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May New Home Sales Hit Two-Year High

06/25/2012

BY: MARK LIEBERMAN, FIVE STAR INSTITUTE ECONOMIST

DSNEWS.com

New home sales jumped to 369,000 in May—the highest level since April 2010—as the median and average home prices both dropped, the Census Bureau and HUD reported jointly Monday. Economists had expected sales to reach 350,000 from the prior month’s 343,000.

Sales increased 7.6 percent month-over-month, the first increase in three months, and were up 19.8 percent since May 2011.

The median price of a new single family home fell for the third straight month, dropping to $234,500, the lowest level since February. The median price is up, however, 5.6 percent from May 2011. The average price of a new home fell, as well in May, dropping 3.5 percent to $273,900, the second consecutive monthly decline. The $10,000 month-over-month drop in the average price was the largest since last August. Year-over-year, the average price is up 4.3 percent, or $11,200.

Last week, the National Association of Realtors reported existing home sales dropped to 4.55 million in May, while the median price of an existing home rose to $182,600. Unlike the report on existing home sales, which is based on completed transactions (closings), new home sales report is based on contracts signed that could be cancelled. The report on new home sales is more reflective of economic conditions in the month covered by the report, while the report on existing home sales reflects economic conditions two months earlier. The Census-HUD report hints at higher existing home sales in July.

In May, according to the National Association of Home Builders’ monthly survey, the buyer traffic index rose to 23 (out of 100) from 18 in April.

According to a separate Census-HUD report issued last week, builders completed 458,000 new homes in May, down from 489,000 in April but still more than reported sales in May.

About 39 percent of new homes sold in May carried prices of $199,000 or less, up from 37 percent in April. According to the report, 14 percent of new homes sold in May had prices of $400,000 or more, down from 18 percent in April.

Sales improved month-over-month in two of the four census regions, increasing in the Northeast and South while dropping in the Midwest and West. Year-over-year, sales fell only in the West.

According to the Commerce Department, the inventory of homes available for sale at the end of May rose to 145,000 from 144,000 in April. Based on the sales pace, the months’ supply of new homes for sale dropped to 4.7 in May—the lowest level since October 2005—from 5.0 at the end of April.

Low Inventory Boosting Prices, Says HousingPulse

BY: ESTHER CHO

DSNEWS.com

Home price purchases were mixed month-over-month in May, with non-distressed prices up and short sales down, according to the Campbell/Inside Mortgage Finance HousingPulse tracking survey.

From April to May, transactions reported by HousingPulse survey respondents revealed the average price for non-distressed properties rose 1.7 percent, while the average price for short sales fell 0.7 percent. For damaged REOs, the average price went up 1.8 percent and for move-in ready REOs, the average price dropped 1.5 percent.

The stabilization of home prices seen in some instances is due to a shortage of inventory, HousingPulse reported. These shortages are led by underwater homeowners who are holding onto their homes until home prices move up.

Also, for distressed properties, there’s a shortage of inventory due to slower processing of foreclosures by mortgage servicers, according to HousingPulse.

Move-in ready REO properties are in demand and sat on the market for an average of 10.6 weeks in May, the lowest of any property category.

Using a three-month moving average, the HousingPulse Distressed Property Index (DPI) revealed that the share of distressed properties in the housing market in May was 46.1 percent. This marks the 27th consecutive month in which the DPI hovered above 40 percent.

Anecdotal evidence also suggests that the shortage is especially prevalent in California.

One realtor in the state said that inventory in Orange County was “super low” and the months’ supply of unsold homes is down to just 45 days.

Another California agent said that inventory in the Santa Clarita Valley, which is 35 miles north of Los Angeles, is very low, and reported less than 500 listings, which is well below the 1,500-1,800 properties the agent stated is the average.

The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey includes approximately 2,500 real estate agents nationwide each month.

Blueberries Outsell Peaches in Georgia

There’s an art to picking blueberries.

“You roll it between your fingers, but I like to just pick them and eat them,” says 12-year-old Emily Gowen.

Frank Lochner, who owns Cougar Creek Farm, shows 13WMAZ’s Judy Le the best way to pick the blue gems.

“You pinch them and just roll them between your thumb and your finger. When they’re ripe, they roll right off,” he says.

The Gowen girls – Jillian, Erin, and Emily – had a system. Between the interview and the taste test, their policy was to eat as you go. It’s one way to know if the blueberries are good.

“Just taste them,” 6-year-old Jillian says.

“I’ve seen some as small as my pinky that taste good. I’ve seen some as big as my thumb,” says 9-year-old Erin, holding up her hands.

Blueberries outrank the peach as the state’s top-selling fruit crop. Figures from the University of Georgia show that in 2010, blueberries brought in $133 million compared to the $47 million peaches brought in.

Lochner came across this half-acre treasure trove by accident when he bought the farm 14 years ago.

“I don’t prune them, there are no pesticides sprayed on them. They are completely natural,” he says.

These little blue pearls are known for their versatility.

“Most of the time, I like them in pancakes or cobblers,” says Erin.

“You can put them in a lot of foods, like whip cream,” says Emily.

“Antioxidants are good for you and help prolong your life. Maybe that’s why I’ve been able to be here for this long,” says 69-year-old Lochner.

A gallon of blueberries cost $8, but you get more bang for your buck if you eat as you go.

The farm is located at:

4000 Carver Drive
Fort Valley, GA 31030

Call Deb Lochner – 478-825-3330 – to set up a time to pick blueberries. Make sure to bring bug spray and plenty of water.

Written by

Judy Le AT 13WMAZ.COM

10 Things to Know for Monday

10 Things to Know for Monday

Jun 25, 6:34 AM (ET)

By The Associated Press

Your daily look at late-breaking news, upcoming events and the stories that will be talked about today (all times EDT):

1. VOTERS SKEPTICAL THAT ECONOMY CAN BE FIXED

Half of Americans in a new AP poll say it won’t matter much whether Obama or Romney wins – even though the presidential candidates have staked their chances on who would be better at fixing the economic mess.

2. BIDEN HAD RESERVATIONS ABOUT WAR BUILDUP

A new book reveals that as Obama considered adding as many as 40,000 U.S. forces to a backsliding war in Afghanistan in 2009, the vice president warned him that the military rationale for doing so was flawed.

3. COLORADO SEEING WORST WILDFIRES IN A DECADE

A raging inferno moved in on some of Colorado’s most popular summer tourist destinations over the weekend, destroying nearly two dozen homes near Rocky Mountain National Park and pushing tourists away from Pikes Peak.

4. DEBBY LASHES FLORIDA WITH HEAVY RAIN

The tropical storm whips the Sunshine State with bands of drenching rain while its center remains largely still in the Gulf of Mexico. Its slow progress means that the most pressing threat from the storm is flooding, not wind.

5. PRESIDENT HITTING THE CAMPAIGN TRAIL IN NEW ENGLAND

Obama will fly to New Hampshire, where he will speak at Oyster River High School in Durham at 2:05 p.m. before heading to Boston.

6. UNLIKELY ALLIANCE FORCED LUGO FROM POWER

The impeachment of Fernando Lugo was an unlikely marriage of Paraguay’s two main political parties who had long checked each other’s power in Congress.

7. SEEKING TO BRIDGE THE GAP ON TWO ICONIC TRAILS

The North Country National Scenic Trail runs 4,600 miles from North Dakota to New York’s eastern border. But a group is trying to bridge the final 40-mile gap to the Appalachian Trail.

8. OPERATION ANVIL BEATING BACK DRUG FLIGHTS

Since April, the DEA and State Department have assisted Honduras police and military to move more quickly and pursue more suspicious flights conducted by drug traffickers.

9. “JEOPARDY’ HOST SUFFERS MILD HEART ATTACK

Alex Trebek, 71, host of the Emmy award-winning game show, is expected to recover in time to resume production on a new season next month.

10. THIRD TENNIS MAJOR POISED TO BEGIN

Play begins this morning at Wimbledon where stars such as Novak Djokovic, Roger Federer and Maria Sharapova will compete on the grass courts at the All England Club.

THOUGHT OF THE DAY

THOUGHT OF THE DAY:

“Failure: A man who has blundered but is not able to cash in on the experience.” – Elbert Hubbard
———————-

FACT OF THE DAY

FACT OF THE DAY:

The first performance of Puccini’s opera Madama Butterfly was one of opera’s all-time worst flops. The audience made bird, cow, and goat calls and booed. Madama Butterfly, however, became one of the best-loved operas in history. – Provided by RandomHistory.com

Existing-Home Sales Constrained by Tight Supply in May, Prices Continue to Gain

NEWS RELEASES

WASHINGTON (June 21, 2012) – Limited supplies of housing inventory held back existing-home sales in May, but sales maintained a strong lead over year-ago levels and home prices are on a sustained uptrend in all regions, according to the National Association of Realtors®.

Total existing-home sales¹, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.5 percent to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April, but are 9.6 percent above the 4.15 million-unit pace in May 2011.

Lawrence Yun, NAR chief economist, said inventory shortages in certain areas have been building all year. “The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand. The normal seasonal upturn in inventory did not occur this spring,” he said. “Even with the monthly decline, home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier.”

There are broad-based shortages of inventory in the lower price ranges in much of the country except the Northeast, and in the West supply is extremely tight in all price ranges except for the upper end. “Realtors® in Western states have been calling for an expedited process to get additional foreclosed properties onto the market because they have more buyers than available property,” Yun added. Widespread inventory shortages also are found in much of Florida.

Total housing inventory at the end of May slipped 0.4 percent to 2.49 million existing homes available for sale, which represents a 6.6-month supply² at the current sales pace; there was a 6.5-month supply in April. Listed inventory is 20.4 percent below a year ago when there was a 9.1-month supply. Unsold inventory has trended down from a record 4.04 million in July 2007; supplies reached a cyclical peak of 12.1 months in July 2010.

“The recovery is occurring despite excessively tight credit conditions and higher downpayment requirements, which are negating the impact of record high affordability conditions,” Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to a record low 3.80 percent in May from 3.91 percent in April; the rate was 4.64 percent in May 2011; recordkeeping began in 1971.

The national median existing-home price³ for all housing types rose 7.9 percent to $182,600 in May from a year ago, the third consecutive month of year over year price gains. The last time there were three back-to-back price increases from the same month a year earlier was from March to May of 2006. “Some of the price gain results from a shrinking share distressed homes in the sales mix,” Yun explained.

Distressed homes⁴ – foreclosures and short sales sold at deep discounts – accounted for 25 percent of May sales (15 percent were foreclosures and 10 percent were short sales), down from 28 percent in April and 31 percent in May 2011. Foreclosures sold for an average discount of 19 percent below market value in May, while short sales were discounted 14 percent.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, offers advice to buyers in markets with limited supply. “We are hearing a lot about multiple bidding and quick sales in areas with tight supply, with competition between first-time buyers and cash investors, who have a significant advantage,” he said.
“It’s extremely important to listen to the advice of your agent and perform all the due diligence that you would normally do in a more balanced market, such as making offers contingent upon a satisfactory home inspection,” Veissi said.

First-time buyers accounted for 34 percent of purchasers in May, compared with 35 percent in April and 36 percent in May 2011.

All-cash sales slipped to 28 percent of transactions in May from 29 percent in April; they were 30 percent in May 2011. Investors, who account for the bulk of cash sales, purchased 17 percent of homes in May, down from 20 percent in April and 19 percent in May 2011. “These figures reflect a modest increase in traditional repeat home buyers in May,” Yun said.

Single-family home sales slipped 1.0 percent to a seasonally adjusted annual rate of 4.05 million in May from 4.09 million in April, but are 10.4 percent above the 3.67 million-unit level in May 2011. The median existing single-family home price was $182,900 in May, up 7.7 percent from a year ago.

Existing condominium and co-op sales fell 5.7 percent to a seasonally adjusted annual rate of 500,000 in May from 530,000 in April, but are 4.2 percent higher than the 480,000-unit pace one year ago. The median existing condo price was $180,000 in May, which is 8.8 percent above May 2011.

Regionally, existing-home sales in the Northeast fell 4.8 percent to an annual level of 590,000 in May but are 7.3 percent higher than May 2011. The median price in the Northeast was $250,700, up 3.8 percent from a year ago.

Existing-home sales in the Midwest rose 1.0 percent in May to a pace of 1.04 million and are 19.5 percent above a year ago. The median price in the Midwest was $147,700, up 6.4 percent from May 2011.

In the South, existing-home sales slipped 0.6 percent to an annual level of 1.78 million in May but are 9.2 percent higher May 2011. The median price in the South was $159,700, up 7.8 percent from a year ago.

Existing-home sales in the West declined 3.4 percent to an annual pace of 1.14 million in May but are 3.6 percent above a year ago. The median price in the West was $233,900, up 13.4 percent from May 2011. “The sharp price increase in the West results largely from more sales at the upper end of the market,” Yun explained.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

$20,000 to Rebuild 3 Homes in Warner Robins

20 pairs of hands, $20,000, and one lucky homeowner.

“It is getting totally remodeled and I thank God for it,” says Lena Anderson who lives on Dunbar Road.

Wells Fargo presented the big prize to Rebuilding Together Warner Robins. That money will be used on three home projects, including Anderson’s house.

“The paint was coming off and there were holes in some of the places in the floor. I had a little fire in my washroom that was all messed up,” says Anderson.

“She needed some extensive paint work on the inside and outside. She needed some repairs on her bathroom; front and back doors needed some replacing,” says Rebuilding Together Project Manager Joanne Alford-Robinette.

The handy helpers scraped off layers of the old and lathered on a new coat of paint.

These volunteers started working at 9 a.m and will call it a day around 5 p.m. The house will be completed in about two weeks after they fix the heat and the air.

Anderson has lived in this house on Dunbar Rd. for 12 years. She’s most excited about the new additions to her bathroom.

“It’s a better mold, the handicap one. So I can sit there and enjoy myself,” Anderson says with a laugh.

Anderson’s low income and disability qualifies her home for a makeover.

“We work on anywhere from 20-30 houses a year. We’ve completed about 890 homes,” says Alford-Robinette.

Written by

Judy Le  13wmaz.com

THOUGHT OF THE DAY

THOUGHT OF THE DAY:

“If you can make people laugh, you get all the love you want.” – Art Buchwald