Stacie Hartman

The Mortgage Blog of Stacie Hartman

The Housing Market & The Economy

Paul Nolte, Managing Director at Dearborn Partners, says, despite excess inventory in the housing market, the overall economy will continue healing at very slow pace.

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Home Prices and The Slow Recovery

Robert Shiller, Yale University economics professor and co-founder of the Case-Shiller Home Price Index, expects home prices to continue to grow over the next four years, but at a slow pace.

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New Home Sales Increase 6.6 Percent In September

September sales of new single-family homes rose 6.6 percent above August’s rate, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. Nicholas Tenev, an economist with Barclays Capital, said it looks as though new-home sales have stabilized and he expects a gradual recovery over the coming months. Despite the unexpected jump, sales of new homes are still 21.5 percent below last year’s levels. The median sales price of new houses sold in September was $223,800; the average sales price was $257,500. More here and here.

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Survey Says Housing Market On The Mend

After a slow summer for home sales, the housing market is attempting to return to traditional seasonal trends, according to RE/MAX’s National Housing Report for September. The spring rush to qualify for the homebuyer tax credit caused a summer sales slump but, despite the lull in activity, the month of September saw an increase in signed contracts, stabilizing prices, and a drop in inventory. Margaret Kelly, CEO of RE/MAX, said slow summer sales were anticipated and increases in signed contracts should translate into sales gains in the months ahead. Also in the report, home prices were up 0.9 percent from 2009 and 33 of the 54 metro areas surveyed showed year-over-year price increases. Inventory of homes on the market fell 2.8 percent in September. More here.

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Foreclosures Up 4 Percent In Q3

One in every 139 housing units received a foreclosure filing during the third quarter. According to RealtyTrac’s U.S. Foreclosure Market Report, filings were reported on 930,437 properties, up nearly 4 percent from the previous quarter but down 1 percent from the third quarter of 2009. Scheduled auctions and bank repossessions hit record highs while new default notices were down one percent from the second quarter and 21 percent from last year. James J. Saccacio, chief executive officer of RealtyTrac, said the record number of foreclosures in the third quarter takes a bite out of the backlog of distressed properties. Foreclosure filings rose nearly 3 percent in September from a month earlier. More here and here.

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Foreclosures Nearly A Quarter of 2nd Quarter Sales

Foreclosed homes accounted for 24 percent of all residential sales in the second quarter of 2010, according to RealtyTrac’s Q2 U.S. Foreclosure Sales Report. Rick Sharga, RealtyTrac’s senior vice president, said the volume of activity was what is needed for the market to heal because the more distressed properties that are sold the quicker housing recovers. There were 248,543 properties in some stage of foreclosure sold in the second quarter, an increase of nearly 5 percent from the previous quarter. More here, here, and here.

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New Home Sales Flat in August

According to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes were unchanged in August from July’s rate. The median sales price of new homes was $204,700 with an average price of $248,800. Leif Thomsen, CEO of Mortgage Master, told CNN he believes the report shows prices are starting to stabilize. The estimate of new houses for sale was 206,000, a supply of 8.6 months at the current sales rate. More here and here.

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Existing Home Sales Up In August

Sales of existing homes, including single-family, townhomes, condominiums and co-ops, rose 7.6 percent in August but remained below last year’s levels, according to a report from The National Association of Realtors. The median existing-home price was also up, rising 0.8 percent from a year ago. Lawrence Yun, NAR’s chief economist, said home values have been stabilizing over the past year but he expects a slow, gradual recovery because of continued economic uncertainty. Total housing inventory at the end of August was down after months of increases, falling 0.6 percent. More here, here, and here.

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Default Notices Drop 30 Percent From Last Year

The number of homeowners receiving initial default notices in August fell 1 percent from July and 30 percent from a year earlier. RealtyTrac’s August U.S. Foreclosure Market Report, shows total foreclosure filings, including default notices, scheduled auctions, and bank repossessions, were reported on 338,836 properties, a 4 percent increase from the month before and a 5 percent drop from 2009. James J. Saccacio, RealtyTrac’s chief executive officer, says the trend lines of decreasing default notices and increasing bank repossessions indicates the backlog of distressed properties is being carefully managed to avoid flooding the market and putting downward pressure on prices. More here, here, and here.

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Housing Shows Signs Of Stability In 2nd Quarter

According to The U.S. Department of Housing and Urban Development’s second quarter U.S. Housing Market Conditions report, housing showed signs of stabilization during the second quarter but the recovery, overall, remains fragile. During the second quarter of this year, existing home sales were up, while sales of new homes fell; building permits and housing starts both dropped; the national homeownership rate was down to 66.9 percent and inventories of available homes increased. HUD expressed concern about the shadow inventory, while noting government efforts, such as the Making Home Affordable program, have helped keep the number of foreclosures down. More here.

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About Me:

Stacie Hartman is a wholesale mortgage Account Executive working with loan officers in Oregon and SW Washington. She has 18 years in the mortgage industry, an extensive knowledge of financing options, and a commitment to open communication and client service that make her stand out in her field. Her goals begin with uncompromising service and end with excellent results and repeat business.

Contact:

Stacie Hartman
360 Mortgage Group
Account Executive
Oregon and SW Washington
Phone: 503.757.9565
Email: shartman@360mortgagegroup.com
website: www.360mortgagegroup.com

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