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Second Quarter Home Sales Dip as Housing Supply Dwindles
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO TAKE IT TO THE NEXT LEVEL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Second Quarter Home Sales Dip as Housing Supply Dwindles
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Second Quarter Home Sales Dip as Housing Supply Dwindles

August 14, 2012 (Chris Moore)

Completed transactions of existing home purchases were slightly lower in the second quarter of 2012 than in the first quarter according to the National Association of Realtors® (NAR) as a dwindling supply of homes left home buyers with fewer choices.

Existing home sales, which include single-family homes, townhomes, condos, and co-ops, fell to a seasonally adjusted rate of 4.54 million in the second quarter, down from 4.57 million in the first quarter, a decline of 0.7 percent. Compared to the second quarter of last year, sales were still 8.6 percent higher than the 4.18 million seasonally adjusted transactions.

Lawrence Yun, chief economist of NAR, stated, “It’s most encouraging to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners. Inventory has been trending down and home builders are still under-producing in relation to growing demand. Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight.”

Regional Home Sales:

Existing home sales in the Northeast declined by 0.6 percent from the first to the second quarter but were 10.6 percent higher than in the second quarter of last year, while in the Midwest, sales increased by 1.3 percent from the previous quarter and were 16.2 percent higher than last year’s sales pace.

In the South, existing home sales in the second quarter moved higher by 1.3 percent over the first quarter and were 7.7 percent higher than the second quarter of 2011, and in the West, transactions from the previous quarter fell by 5.3 percent but were still 3.0 percent higher than the second quarter of last year.

Home Prices:

The national median existing home price increased 7.3 percent, rising from $169,100 in the second quarter of 2011 to $181,500 in the second quarter of this year.

The median price in the Northeast was $241,300 in the second quarter, which was 1.6 percent lower than during the same quarter last year, while the median price in the Midwest was $149,400, up 7.5 percent from the second quarter of last year.

In the South, the median price for the quarter was $163,200, a gain of 7.4 percent from a year ago and, and in the West, the median price was $234,000, up 13.4 percent from the second quarter last year.

Out of the 147 Metropolitan Statistical Areas (MSAs) in the survey, 110 saw an increase in home prices during the quarter from a year ago, while three MSAs reported prices were unchanged and 34 saw prices decline from the second quarter of 2011.

Cash and Distressed Property Sales:

Distressed property sales accounted for 25 percent of all existing home sales in the second quarter, down from 33 percent in the second quarter of 2011.

Cash sales accounted for 29 percent of all sales in the second quarter, down from 32 percent in the first quarter, while investors jumped in and purchased 19 percent of the homes sold during the quarter, down from 22 percent in the first quarter.

Housing Inventory:

The number of homes available for sale in at the end of the second quarter plummeted 24.4 percent to 2.39 million homes from 3.16 million homes a year earlier.

Tags: existing home sales, investors, distressed property sales, median home price

Source:
NAR

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 14, 2012 (Chris Moore)

Completed transactions of existing home purchases were slightly lower in the second quarter of 2012 than in the first quarter according to the National Association of Realtors® (NAR) as a dwindling supply of homes left home buyers with fewer choices.

Existing home sales, which include single-family homes, townhomes, condos, and co-ops, fell to a seasonally adjusted rate of 4.54 million in the second quarter, down from 4.57 million in the first quarter, a decline of 0.7 percent. Compared to the second quarter of last year, sales were still 8.6 percent higher than the 4.18 million seasonally adjusted transactions.

Lawrence Yun, chief economist of NAR, stated, “It’s most encouraging to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners. Inventory has been trending down and home builders are still under-producing in relation to growing demand. Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight.”

Regional Home Sales:

Existing home sales in the Northeast declined by 0.6 percent from the first to the second quarter but were 10.6 percent higher than in the second quarter of last year, while in the Midwest, sales increased by 1.3 percent from the previous quarter and were 16.2 percent higher than last year’s sales pace.

In the South, existing home sales in the second quarter moved higher by 1.3 percent over the first quarter and were 7.7 percent higher than the second quarter of 2011, and in the West, transactions from the previous quarter fell by 5.3 percent but were still 3.0 percent higher than the second quarter of last year.

Home Prices:

The national median existing home price increased 7.3 percent, rising from $169,100 in the second quarter of 2011 to $181,500 in the second quarter of this year.

The median price in the Northeast was $241,300 in the second quarter, which was 1.6 percent lower than during the same quarter last year, while the median price in the Midwest was $149,400, up 7.5 percent from the second quarter of last year.

In the South, the median price for the quarter was $163,200, a gain of 7.4 percent from a year ago and, and in the West, the median price was $234,000, up 13.4 percent from the second quarter last year.

Out of the 147 Metropolitan Statistical Areas (MSAs) in the survey, 110 saw an increase in home prices during the quarter from a year ago, while three MSAs reported prices were unchanged and 34 saw prices decline from the second quarter of 2011.

Cash and Distressed Property Sales:

Distressed property sales accounted for 25 percent of all existing home sales in the second quarter, down from 33 percent in the second quarter of 2011.

Cash sales accounted for 29 percent of all sales in the second quarter, down from 32 percent in the first quarter, while investors jumped in and purchased 19 percent of the homes sold during the quarter, down from 22 percent in the first quarter.

Housing Inventory:

The number of homes available for sale in at the end of the second quarter plummeted 24.4 percent to 2.39 million homes from 3.16 million homes a year earlier.

Tags: existing home sales, investors, distressed property sales, median home price

Source:
NAR

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 14, 2012 (Chris Moore)

Completed transactions of existing home purchases were slightly lower in the second quarter of 2012 than in the first quarter according to the National Association of Realtors® (NAR) as a dwindling supply of homes left home buyers with fewer choices.

Existing home sales, which include single-family homes, townhomes, condos, and co-ops, fell to a seasonally adjusted rate of 4.54 million in the second quarter, down from 4.57 million in the first quarter, a decline of 0.7 percent. Compared to the second quarter of last year, sales were still 8.6 percent higher than the 4.18 million seasonally adjusted transactions.

Lawrence Yun, chief economist of NAR, stated, “It’s most encouraging to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners. Inventory has been trending down and home builders are still under-producing in relation to growing demand. Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight.”

Regional Home Sales:

Existing home sales in the Northeast declined by 0.6 percent from the first to the second quarter but were 10.6 percent higher than in the second quarter of last year, while in the Midwest, sales increased by 1.3 percent from the previous quarter and were 16.2 percent higher than last year’s sales pace.

In the South, existing home sales in the second quarter moved higher by 1.3 percent over the first quarter and were 7.7 percent higher than the second quarter of 2011, and in the West, transactions from the previous quarter fell by 5.3 percent but were still 3.0 percent higher than the second quarter of last year.

Home Prices:

The national median existing home price increased 7.3 percent, rising from $169,100 in the second quarter of 2011 to $181,500 in the second quarter of this year.

The median price in the Northeast was $241,300 in the second quarter, which was 1.6 percent lower than during the same quarter last year, while the median price in the Midwest was $149,400, up 7.5 percent from the second quarter of last year.

In the South, the median price for the quarter was $163,200, a gain of 7.4 percent from a year ago and, and in the West, the median price was $234,000, up 13.4 percent from the second quarter last year.

Out of the 147 Metropolitan Statistical Areas (MSAs) in the survey, 110 saw an increase in home prices during the quarter from a year ago, while three MSAs reported prices were unchanged and 34 saw prices decline from the second quarter of 2011.

Cash and Distressed Property Sales:

Distressed property sales accounted for 25 percent of all existing home sales in the second quarter, down from 33 percent in the second quarter of 2011.

Cash sales accounted for 29 percent of all sales in the second quarter, down from 32 percent in the first quarter, while investors jumped in and purchased 19 percent of the homes sold during the quarter, down from 22 percent in the first quarter.

Housing Inventory:

The number of homes available for sale in at the end of the second quarter plummeted 24.4 percent to 2.39 million homes from 3.16 million homes a year earlier.

Tags: existing home sales, investors, distressed property sales, median home price

Source:
NAR

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS