US – S&P/Case-Shiller: home prices in nine metros reach new lows

April 25, 2012

Home prices fell to post-recession lows in the latest Standard & Poor’s/Case-Shiller national indices.  Home values in nine metro areas also reached record lows, the report said.   “Nine MSAs are — Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa — hit new post-crisis lows. Atlanta continued its downward spiral, posting its lowest annual rate of decline in the 20-year history of the index at -17.3%.”

Read the rest of this entry »

Advertisements

US Feds – March Job growth slowed dramatically

April 25, 2012

WASHINGTON — The U.S. job market took a breather in March after its best hiring stretch since the Great Recession.

Employers added 120,000 jobs in March – half the December-February pace and well short of the 210,000 economists were expecting. The unemployment rate fell from 8.3 percent in February to 8.2 percent, the lowest since January 2009, but that was largely because many Americans stopped looking for work.

Read the rest of this entry »


US – Miami condo prices surge 46%, home prices up

April 23, 2012

The median sales price of condominiums in Miami-Dade County surged 46% to $141,700 in March compared to a year earlier, according to the Miami Association of Realtors and the local multiple listing service system.

For the fourth consecutive month, Miami home prices also posted strong gains with the median sales price of single-family homes rising 13% to $180,000 over March 2011.

“The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,” said Martha Pomares, 2012 MAR chairman of the board.

Read the rest of this entry »


US – Short sales Rises (Pre-foreclosure) in 2012

April 23, 2012

According to a recent report, pre-foreclosure sales, which are typically short sales, showed a 33% increase in January over year-ago figures in 32 states. These states included Georgia, with a notably high 113% increase, Michigan (90%), Wisconsin (77%), California (52%), Texas (48%), Arizona (44%), Nevada (36%) and Florida (20%).

Twelve states, including Arizona, California and Florida, had more short sales than REO sales for the month of January.  The rise in short sales might be a factor in the number of foreclosures falling to  2007 fourth-quarter levels.

Read the rest of this entry »


US – REO Bank Short Sales

April 23, 2012

JPMorgan Chase completed short sales on 61% of its delinquent mortgage liquidations in 2011, the most of any servicer, according to data compiled by the bank’s securities research group.

As the robo-signing freeze put a hold on the foreclosure process, the largest servicers turned to short sales over REO. By the end of last year, servicers were completing short sales on more than half of their inventory of home loans more than 60 days delinquent or in foreclosure, according to the report. In 2008, short sales took roughly 25% of all liquidations.

Read the rest of this entry »


Royal LePage – Canadian Housing Price Survey

April 23, 2012

Price appreciation and strong unit sales reflect Canadians taking advantage of borrowing rates that for the first time fell below 3.0 per cent for a five year fixed mortgage and a banking environment that the Royal Bank of Canada has referred to as “hyper-competitive.”

Soper commented that the effect of low mortgage rates is more pronounced in cities that are affordable such as Winnipeg, Ottawa and St. John’s.  “In Vancouver, the average price of a standard two-storey home is now $1,182,250. Although the city posted strong year-over-year price gains in the first quarter, we expect to see Vancouver’s housing market to reach a level of price resistance.

Read the rest of this entry »


US – Oil Powers Healthiest Housing Markets

April 23, 2012

What three things do Dallas, Midland, Tulsa, Billings, Oklahoma City, and Corpus Christi have in common?

They all missed the housing boom and bust, they are all booming with new oil production and they all made HomeValueForecast.com’s top ten list of March markets as measured by nine leading indicators.  America’s pain at the pump is creating low unemployment rates and higher property values in traditional oil centers like Midland as well as newer ones like Billings where new fractioning techniques are making shale oil formations like the Bakken field in adjoining North Dakota accessible.

Read the rest of this entry »