Short Sale Chicago

Avoid Foreclosure. I Can Help.


Written by: David Lereah   Tue, June 28, 2011 Market Activity, Market Commentary

The nation’s housing sector is having trouble lifting itself out of the enormous hole it has been in since the real estate bust began several years ago. Recent data has been disappointing; demand for housing remains soft while the supply for housing remains excessive.

Existing-home sales fell by 3.8 percent in May compared with April to an annualized 4.81 million units. The decline in sales was broad-based across regions, with only the West not exhibiting any change in sales. The months supply of homes available for sale to 9.3 in May from 9.0 in April. Similarly, new home sales fell 2.1 percent in May to 319,000 annualized units.  It is obvious that new home sales have been scraping bottom for the past 6 months. However, compared with one year ago, new home sales are up 13.5%. The months supply for new homes declined to 6.2 in May from 6.3 in April. The number of new homes available for sale has fallen to a new low of 166,000 units. The data extend back to 1963.

On a brighter note, new residential construction rose 3.5 percent in May to 560,000 annualized units but is still down 3.4 percent from one year ago. Total permits registered an 8.7 increase in May to 612,000 annualized units.
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September 2, 2011 - Posted by | Uncategorized

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