HomeRun Homes Rent to Own Homes Blog

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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com
Showing posts with label townhome. Show all posts
Showing posts with label townhome. Show all posts

October 20, 2011

Snapshot of September New Construction and Existing Home Sales

Hi Everyone,
   Welcome back to a beautiful Fall day with the potential for a substantial amount of pumpkin picking in the forecast.

   The September figures for both New Residential Construction and Existing Home Sales were released this week, and aside from fluctuations over the past few months, things look solid when compared side-by-side with the same time 12-months ago.

   New Residential Construction, as you might be aware, is broken down into 3 parts; Building Permits, Housing Starts, and Housing Completions. Housing Starts (Privately-owned housing starts), were up 15% from August, and 10.2% Above September 2010. This is very encouraging, especially for the Western Region of the U.S., which had figures that were substantially higher than the average (over both the 1-month and the 12-month periods). Building Permits and Housing Completions were also up over the longer-term, but not at the elevated levels as were the Housing Starts.

   Existing-Home Sales, which includes completed transactions for single-family, townhomes, condominiums and co-ops, dropped 3% from August, but are up over 11% from September 2010, per the National Association of Realtors® (NAR). In terms of regional variations, the long-haul big winner was the Midwest, checking in with in excess of a 17% jump in Existing Home Sales from September 2010 through September 2011.

   The chief economist for the NAR, Lawrence Yun, said that, “Existing-home sales have bounced around this year, staying relatively close to the current level in most months”, and he calls it "Irony" that the "affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes", but, "the share of contract failures is double the level of September 2010", and he interpreted this as pointing to "an unfulfilled demand". Contract failures, incidentally, can result from a declined mortgage application, appraisal values below the negotiated price, issues resulting from the home inspection report, job loss, etc.

   In sum, Housing Starts up 10.2% from a year ago, coupled with a 11% increase in Existing-Home Sales from a year ago, would tend to point to improving market conditions. Do you agree? Do you disagree? Please explain - we'd love to hear your angle on these figures.

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Have a Great Weekend, and Happy Rent-to-Owning !
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #NewConstruction #ExistingHomeSales #Residential #Housing #Building #Permits #singlefamily #cancellations #townhome #condo #Realtor #appraisal #NAR

June 21, 2011

Realtors And Existing Homes...What It All Means

Hi Everyone,

   I might be shot on the spot for this, but perhaps I won't be...when we think of Realtors, we often think of the Realtors that sell Existing homes...in other words...ones that are already built and are not new construction. If we go with that thought, seeing the clout that Realtors have in the Housing market, we realize how important an indicator the "Existing Homes Sales" figures are (released by the National Association of Realtors®, or "NAR").

   The figures for May were just released, and sales dropped 3.8% from April, but 15.3% from a year ago (when the tax credit deadline was approaching). The figures are the "completed transactions that include single-family, townhomes, condominiums and co-ops", per the NAR.

   "There is still lots of pain in many US markets. Foreclosures and short sales, declining prices and tougher lending standards are prohibiting new buyers from getting in the market", says Barak Dunayer, founder of Barak Realty in New York City. He points to some bright spots, such as properties priced below $100,000, along with some "deeply discounted properties" scooped up by investors. He does offer some hope in his local market, and says that in some areas, as in the case of NY City, "the sales of certain properties in specific submarkets have been robust and even back to 2006-2007 levels.", and reminds us of a very valuable lesson: "As real estate is a local market NOT a national market, one must look closely at local market conditions prior to making sound buying and selling decisions."

   This is some sound advice. On Wednesday, the FHFA Monthly House Price Index will be released, followed by the New Residential Sales figures for May on Thursday. What do you think will be the result of those two releases? We'd love to hear your opinion.

Have a Great Week, and Happy Rent-to-Owning !
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #Realtor #housingmarket #existinghomes