The Census Bureau reported an annual sales rate of 323,000 new homes last month. That was up 7.3% from a revised rate of 301,000 in March. There were an estimated 175,000 new homes for sale. That’s the lowest level on record.
You said yourself this makes no difference for HIs.
Pending Home Sales Index (.pdf):
Seasonally-adjusted, April vs. March:
United States: -11.6%
Seasonally-adjusted, April 2011 vs. April 2010:
United States: -26.5%
Home sales in KC area for April 2011 down over 28% from same month a year ago, April 2010.
Note number of homes for sale. These are mostly all owner-listed, and do not include forclosures. I have heard that there are over 31,000 homes for sale in this region, and mortgage closings are off over 50%. If it doesn’t happen in June, July and August, move your money out of stocks.
Glad they are up but Home sales go up at the end of every spring ,just as will construction.
Took a bunch of calls today but it is the year in general that will tell the story.
Cross your fingers and hope for an end to REO’s.
You are right, Bob. As many inspectors, and myself, have discussed many times over the last several months, homes that have now set vacant for months, if not years, have many problems, molds, and are getting to the point of being uninhabitable.
Sad for the home buyers. Millions of homes that are vacant have yet to reach the market. Home buyers now more than ever need to beware.
I had 6 calls for inspections today,Thank God but sent 3 of them away to get utilities turned back on.They are often shocked when I inform them the Bank expects them to pay the $200 to dewinterize when they can get away with it.
Bob Elliott Inspector is now Bob Elliott Inspector/Consultant.
Some will then skip the inspection because it’s too much money or the realtor convinces them that the sale is “as is” and the inspection is a waste of money. I have a potential client in Sauk Village who had to wait 2 weeks to get the water turned back on since the meter was removed by the village when it foreclosed. He said his realtor is an absolute obstacle too.
I have had a few of them tell me straight out they do not recommend inspection to REO clients because they are going to gut them anyway.
Looks like a few more years of this at least.Should also mention we work our butts off to list all the issues.
KC home sales for May 2011 down 27% from same month May of 2010; and we all know how poor sales were in 2010 from 2009.
I see no end in sight.