U.S. Home Sales Rise, Stocks Follow
Data points to stabilizing housing market; rising dollar limits gain in energy, natural resources.
Ellis Mnyandu, 12.22.09, 12:15 PM EST
www.forbes.com
NEW YORK (Reuters) - U.S. stocks rose Tuesday, pushing the benchmark S&P 500 up briefly to a 14-month high, as data on existing home sales pointed to more stabilization in housing, bolstering optimism about the economic recovery and prospects for profits.
Stocks supporting the market's advance included big manufacturers like Boeing ( BA - news - people ) Co, up 1.5 percent at $55.09, and technology bellwethers, with International Business Machines Corp ( IBM - news - people ) up 0.8 percent at $129.67 after the blue-chip company scored a 10-year outsourcing deal valued at $83 million.
The Dow Jones U.S. home construction index jumped nearly 3 percent following a report that showed sales of previously owned homes rose 7.4 percent in November, which was much stronger than expected.
Tuesday, December 22, 2009
Home sales surge, boosting recovery hopes
Home sales surge, boosting recovery hopes
Tax break helps boost housing market, but GDP growth revised downward
msnbc.com staff and news service reports
updated 11:34 a.m. CT, Tues., Dec . 22, 2009
www.msnbc.msn.com
WASHINGTON - The recovery may have gotten off to a slow start in the third quarter, but a surge in home sales last month could presage a more robust end to the year.
Sales of existing homes rose in November to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from its worst downturn since the Great Depression.
The National Association of Realtors said sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million from a downwardly revised pace of 6.09 million in October. Sales had been expected to rise to a pace of 6.25 million, according to economists surveyed by Thomson Reuters.
Tax break helps boost housing market, but GDP growth revised downward
msnbc.com staff and news service reports
updated 11:34 a.m. CT, Tues., Dec . 22, 2009
www.msnbc.msn.com
WASHINGTON - The recovery may have gotten off to a slow start in the third quarter, but a surge in home sales last month could presage a more robust end to the year.
Sales of existing homes rose in November to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from its worst downturn since the Great Depression.
The National Association of Realtors said sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million from a downwardly revised pace of 6.09 million in October. Sales had been expected to rise to a pace of 6.25 million, according to economists surveyed by Thomson Reuters.
Friday, December 11, 2009
Foreclosure activity falls for fourth month
Foreclosure activity falls for fourth month
Various government efforts help, but crisis is still likely to get worse
Associated Press
updated 9:29 a.m. CT, Thurs., Dec . 10, 2009
www.msnbc.com
WASHINGTON - The number of homeowners on the brink of foreclosure fell in November, the fourth straight monthly decline, as mortgage companies evaluated whether borrowers were eligible for help.
Nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November, down 8 percent from a month earlier, RealtyTrac Inc. said Thursday. Banks repossessed about 77,000 homes last month, down slightly from October.
Various government efforts help, but crisis is still likely to get worse
Associated Press
updated 9:29 a.m. CT, Thurs., Dec . 10, 2009
www.msnbc.com
WASHINGTON - The number of homeowners on the brink of foreclosure fell in November, the fourth straight monthly decline, as mortgage companies evaluated whether borrowers were eligible for help.
Nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November, down 8 percent from a month earlier, RealtyTrac Inc. said Thursday. Banks repossessed about 77,000 homes last month, down slightly from October.
Cities Recovering From The Foreclosure Crisis
Cities Recovering From The Foreclosure Crisis
In these metro areas, both modest incomes and stable real estate markets are improving the outlook for borrowers.
Francesca Levy, 12.10.09, 07:00 PM EST
www.forbes.com
No American city fully sidestepped the housing foreclosure problem. But tell-tale boarded-up windows and lines of once-glittering condominiums standing empty are images largely absent from several metro areas. And many of these real estate markets are well-poised to recover.
The cities coming back strongest from the foreclosure crisis are those that didn't see massive price inflation as the housing bubble swelled (the national peak was the second quarter of 2006, but different areas peaked at slightly different times), as well as blue-collar towns with modest economies. This is according to data provided to Forbes by Lender Processing Services (LPS), a mortgage-industry service provider.
In these metro areas, both modest incomes and stable real estate markets are improving the outlook for borrowers.
Francesca Levy, 12.10.09, 07:00 PM EST
www.forbes.com
No American city fully sidestepped the housing foreclosure problem. But tell-tale boarded-up windows and lines of once-glittering condominiums standing empty are images largely absent from several metro areas. And many of these real estate markets are well-poised to recover.
The cities coming back strongest from the foreclosure crisis are those that didn't see massive price inflation as the housing bubble swelled (the national peak was the second quarter of 2006, but different areas peaked at slightly different times), as well as blue-collar towns with modest economies. This is according to data provided to Forbes by Lender Processing Services (LPS), a mortgage-industry service provider.
Wednesday, November 25, 2009
Rates on 30-year loans remain below 5 percent
Rates on 30-year loans remain below 5 percent
The average rate on a 30-year fixed mortgage is 4.83 percent
Associated Press
November, 19 2009
Rates on 30-year mortgages stayed below 5 percent this week but remained above the record set earlier this year, Freddie Mac said Thursday.
The average rate for a 30-year fixed mortgage fell to 4.83 percent, down from 4.91 percent last week, the mortgage company said. Last year at this time, 30-year mortgages averaged 6.04 percent.
Rates hit a record low of 4.78 percent in the spring, and remain attractive for people looking to buy a home or refinance their existing mortgage. Still, credit standards remain tough, so the best rates usually are available only to borrowers with solid credit and a 20 percent down payment.
The average rate on a 30-year fixed mortgage is 4.83 percent
Associated Press
November, 19 2009
Rates on 30-year mortgages stayed below 5 percent this week but remained above the record set earlier this year, Freddie Mac said Thursday.
The average rate for a 30-year fixed mortgage fell to 4.83 percent, down from 4.91 percent last week, the mortgage company said. Last year at this time, 30-year mortgages averaged 6.04 percent.
Rates hit a record low of 4.78 percent in the spring, and remain attractive for people looking to buy a home or refinance their existing mortgage. Still, credit standards remain tough, so the best rates usually are available only to borrowers with solid credit and a 20 percent down payment.
Foreclosure filings dip for third straight month
Foreclosure filings dip for third straight month
But activity is still up 19 percent over the same period last year
Associated Press
November, 12 2009
NEW YORK - The number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure prevention programs helped more borrowers.
But foreclosure filings are still up 19 percent from a year ago, RealtyTrac Inc. said Thursday, and rising job losses continue to threaten the stabilizing trend.
More than 332,000 households, or one in every 385 homes, received a foreclosure-related notice in October, such as a notice of default or trustee's sale. That's down 3 percent from September.
But activity is still up 19 percent over the same period last year
Associated Press
November, 12 2009
NEW YORK - The number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure prevention programs helped more borrowers.
But foreclosure filings are still up 19 percent from a year ago, RealtyTrac Inc. said Thursday, and rising job losses continue to threaten the stabilizing trend.
More than 332,000 households, or one in every 385 homes, received a foreclosure-related notice in October, such as a notice of default or trustee's sale. That's down 3 percent from September.
Existing-Home Sales Record Big Gains
Daily Real Estate News
November, 23 2009
Driven by the home buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, according to the NATIONAL ASSOCIATION OF REALTORS®. At the same time, inventories have continued to decline.
Existing-home sales—including single-family, townhomes, condominiums and co-ops—surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.
Daily Real Estate News
November, 23 2009
Driven by the home buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, according to the NATIONAL ASSOCIATION OF REALTORS®. At the same time, inventories have continued to decline.
Existing-home sales—including single-family, townhomes, condominiums and co-ops—surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.
$8,000 homebuyers tax credit extended
$8,000 homebuyers tax credit extended
CNNMoney.com
November, 6 2009
President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday.
The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.
The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers -- those who have not owned a home in the past three years -- still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.
CNNMoney.com
November, 6 2009
President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday.
The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.
The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers -- those who have not owned a home in the past three years -- still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.
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