which could raise concerns about the economy's ability to bounce back from a soft patch hit in the first quarter.Housing Starts Sluggish As Building Permits Post Record DropGroundbreaking increased 1.98% to a seasonally adjusted annual pace of 926,000 units. That left the bulk of February's decline, which had been blamed on bad weather, intact. » [read more]