In the first quarter of 2013 our economy grew by 2.5 percent. While some were disappointed with that figure because it fell short of the consensus estimate of 3.0 percent, it's still a sign of better times, according to Corelogic.com.
The company recently released "The MarketPulse" which highlighted the following: economic recovery is benefitting from residential investment, "census division of price declines in the housing collapse varied dramatically by depth and duration, and the census divisions with the largest declines have the fastest current recoveries."
There are four census divisions in the United States. These geographical regions contain two or three census divisions for a total of nine. How these areas were impacted and how they are recovering depends on various factors such as the development of new housing.
Build it and they will come. The new housing industry is growing stronger and helping boost the Gross Domestic Product (GDP). Homebuyers seeking new homes are encouraging this growth.
At the lowest point, new home sales dropped to 273,000 annualized sales in February 2011, marking the lowest sales rate in almost 50 years. The highest peak reached 1.4 million annualized sales in July 2005 and today it's increasing 19 percent from a year ago, according to the U.S. Census Bureau data from March 2013.
Meanwhile, residential home prices are continuing to rise. However, the increase in home prices isn't uniform across the country. Instead, the recovery is geographically confined to areas that are "either recovering from the boom-bust cycle, or exhibiting strong economic fundamentals and strengthening demographic demand," according to Corelogic.
The increase in housing prices is also happening in areas where building is booming.
New housing competes with foreclosures and short sales. These latter two groups are now experiencing a decline, making new housing a good solution for some buyers.
Mortgages categorized as seriously delinquent (90 days or more past due) peaked nationally at 3.7 million in January 2010. The figure has recently dropped by 33 percent to 1.2 million.
Corelogic reported that there were 55,000 completed foreclosures through March 2013, which is a decrease of 16 percent compared with the number of the same period last year.
Meanwhile, the summer sizzle season is arriving soon and analysts expect another possible increase in sales and prices which could encourage more sellers to list their homes for sale
If you're interested in buying, here are a few tips. Act now. Start putting your finances in order so you know what you can actually afford to purchase. Delaying this could mean the loss of your favorite home to a better prepared borrower.
Meet with experts to get the best information and advice about the real estate market you're interested in. While real estate information is available on line from anywhere in the world, prices vary greatly depending on the local market. Your best bet is to find an expert in the area you're interested in to assist you with your questions and guide you through your search.
Remember that many sellers are still in a recovery mode. They may just now be adjusting to no longer having their home mortgage "under water". So, when you find a home you're interested in, act quickly to engage negotiation about the final sales price.
Also, keep in mind that the housing inventory is likely to increase as housing prices continue to rise. However, many experts predict the shortage of existing homes for sale is likely to remain a problem throughout the rest of 2013.
Published: May 17, 2013
Use of this article without permission is a violation of federal copyright laws.
 Phoebe Chongchua is an award-winning journalist, an author, customer service trainer/speaker, and founder of Setting the Service Standard, a customer service training and consulting program offered by Live Fit Enterprises (LFE) based in San Diego, California. She is the publisher of Live Fit Magazine, an online publication that features information on real estate/finance, physical fitness, travel, and philanthropy. Her company, LFE, specializes in media services including marketing, PR, writing, commercials, corporate videos, customer service training, and keynotes & seminars. Visit her magazine website: www.LiveFitMagazine.com. Phoebe's articles, feature stories, and columns appear in various publications including The Coast News, Del Mar Village Voice, Rancho Santa Fe Review, and Today's Local News in San Diego, as well as numerous Internet sites. She holds a California real estate license. Phoebe worked for KGTV/10News in San Diego as a Newscaster, Reporter and Community Affairs Specialist for more than a decade. Phoebe's writing is also featured in Donald Trump's book: The Best Real Estate Advice I Ever Received and The Complete Idiot?s Guide to Buying Foreclosures. She is the author of If the Trash Stinks, TAKE IT OUT! 14 Worriless Principles for Your Success. Contact Phoebe at (858) 259-3646 or . Visit PhoebeChongchua.com for more information. |
Source: http://realtytimes.com/rtpages/20130517_pricesrising.htm
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