Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update discusses existing home sales numbers and mortgage purchase applications.
The December 2011 Realtors Confidence Index survey reports that apartment rents are rising. Over time this would be expected to have an overall positive effect on existing home sales and is consistent with reports from a number of housing market commentators that the residential markets should show recovery in 2012.
Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update discusses Home Depot stock prices and commodity prices.
The December 2011 Realtors Confidence Index survey reports that the overall percentage market share of distressed property continues to be in the low 30’s. There is general agreement that foreclosures and short sales had a major, negative impact on home prices. The good news is that the problem appears to have leveled off. The residential markets appear to be absorbing distressed inventory on an orderly basis—which should remove some of the previous price pressures.
Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update discusses inflation and the consumer price index.
- According to the Social Benefits of Homeownership and Stable Housing paper, homeowners participate in elections much more frequently than renters. One study found that 77 percent of homeowners said they had at some point voted in local elections compared with 52 percent of renters.
- REALTORS® also understand the importance of voting. Ninety-five percent are registered to vote, 92 percent voted in the last national election, and 85 percent voted in their last local election.
- As the above shows, REALTORS® and homeowners tend to vote. The following story from NPR discusses who votes and who does not.
According to NAR’s recently released quarterly Commercial Market Survey, commercial real estate prices were down six percent in the fourth quarter of 2011 compared to the previous quarter.
At the state level in the past quarter, however, the changes have been substantial, with a number of states starting to participate in the economic recovery. Major drivers of commercial real estate prices are jobs and the economic recovery.
Take a look at the map below to see where your state falls:
Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights jobless claims and housing starts.
- Foot traffic can give a strong indication of future home sales. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
- Foot traffic in the area covered by the Grand Rapids Association of REALTORS® remains slightly weaker than levels recorded 12 months earlier.
- While 9% down from January of 2011, the year-over-year gap shrank this month relative to December, when the 12-month difference was 16%.
- For more information on this data and its use, see the economist’s commentary, “Foot Traffic – Getting a Step Ahead”.
Metropolitan Statistical Area Prices and Affordability: 4th Quarter 2011 Release
EHS 2011Q4 Release: February 9, 2012
Housing affordability conditions improved in most metropolitan areas from softer existing-home prices and record-low mortgage interest rates in the fourth quarter, with rising sales and lower inventory creating more balanced conditions. Here is a closer look at some highlights from the quarterly release:
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