South Orange County Blog from Bob Phillips

Housing market looks brighter: Obama administration

Housing market looks brighter: Obama administration
By Kerri Ann Panchuk,  HousingWire.com,   • July 6, 2012    kpanchuk@housingwire.com

“The Obama administration’s latest housing scorecard shows signs of stability filtering into the housing market, with home equity numbers rising 7.4% between the fourth quarter of 2011 and the first quarter of 2012.

The scorecard – which is compiled by the U.S. Department of Housing and Urban Development, the Obama administration and Treasury – noted that home equity rose $457.1 billion in the first quarter of 2012, the highest level reached since the second quarter of 2010.

Sales of previously owned homes also grew 9.6% in May from year ago levels while new home sales reached their highest level in more than two years. 

Still, foreclosure starts and completions increased in May, suggesting the market remains fragile in some areas. 

The administration’s housing fact sheet cites National Association of Realtors’ data, which shows the average 30-year, fixed-rate mortgage hitting 3.66% in the most recent period, compared to 4.51% a year ago and 5.10% in December 2008.

 

New home sales also provided a dose of optimism with 30,800 homes sold in the most recent report, compared to 25,700 a year earlier. Existing home sales also grew year-over year from 345,800 to 378,200, according to HUD and NAR data cited in the report.”  ( End of article.)

In MY humble opinion, things are even more promising, or optomistic, than this almost 5 months old data, especially here in South Orange County, California.

We are now seeing the best seller’s market that we’ve seen in about 5 years, and a lot of formerly underwater homeowners are now much less so, with even more improvement on the horizon.  This is definitely a great time to sell.  Of course that means that it isn’t necessarily a great time to buy, but that will probably get better as we move into the Fall and Holiday seasons.  That is usually when things swing back to being better for buyers.

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