Foreclosure activity is slowing. According to foreclosure-tracker RealtyTrac, the number of foreclosure filings dropped 17 percent on an annual basis last month. Monthly filings ticked higher 1 percent after a combined 23 percent decrease through November and December 2010.
The 2010 housing market finished on a tear, and that momentum is carrying forward into 2011. Expect the spring season to show strongly, and for home prices to be on the rise.
The housing market continues to expand, and surprise.
So long as mortgage rates remain rock bottom, the autumn season is looking like a terrific time to buy.
Sales of existing homes in recovered in August, perhaps the result of a post-tax credit normalization.
Just one week after reports of Existing Home Sales and New Home Sales plunging, the housing market signaled that the next few months may fare better than did May and June.
The press is referring to the May New Home Sales report as "poor". A closer look, however, shows that may not be the case.
April marks the third straight month that pending home sales are up and today's buyers should take note. This is because, according to the National Association of Realtors®, 80% of homes under contract close within 60 days.
At the current sales pace, the nation's complete supply of new homes would be sold in just 5 month's time. That's more than double the pace of a year ago.
Existing Home Sales rose in March, as expected. U.S. homebuyers closed on 7 percent more homes as compared to February.
As expected, Existing Home Sales fell in February, slipping 30,000 units versus January's numbers. It's the 4th straight month in which Existing Home Sales were lower, month-over-month. But it may not last long.
A Pending Home Sale is a home that is under contract to sell, but not yet sold. It's a figure compiled by an industry group using sales data from over 100 regional listing services and more than 60 large brokerages around the country.