Tag Archives: Home Prices

Markets around the country suffered from inventory shortage in February, and Connecticut was no exception, according to data from the Warren Group. The real estate data provider's February report shows single-family home sales dropped 7.7 percent year-over-year in the Constitution State, decreasing to 1,149. The decline puts an end to a 13-month streak of year-over-year sales improvements.

After climbing for seven straight months, the improving markets index (IMI) from the National Association of Home Builders (NAHB) and First American fell by one market from the prior month. The index identified 273 markets as improving this month, down from 274 in March. Although the index welcomed five new markets in April, six dropped off the list. ""In some markets, the main thing that's holding back a recovery is a relatively thin inventory of homes for sale, which could be resolved if builders had easier access to credit for building homes and putting people back to work,"" said Rick Judson, NAHB chairman.

According to findings from Redfin, the number of agents saying now is a good time to buy plummeted from 75 percent in Q3 2012 to just 57 percent in Q1 2013. At the same time, the number of agents saying now is a bad time to buy rose slightly, though the percentage is still low--5 percent in Q1 2013 compared to 2 percent in Q3 2012. On the other hand, 82 percent of agents believe now is a good time to sell, a spike from 54 percent in the third-quarter survey.

Reports may tout data pointing to a housing recovery, but nearly eight in 10 Americans are unconvinced, according to the How Housing Matters survey conducted by Hart Research Associates. In the survey, 58 percent of Americans said they believe we are still in the middle of the housing crisis, while another 19 percent said the worst is yet to come, which means 77 percent hold the belief that the crisis is still here. Just one in five, or 20 percent, believe the crisis is ""pretty much over.""

Interest from first-time homebuyers is steadily growing due to concerns over rising interest rates and prices, while investor interest remains strong, according to results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The survey found first-time homebuyers accounted for 34.5 percent of home purchase transactions in February, leading to the second monthly increase. Meanwhile, investor purchases reached a four-month high after accounting for 34.5 percent of transactions in February, according to the survey results.

CoreLogic's Home Price Index (HPI) posted its largest annual increase in nearly seven years in February. When including distressed sales (short sales and REO transactions), home prices in February increased by 10.2 percent from February 2012, the data provider reported Wednesday. The annual gain marks the largest increase since March 2006. From January to February, prices still moved in a positive direction, but rose by just 0.5 percent.

Since December 1, 2011, the Consumer Financial Protection Bureau (CFPB) has handled more than 63,700 mortgage complaints, according to a report from the bureau. Most of the mortgage complaints were a result of issues borrowers faced when they were not able to make their mortgage payments. Overall, 61 percent of the mortgage complaints dealt with issues related to loan modifications, collections, or foreclosures. The second most common mortgage complaint fell into the ""making payments"" category, which covers issues with loan servicing, payments, or escrow accounts.

Investment-home sales in 2012 were down slightly from the year before but remain elevated, while the median price increased, according to a survey from National Association of Realtors (NAR). Sales for investment homes fell 2.1 percent to 1.21 million, down from 1.23 million in 2011. Overall, investment sales accounted for 24 percent of sales in 2012, the second highest share since 2005, NAR data revealed. The median price paid for investment homes increased 15 percent to $115,000 in 2012 compared to $100,000 in 2011, NAR reported.

For the first time since 2006, national home prices survived winter without experiencing a quarterly decline, according to Clear Capital's market report for March. Home prices ended last month with a 6.5 percent year-over-year improvement, while the quarterly gain was a modest 0.9 percent. On a regional basis, Clear Capital found quarterly growth was the strongest in the West, where prices were up by 2.2 percent. Over the next three quarters, Clear Capital is projecting growth of 1.7 percent, which would bring the 2013 forecast to 2.6 percent.

It's no secret investor demand is playing a large part in the current housing recovery as cash buyers contribute to close to one-third of home sales. The question on the minds of many is whether the market is experiencing an artificial recovery and whether it will last. Keefe, Bruyette & Woods, (KBW) suggests the question of artificiality is mute because the current recovery will, in fact, last. ""Sure, it may be artificial and in large part driven by high investor purchases and artificially suppressed mortgage rates,"" the firm said in a report.