New data from a leading measure of U.S. home prices, the Standard & Poors/Case-Shiller Home Price Indices, today pointed to a continued improvement in the annual rate of decline of housing prices. Compared to last month’s readings, the 10-City and 20-City Composites improved, marking over eight months of improvement to these statistics.
Manhattan, Las Vegas and Providence, R.I., are among 25 markets that are forecasted to experience steep deflation in housing prices in 2010, according to a new report from the Housing Predictor that forecasts 250 local housing markets in all 50 states. Characteristics studied include income levels, employment trends and changes, school enrollment, business trends, regional political influences, real estate sales history and current housing market velocity.
In an attempt to garner the votes needed to pass a massive health care overhaul before Christmas, Senate Democrats have included a last-minute provision targeting the construction industry that the National Association of Home Builders calls unfair.
After analyzing 20 micro-market characteristics for 250 housing markets across the country, Housing Predictor has identified the top-25 cities that are expected to have the best housing appreciation rates in 2010. Characteristics studied include income levels, employment trends and changes, school enrollment, business trends, regional political influences, real estate sales history and current housing market velocity.
Mortgage rates showed a slight increase last week, according to the latest weekly survey from the Mortgage Bankers Association. The average contract interest rate for a 30-year fixed-rate mortgage increased to 4.92 percent from 4.88 percent the previous week, although mortgage loan applications were still up 0.3 percent.
According to the U.S. Census Bureau’s new residential construction report, housing starts rose 8.9 percent to a seasonally-adjusted annual rate of 574,000, the highest level in a year and a stronger jump than most economists expected. This was a welcome rebound, considering construction on U.S. housing units dropped sharply in October.
Realtors believe that home prices are stabilizing and will continue to do so in 2010, according to a recent HomeGain survey of nearly 1,000 U.S. real estate agents and brokers. The majority also believe the first-time home buyer tax credit is spurring sales and is contributing factor to home prices stabilizing.
According to RealtyTrac, 306,627 foreclosure filings were reported in November, a decrease of nearly 8 percent from the previous month but still 18 percent higher than this time last year. One in every 417 U.S. housing units received a foreclosure filing in November.
Ideal Homes, Professional Builder magazine's 2010 Builder of the Year, offers lessons in energy efficiency, finances and quality control.
In Professional Builder’s latest webcast, “Valued-Engineered Housing for Today’s Buyer Market,” three home building industry experts discuss ways builders can value-engineer their businesses to maximize profit, beat the competition and improve their products.