Tag Archives: Home Prices

In a report from IHS Global Insight, economic issues in Michigan were examined as part of the research firm's analysis of the 12 swing states.

No doubt, the potential of the REO to rental market has caught the attention of both individual and institutional investors. But, what is the real potential of the rental market, and how long will it continue? In a recent report authored by economist Paul Diggle, Capital Economics addressed those questions. With distressed inventory shrinking and prices rising, the research firm expects the acquisition of single-family homes to end after a few more years.

Both existing and new home sales are on the rise, but no amount of improvement in the housing sector will bring relief to the overall economy, which continues to struggle, according to Capital Economics. Economists at Capital Economics suggest the Fed's launch of QE3 may bring the 30-year fixed rate mortgage rate even lower. While this may entice more home buyers, ""the bottom line is that housing is unlikely to become a significant driver of GDP growth,"" Capital Economics states.

Home prices and home sales are rising, despite lackluster demand of traditional owner-occupied housing, according to Tim Rood of The Collingwood Group. Rood points out that median home prices and the number of home sales are both nearly 10 percent above what they were one year ago. This rise is not spurred by owner-occupants, the traditional ""backbone of the U.S. housing market,"" according to Rood. Purchases by owner-occupants declined 15.5 percent in 2011, while investment and vacation home sales increased by 7 percent.

New York Attorney General Eric T. Schneiderman announced a $7.8 million settlement with eAppraiseIT and its parent corporation, CoreLogic, formerly known as First American Corporation. The settlement is in regards to allegations that eAppraiseIT violated appraiser independence laws by conspiring with Washington Mutual (WaMu) to inflate home values.

Investors who are eagerly waiting for bargain prices from the potential foreclosure flood are likely waiting for something that won't happen, according to the September home value forecast report from Pro Teck Valuation Services. In the report, the company explained why it believes there will be no such flood and points to the current lack of inventory in markets such as San Diego, Orange County, and Los Angeles.

Home prices saw a slight boost from June to July, according to the latest home price index (HPI) report from Lender Processing Services (LPS). Based on transactions recorded across the country in July, the HPI experienced a 0.2 percent bump up to $204,000. While the boost is a relatively small month-to-month increase, it represents a more significant 4.3 percent increase from the beginning of 2012 and a 1.8 percent increase from July 2011.

After reaching a two-year high in July, the Pending Home Sales Index (PHSI) fell in August to 99.2, the lowest level since April, the National Association of Realtors reported Thursday. Analysts had expected the index to rise to 102.2. The index fell in three of the four Census regions. PHSI data are generally reflected in the report on existing home sales two months out, meaning the August PHSI points to weaker homes sales reported for October.

Home prices have hit their peak for the year, and the price increases seen earlier this year are slowing down, according to the latest data from Radar Logic. The firm's composite price index posted a 1.3 percent price increase from June 19 to July 19. Based on years passed, Radar Logic suggests the gains are partially seasonal, and prices peaked for the year in July. In addition, sales of foreclosed and REO properties reached their lowest level since January 2008, making up just 14.1 percent of all home sales.

Sales for single-family homes and condominiums in Massachusetts posted yearly increases in August, according to a report from The Warren Group, publisher of Banker & Tradesman.