A rollercoaster year in real estate is almost over, but a new poll shows most aren’t too optimistic for 2011, HousingPredictor.com reported.
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 555,000 — 3.9 percent above the revised October estimate, according to the Commerce Dept. The single-family market fared even better, rising 6.9 percent last month.
Builder confidence in new single-family homes remained flat in December, according to the National Association of Homebuilders (NAHB)/Wells Fargo Housing Market Index. The index remained at 16, the same as in November.
The number of residential properties with mortgages in negative equity in the U.S. dropped in the third quarter of 2010, marking the third quarter in a row the rate has decreased. CoreLogic reported that 10.8 million, or 22.5 percent, of residential properties were in negative equity at the end of the third quarter.
Foreclosures are expected to peak in 2011, but the long-term forecast is improving, according to a report by the Wall Street Journal. According to Rick Sharga of RealtyTrac, an online marketplace for foreclosed properties, the number of foreclosures in 2011 will top both 2009 and 2010, which had 900,000 and 1.2 million bank repossessions, respectively.
The residential market’s “shadow inventory” is up more than 10 percent from a year ago, according to real-estate research firm CoreLogic. That puts overall inventory at more than 6.3 million unsold homes on the market, nearly a third of which are so-called shadow inventory or “pending supply” — those homes that are seriously delinquent, in foreclosure, or being held off the market by banks or other investors.
Housing affordability remained near its highest level nationwide for the seventh consecutive quarter
IHS Global, a firm specializing in economic and financial information, predicts that construction spending in 2011 will be flat, according to its Fourth Quarter U.S. Construction Briefing. Although overall spending fell 8.3 percent in 2010, the report predicts that gains in the residential and commercial sectors will help it level.
Nearly half (49 percent) of U.S. adults are at least somewhat likely to consider purchasing a foreclosed property, up from 45 percent in May 2010, according to the latest results of an ongoing survey tracking homebuyers' attitudes toward foreclosed homes by Harris Interactive on behalf on Trulia and RealtyTrac.
Americans continue to grapple with uncertainty about the housing market, with 58 percent of U.S. adults expecting recovery to take at least another two years, according to the latest results of an ongoing survey tracking homebuyers' attitudes toward foreclosed homes by Harris Interactive on behalf on Trulia and RealtyTrac.