Housing May Turn the Corner in 2012: CoreLogic

CoreLogic’s chief economist Mark Fleming says housing statistics and the duration of the downturn to date indicate 2012 may be the year the housing market begins to turn the corner.

In the first release of CoreLogic’s new MarketPulse newsletter Wednesday, Fleming explained his rationale for such an assessment.

He notes that housing is an industry with long business cycles. Regional housing recessions have typically taken anywhere from three to five years to find their bottom, and Fleming says the national housing recession has behaved similarly in that it has bounced along a bottom for the past two years.

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December 2011 Greater Metropolitan Denver Home Market Statistics

Active Listings inventory continues to decline, 12% month over month and 34% year over year.  Under contract activity and closed transactions activity remains seasonal with a continual decline month over month.

On a Monthly basis, comparison of month over month and year over year:

Single Family takeaways:
The inventory of unsold homes is at 12,531 units, down 12% with November ‘11 level and down 34% from December ‘10.

2,832 units were placed under contract in December, down 16% with November ‘11 and up 5% from December ‘10.

3,156 units sold in December ‘11, up 3% from November ‘11 and up 4% from December ‘10.

Single Family average prices, $253,986 for December ‘11, increased 1% for month over month and even year over year.

Residential and Condo takeaways:
Residential average price, $275,610 for December ‘11, remained relatively even month over month and year over year.

Condo average price, $166,420 for December ‘11, increased 8% month over month and even year over year.

Condo median price, $120,700 in December ’11, decreased 3% month over month and decreased 14% year over year.

Residential median price remained stable at $230,000 in December ‘11 when compared to November ‘11 and increased 2% when compared to December ‘10.

On a Year to Date basis, comparison of YTD 12/2011 to YTD 12/2010:

Residential: Condo:
Sales units 31,437 vs 30,777 (↑2%) Sales units 7,950 vs 8,041 (↓1%)
Median Price $230,000 vs $235,000 (↓2%) Median Price $124,900 vs $136,000 (↓8%)
Average Price $279,858 vs $282,080 (↓1%) Average Price $159,141 vs $161,005 (↓1%)
Sales Volume $10.1B vs $10.0B (↑1%) Sales Volume $1.2B vs $1.3B (↓2%)
Days on Market 105 vs 90 (↑17%) Days on Market 116 vs 98 (↑18%)

The above representation may or may not reflect all real estate activity in the market.
By definition, Single Family equals Residential plus Condo.
Source: Metrolist, Inc.
©2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But NotGuaranteed

Top 5 Reasons To Buy A Home in 2012

The American dream of homeownership is a very feasible aspiration for  2012.

There are many benefits of owning a home.  Yet some first-time buyers  are skeptical of purchasing with the uncertainty surrounding the housing  market.

Read more: http://www.quickenloans.com/blog/top-5-reasons-buy-home-2012#ixzz1jeAgwPjG

FHA Waives Anti-Flipping Rule Through Year-End to Speed REO Sales

The Federal Housing Administration (FHA) is extending the temporary waiver of its property anti-flipping rule through the end of 2012.

FHA rules typically prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, however, the agency waived this regulation, and later extended the waiver through 2011.

The new extension announced late last week will permit buyers to continue to use FHA-insured financing to purchase HUD-owned and bank-owned properties, no matter how long the homeowner has held the title, through December 31, 2012.

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Should You Buy A Home In 2012?

Click to see video:  Should You Buy A Home In 2012?

4 Predictions About 2012 Real Estate Market

With 2012 nearly upon us, many of us will be spending this week reviewing the events of 2011 and setting resolutions, goals or visions for what we’d like to accomplish next  year.

It  will come as no surprise that the most common New Year’s resolutions  fall into the categories of getting organized and getting fit — physically and financially.

Financial fitness includes getting your real estate business in order. But  you can’t set up your real estate plans for the year in a  vacuum. They must be done in context of what’s going on in the market. Here are four predictions about what that market  context will look like in the coming year:

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