Case-Shiller index improves for second consecutive quarter
Home prices improved in the third quarter of 2009, posting their second quarter-over-quarter gain in three years, according to the S&P/Case-Shiller U.S. National Home Price Index, released yesterday.
The index, which covers all nine U.S. census divisions, recorded an 8.9 percent decline in the third quarter of 2009 compared with the third quarter of 2008, but an improvement over the 14.7 percent decline in the second quarter of the year. The 10-City and 20-City Composites recorded annual declines of 8.5 percent and 9.4 percent, respectively. (read more)
Percentage of homes with negative equity declines
The percent of single-family homes with negative equity declined 21 percent in the third quarter, down from 23 percent in the second quarter, as home values stabilized in the short term and a greater number of underwater homeowners lost their homes to foreclosure, according to the third quarter Zillow Real Estate Market Reports.
Year-to-year home values declined 6.9 percent in the third quarter, the 11th consecutive quarter of year-to-year declines, according to the Zillow Home Value Index. However, the rate of year-to-year decline shrank for the third consecutive quarter. (read more)
Builder confidence unchanged in November
Builder confidence in the market for newly built, single-family homes remained at 17 in November, unchanged from October, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The component gauging home sales expectations for the next six months rose two points in November to 28, compared with October. Many of the responses to the HMI were received prior to congressional action to extend and expand the federal tax credit for home buyers. (read more)
Fannie Mae launches new Spanish Web site
Fannie Mae last week launched a Spanish version of its HomePath.com Web site designed to help more potential homeowners who speak Spanish purchase Fannie Mae-owned properties.
The new Spanish Web site mirrors the English version of HomePath.com, featuring an interactive search tool of Fannie Mae-owned properties nationwide, details about HomePath® financing, a mortgage payment calculator, property alerts, and information on foreclosure prevention and the Making Home Affordable program.
For more information about HomePath, visit www.HomePath.com and click "En Español", or for direct access to the Web site in Spanish, visit www.es.HomePath.com. (read more)
Consumer confidence rises in November
The Consumer Confidence Index rose in November to 49.5 (1985=100) compared with 48.7 in October, the Conference Board reported yesterday. The Present Situation Index remained relatively unchanged, declining to 21 in November from 21.1 in October and the Expectations Index increased to 68.5 from 67 last month, according to the report. (read more)
First-time home buyers set new record
The number of first-time home buyers rose to 47 percent of all home sales during the past year, up from 41 percent last year, according to NAR’s 2009 Profile of Home Buyers and Sellers. The increase marked the highest on records dating back to 1981. The previous high was 44 percent in 1991.
“These buyers are critical to housing and a general economic recovery because the market always heals from the bottom up – they absorb inventory, free existing owners to make a trade and stimulate related goods and services,” said Paul Bishop, NAR vice president of research. (read more)
Calif. median home price - October 09: $297,500 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region October 09: Santa Barbara So. Coast $970,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region October 09: High Desert $118,580 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 2009: 64 percent (Source: C.A.R.)
Mortgage rates - week ending 11/25/09 30-yr. fixed: 4.78% Fees/points: 0.7% 15-yr. fixed: 4.29% Fees/points: 0.6% 1-yr. adjustable: 4.35% Fees/points: 0.7% (Source: Freddie Mac)