Seasonal Improvement in Home Prices

Home prices showed a second consecutive month of increase in prices for the 10- and 20-City Composites according to S&P. The concern is that much of the monthly gains are only seasonal.

The S&P/Experian Consumer Credit Default indices showed a continuing decline in mortgage default rates since last winter. Other reports confirm that banks have tightened lending standards in the past year, making it harder to qualify for a mortgage despite very low interest rates.

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Existing-Home Sales Slip on Contract Cancellations

Existing-home sales eased in June as contract cancellations spiked unexpectedly, although prices were up slightly, according to the NAR.

Total existing home sales declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, and remain 8.8 percent below the 5.23 million unit level in June 2010.

NAR President Ron Phipps says tight loan standards are keeping many buyers from completing deals.

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U.S. Home Prices Rise, Lifted by Spring Buyers

Home prices in April rose in 13 of the 20 cities tracked according to the Standard & Poor’s Case-Shiller home-price index. The index rose 0.7%, the first increase since July.
But the increase was most likely because of busy spring and summer home-buying seasons and a delay in processing foreclosures.
Sales of new homes have fallen 18 percent in the two years. Larger down payment requirements and tougher lending are preventing people from buying homes.

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Home prices have sunk to 2002 levels

Mortgage rates fell to their lowest level of the year. Prices fell nationwide 4.2% in the first quarter after declining 3.6% in the fourth quarter of 2010 according to S&P/Case-Shiller National Index.
David M. Blitzer, chairman of S&P's index committee, says Home prices continue on their downward spiral with no relief in sight.
Families are stuck in homes they can't sell because they are worth less than what they owe.
According to CoreLogic Inc Another 5% decline in prices will increase the share of underwater homeowners with mortgages to 28%, up from 23% at the end of 2010

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Existing Home Sales in April

Existing-home sales slipped in April according to the NAR. The national median existing-home price for all housing types was $163,700 in April, which is 5.0 percent below April 2010.

Unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations, according to NAR Chief Economist Lawrence Yun.

Home sales are being held back 15 to 20 percent due to the very restrictive loan underwriting standards.

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Home Prices Near Recession Low

In February home prices fell for the 8th month in a row according to S&P and the WSJ. The prices are now slightly above the recession low hit in April 2009.

The S&P/Case-Shiller 10-city and 20-city indexes both fell 1.1% in February from a month earlier.

New and occupied homes are still burdened by foreclosures; no sign of a price rebound is expected.

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Existing Home Sales Rise in March according to NAR.

Not every month will show a gain – Buyers have difficulties to obtain a mortgage.

NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.

Data from Freddie Mac and Fannie Mae show requirements to obtain conventional mortgages have been tightened, with the average credit score rising to about 760 in the current market from nearly 720 in 2007; for FHA loans the average credit score is around 700, up from just over 630 in 2007.

Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago.

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U.S. Housing Prices Fell Again in January

The Standard & Poor’s Case-Shiller Home Price Index for 20 large cities declined 1 percent from December, putting the slide from its 2006 peak at 31.8 percent.

First-time buyers are fleeing, sellers are frustrated, builders are depressed and lenders are skittish about making new loans.

Nobody wants to sell at these prices. A scary number is the decline in February new-home sales,
which is 16.9% below January levels. For previously owned homes,
February sales volume actually fell a whopping 9.6%. Sales were 2.8% lower than last year

Existing-home sales were down in February by nearly 10 percent from January, the National Association of Realtors reported last week, much worse than expected.

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Home Price Index Decline

U.S. National Home Price Index declined by 3.9% during the fourth quarter of 2010 according to S&P.
The National Index is down 4.1% from the fourth quarter of 2009 which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6% annual rate.
18 of 20 cities are down over the last 12 months.

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Existing-Home Sales Rise Again in January

The uptrend in existing-home sales continues, with January sales rising for the third consecutive month with a pace that is now above year-ago levels, according to the NAR.
But buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.
With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes.

The national median existing-home price for all housing types was $158,800 in January, down 3.7 % from January 2010.

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To protect your home value against decline below a set price, IRESE offers you Home Equity Protection Plan. With Home Equity Protection Plan the exposure to real estate market price fluctuation will be minimized.

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