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Home Buying
Study The Data
Home Buying September 25, 2008YAHOO!News Price of existing homes sees record fall September 24, 2008 Full article YAHOO!News Excerpts: WASHINGTON (Reuters) - Prices of existing homes in the United States suffered a record drop in August while the sales pace slowed and the overstock of homes shrank, the National Association of Realtors said on Wednesday.ADVERTISEMENT The pace of existing home sales decreased 2.2 percent to a 4.91 million unit annual pace while the median national home price declined 9.5 percent to $203,100. Economists polled by Reuters were expecting home resales to fall to a 4.93 million-unit pace from the July rate of 5.02 million units. The dollar extended losses against the euro after the data. Home Buying September 25, 2008YAHOO!News Price of existing homes sees record fall September 24, 2008 Full article YAHOO!News Excerpts: WASHINGTON (Reuters) - Prices of existing homes in the United States suffered a record drop in August while the sales pace slowed and the overstock of homes shrank, the National Association of Realtors said on Wednesday.ADVERTISEMENT The pace of existing home sales decreased 2.2 percent to a 4.91 million unit annual pace while the median national home price declined 9.5 percent to $203,100. Economists polled by Reuters were expecting home resales to fall to a 4.93 million-unit pace from the July rate of 5.02 million units. The dollar extended losses against the euro after the data. Home Buying July 25, 2008Existing home sales fell more sharply than expected in June.The housing industry continued its worst slump in more than two decades. The National Association of Realtors reported the following: Sales dropped by 2.6 percent last month to a seasonally adjusted annual rate of 4.86 million units. That was a much more severe decline that had been expected. Sales were 15.5 percent below where they were a year ago. The downward slide in sales also affectec prices. The median price for a home sold in June dropped to $215,100, down by 6.1 percent from a year ago. That was the fifth largest year-over-year price drop on record. Inventories of unsold single-family homes and condominiums were up by 0.2 percent to 4.49 million units. That number of unsold homes left an 11.1 month supply. It was the second highest level in the past 24 years. On Wall Street, stock prices fell Thursday due not only to the drop in home sales but by a big loss reported by Ford Motor Co. The Dow Jones industrial average was down 145 points in early afternoon trading. Sales of existing homes dropped in all regions of the country in June except the West, which posted a 1 percent sales increase. Sales fell by 6.6 percent in the Northeast, 3.4 percent in the Midwest and 3.1 percent in the South. It is believed by many, that until the inventory level is reduced to more normal levels, the slump in housing is likely to persist.
Home Buying May 28, 2008Commerce Department Report New home sales in the United States rose 3.3 percent in April following five months of decline. The rise brought the figure of new home sales up to a seasonally adjusted annual rate of 526,000 units. This was still the lowest level since October 1991 and 42 percent below the level a year ago. The revised data reveals that new home sales in March fell by 11 percent, to an annual rate of 509,000-the weakest pace for sales-since April 1991. Regionally-Northeast-new home sales jumped by 41.7 percent in the last month. In the South, sales dropped by 2.4 percent, while that in the West gained 8.3 percent. Sales in the Midwest were up 5.8 percent. The median price of a new home, declined last month to 246,100 U.S. dollars, down 4.2 percent from the level a year ago. Inventories of unsold new homes at the end of the month of April, totaled 456,000 units. Tax Tips-See also From IRS-Scams Feb. 3, Rebates Feb. 21, New biz tips, Feb. 26, President Bush Meets with the Secretary of the TreasuryOval Office Home Buying THE PRESIDENT: Secretary Paulson, thanks for coming. And I just got back from the Middle East, and the Secretary came over to talk about the economy and how he sees it. And we're working through tough times, and I appreciate the leadership you're providing. He did assure me that the refund checks are heading out, people getting that money. And that's good. It should help our economy, and more importantly, help people pay their bills. And we hope people use that money and take care of their families and shop. President George W. Bush is joined by U.S. Treasury Secretary Henry Paulson Monday morning, May 19, 2008, in the Oval Office, where President Bush told reporters he looks forward to working with Congress to get a good piece of legislation to help creditworthy people to stay in their homes. White House photo by Eric Draper I also asked him how he was doing in helping people stay in their homes. We spent time talking about the housing industry. And one of the really impressive programs has been the HOPE NOW program. Home Refinancing
Secretary Paulson has taken the lead in -- to help people refinance and help people get the financial help necessary to stay in homes. And that help comes in all different kinds of ways, but generally it just means that the lending institutions are -- help a creditworthy person stay in their home, and that's what we want to have happen.Since the program started, 1.4 million people got mortgage relief so they can stay in their home. And in the first quarter of this year, 500,000 households, 500,000 families were helped. And I appreciate your leadership on that, Hank. It's been -- our policy in this administration is we -- laws shouldn't bail out lenders, laws shouldn't help speculators, the government ought to be helping creditworthy people stay in their homes. And one way we can do that -- and Congress is making progress on this -- is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator. The Secretary is briefing me on the progress being made on the Hill on this very important subject. Our fellow citizens have got to know that these major players in the mortgage markets, if reformed properly by Congress, will really help stabilize the markets and make it easier for people to stay in their homes. And we look forward to working with Congress to get a good piece of legislation to my desk that helps our fellow citizens, and helps us get through this housing issue. So, Mr. Secretary, thank you for your briefing. I appreciate very much your leadership on the issue. Existing Home Sales Fall to Lowest Level in Nearly a Decade Sales of existing homes fell to the lowest level in nearly a decade in January. The median price for a home dropped for the fifth consecutive month. According to The National Association of Realtors: "Sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units, the slowest sales pace on records going back to 1999. Home Buying The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago. The drop in sales and the fifth consecutive decline in prices underscored the continued pressure facing housing, which is struggling to emerge from its worst slump in a quarter-century. Sales were weak in all parts of the country except the Midwest, where sales posted an increase of 3.4 percent. Sales dropped by 3.6 percent in the Northeast, 2.1 percent in the West and 0.5 percent in the South." Home Buying January 30, 2008-10 Metropolitan AreasHome prices in 10 major metropolitan areas fell a record 8.4 percent through November 2008. The decline is greater than the 6.7 percent annual drop for October and was deeper than predicted by economists. at The consensus was for a 7.1 percent. Home prices in big cities have now declined for 11 consecutive months The decline rose to 2.2 percent in November over October, from 1.4 percent in the previous month. Home Buying Falling U.S. home prices in the past year have contributed to rising delinquencies and foreclosures. Homeowners in many cases are unable to get out of costly loans. A cut in the Federal Reserve's target interest rate last week and another probable one on Wednesday offers some hope going forward. The Fed, last week cut its federal funds rate by 0.75 percentage point. Home Buying January 28, 2008New Homes WASHINGTON (AP) - New home sales plunged in 2007 by the largest amount on record while home prices tumbled sharply in December. Analysts forecast more trouble in 2008 as housing tries to emerge from its worst slump in more than two decades. The Commerce Department reported Monday that sales of new homes dropped by 26.4 percent last year to 774,000. That marked the biggest decline on record, surpassing the old mark of a 23.1 percent plunge in 1980. The government reported that the median price of a new home barely budged last year, edging up a slight 0.2 percent to $246,900, the poorest showing since prices fell by 2.4 percent during the 1991 housing downturn. Home Buying January 28, 2008Previously Owned Homes In 2007, the median price of an American single-family home fell.This was the first drop in at least forty years. The median price declined 1.8 percent to $217,800, the first annual decline since reliable records began in 1968. Because of the uncertainty of records kept, before that, it may be the first drop going back to the Great Depression. Over all, sales of previously owned single-family homes fell 13 percent in 2007, the biggest drop in about 25 years. Last month home sales dropped 2.2 percent from November, to a 4.89 million annual rate. Home Buying Wednesday, Nov. 28, 2007WASHINGTON -- Existing home sales fell 1.2 percent in October to a record low 4.97 million-units. Prices of homes fell at a record pace as the inventory of homes for sales increased. The median existing home price fell 5.1 percent from a year ago to $207,800. The housing inventory rose 1.9 percent in October to 4.45 million existing homes for sale. This represents a 10.8 month supply if the current pace continues. The sales pace was the lowest since 1999. Home Buying October 25, 2007US existing home sales fell 8.0 percent in September. The National Association of Realtors (NAR) said in a monthly snapshot that sales of existing homes and apartments tumbled to a seasonally adjusted rate of 5.04 million units in September from 5.48 million in August. Home Buying August 23, 2007NEW RESIDENTIAL SALES IN JULY 2007 Sales of new one-family houses in July 2007 were at a seasonally adjusted annual rate of 870,000, according to estimatesreleased jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.8percent (±12.0%)* above the revised June rate of 846,000 and is 10.2 percent (±12.3%)* below the July 2006 estimate of969,000. The median sales price of new houses sold in July 2007 was $239,500; the average sales price was $300,800. Theseasonally adjusted estimate of new houses for sale at the end of July was 533,000. This represents a supply of 7.5months at the current sales rate. New Residential Sales data for August 2007 will be released on Thursday, September 27, 2007, at 10:00 A.M. EDT.
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Home Buying Buying HUD Homes What is a HUD Home? A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Who can buy a HUD Home? Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors. If you are an evacuee displaced by Hurricane Katrina, Rita or Wilma, HUD could sell a HUD home at a discount to you! How are HUD Homes sold? All properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract. Are there any special programs? Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Initiatives. Should I get a home inspection? We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems. Home Buying What about financing? Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. Shop around for a lender to find the best loan terms. Find out how an FHA loan can help you. Content updated February 15, 2007 Home Buying July 18, 2007The Bureau of Labor Statistics suggests the slowdown in homeownership costs may be due to fundamental features of the housing market, and thus is likely to persist. This was apparently good news for the Federal Reserve which received the news from the Bureau of Labor Statistics, seeming to suggest that recent improvement in core inflation may continue. In the first quarter, the rental vacancy rate was the same as it was two years ago-10.1%. Vacancies, however, were up a full percentage point to 2.8%, in owner-occupied homes . That scenario with unsold homes is likely to persist for some time. Many might be placed on the rental market. Home Buying May 2007NEW RESIDENTIAL SALES IN MAY 2007 Sales of new one-family houses in May 2007 were at a seasonally adjusted annual rate of 915,000, according toestimates released jointly today by the U.S. Census Bureau and the Department of Housing and UrbanDevelopment. This is 1.6 percent (±10.8%)* below the revised April rate of 930,000 and is 15.8 percent (±9.0%)below the May 2006 estimate of 1,087,000. The median sales price of new houses sold in May 2007 was $236,100; the average sales price was $313,000. The seasonally adjusted estimate of new houses for sale at the end of May was 536,000. This represents a supplyof 7.1 months at the current sales rate.
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Home Buying Friday, May 25, 2007WASHINGTON -- Sales of existing homes fell by 2.6% in April. A seasonally adjusted 5.99 million units were sold. Median prices for homes sold fell for the ninth straight month. Subprime mortgage problems caused a further drag on housing. The 5.99 million units was the slowest pace since June 2003. The median price of a home fell to $220,900, an 0.8 percent decrease from a year ago. The decline was the ninth straight in the median price. Home Buying October 2006
Previously Owned Homes
| No. Of Homes Sold | %
Up | %
Down | Median Price
Oct. 2005 | Median Price
Oct. 2006 | Oct. 2006
6.24 Million | 0.5% | ---- | $227,800, | $221,000 | New Homes
| No. Of Homes Sold | %
Up | %
Down | Median Price
Oct. 2005 | Median Price
Oct. 2006 | Oct. 2006
1.004 Million | ---- | 3.2 | $243,900 | $248,500 |
New Homes Construction
Construction Of New Homes
Annualized | %
Up Previous Month | %
Down Previous Month | Oct. 2006
1.486 Million | ---- | 14.2% |
Home Buying September 2006
For the sixth straight month sales of existing homes fell in September. The median sales price dropped on a year over year basis by the largest amount on record, providing further evidence of a lukewarm housing market. New Home prices dropped even more precipitously than Existing Homes See the Table for New Homes at bottom of page. Previously Owned Homes
| No. Of Homes Sold | %
Up | %
Down | Median Price
Sept. 2005 | Median Price
Sept. 2006 | Sept. 2006
6.18 Million | ---- | 1.9% | $225,300 | $219,800 | The median price of a single-family home fell to $219,800 last month, a drop of 2.5 percent from the price in September 2005. That was the biggest year-over-year price decline in records going back nearly four decades. The 2.5% drop in the median price, the largest in nearly 40 years was even more impressive than the 1.9% drop in the number of homes sold. Sales were down in all sections of the country except the South, which posted a small 0.4 percent decline. Sales fell the most in the Northeast, a drop of 3.7 percent, followed by the West, where sales were down 3.1 percent, and the Midwest, where sales fell by 2.8 percent. New Homes
| No. Of Homes Sold | %
Up | %
Down | Median Price
Sept. 2005 | Median Price
Sept. 2006 | Sept. 2006
1.075 Million | 5.3% | ---- | $240,400 | $217,100 | Home Buying Home Buying To Editorials
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