Released yesterday, December 29th, 2011, here is the 2012 Economic and Housing Outlook from NAR Chief Economist Lawrence Yun. The full 15 slide PowerPoint looks at economic indicators such as existing home sales, new home sales, housing starts, GDP, payroll jobs and more.
The Summary Forecast Table is also pasted below.
Link to the full PDF can be found here.
- While 95 percent of buyers in 2010 chose fixed rate mortgages, only 92 percent chose fixed-rate financing in 2011.
- Of those with an adjustable product, a fixed- then adjustable product was about twice as common.
- Repeat buyers were somewhat more likely to choose adjustable rate financing than first-time buyers.
- For more information: http://www.realtor.org/topics/homebuyers_sellers_profile
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.
- After a significant plunge in new jobless claims last week, this week’s data shows a 15,000 increase in new claims. However, the data is based on estimates for a large number of states. A more accurate reading will be available after the holidays.
- That still leaves new claims at 381,000, which is below the 400,000 level that generally suggests widening of the labor force.
- The four-week average, a less volatile series, still shows a significant decline of 5,750, to a 375,000 level, so far the best reading.
- This is the fourth straight decrease for the four-week average and the eighth decrease in the last nine weeks.
- Continuing claims rose 34,000 to 3.601 million, with the four-week average still down 39,000 to 3.599 million. This is also the lowest figure since jobless claims started showing a recovery.
- A substantial majority of REALTORS® (91 percent) own their primary residence.
- The percentage of REALTORS® who own their home differs slightly by age. Members 39 years old and younger had a lower level of homeownership at 78 percent, compared with a homeownership rate of more than 94 percent for REALTORS® aged 60 or older.
- In addition to their primary residences, REALTORS® often own other properties. Sixteen percent reported that they owned one or more vacation homes, while 44 percent noted that they owned other residential properties for investment.
- Ten percent own at least one commercial property.
- For more information: http://www.realtor.org/topics/member_profile
- REALTORS’® firms provide them with additional resources, including websites and relocation departments.
- Nine in ten REALTORS® reported that their firms have a web presence, and 2 percent indicated that there is not currently a presence, but a site is planned.
- Almost 40 percent of REALTOR® firms had a relocation department or business development department responsible for relocation activities.
- REALTORS® who have been in the field for longer were more likely to be aware of the presence of a relocation department in their firm.
- For more information: http://www.realtor.org/topics/member_profile
