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Existing Home Sales
Industry, Technology & Competitor News
Pending Home Sales
Interest Rates
• Bankrate.com: 4.31% for 30-year fixed mortgage
Industry:
• So You’re On LinkedIn - Now Use It • Windows 8.1 Update Tries to Win Back Desktop Diehards • Four Tech Dinosaurs That Will Finally Die in 2015
Technology:
• Federal funds rate: 0.25%
Sales of existing homes fell in January to the lowest level in a year-and-a-half, but ongoing inventory shortages continue to lift prices in much of the U.S., according to NAR. Read the NAR press release. In the RE/MAX National Housing Report, sales dropped 7.1% as the result of unusually strong winter storms, while prices continued a trend of double digit increases. Read the RE/MAX National Housing Report.
• Tax Reform Proposal Would Cut Many Real Estate Deductions • Surging Homes Prices a Double-Edged Sword • Influx of Commercial Real Estate Lending Expected in 2014 • 30% Increase in Housing Starts Forecasted • Agents Grapple with Illinois' New Gun Law • Texas Housing Market Outperforms Nation • Japan Bank Taps Appetite for Tokyo Real Estate • Home Depot Benefits from Recovering Housing Market
Pending home sales were essentially unchanged in January, according to NAR. Sales edged up 0.1%, affected by the same dampening factors which affected activity in December. Read the NAR press release.
National Housing Stats Existing Home Sales
(seasonally adjusted annual rate by month)
Months Supply of Inventory
Source: NAR
Source: NAR
4,200,000
4,400,000
4,600,000
4,800,000
5,000,000
5,200,000
5,400,000
4.94M 4.95M 4.94M 4.97M
5.14M 5.06M
5.59M 5.39M
5.29M
5.12M
4.82M 4.87M
4.62M
0.0
1.0
2.0
3.0
4.0
5.0
6.0
4.3 4.6 4.7
5.2 5.0 5.1 5.0 4.9 4.9 4.9 5.1 4.6
4.9
National Housing Stats Existing Home Median Sales Price
Source: NAR
U.S. Monthly Foreclosure Filings
Source: RealtyTrac
(in U.S. dollars)
0
50,000
100,000
150,000
200,000
250,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
30% Increase in Housing Starts Forecasted
Tax Reform Proposal Would Cut Many Real Estate Deductions
Homebuilders across the country are responding to renewed buyer demand that in 2014 is expected to fuel the most housing starts in almost seven years. David Crowe, chief economist with the National Association of Home Builders, is forecasting that single-family home starts in the U.S. could rise more than 30% in 2014. Read the complete story.
Influx of Commercial Real Estate Lending Expected in 2014
Surging Homes Prices a Double-Edged Sword
The U.S. housing market faces a challenge at the start of the spring sales season: higher prices. It is hard to overstate the benefits of rising prices to the broader economy and to homeowners, banks and home builders. But those gains have a painful edge, too, especially because prices have bounced back so strongly. Read the Wall Street Journal story.
A major tax reform proposal floated recently by Rep. Dave Camp of Michigan, the chairman of the House Ways and Means Committee, would eliminate or sharply reduce many long-standing home real estate tax benefits. Although the reform package has zero chance of enactment in an election year, many of its core concepts are likely to reappear on Capitol Hill as early as 2015. Read the complete story.
After three years of momentum building in commercial property lending, analysts are projecting that institutional lenders will place what could be record amounts of capital into commercial real estate in 2014. The markets are gaining momentum as evidenced by the increasing number of new players entering the market flush with capital and heightened competition among lenders. Read the complete story.
Japan Bank Taps Appetite for Tokyo Real Estate
While spring season for Home Depot is always a time to hire additional staff members, it says it is strongly benefiting from the recovering housing market as well. The Atlanta-based retail chain says it plans to hire 80,000 additional staff members and while some may only fill seasonal positions , the company expects to be able to offer permanent positions to others. Read the complete article.
Home Depot Benefits from Recovering Housing Market
The top executive of Sumitomo Mitsui Trust Bank said he’s making a stronger push to broker real-estate deals with Asian investors as Japan's improving economy has sparked a resurgence in interest in the country's property market. The bank is looking to meet a growing investment appetite for condominiums and office buildings. Read the Wall Street Journal story.
Texas Housing Market Outperforms Nation
Texas outpaced the nation in median household income and new home sales in 2013, reflecting the state’s recent economic growth and hyperactive housing market, a new statewide report shows. New home sales accounted for 30% of all Texas homes purchased last year, a 4% increase over 2012. Read the Houston Chronicle story.
Agents Grapple with Illinois' New Gun Law
At homes listed for sale this spring in Illinois, a prospective buyer may notice the manicured lawn, the pot of flowers by the walkway, and possibly the state’s official “no guns” sign posted by the front door. Realty firms, like other businesses, are grappling with how to handle the state’s new concealed carry law. Read the Chicago Tribune article.
Four Tech Dinosaurs That Will Finally Die in 2015
Microsoft is about to deliver an update to Windows 8.1, its second significant set of changes since the launch of Windows 8 less than 18 months ago. The biggest mistake Microsoft made with Windows 8 was to deliberately eliminate some of the touchstones of the Windows 7 desktop interface, which alienated many desktop users. Read the ZDNet review.
Windows 8.1 Update Tries to Win Back Desktop Diehards
In recent years, technology has changed the way we view work, entertainment, media, and even our workout habits. While most people are focused on what’s next for wearables, cloud computing, and syncing gadgets, few have taken the time to consider the tech we’re going to be sending into retirement in the coming years. Find out what’s going the way of the dinosaur.
So You’re On LinkedIn - Now Use It Jon Sterling scored a new client in a peculiar way. He didn’t capture a lead through paid online advertising or through social marketing. He simply made a new connection with someone on LinkedIn who happened to have gone to the same school he did, and before Sterling knew it, the person became his client. So, how do you use LinkedIn for leads? Read the article.
www.bankrate.com
Economic Indicators
Source: Bureau of Economic Analysis
Gross Domestic Product (% change from preceding period)
National 30-Year Fixed Mortgage Rate
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
3.61% 3.67% 3.43%
4.16% 4.39% 4.39% 4.47%
4.28% 4.15%
4.38% 4.31% 4.26% 4.31%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13
2.3%
0.4%
1.3%
1.8%
3.0%
2.0%
1.3%
3.1%
0.4%
1.1%
2.5%
4.1%
2.4%
Jobs Created
Unemployment Rate
Source: Bureau of Labor Statistics
Source: Bureau of Labor Statistics
6.0%
6.2%
6.4%
6.6%
6.8%
7.0%
7.2%
7.4%
7.6%
7.8% 7.7% 7.6%
7.5% 7.6% 7.6%
7.4% 7.3%
7.2% 7.3%
7.0%
6.7% 6.6%
6.7%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Data and News Release Dates…
NAR Existing Home Sales: Released on or about the 20th of each month Next release date: March 20, 2014 www.realtor.org
NAR Pending Home Sales: Released the last week of the month www.realtor.org
U.S. Monthly Foreclosure Filings: Released around the middle of the month www.realtytrac.com
30-Year Fixed Mortgage Rates: Released several times during the month www.bankrate.com
GDP: Generally released during the third week of the month www.bea.gov
Inflation Rate: Generally released during the first week of the month www.inflationdata.com
Unemployment Rate: Generally released during the first week of the month www.bls.gov