The Case -Shiller Home Price Index, released this morning, reflected further declines in its top 20 cities, which was on target with forecasts — given that the index lags the market. One of the most notable elements is the magnitude of the aggregate decline — down 4.51% Year over Year, which... Read more
In a week full of economic results that indicated still weaker housing markets lie ahead, one interesting data point offering hope came from pending home sales, which were up +8.2% in May. This was partially driven by the fact that prior month results were down 11.3%, but this was... Read more
Existing home sales rose 3.7% from February to March, according to data released by the National Association of Realtors. That encouraging upward direction is in line with a 2.1% increase in pending home sales. Of particular note is that 35% of the existing home sales transactions were cash-based. This... Read more
Housing Starts and Building Permit results are not shocking or exciting as we have seen with foreclosure news recently but this Commerce Department data provides perspective on the future of housing. From the graph below, you can see this is the best result we have had since April’10 for Housing Starts. The lower... Read more
Today’s release of Pending Home Sales represents the number of contracts to purchase existing homes. It showed an increase of +4.3% month-over-month which, although positive, is still -18.4% lower than a year ago. These results are a precursor to the “Existing Home Sales” data to be released on Oct 25th,... Read more
U.S News & World Report recently reported on the top ten places in the United States that had the most “underwater” mortgages. Understanding Negative Equity or Underwater Mortgage Negative equity or “underwater” mortgage is when a home owner owes more on their home than it’s worth. Therefore, home owners... Read more
We are in the thick of a buyer’s market right now. With so many homes hitting the housing market, it’s hard to compete with their home prices. Home owners everywhere are lowering their asking price just so they can get their house sold before it gets worse. Selling Your... Read more
Wall Street is expected to unveil a new credit-default-swap (CDS) index in early 2010 that will be tied to U.S. prime mortgage securities. The move is aimed at adding stability to the market and to counter failures in the asset backed securities (ABS) indexes that were created during the subprime loan days.