Existing-Home Sales and Prices Continue to Rise in February

February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORS®. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January, and are 10.2 percent above the 4.52 million-unit level seen in February 2012. February sales were at the highest level since the tax credit period of November 2009.

Lawrence Yun, NAR chief economist, says conditions for continued housing improvement are at play. “Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable,” he says. “The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive.”

Total housing inventory at the end of February rose 9.6 percent to 1.94 million existing homes available for sale, which represents a 4.7-month supply at the current sales pace, up from 4.3 months in January, which was the lowest supply since May 2005. Listed inventory is 19.2 percent below a year ago when there was a 6.4-month supply.

Ridgefield School Ratings by SchoolDigger.com

Ridgefield, CT School ratings…..

Elementary Schools    http://www.schooldigger.com/go/CT/schoolrank.aspx

Middle School    http://www.schooldigger.com/go/CT/schoolrank.aspx?level=2

High School  http://www.schooldigger.com/go/CT/schoolrank.aspx?level=3

Speak volumes about our town…..!

What’s Behind Falling Housing Inventories?

Home prices are increasing across the country as the number of homes for-sale continues to fall. But at a time when buyer demand is picking up, why is inventory still so low?

Inventories fell to 1.82 million at the end of last year, a 21.6 percent drop from one year earlier, the National Association of REALTORS® reports.

Read more.

Connecticut New Home Permits End Year With Huge Gains

New data from the state's Department of Economic and Community Development (DECD) show that new home permits surged up 45 percent in 2012 after hitting their worst year ever in 2011.

December data released by the DECD show permits rising to 524 for the month, compared with 253 in December 2011, an increase of 107 percent. For the full year, permits rose from 2,837 to 4,104. That's the highest number since 2008, when 4,910 were issued, but still far less than during the housing boom. In 2004, more than 10,000 new home permits were issued in Connecticut.

Read more.

10 states with the most homes in foreclosure

Foreclosures in the U.S. are falling, data released by foreclosure tracking firm RealtyTrac shows. Last year, 1.8 million properties were foreclosed, down 2.7% from 2011, and down 36% from 2010. 

While the national rate is falling, many of the states hardest-hit by the housing crisis and recession continue to be weighed down by a higher rate of homes in the foreclosure process. Foreclosure activity actually increased in 25 states. In Florida, foreclosure filings increased by more than 50%. Based on RealtyTrac’s 2012 data, 24/7 Wall St. reviewed the 10 states with the highest rate of homes in foreclosure. 

Take a look.

Home Prices See Best Yearly Gain Since 2006

Home prices rose in November to rack up their best yearly gain since the housing crisis began, a further sign that the sector is on the mend.  The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.6 percent in November on a seasonally adjusted basis, in line with economists' forecasts.  Prices in the 20 cities rose 5.5 percent year over year, making for the strongest yearly price increase since August 2006 when prices were on their way down.

"This is continuing a trend in place for the better part of a year," said Omair Sharif, U.S. economist at RBS Securities in New York. "This is another indication that the housing rebound is fairly entrenched at this point."

The housing market became a bright spot for the economy last year as prices rose and inventory tightened. The sector is expected to contribute to economic growth in 2013, though a number of challenges remain, including tight access to mortgages and on-going foreclosures.

It was the 10th month in a row that prices have increased, the longest string of gains since before 2006. Last year's rise in prices beat a nine-month consecutive run in 2009 and 2010, when the market was boosted by a homebuyer tax credit.
Read more.

2012 home sales: Best in 5 years

Steady December home sales capped the best year for the U.S. real estate market in five years, according to an industry trade group report Tuesday.

The National Association of Realtors said that December sales of previously-owned homes came in just slightly below November's sales pace, but up 12.8% from a year ago. That brought full-year sales to 4.65 million, up 9% from 2011 and the best year for home sales since 2007, when there were 5 million homes sold just before the start of the recession.

Sales are being helped by a combination of strong market fundamentals -- near record low mortgage rates, lower unemployment and a rebound in home prices, all of which are bringing in buyers into the market who had been waiting for it to hit bottom. The mortgage rates and years of depressed home prices have also combined to create the most affordable housing market on record, according to the Realtors group.

And the Realtors are predicting strong sales should continue into 2013 and beyond. It has a forecast for 5.1 million existing home sales this year, and 5.4 million next year.
Read more.