Pending home sales have increased for the second straight month, according to the National Association of Realtors. The Pending Home Sales Index, which is based on signed contracts, rose 4.3 percent in August but still remains well below 2009 levels.
PNC Financial Services Group became the fourth mortgage lender to halt foreclosures, joining GMAC Mortgage, JPMorgan Chase and Bank of America, according to Housing Predictor.
The high number of homes for sale right now could be due to the increased number of households with members who are 55 and older, said a University of Virginia professor in a report by The Virginian-Pilot.
Toll Brothers, Inc. has announced the purchase of a property located at 132 East 65th Street, at the southeast corner of Lexington Avenue, on the Upper East Side of Manhattan in New York City. Plans call for a 15-story building with approximately 25 luxury residences, with sales expected to commence in the Summer of 2011.
Real estate brokerage firm ZipRealty reports a 0.6 percent increase in September homes for sale
The boom and then bust of nonprime mortgage lending in the United States caused enormous damage to individuals, communities, the national economy, and the global financial system, according to a report by the Joint Center for Housing Studies of Harvard University.
According to research from economists at the National Association of Home Builders, first-time home buyers are contributing to an increase in demand for smaller and less expensive new homes.
Existing-home sales rose in August following a big correction in July, according to the National Association of Realtors. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 4.13 million in August from an upwardly revised 3.84 million in July, but remain 19.0 percent below the 5.10 million-unit pace in August 2009.
August is one for the books, as mortgage lenders repossessed more homes in August than in any month since the start of the housing crisis. According to foreclosure listing firm RealtyTrac Inc., the rise occurred as the number of properties entering the foreclosure process slowed for the seventh consecutive month. Banks repossessed 95,364 properties in August, up 3 percent from July and an increase of 25 percent from August 2009.
A report just released suggests that giving homeowners the right to rent their house at a fair market price could be a game changer in the nation's foreclosure crisis. Gains from Right to Rent in 2010, from analysts at the Center for Economic and Policy Research, suggests that ownership may not be the smartest option for some.