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Tag Archives: Housing Supply

Homebuyer Interest Off to Strong Start in 2013

Homebuyer interest got off to a strong start in 2013, according to Redfin's Real-Time Demand Pulse for February. The report, which reflects data for January, shows the number of Redfin customers requesting home tours rose 57.9 percent in January, up from 52.0 percent at the same time in 2012. January's monthly increase is a turnaround from December's slump, which saw a 7.0 percent decline in customers requesting tours.

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Report: Low Supply Points to Price Increases of 5-10% in 2013

The low supply of housing stock recently reported is giving Capital Economics reason to believe home price forecasts under 5 percent are actually conservative estimates. Realtors in December expected prices to rise by about 3.5 percent over the next year, while consumer estimates were more modest at 2.5 percent for the same time period, according to a monthly housing report from the firm. But, with the low supply of inventory, Capital Economics anticipates much bigger gains in the future.

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Home Price Expectations Vastly Different from Coast to Coast

Capital Economics expects home prices to increase about 5 percent over the year at a national level. However, housing markets across the nation are markedly different, and this 5 percent will not be a constant in all regions. At the two far ends of the spectrum, the Northeast and the West will experience far different market climates this year, according to Capital Economics. The Northeast is much more likely to see no price growth at all than anything close to the 5 percent national average this year, the analytics firm stated in a recent outlook.

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The Bigger Picture in S&P’s Home Price Data

Following S&P's calculation of a 0.1 percent decrease in prices in November, according to the Case-Shiller 20-city composite, analysis on home price trends remained positive. ""[A]fter accounting for the normal slowdown in the housing market over the winter months, this actually looks like another 0.6 percent [month-over-month] gain,"" stated Capital Economics Tuesday. Similarly IHS Global Insight's Stephanie Karol noted both Case-Shiller indices, when seasonally adjusted, posted increases for the 10th consecutive month.

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NAR: Pending Home Sales Index Records Sharp Drop as Inventory Falls

The Pending Home Sales Index (PHSI) fell 4.3 percent to 101.7 in December, the sharpest month-month drop since April the National Association of Realtors (NAR) reported Monday. Economists had expected a smaller 0.3 percent decrease to 106.1 from November's originally reported 106.4. The November index was revised down to 106.3. NAR economist Lawrence Yun blamed a tight inventory for the weakening index. Yun also noted the lack of homes costing less than $100,000, especially in the West.

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Agents Report Strong Homebuyer Traffic Despite Winter Season

Winter weather did not slow down the housing market's momentum, with homebuyer traffic still going strong in December, according to survey results from Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The three homebuyer groups--current homeowners, first-time homebuyers and investors--all recorded their biggest traffic gains of 2012 in December, data from the HousingPulse survey revealed. The survey also measured the relative health of the housing market by assessing time on market, number of offers, closed transactions, and sales prices. Overall, survey data revealed all measures improved at the end of 2012.

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Pro Teck Ranks 10 Best Performing Metros

Pro Teck's ranking measures inventory, days on market, sales and listing activity, the ratio of sales price to list price, and foreclosures and REOs to determine the best- and worst-performing markets in the nation. January's top 10 list includes a mix of markets from all regions across the country, and ""even those in the Bottom 10 list are showing a fair percentage of positive trends,"" said Michael Sklarz, principal of collateral analytics at Pro Teck. Austin-Round Rock-San Marcos, Texas ranked as the No. 1 market in the country and was one of two Texas markets to make the top 10 list this month.

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Fannie Mae: Slow Economic Growth May Be the Near-Term Norm

While some are asking when the economy will return to normal, others are wondering if this prolonged period of below-potential GDP growth is actually the ""new normal,"" according to a report from Fannie Mae's (FNMA/OTC) Economic & Strategic Research Group. For 2013 and 2014, Fannie Mae projects a continuation of below-potential economic growth, with a 2 percent growth rate expected for 2013, similar to the lackluster performance seen in 2012.

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Economists at NAHB’s Builders’ Showcase Discuss Industry Trends

Speaking at the NAHB's International Builders' Show in Las Vegas, chief economists David Crowe (for the NAHB), David Berson (Nationwide), and Frank Nothaft (Freddie Mac) talked about the trends the housing industry can expect to see and the potential threats that may impede the recovery. In total, NAHB forecasts 949,000 total housing starts in 2013, up 21.5 percent from 781,000 in 2012. Single-family starts are expected to rise 22 percent to 650,000 in 2013 and an additional 30 percent to 844,000 in 2014.

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Pending Home Sales Down in California; Distressed Sales Increase

Pending home sales in California were brought down by lack of inventory while the share of distressed sales increased, according to data from the California Association of Realtors (C.A.R.). C.A.R.'s Pending Home Sales Index (PHSI) decreased 20.5 percent month-over-month as the index slipped from November's revised 103.5 to December's 82.3. After seeing declines, the combined share of all distressed property sales ticked up to 36.4 percent in December, up from 35.1 percent in November.

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