November Existing-Home Sales and Prices Maintain Uptrend
Existing home sales in November were up 14.% from a year ago and reached the highest level since November 2009.
The median price rose rose for the 9th consecutive month and is up 10.1% from a year ago.
Housing inventory fell to 4.8 months of supply, the lowest level since September 2005.
National Association of Realtors, December 20, 2012
Full Story
Essex County “8th healthiest housing market in country for 2013”
The healthy markets that made the list have strong job growth (Bureau of Labor Statistics), which bodes well for housing demand; low vacancy rates (U.S. Postal Service)–low enough to encourage new construction, but not so low that inventory and sales are restrained; and low foreclosure inventory (RealtyTrac), since foreclosures tend to hold back recovery.
Jed Kolko, Chief Economist, Trulia December 21, 2012
Full Story
Improving Housing Trends likely to continue into 2013.
A combination of factors, including declining time-on-market, a drop in distressed properties and rising average home prices, are all pointing to a strengthening housing market in the months ahead.
Campbell/InsideMortgage Housing Pulse, December 21, 2012
Full Story
Foreclosures drop 28% in year, lowest since December 2006
The latest data offers “more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago,” says Daren Blomquist, vice president at RealtyTrac
National Association of Realtors, December 13, 2012
Full Story
Housing starts decline slightly in November because of Sandy, but rise 21.6% from year ago.
November starts were 861,000. The recession low was 478,000 in April 2009, but the current level is still well below the 1.5 million considered to reflect a healthy market.
89.3 KPCC December 19,2012
Full Story
MA pending home sales up in November for 19th straight month
MA pending home sales up in November for 19th straight month according to Massachusetts Association of Realtors
Full Story
Property Tax Rates for 2013 in Marblehead and the North Shore
Often lost in the shuffle in the hecticness of the holiday season is the announcement of the new property tax rate, which actually becomes effective from July 1, 2012. What this means is that most of us have been paying less than we owe during the first half of the year, which is why our bills will go up for the second half of the year. (more…)
Foreclosure crisis finally appears to be ebbing
Jay Fitzgerald, Boston Globe, December 1
As a result of an improving economy and successful loan modification programs, the foreclosure crisis both in MA and nationally finally seems to be ebbing.
Full Story
Condo sales: bumping along the bottom?
Unlike the SFH market, sales of condos remain well below the levels of the early years of this century, as the following table shows:
©Oliver Reports
(more…)
SFH sales on track for best year since 2005
November saw 14 sales of SFHs, taking the YTD total to 211. This makes 2012 already the largest sales year since 2005. The moving average in the chart clearly shows the recovery to more normal sales levels. (more…)
Why it pays to bank locally
Here are three stories about National Grand Bank (NGB):
1.On the Monday that Hurricane Sandy was blowing into town, Harborside Realty had a closing scheduled where the buyer was getting a mortgage from a “big box” bank. Said bank decided not to open that day, but did not feel it was necessary to inform their customers. What to do? (more…)
New home sales slip in October on Sandy; September revised down sharply. Supply only 4.8 months.
New home sales slip in October on Sandy; September revised down sharply. Supply only 4.8 months.
RTT News November 28,2012
Full Story
“Every Single Thing About Housing Is Flashing Green”
These were the words used by J.P.Morgan CEO, Jamie Dimon, in a recent interview with CNBC. Dimon pointed out that housing formation was up, inventory down and housing affordability was at an all-time high.
In my mid-year 2011 Marblehead Reporter review I wrote: The biggest restraining factor today is probably confidence, or the lack thereof.”
The following news items indicate that confidence is returning to the real estate market across the country. (more…)
Housing starts unexpectedly increase to 4 year high
Shobhana Chandra, Bloomberg, November 20,2012
New-home construction unexpectedly climbed to a four-year high in October, more evidence of a revival in the industry that’s helping propel the U.S. economy.
Housing starts rose 3.6 percent to a 894,000 annual rate, the fastest since July 2008 and exceeding all estimates in a Bloomberg survey, Commerce Department figures showed today in Washington. The median forecast of 82 economists called for an 840,000 pace.
Permits for the construction of single-family homes also advanced to the highest in four years. Full Story
Recent Comments