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Ingrid Miles, CBR, REALTOR®

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Mortgage rates in uncharted territory

by Ingrid Miles, CBR, REALTOR®

Despite record low rates, demand for purchase loans down from last year

Mortgage rates continued their descent into uncharted territory this week as investors seeking a safe haven from the European debt crisis snatched up bonds backed by mortgages, and the Federal Reserve continued programs intended to keep a lid on long-term interest rates.

Rates on 30-year fixed-rate mortgages averaged 3.67 percent with an average 0.7 point for the week ending June 7, down from 3.75 percent last week and 4.49 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortage Market Survey. That's a new record low in Freddie Mac records dating to 1971.

For 15-year fixed-rate mortgages, rates averaged 2.94 percent with an average 0.7 point, down from 2.97 percent last week and 3.68 percent a year ago. Rates on 15-year loans have never been lower in records dating to 1991.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.84 percent with an average 0.7 point, unchanged from last week but down from 3.28 percent a year ago. Rates on five-year ARMs hit 2.78 percent during the week ending April 19, an all-time low in records dating to 2005.

For one-year Treasury-indexed ARMs, rates averaged 2.79 percent with an average 0.4 point, up from 2.75 percent last week but down from 2.95 percent a year ago. In records dating to 1984, rates on one-year ARMs hit an all-time low of 2.72 percent during the week ending March 1.

"Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data," Freddie Mac Chief Economist Frank Nothaft said in a statement.

Revised numbers show that gross domestic product rose 1.9 percent in the first quarter -- not the 2.2 percent originally reported. The unemployment rate inched up to 8.2 percent in May as the economy added 69,000 jobs, less than half of the market consensus forecast, Nothaft noted.

Although record-low mortgage rates have served as an incentive for homeowners to refinance existing loans, tight underwriting standards and fears about the strength of the economic recovery have kept some would-be homebuyers on the fence.

The Mortgage Bankers Association's latest Weekly Mortgage Applications Survey showed demand for purchase loans down slightly during the week ending June 1, to the lowest level since April after seasonal adjustments. Looking back a year, demand for purchase loans was down 3 percent.

During the first quarter, the MBA estimates that mortgage lenders originated $91 billion in purchase loans -- a 14 percent decline from the year before. So far, lenders are on track to originate $97 billion in second quarter purchase loans, which would represent a 12 percent annual drop.

The MBA recently revised its forecast for 2012 purchase loan originations, from $415 billion to $409 billion, citing lower home prices and weaker-than-expected sales. The MBA expects lenders will fund $870 billion in refinancings this year, as the refi boom spurred by low rates continues.

Briefing lawmakers in Washington, D.C., today Federal Reserve Chairman Ben Bernanke said the depressed housing market has "been an important drag" on the economic recovery.

Bernanke said the Federal Reserve is continuing a program announced last September to lengthen the average maturity of its securities holdings by purchasing $400 billion of longer-term Treasury securities and selling an equal amount of shorter-term Treasury securities.

The Fed also continues to reinvest principal received from its holdings of Fannie Mae and Freddie Mac debt and mortgage-backed securities (MBS) back into agency MBS, and roll over its maturing Treasury holdings at auction.

"These policies have supported the economic recovery by putting downward pressure on longer-term interest rates, including mortgage rates, and by making broader financial conditions more accommodative," Bernanke said.

Although concerns about the European debt crisis and the health of banks in a number of eurozone countries "continue to create strains in global financial markets," Bernanke said, the demand for U.S. exports "has held up well. The U.S. business sector is profitable and has become more competitive in international markets."

Pending homes sales increased in March 2012!

by Ingrid Miles, CBR, REALTOR®

WASHINGTON (April 26, 2012) – Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9.  The data reflects contracts but not closings.

The index is now at the highest level since April 2010 when it reached 111.3.

Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing.  “First quarter sales closings were the highest first quarter sales in five years.  The latest contract signing activity suggests the second quarter will be equally good,” he said.

 “The housing market has clearly turned the corner.  Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses,” Yun said.

The PHSI in the Northeast slipped 0.8 percent to 78.2 in March but is 21.1 percent above March 2011.  In the Midwest the index declined 0.9 percent to 93.3 but is 16.9 percent higher than a year ago.  Pending home sales in the South rose 5.9 percent to an index of 114.1 in March and are 10.6 percent above March 2011.  In the West the index increased 8.7 percent in March to 108.0 and is 9.0 percent above a year ago.

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.

Bidding wars: Hype or reality?

by Ingrid Miles, CBR, REALTOR®

I'd argue it's a bit of both, but let's check out some numbers.

Just looking at Boston, the number of homes going under agreement in three days or less has steadily fallen over the past three months, Redfin reports.

Roughly 10 percent of homes that have hit the market this spring in the Hub have gone under agreement in three days or less.

That's down from an earlier Redfin estimate from late March, which pegged the number at 15 percent.

Moreover, the trend appears to be a downward one, with just 6 percent of homes that hit the market in Boston in the month ending April 12 getting scooped up in 72 hours.

How do we stack up with other cities?

An earlier Redfin chart has 29 percent of Austin homes and 28 percent of D.C. homes being put under agreement in three days.

So does this mean that bidding wars are completely bogus? No, but when they happen, such food fights are likely to break out over homes that are priced right and are in good condition and in good locations. And given all the overpriced fixer-uppers that dominate our local market, such homes are few and far between.

Still, given the propensity of real estate sales industry to spin and distort the facts, skepticism is certainly warranted.

The Real Estate Cafe has done some great number crunching on this, questioning whether the buzz about bidding wars is simply another real estate industry sales tactic.

by Scott Van Voorhis  April 12, 2012 05:57 AM

Massachusetts Pending Home Sales Continued Positive Trend in March for 11th Straight Month

by Ingrid Miles, CBR, REALTOR®
First month since June 2011 to go over 4,000 homes mark
 
WALTHAM, Mass. – April 10, 2012 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in March went up again for the 11th straight month compared to the same time in 2011. Condominium pending sales were also up from the same time last year. Pending figures are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
 
“Activity in the market place continues to build as reflected in the number of homes that went under agreement in March,” said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport. “We are taking important steps towards market recovery with each successive month of increased pending sales.”
 
The number of single-family homes put under agreement in March was up 38.8 percent compared to the same time last year (*3,256 homes in 2011 to 4,519 homes in 2012). This is the 11th straight month of year-over-year increases and the first month since June 2011 to go over the 4,000 homes under agreement mark. This month also had the most pending sales in March since MAR has been tracking the data. On a month-to-month basis, single-family homes put under agreement went up 34.2 percent from 3,368 homes in February.
 
The number of condos put under agreement in March was up 30.4 percent compared to March 2011 (*1,422 units in 2011 to 1,854 units in 2012).  On a month-to-month basis, condos put under agreement were up 45.2 percent from 1,277 units in February. 
 
About Pending Sales:
The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months. 
 
A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such.  MAR is the only organization which compiles this statewide information from Multiple Listing Services each month.
 
About the Massachusetts Association of REALTORS®: 
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 18,000 members.  The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
 
###
 
*Please note: As of January 2012, all 2011 pending home sales data has been updated to reflect new collection methods from the three REALTOR® affiliated Multiple Listing Services in Massachusetts via 10K Research and Marketing.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

by Ingrid Miles, CBR, REALTOR®

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”

In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.

Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generate actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

 

Existing-home sales post third gain in 4 months

by Ingrid Miles, CBR, REALTOR®

Increased demand from investors and first-time homebuyers helped boost existing-home sales in January -- the third increase in the past four months, the National Association of REALTORS® reported.

NAR said total existing-home sales -- including single-family homes, townhomes, condominiums and co-ops -- were up 4.3 percent from December to January, to a seasonally adjusted annual rate of 4.57 million.

While that's essentially unchanged from the same time a year ago, for-sale inventory was down 20.6 percent from a year ago, to 2.31 million homes, a 6.1-month supply of homes at the current pace of sales.

Many housing analysts view a six-month inventory of homes as a good balance between supply and demand -- a larger inventory of homes can indicate an oversupply of homes for sale, which can undermine prices. When inventories drop below six months, the shortage of homes for sale can drive up prices.

"The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers," NAR Chief Economist Lawrence Yun said in a statement.

Yun cited the statistics as evidence that a government proposal to convert bank-owned properties into rentals on a large scale "does not appear to be needed at this time."

"Foreclosure sales are moving swiftly with ready homebuyers and investors competing in nearly all markets," he said.

Merrill Lynch analysts Michelle Meyer and Ethan Harris think part of the drop in inventory is due to delays in the foreclosure process in the aftermath of the so-called "robo-signing" scandal.

With top banks nearing a final settlement with state attorneys general, they expect the foreclosure process to accelerate, and for inventory to swell to eight months later this year.

The first REO-to-rental transactions are weeks away, but the property pools offered this year may be smaller and more manageable for groups of qualified local investors than previously assumed, Ken Harney reports.

NAR said foreclosures and short sales accounted for 35 percent of sales in January, and that the national median existing-home price for all housing types was down 2 percent from a year ago, to $154,700.

Investors purchased 23 percent of homes in January, up from 21 percent in December, while the percentage of first-time homebuyers increased from 31 percent in December to 33 percent in January.

Nearly one in every three January home sales was an all-cash transaction. A survey of NAR members showed more than half had at least one contract canceled or delayed in January, often as a result of a mortgage application being turned down or because appraisals come in below the negotiated price.

Single-family home sales were up 3.8 percent from December to January, to a seasonally adjusted annual rate of 4.05 million. That's a 2.3 percent increase from a year ago. The median existing single-family home price was $154,400 in January, down 2.6 percent from the same time a year ago.

Existing condominium and co-op sales increased 8.3 percent from December to January, to a seasonally adjusted annual rate of 520,000. That's a 10.3 percent decline from a year ago. The median existing condo price was $156,600 in January, up 2 percent from January 2011.

At the regional level, the West saw the biggest jump in sales, an 8.8 percent increase from December to January. Sales were down 3.1 percent from a year ago, however, and the median price was also down 1.8 percent from January 2011, to $187,100.

The Midwest saw the smallest jump in sales, with sales up 1 percent from December to January. Although that was a 3.2 percent increase from a year ago, the median home price fell 3.9 percent from January 2011, to $122,000.

In the South, existing-home sales rose 3.5 percent from December to January but were unchanged from a year ago. The median price in the South was $134,800, down 0.3 percent from a year ago.

Existing home sales were up 3.4 percent from December to January in the Northeast, and up 7.1 percent from a year ago. At $225,700, the median price in the Northeast dropped 4.2 percent from January 2011.

Inman News®

ALL Homeowners with oil heating systems must read this!

by Ingrid Miles, CBR, REALTOR®

 

New Home Heating Oil Law goes into effect
 

The new law requires that by September 30, 2011, owners of one- to four-unit residences that are heated with oil must already have or will need to install an oil safety valve or an oil supply line with a protective sleeve on their heating equipment. Installation of these devices must be performed by a licensed oil burner technician. Technicians are employed by companies that deliver home heating oil, or they are self-employed. It is important to note that heating oil systems installed on or after January 1, 1990 are most likely already in compliance because state fire codes implemented these requirements on new installations at that time.
 
For those who need to install this equipment, state officials estimate that the typical cost of installing either an oil safety valve or oil supply line with a protective sleeve ranges from $150 to $350 (including labor, parts, and local permit fees). While it is an expense that is not insignificant, the costs to clean up a leak can be thousands of dollars.

It is important for home owners to remember that this rule applies to all home owners, regardless of whether they are selling their home or not. The Massachusetts Department of Environmental Protection (DEP) has an excellent, easy-to-understand document that explains this new rule. For more information, visit http://www.mass.gov/dep/cleanup/laws/hhsl.htm

What Happens When You Walk Away From Your Home?

by Ingrid Miles, CBR, REALTOR®

It was just last summer that Charlotte Perkins made the hardest decision of her life as she and her husband Jim were caught in the vise of the housing bust.

Wanting to downsize their lives as they headed toward retirement, they bought a new house in Mesa, Arizona, before they sold the old one, also in Mesa. Their previous home had been appraised at nearly $400,000 at the height of the market, but as the housing crisis ravaged Arizona, they were told they'd be lucky to get $200,000 for it.

They were carrying a loan of $260,000 on their original home alone, meaning they were well 'underwater,' owing much more than it was worth. Combined with the mortgage on the new house, their housing payments had become an "anchor around our necks," she says, threatening to gobble up all their retirement savings and leave them with nothing.

The couple made a difficult call: They would do a 'strategic default,' and simply stop paying the old mortgage. "We really had to wrestle with it," said Perkins, 60. "We had worked all of our lives to build good strong credit, and we're proud people. But it came down to, 'Can we keep doing this?' We had to say 'No.'"

As the housing bust drags on, many homeowners are thinking like Perkins. Almost 11 million homes are now underwater, says financial information provider CoreLogic. Around 3.5 million homeowners are behind in their payments and another 1.5 million homes are already in the foreclosure process, according to online marketplace RealtyTrac.

As banks start to work through their backlog of distressed properties, the New York Federal Reserve estimates that 3.6 million foreclosures will take place during the next couple of years.

So, the question is: Does it make sense to keep paying a massive mortgage, knowing that it might be decades before a home regains its prior value? Or is that akin to - as columnist James Surowiecki recently wrote in the New Yorker - "setting a pile of money on fire every month"?

"I constantly get the saddest e-mails from people saying, 'I've exhausted all my life savings, my retirement is gone, and now I have to default,'" said Jon Maddux, CEO of YouWalkAway.com,

a foreclosure agency that helps clients with strategic default (and charges a fee for it). "But if they had seen the writing on the wall a couple of years earlier, stopped paying the mortgage and stayed in the home throughout the whole process, they would be in a much better financial position."

Moral Quandary

There's a moral component to that decision, of course. People naturally feel embarrassed about breaking a contract and not paying their bills; no one wants to be branded a deadbeat. But remember that companies default on their obligations when it makes financial sense for them to do so, via the bankruptcy process. Even the Mortgage Bankers Association itself, in a flourish of irony, arranged for a short sale of its Washington headquarters.

It's not personal; it's business. So think of strategic default as a business decision, and do a cold-eyed cost-benefit analysis of whether it makes sense for you, advises Carl Archer, an attorney with Maselli Warren in Princeton, New Jersey.

"People think it reflects on their integrity, and say 'I wasn't raised this way,'" said Archer. "But the more businesslike attitude is to say that there's a contract, there are penalties for violating that contract, and sometimes it just makes financial sense to break it."

The penalties largely revolve around your credit record, which admittedly gets blown up in the near-term. For a few years you can likely forget about qualifying for a mortgage or a car loan. When lenders are ready to take a chance on you again, you'll have to pay for the privilege, with stiff interest rates due to your default history.

What Happens to Scores

Charlotte Perkins watched her credit score go from a pristine 800 to 685, dropping every time she missed a payment. Credit-scoring firm FICO estimates that someone with a 680 score would see that number sink between 85-100 points after a strategic default, and someone with 780 could crater 140-160 points.

Not desirable, of course, but not the end of the world either. For Perkins, for instance, she already had a loan on her Ford Escape, and the mortgage on her new house, before she even started the default process. She hasn't seen any changes on her credit cards since, in terms of limits or interest rates.

Now that the previous home was auctioned off in December, she can start slowly rebuilding her credit, a process that should take about seven years.

Strategic default isn't a decision to be taken lightly, of course. If everyone did it, the housing market -- and the banks -- would be in much worse shape than they already are.

The following are some of the issues to keep in mind:

1. Look to it as a last resort, not a first option. Your financial troubles could be alleviated with a simple refinancing, especially since 30-year mortgage rates are near record lows of below 4 percent. If the banks are hesitant to rework your loan, look into the number of government programs designed to keep you in your home, which can be researched at MakingHomeAffordable.gov.

2. Location, location, location. Each state has its own rules and regulations regarding foreclosures, which affect both the length of the process and what you could be liable for in the end. In so-called 'non-recourse' states like Arizona, California and Texas, a lender cannot come after you for any deficiency (for instance, if your mortgage was $300,000 and they're only able to sell the property for $200,000). In other states they can pursue the difference, in theory - which is why some homeowners opt to file for bankruptcy, to free themselves from those potential obligations as well.

3. Use the interim to save like a demon. If you're in a state like New York or Florida, which require a judicial review of every foreclosure, it might be a couple of years before you actually have to pack up. In the meantime, be extremely disciplined about stockpiling cash. That will help you with a down payment for a rental, to pay for a car in cash if you need to, or to clear up other debts you might have. "Save money as if you were still paying the mortgage," says Archer. "If you don't, then you'll run out of both time and money, and then you'll be in a real tough spot."

4. Know the tax implications. Historically, if you have a debt that's forgiven, the canceled amount is considered taxable by the IRS. In the wake of the housing bust, though, the Mortgage Forgiveness Debt Relief Act was drafted to spare you those taxes. That legislation expires at the end of 2012, though - so if it's not extended, you could potentially face a tax bill for the difference.

5. Talk to a professional. A bankruptcy or real-estate attorney can help you through a very tricky process. The National Association of Consumer Bankruptcy Attorneys, for instance, has a searchable database of lawyers at www.nacba.org.

"Strategic default is not an easy decision, and there's a cost either way," said Gerri Detweiler, director of consumer education for Credit.com. "Would you rather be $200,000 underwater, or would you rather have seven years of damage to your credit report? It depends whether you're finally at the point where enough is enough."

 

Pending home sales continued to gain in November

by Ingrid Miles, CBR, REALTOR®

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.

The last time the index was higher was in April 2010 when it reached 111.5 as buyers rushed to beat the deadline for the home buyer tax credit. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said the gains may result partially from delayed transactions. “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage,” he said.

“November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead,” Yun added.

Pending home sales are not affected by the recently published rebenchmarking of existing-home sales because the index uses a different methodology based directly on contract signings, and is adjusted for seasonality.

The PHSI in the Northeast rose 8.1 percent to 77.1 in November but is 0.3 percent below November 2010. In the Midwest the index increased 3.3 percent to 91.6 in November and is 9.5 percent above a year ago. Pending home sales in the South rose 4.3 percent in November to an index of 103.8 and remain 8.7 percent above November 2010. In the West the index surged 14.9 percent to 121.2 in November and is 2.9 percent higher than a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.

NOTE: Existing-home sales for December will be reported January 20 and the next Pending Home Sales Index will be released January 25; release times are at 10:00 a.m. EST.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.

Home prices post fourth month of gains; however...

by Ingrid Miles, CBR, REALTOR®

Home prices post fourth month of gains

Case-Shiller indices show Las Vegas, Phoenix losing ground in July

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U.S. home prices inched up for the fourth month in a row, rising 0.9 percent from June to July, according to the latest Standard & Poor's/Case-Shiller Home Price Indices.

Only two of the 20 metro areas tracked by the Case-Shiller 20-City Composite saw month-to-month price declines: Las Vegas (-0.2 percent) and Phoenix (-0.1 percent). The index showed prices in Las Vegas down 59.3 percent from their August 2006 peak, hitting a new low.

Looking back a year, 18 out of 20 metro areas saw annual price declines, with the price index for Minneapolis falling 9.1 percent, Phoenix down 8.8 percent, and Portland, Ore., dropping 8.4 percent.

Detroit (up 1.2 percent) and Washington D.C. (up 0.3 percent) were the only cities to post annual gains in July, leaving the 20-City Composite down 4.1 percent.

But a dozen other cities -- Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Las Vegas, Miami, Minneapolis, Phoenix, Portland, and Tampa -- posted improvements in annual price declines compared to June.

Metros tracked in Case-Shiller 20-City Composite

Year over Year

 

Metro

Change June-July

Change from year ago

Atlanta

0.2%

-5.0%

Boston

0.8%

-1.9%

Charlotte

0.1%

-3.9%

Chicago

1.9%

-6.6%

Cleveland

0.8%

-5.4%

Dallas

0.9%

-3.2%

Denver

0.0%

-2.1%

Detroit

3.8%

1.2%

Las Vegas

-0.2%

-5.4%

Los Angeles

0.2%

-5.4%

Miami

1.2%

-4.6%

Minneapolis

2.6%

-9.1%

New York

1.1%

-3.7%

Phoenix

-0.1%

-8.8%

Portland

1.0%

-8.4%

San Diego

0.1%

-5.9%

San Francisco

0.3%

-5.6%

Seattle

0.1%

-6.4%

Tampa

0.8%

-6.2%

Washington, D.C.

2.4%

0.3%

10-City Composite

0.9%

-3.7%

20-City Composite

0.9%

-4.1%

Source: S&P Indices and Fiserv

 

Standard & Poor's said the report included some "unusually large revisions" across some metro areas. Detroit was the most affected, with additional sales in May and June showing "a much healthier market than previously thought."

By Inman News

Displaying blog entries 31-40 of 66

Contact Information

Photo of Ingrid Miles, CBR, SRES, Lead REALTOR, Stephen Mil Real Estate
Ingrid Miles, CBR, SRES, Lead REALTOR, Stephen Mil
Keller Williams Realty
11 South Main St & 1 Merrimac St
Topsfield & Newburyport MA 01983 & 01950
Direct: 978-471-9750
978.861.4218
Fax: 978-861-4218

The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.”