By Aïssatou Sidimé - Express-News "The Mortgage Bankers Association proclaimed San Antonio one of the top markets in the U.S. for home buyers, citing its high employment rate, population growth and better-than-average price appreciation as key factors.
San Antonio’s median home prices continued to perform better than all U.S. regions, dipping 1 percent in October from October last year, versus an 11.3 percent drop nationwide, according to data released Monday by the National Association of Realtors.
San Antonio is in the Southern region, which showed a 5.8 percent decline in median prices during the same period — the best regional performance in the nation.
“With 95 percent employment and people moving in, your glass is more than half full,” said David Kittle, chairman of the Mortgage Bankers Association, which tracks mortgages made by nonbank lenders. “You are the benchmark for the rest of the country in lending and building.”
Kittle also praised Bexar County’s low tax rate, saying it continues to attract businesses that hire new employees who are looking for homes.
Population growth in Texas is expected to remain above 2 percent next year compared with a negative projected growth rate for the United States."
US home prices at 2004 levels, sales off 3.1 pct.
WASHINGTON (AP) - Nationwide sales of existing homes fell more than expected last month, as economic fears made buyers leery even though prices plunged to the lowest level in more than four years. And the decline is expected to get worse because October's results reflect sales contracts signed before Wall Street's nosedive.
The National Association of Realtors said Monday that sales of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million units in October, from a downwardly revised pace of 5.14 million in September. Sales had been expected to fall to a rate of 5.05 million, according to economists surveyed by Thomson Reuters.
The median sales price plunged 11.3 percent from a year ago to $183,000. That was the largest year-over-year drop on records going back to 1968, and the lowest median sales price since March 2004.
To help stabilize home prices, the Realtors group is calling on lawmakers and the administration of President-elect Barack Obama to spend $50 billion to subsidize lower mortgage rates, projecting that doing so would stimulate about 500,000 more home sales.
"If home prices overshoot downward, than it can lead to collateral damage to the economy," said Lawrence Yun, chief economist at the Realtors group. The cost, he added, would be "very reasonable" compared with the billions the government is spending to rescue major banks.
Since October's sales reflect contracts signed in August and September, sales could well fall further amid the fallout from the recent stock market plunge and sinking economy.
The National Association of Realtors said Monday that sales of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million units in October, from a downwardly revised pace of 5.14 million in September. Sales had been expected to fall to a rate of 5.05 million, according to economists surveyed by Thomson Reuters.
The median sales price plunged 11.3 percent from a year ago to $183,000. That was the largest year-over-year drop on records going back to 1968, and the lowest median sales price since March 2004.
To help stabilize home prices, the Realtors group is calling on lawmakers and the administration of President-elect Barack Obama to spend $50 billion to subsidize lower mortgage rates, projecting that doing so would stimulate about 500,000 more home sales.
"If home prices overshoot downward, than it can lead to collateral damage to the economy," said Lawrence Yun, chief economist at the Realtors group. The cost, he added, would be "very reasonable" compared with the billions the government is spending to rescue major banks.
Since October's sales reflect contracts signed in August and September, sales could well fall further amid the fallout from the recent stock market plunge and sinking economy.
DESPITE MARKET, SALES TO FIRST-TIME HOMEBUYERS HIGH
ORLANDO (Dallas Morning News) – Sales to first-time homebuyers are at their highest in seven years. Over 40 percent of homes recently sold went to first-time buyers, according to a 10,000-person survey by the National Association of Realtors.
Other survey findings include:
a record 32 percent of buyers found their houses first on the Internet;
almost 90 percent looked for information online during their home search;
almost 80 percent were concerned about commuting costs;
43 percent said heating and cooling costs were very important factors when they made their purchase; and
more than 40 percent of sellers had to offer incentives to buyers, including assistance with closing costs and home warranty policies.
Other survey findings include:
a record 32 percent of buyers found their houses first on the Internet;
almost 90 percent looked for information online during their home search;
almost 80 percent were concerned about commuting costs;
43 percent said heating and cooling costs were very important factors when they made their purchase; and
more than 40 percent of sellers had to offer incentives to buyers, including assistance with closing costs and home warranty policies.
BUILDER CONFIDENCE FALLS
NEW YORK (CNNMoney) – Homebuilders’ confidence sunk again in November to a record low, according to the National Association of Home Builders/Wells Fargo housing market index.
Builder confidence fell to a seasonally adjusted reading of nine, the lowest recorded level since the index began in 1985.
A reading below 50 indicates that builders who think home-sales conditions are poor outnumber those who think the environment is positive for sales. November's reading was the sixth record low set or matched in the past seven months.
Of over 400 builders surveyed, 98 percent believe consumer concern about the economy was a key problem in the market. Also, almost all unanimously agreed that buyers’ inability to sell their existing homes, continued sour market news and tight mortgage lending conditions contributed to the bleak market.
Only 16 percent plan to build more homes in the first half of 2009, while 49 percent plan to build fewer homes. Overall, those surveyed anticipate constructing 17 percent fewer homes in the first six months of 2009 as compared with the last half of this year.
Builder confidence fell to a seasonally adjusted reading of nine, the lowest recorded level since the index began in 1985.
A reading below 50 indicates that builders who think home-sales conditions are poor outnumber those who think the environment is positive for sales. November's reading was the sixth record low set or matched in the past seven months.
Of over 400 builders surveyed, 98 percent believe consumer concern about the economy was a key problem in the market. Also, almost all unanimously agreed that buyers’ inability to sell their existing homes, continued sour market news and tight mortgage lending conditions contributed to the bleak market.
Only 16 percent plan to build more homes in the first half of 2009, while 49 percent plan to build fewer homes. Overall, those surveyed anticipate constructing 17 percent fewer homes in the first six months of 2009 as compared with the last half of this year.
U.S. HOUSING STARTS LOWEST SINCE 1959
WASHINGTON (Houston Business Journal) – Home starts reached an annual rate of 791,000 last month, the lowest level since 1959, the U.S. Commerce Department reported this week.
The October rate plunged 4.5 percent from the revised reading of 828,000 in September.
Home starts rose 7.5 percent in the West and 1.5 percent in the South but dropped 31 percent in the Northeast and 13.7 percent in the Midwest.
Building permits fell 12 percent to an annual rate of 708,000 in October, breaking the previous low of 709,000 in March 1975.
The October rate plunged 4.5 percent from the revised reading of 828,000 in September.
Home starts rose 7.5 percent in the West and 1.5 percent in the South but dropped 31 percent in the Northeast and 13.7 percent in the Midwest.
Building permits fell 12 percent to an annual rate of 708,000 in October, breaking the previous low of 709,000 in March 1975.
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