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Tag Archives: Housing Supply

Aug New Home Sales Recover From July Plunge

Builders lowered prices and buyers responded in August, pushing new home sales up 7.9 percent to 421,000, reversing almost half of July’s 64,000 drop in sales, the Census Bureau and Department of Housing and Urban Development reported Wednesday. Economists surveyed by Bloomberg expected June sales to rise to 425,000 from July’s originally reported 394,000.

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Real Estate Firms Anticipate Increased Profits, Competition

The majority of real estate firms responding to a survey from the National Association of Realtors (NAR) expect profits--and competition--to heat up over the next year as the housing market continues to look up, the association. ""Two out of three real estate firms expect competition in the marketplace to increase, both among firms and nontraditional market participants,"" said Paul Bishop, NAR's VP of research. ""Because real estate is an entrepreneurial field, some experimentation in business models is likely when the market is in a recovery phase.""

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Report: Sellers Returning as Investors Pull Out

In Capital Economics' latest edition of US Housing Market Analyst, property economist Paul Diggle notes investor activity has fallen off nearly one-fifth over the last four months, with investor sales dropping to 18 percent as inventory of distressed homes declines. On the other hand, the ongoing rise in prices has encouraged more sellers to enter the market, which should temper further gains. ""With sellers motivated by the earlier rise in house prices, we expect the loosening in supply conditions to go much further over the next year,"" Diggle said.

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Industry Vets Launch New Group to Advocate for America’s Homeowners

America's Homeowner Alliance announced this week that it is officially open for membership. Launched by a team of industry veterans led by Phil Bracken and guided by an advisory board made up of representatives from the housing industry, prominent consumer groups, and fair housing organizations, America's Homeowner Alliance is the first nationally organized group dedicated to protecting and promoting sustainable homeownership for all segments of America.

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Study Finds 8.3M Homeowners on Verge of Positive Equity

Home prices have rebounded so rapidly that industry data show 8.3 million borrowers who've been underwater are on track to have enough equity to sell their home within the next 15 months--without resorting to a short sale. Metro markets that boast the highest percentage of homes with resurfacing equity include Omaha; Colorado Springs; Tulsa; Little Rock; and Raleigh, North Carolina.

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Real Estate Professionals Must Battle Foreclosure ‘Zombies’ to Survive

As home prices improve and headlines spell out recovery, those on the ground in housing markets across the country are encountering a new threat: zombies. These so-called zombie foreclosures take place when a bank initiates foreclosure on a property but then abandons the process, leaving the property in a sort-of no-man's land--vacant but not for sale.

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Trulia: Housing in Third Phase of Recovery, Awaiting Fourth

The first two phases of the recovery began in 2009 and 2012, respectively, according to Trulia's monthly Housing Barometer. The milestone marking the first phase was when sales and construction first started to pick up. The second phase began when home prices reached bottom and began to increase. The third phase began this spring after housing inventory bottomed out and both inventory and mortgage rates began to climb, according to Trulia. What we're waiting on now, according to Trulia, is the fourth phase, in which ""young adults finally start moving out of their parents' homes.""

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Home Sales Stage a Comeback in July

According to Redfin, ""this July saw a healthy jump in homes sold throughout most of the 19 markets covered in this report,"" improving 3 percent month-over-month and 17.6 percent year-over-year from a rather disappointing July 2012. In fact, Redfin found July 2013 experienced the highest number of homes sold in the past four years, with the 19 markets together seeing about 94,000 sales. While sales numbers picked up, Redfin believes the gains won't last. At the same time, reports on home price growth and inventory were less positive in July.

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July New Home Sales Plunge to 9-Month Low

Despite improving builder confidence, sales of new single-family homes dropped to their lowest level since last October, the Census Bureau and HUD reported Friday. The seasonally adjusted annual rate of sales dropped a stunning 13.4 percent to 394,000 in July. Economists surveyed by Bloomberg expected June sales to drop to 487,000 from June's originally reported 497,000. June sales were revised to 455,000.

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Illinois Home Sales, Prices Surge in July

In July, sales of single-family homes and condominiums in Illinois reached 16,012--the highest level since August 2006, the Illinois Association of Realtors reported. The total represents a 28.5 percent increase from July 2012. The median price of a home in Illinois also shot up, increasing 14.2 percent year-over-year to $169,000, IAR reported.

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