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Tag Archives: housing prices
Despite the continued weakness in the U.S. housing market as indicated by March numbers from indicators such as NAR’s existing homes sales, Census’s new housing starts and new home sales, signs of a housing pick-up in the Chicago metro area are emerging earlier this year.
Rising Inventory and Owners’ Asking Prices: First, as early as February, Chicago’s single-family home listings were up 8.0% from the previous month, accompanied by… Continue reading
- The National Association of Realtors’ Pending Home Sales Index (PHSI) measures signed real estate contracts for existing single-family homes, condos, and co-ops.
- The FHFA’s House Price Index (HPI) is a weighted repeat-sales index that measures average price changes in repeat sales or refinancings on
Almost without exception, individual markets tracked by the FNC 30-MSA composite index declined in October.
FNC’s latest Residential Price Index™ (RPI), released Wednesday, indicates that October U.S. home prices continued to weaken at a modest pace despite recent positive home-sales data. The trend is a reminder that the housing market remains constrained… Continue reading
Any search of published articles on the housing market this past week would reveal a mixed bag of reports. The conflicting “glass is half full” vs. “glass is half empty” stories all seem to be reasonable in this period of volatile economic headlines and mass uncertainty. And what’s worse is that no one seems at all sure who’s to blame or even if there is any earthly power that can… Continue reading
The major big news from last week was the decrease in the unemployment rate to 8.6%. Problem is this number seems to be the result of fuzzy math or voodoo statistics. The big picture shows that although new jobs did increase, so did the number of people who have simply given up on finding employment. So while the headlines look good, to economists, the actual results aren’t so clear… Continue reading
It seems fitting on this Thanksgiving week that there is at least some positive news being reported in the media. On Tuesday, CBS MoneyWatch led with a story by Ilyce Glink titled: “Home sales up, but housing prices continue to fall nationwide.” Though acknowledging that the sales numbers, according to a survey by the National Association of Realtors®, only increased by 1.4%, and admitting that this increase would amount… Continue reading
Recently, I read The Crash Course, a fantastic book by Chris Martenson. In the book, Martenson examines the future of our economy, including energy demands and environmental impacts and makes the argument that our current conditions are unsustainable.
Of particular interest to our industry are pages 85–87, where Martenson discusses the housing bubble. His… Continue reading
With one out of four US mortgages underwater, Columbia University economist and Nobel Prize winner Joseph Stiglitz offered banks some urgent advice. “Evictions merely create more homeless people and more vacant homes,” Stiglitz said in a recent podcast (which you can hear by following this link).
“What is needed is a quick write-down of the value of the mortgages. Banks will have to recognize the losses and, if… Continue reading