Monday, May 21st, 2012

Houses are just things. Boxes waiting to be filled. In the hands of caring, nurturing citizens, those simple boxes become homes that create memories and fortify communities for generations. This May, more than 13,000 REALTORS® rallied at the Washington Monument to preserve the American Dream of homeownership. Some components of the dream are being threatened by budget pressures and market realities. But homeownership is very much alive and well, as more than three out of five residencies are owner-occupied in the U.S. Moreover, buyer demand has been impressive throughout the year. As Franklin D. Roosevelt famously stated: “A nation of homeowners is unconquerable.” Our response in 2012: Fill the box!

In the Twin Cities region, for the week ending May 12:

  • New Listings decreased 11.8% to 1,485
  • Pending Sales increased 18.9% to 1,159
  • Inventory decreased 28.3% to 17,761

For the month of April:

  • Median Sales Price increased 12.1% to $162,500
  • Days on Market decreased 15.1% to 135
  • Percent of Original List Price Received increased 3.6% to 93.4%
  • Months Supply of Inventory decreased 42.4% to 4.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

Monday, May 14th, 2012

If only there were a system of grand, colorful lights for tracking residential real estate. Green for rising market, yellow for a transitional market and red for declining market. Let’s see if we can try to determine today’s market without the ease of well-known signals. Prices are bottoming and starting to rise. Buyer activity is showing year-over-year gains. Homes are selling faster and closer to list price. Multiple offers are becoming commonplace. Inventory levels are leaning toward the seller. Green means go.

In the Twin Cities region, for the week ending May 5:

  • New Listings decreased 6.6% to 1,643
  • Pending Sales increased 41.9% to 1,232
  • Inventory decreased 28.3% to 17,579

For the month of April:

  • Median Sales Price increased 12.1% to $162,500
  • Days on Market decreased 15.1% to 135
  • Percent of Original List Price Received increased 3.6% to 93.4%
  • Months Supply of Inventory decreased 43.1% to 4.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

Monday, May 7th, 2012

Buyers don’t live in a spreadsheet. When they find a home to love and cherish, they don’t intellectualize it too much. There are generally fewer homes on the market, they’re selling more quickly and prices in most areas are no longer in a downtrend. Dwindling inventories means there’s less competition and more pricing power for sellers, who are finally starting to be rewarded by strong buyer activity. Interest rates at 50-year lows doesn’t hurt either. Love is in the air and all around the housing market.

In the Twin Cities region, for the week ending April 28:

  • New Listings decreased 14.9% to 1,475
  • Pending Sales increased 21.4% to 1,187
  • Inventory decreased 28.0% to 17,603

For the month of March:

  • Median Sales Price increased 7.1% to $149,900
  • Days on Market decreased 9.7% to 144
  • Percent of Original List Price Received increased 3.8% to 92.1%
  • Months Supply of Inventory decreased 37.2% to 4.8

Click here for the full Weekly Market Activity Report.

From The Skinny.

Monday, April 30th, 2012

 

RIS Media

Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.

The index is now at the highest level since April 2010 when it reached 111.3.

Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing. “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good,” he says.

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Monday, April 30th, 2012

 

Article by: JIM BUCHTA , Star Tribune

Fannie Mae and Freddie Mac want lenders to act within 30 days of getting a short sale offer.

The short sale process could get a lot quicker starting this summer under new rules that will require lenders to respond to offers within a month.

Fannie Mae and Freddie Mac, the nation’s two largest mortgage backers, will implement the guidelines on June 15. The changes require mortgage servicers to make a decision within 30 days of receiving a short sale offer. They also must consider requests for pre-approved short sales within that same timeframe.

If the lender needs more than 30 days, it must give borrowers weekly status updates and a decision within 60 days of the initial application. This extension gives lenders more time to determine the value of the property or to get the approval of a mortgage insurer.

The moves are aimed at streamlining the short sale process, which often takes months to complete. Faster response times could help thousands of local homeowners. During March, there were 4,084 short sale listings in the Twin Cities area.

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