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December 6, 2010 • 1:32 pm 0
Foreclosure Sales Drop In Q3
According to RealtyTrac’s Q3 2010 U.S. Foreclosure Sales Report, foreclosure sales fell 25 percent from the previous quarter and the average sales price of properties in some stage of foreclosure was $169,523, down 2.46 percent from the second quarter. James J. Saccacio, chief executive officer of RealtyTrac, said the expiration of the homebuyer tax credit created a substantial dip in overall demand in the third quarter. The average sales price of non-foreclosure properties, however, rose 6.42 percent from the second quarter and 4.36 percent from the third quarter of 2009. More here and here.
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December 3, 2010 • 10:32 am 0
The Housing Market, Consumer Confidence, And Job Growth
Gus Faucher, of Moody’s Analytics, says housing prices will experience some small declines but, with continued improvement in consumer confidence and job growth, the housing recovery will gradually get stronger.
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December 2, 2010 • 11:48 am 0
Pending Home Sales Surge In October
The National Association of Realtors’ Pending Home Sales Index jumped 10.4 percent in October, continuing an upward trend since bottoming in June. The index, based on signed contracts during the month, is 20.5 percent below last year’s level, which was elevated due to the homebuyer tax credit. Lawrence Yun, NAR’s chief economist, said it was encouraging to see double-digit gains and feels the market, though uneven at times, is clearly in a recovery phase. More here and here.
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December 1, 2010 • 7:59 am 0
Purchase Demand, Mortgage Rates Rise
According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages increased last week to 4.56 percent from 4.50 percent the week before. The rise in rates caused a 21.6 percent drop in the Refinance Index, which reached its lowest level since June. The Purchase Index, however, was up 1.1 percent from a week earlier. The week’s results include an adjustment for the Thanksgiving holiday. More here.
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