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Posts Tagged ‘decline’

Home Builders Confidence Inches Up

June 19th, 2012 Comments off

MHProNews has learned from the National Association of Home Builders (NAHB) their Wells Fargo Housing Market Index (HMI) reports builder confidence in the market for new, single-family homes rose one point in June, to 29, the highest level attained since May of 2007. Based on a 25 year-old survey, the HMI measures builders expectations for the next six months based on current building activity and prospects’ inquiries. A number over 50 indicates builders’ see conditions as good rather than poor. Regionally, the Midwest and West posted gains, while the South and Northeast indicated decline.

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Economic Numbers Change Little

May 31st, 2012 Comments off

FoxBusiness reports gross domestic product (GDP) increased at an annual 1.9 percent in the first quarter of the year according to the Commerce Department, down from 3.0 percent in the fourth quarter of 2011. Excluding inventory values, which fell in the first quarter, the economy grew at a rate of 1.7 percent. In the biggest decline since Q4 2008, after tax corporate profits fell 4.1 percent in the first quarter 2012, following a rise of 1.1 percent in the last quarter 2011. MHProNews.com has learned gross domestic income increased in the fourth quarter at 2.2 percent, revised down from the original 4.4 percent; and real disposable personal income for Q4 2011 was revised down from 1.7 percent to 0.2 percent.

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Foreclosures Completed Decline

May 30th, 2012 Comments off

HousingWire says CoreLogic reports half of the 66,000 foreclosures completed in April were from five states: California, Florida, Michigan, Texas and Georgia, in that order. The National Foreclosure Report says the April rate compares to 78,000 a year ago. Since the housing downturn in Sept. 2008 3.6 million foreclosures have been completed. Chief economist for CoreLogic Mark Fleming says, “There were more than 830,000 completed foreclosures over the past year or, in other (words) one completed foreclosure for every 622 mortgaged homes.” MHProNews.com has learned the states with the fewest completed foreclosures for the past year are, in order: South Dakota, Washington, D.C., North Dakota, West VA, and Hawaii.

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Foreclosure Filings Drop Nationwide

May 18th, 2012 Comments off

NationalMortgageNews reports RealtyTrac says foreclosure filings fell to their lowest level since July 2007, dropping five percent from March 2012 and 14% from a year ago. The 188,780 notices of default also include scheduled auctions and bank repossessions. Following three months of increases, foreclosure filings were down four percent April over March, and two percent lower than the same time last year. The foreclosure process dropped 26% from April 2011, marking the 18th month of decline in REO (real estate owned) activity. States where foreclosures dropped the most include Nevada (71%), Arizona (70%), Washington (67%), California (53%), Virginia (47%), and Maryland (47%). However, MHProNews.com has learned eleven of the largest 20 metropolitan markets witnessed increases in foreclosures, led by Tampa (59%) and Miami (38%). Nevada led the nation in highest foreclosures, with one in every 300 homes having filed. Brandon Moore, CEO of RealtyTrac, says, “More distressed loans are being diverted into short sales rather than becoming completed foreclosures.”

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Homes of the Future: More Factory-Built

May 17th, 2012 Comments off

Writing in Vancouver, Canada’s North Shore News, Kevin Vallely states homes of the future will be more economically and environmentally sound. Noting the decline of the McMansions in favor of quality over quantity, he says homes will be smaller as energy-efficient, cost effective technologies and building practices incorporating greener alternatives become the norm. He describes factory-built homes as “prefab-ulous” for their cutting-edge, bold, contemporary styles, and says we will utilize screens, sliding doors, and moveable partitions to achieve more flexible floor plans. Advances in technology are allowing more people to work from home; and as we continue to live longer and age in place, our homes will need to become more accessible to wheelchairs and other assistive devices. In addition, MHProNews.com has learned houses will be more resistive to earthquakes, storms, hurricanes, and other natural occurrences.

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Foreclosures Increased Final 7 Months of 2011

May 10th, 2012 Comments off

NationalMortgageNews says new data shows the number of loans in foreclosure plus loans delinquent 90 or more days increased June 2011 to Dec. 2011 from 9.2 percent to 9.7 percent, following six consecutive quarters of decline. Foreclosure-Response.org notes, for the 100 largest metropolitan areas, the foreclosure rate has risen to 5.9 percent, though still well below the 10.5 percent of Dec. 2009. In Florida, which MHProNews.com reported in an earlier story accounts for nearly one-third of all underwater mortgages nationwide, the foreclosure rate has grown at a faster clip. While the national foreclosure rate for the largest 100 markets grew 1.8 percent March 2009 to Dec. 2011, that rate in Orlando, Miami, and Jacksonville hit above five percent.

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Delinquencies Decline, Foreclosures Take Time

April 26th, 2012 Comments off

According to NationalMortgageNews, Lender Processing Services (LPS) reports the national delinquency rate fell six percent from the previous month to 7.09 percent as of March 31, 2012. For the 40 million mortgages analyzed by LPS, March is the third consecutive month the rate has fallen, reaching a new low last seen in Aug. 2008. Year-over-year delinquencies have fallen 8.8 percent. Approximately 3.5 million mortgages are overdue 30 days or more, and 1.6 million properties are 90 days overdue, none of which are in foreclosure. LPS says the foreclosure inventory is 4.14 percent, 0.1 percent higher than Feb. but 1.6 percent lower than March 2011. The foreclosure presale inventory is just over two million properties. MHProNews.com has learned the states with the highest number of foreclosures are among those with the highest ratio of delinquent loans: Florida, Mississippi, Nevada, New Jersey and Illinois. States with the most current loans include Montana, Alaska, Wyoming, and the Dakotas.

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New Home Sales Fall in March

April 26th, 2012 Comments off

The National Association of Home Builders (NAHB) tells MHProNews.com sales of newly built, single-family homes dropped to a seasonally-adjusted annual rate (SAAR) of 328,000 units in March, a 7.1 percent decline from the 353,000 homes in February. NAHB Chief Economist David Crowe says, “The March decline is from a stronger-than-expected sales pace in February, and looking at the first quarter as a whole, sales are up 3.7 percent from the fourth quarter of 2011.” Regionally, the Northeast gained 7.7 percent while the South increased 3.1 percent. The Midwest registered a drop of 20 percent, while the West fell 27 percent. Inventory of new homes in March fell to a record low of 144,000 units, a 5.3 month supply at the current sales rate.

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Housing Starts Decline; Housing Permits Rise

April 19th, 2012 Comments off

The National Association of Home Builders (NAHB) reports overall housing starts declined in March 5.8 percent to a seasonally adjusted annual rate (SAAR) of 654,000 units, primarily due to a 16.9 decline in multifamily starts. Single-family housing starts dropped slightly 0.2 percent to a SAAR of 462,000 units, according to figures released by the Commerce Department. NAHB Chief Economist David Crowe said, “The fact is that single-family and multifamily starts and permits were all stronger in the first quarter of 2012 than they were in the fourth quarter of 2011, indicating that the market continues to slowly strengthen, albeit in fits and starts.” Regionally, the Northeast registered a 32.8 percent gain in housing starts, the Midwest showed a 1.0 percent increase, the West remained even, and the South posted a 15.9 percent decline in overall housing starts. Meanwhile, MHProNews.com has learned, building permits for homes rose 4.5 percent to a SAAR of 747,000 units in March, the best pace since Sept. 2008.

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California Housing Numbers Improve Incrementally

March 28th, 2012 Comments off

The California Association of Realtors (CAR) says pending home sales increased for the second straight month in Feb. Equity sales comprised 51.1 percent of home sales in Feb., a slight increase from 49.9 percent the prior month, and 44.8 percent a year ago. According to NationalMortgageNews distressed property sales statewide edged down in Feb. to 48.9 percent, a drop from 50.1 percent in Jan. and from 55.2 percent a year ago. Short sales accounted for 23 percent of the distressed property sales in Jan., a drop from 23.8 percent the previous month but a slight increase from last Feb.’s 22.9 percent. President of CAR LeFrancis Arnold says, “A lack of inventory in the bank-owned and short sale market was a contributing factor to the decline in share of distressed sales in February. In fact, REO inventory declined 24% in February from the previous year, while short sale inventory dropped 17% during the same period.”

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