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Has housing turned the corner for good?
The June 2011 Case-Shiller Index reading posted strong numbers across the board, with each of the index’s 20 tracked markets showing home price improvement from May.
Some markets — Chicago and Minneapolis — rose as much as 3.2 percent.
The rise in values is nothing about which to get overly excited, however. The Case-Shiller Index is just re-reporting what multiple data sets have already shown about the summer housing market; that it was stronger than the spring market, and that a recovery is underway, but occurring locally, at different rates.
For example, the June 2011 Case-Shiller Index shows the following :
- Denver, Dallas, Washington D.C., and the “California Cities” bottomed in 2009. Each has shown steady improvement since.
- None of the Case-Shiller cities showed negative growth between May and June 2011.
- 12 of Case-Shiller’s tracked cities have improved over 3 consecutive months.
The answer to the question is YES. For the past 90 days Home Values are on the Rise. Here in the North Georgia Mountains, our communities of Ellijay, Blue Ridge, Blairsville and Hiawassee has seen Home Values as a cumulative average drop 2% over the past year. However, since June of 2011, our Residential Real Estate Market has experienced a surge of nearly 14% in Median Sold Price. See Full Report Below.
North Georgia Mountain August 2011 Median Sold Price Report
In isolation, these statistics appear promising, but it’s important to remember that the Case-Shiller Index is a backward-looking data set, focusing on just a portion of the national housing economy.
As an illustration, the Case-Shiller Index’s “national report” only includes data from 20 cities nationwide. They’re not the 20 biggest cities, either. Smaller metropolitan areas such as Minneapolis (#48) and Tampa (#51) are included.
Larger ones including Houston (#4), Philadelphia (#5) and San Jose (#10) are not.
In addition, the Case-Shiller index fails to track sales of condominiums, multi-unit homes and new construction. In some markets, including Chicago, these excluded home type can represent a large share of the overall market.
The Case-Shiller Index is a fine data set for policy makers and economists. It describes the broader housing market and shows long-term trends. For the individual home buyer in Hiawassee , however, it’s much less useful. More than “broad data”, you want focused data that’s current and relevant.
The best place for data like that is a local real estate agent.
Related articles
- Home Values Climb Rise Slightly Nationwide In April (thefrontporchview.com)
- Buyer Opportunities Open With Pending Sales Slipping (thefrontporchview.com)
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54 Rocky Road Blairsville, GA. – New Foreclosure from Chad Lariscy on Vimeo.
This is a Brand New Foreclosure For Sale in Blairsville, GA. that hasn’t even hit the North Georgia Mountain Real Estate Market. This property is located conveniently between Blue Ridge and Blairsville near the Union County Saddle Club Arena. Nice 3 Bedroom 2 Full Bath Home offering Privacy and Seclusion on 1.6 +/- Acres.
If you would like additional information, or would like to see a Full Length Virtual Showing of this Bank Owned Property For Sale In North Georgia, please Contact Me and I will be more than happy to assist you with all of your Real Estate needs here in the Georgia Mountains.
Related articles
- New Foreclosure For Sale In Blairsville GA Bordering U.S.F.S. (thefrontporchview.com)
- New Upscale Foreclosure For Sale In Blairsville GA (thefrontporchview.com)
- New Price On Nice Lake House For Sale On Lake Nottely (thefrontporchview.com)
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Foreclosure activity continues to slow.
According to RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings nationwide fell 35 percent as compared to July 2010, a statistic suggesting that the housing market continues to improve.
“Foreclosure filing” is a catch-all term encompassing default notices, scheduled auctions, and bank repossessions.
Filings fell to a 44-month low in July 2011.
For all the improvement, though, activity remains concentrated in just a few states. More than half of all bank repossessions last month occurred in just a handful of states.
In July, 6 states accounted for 52% of activity.
- California : 19% of all repossessions
- Georgia : 8% of all repossessions
- Florida : 7% of all repossessions
- Texas : 6% of all repossessions
- Michigan : 6% of all repossessions
- Arizona : 6% of all repossessions
At the other end of the spectrum is Vermont. With just 11 repossessions for all of July, Vermont accounted for 0.016% of repossessions nationwide.
Distressed homes are in high demand with today’s home buyers. According to the National Association of REALTORS®, they account for 30% of all home resales. That’s no surprise, either.
Distressed homes typically sell at 20 percent discounts as compared to non-distressed ones.
But, if buying a foreclosure is in your agenda, be sure to do your homework. Buying bank-owned homes is different from buying from “people”. The contracts are different, the negotiations are different, and the homes are sometimes sold with defects.
If you plan to purchase a foreclosure in Blue Ridge or Blairsville Georgia, be sure to Contact Me first. There’s plenty of available information online but when it’s time to buy, have an experienced agent on your side.
Related articles
- For The 9th Straight Month, Foreclosure Filings Fall (thefrontporchview.com)
- Monthly Foreclosure Count Continue To Drop (thefrontporchview.com)
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230 John Dick Overlook – Blue Ridge, GA. – Foreclosure For Sale from Chad Lariscy on Vimeo.
230 John Dick Overlook in Blue Ridge, GA.
Incredible opportunity to own a spacious cabin with spectacular mountain views in Blue Ridge, GA. This 3 Bedroom 3 Bath Cabin is on 2 acres, Full Finished Basement, and as a Bonus, there is a New Addition including a Huge Master Suite on a Full Unfinished Basement as well. Only need to finish the interior of the new addition.
MLS# 207804 – $144,900
Please call Chad Lariscy at 877-633-8186, or email [email protected] for additional information or a Full 5 Minute Video of this property.
Click Here For More Information
Please Contact Me for more information or to see Full Length Video of this Property.
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Foreclosure rates are falling.
According to foreclosure-tracking firm RealtyTrac, monthly foreclosure filings fell 2 percent in May to just under 215,000 filings nationwide. A foreclosure filing is defined as any one of the following: a default notice, a scheduled auction, or a bank repossession.
On an annual basis, Foreclosure counts have dropped over 16 consecutive months, dating back to January 2010.
Like all things in real estate, though, Foreclosures are local. 6 states accounted for more than half of the country’s foreclosure filings in May. Those six states — California, Michigan, Arizona, Florida, Georgia and Texas — represent just 34% of the U.S. population.
But even on a per household basis, the figures remain disproportionate.
- Top 10 Foreclosure States : 1 foreclosure per 357 households, on average
- Bottom 10 Foreclosure States : 1 foreclosure per 8,764 households, on average
The nationwide foreclosure rate was 1 foreclosure per 605 households.
As a home buyer in Blue Ridge and Blairsville, GA., Foreclosures matter. Here in North Georgia Mountains, Foreclosure Sales account for at least 1 out of every 2 residential sales. Distressed homes account for close to 40% of home resales and that’s because distressed properties often sell at steep discounts; in some markets, up to 20 percent less than a comparable, non-distressed home. Foreclosed homes can be a great “deal”, therefore, but only if you’ve done your homework.
Buying a bank-repossessed home is different from buying from “people”. The contracts and negotiation process are different, and homes are sometimes sold with defects.
If you plan to purchase a North Georgia Foreclosure, therefore, speak with a real estate professional first. With foreclosures, there’s a lot you can learn online, but when it comes time to submit an actual bid, you’ll want an experienced agent on your side.
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The jobs market is recovering slower than expected, and so is housing. But neither condition has slowed U.S. consumers.
According to the Census Bureau, Retail Sales rose for the 11th straight month in May. Excluding cars and auto parts, sales receipts climbed to $322 billion last month. It’s an all-time high and another example of the U.S. economy’s resiliency.
Wall Street didn’t expect such results. As a result, mortgage rates worsened Tuesday.
By a lot.
The connection between Retail Sales and mortgage rates can be fairly tight in a recovering economy. Retail Sales accounts for almost half of all U.S. consumer spending, and nearly one-third of the economy overall. The May report, therefore, showed the economy may be on more solid footing than economists expect.
Plus, lately, as the economy goes, so do mortgage rates in Blue Ridge and Blairsville and nationwide.
When the economy has shown signs of life, mortgage rates have increased. When the economy has shown signs of a slowdown, mortgage rates have dropped.
It’s why mortgage markets reacted the way they did Tuesday; May’s Retail Sales data was strong. The resultant surge in conforming mortgage rates — from market open to market close — turned into one of the year’s fiercest, raising average mortgage rates well off their 7-month lows established earlier this week.
At today’s rates, each 0.125 percent change in rates yields a payment difference of $7.50 per $100,000 borrowed. Yesterday, some product rates rose by as much as 0.250 percent. It put a dent in home affordability and household budgets.
With Retail Sales are up 8 percent from last year, therefore, and showing few signs of a slowdown, today may be a prudent date to lock a rate with your lender. As the economy continues to grow, rates are expected to rise.
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Hurt by foul weather and a soft market, the Pending Home Sales Index plunged 12 percent in April.
The monthly index is published by the National Association of REALTORS® and measures the number of homes on which new contracts have been written.
It’s the association’s lone “forward-looking” report; meant to predict future, closed home sales. 80% of homes under contract close within 2 months.
Therefore, if the April Pending Home Sales Index is accurate, we should expect home sales to decline through June and July.
On a regional basis, “pending homes” varied. The Northeast Region posted growth. None others did.
- Northeast Region: +1.7% from March
- Midwest Region : -10.4% from March
- South Region : -17.2% from March
- West Region : -8.9% from March
But even regional data remains too broad to be useful to everyday buyers and sellers in the Blue Ridge and Blairsville market. Housing is local and that means that each block, of each street, in each city has its own market and economy. Grouping 9 states into a single “region” is neither helpful nor relevant.
Pending Sales are up 47% here in the North Georgia Mountains.
That said, we can’t ignore the data in its entirety.
Housing is believed to be a key component in the nation’s economic recovery. Fewer home sales will retard growth, and slower growth leads mortgage rates down.
Home Affordability hit record-highs last quarter, and should do the same in this one. Homes now sell at discounts to prior prices and mortgage financing is cheap. Buyers tend to be drawn to favorable markets such as this, and that will pressure home prices higher.
If you’re in the market for a home today, conditions look good. Contact Me to gauge your options.
Related articles
- Home Builders Seeing More Sales Today But Fewer Sales Tomorrow (thefrontporchview.com)
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The March Case-Shiller Index was released this week and it corroborates the findings of the government’s most recent Home Price Index — home values are slipping nationwide.
According to the Case-Shiller Index’s publisher, Standard & Poors, home values fell in March from the year prior.
The March report was among the worst Case-Shiller Index readings in 3 years. On a monthly basis, 18 of 20 tracked markets worsened. Only Seattle and Washington, D.C. showed improvement, rising 0.1% and 1.1%, respectively.
On an annual basis, price degradation was even worse.
Washington, D.C. is the only tracked market to post higher home values for March 2011 as compared to March 2010. The national index has now dropped to mid-2002 levels.
As a buyer in today’s market, though, you can’t take the Case-Shiller Index at face value. It’s methodology is far too flawed to be the “final word” in home prices.
The first big Case-Shiller Index flaw is its relatively small sample size. S&P positions the Case-Shiller Index as a national index but its data comes from just 20 cities total. And they’re not the 20 most populous cities, either. Notably missing from the Case-Shiller Index list are Houston (#4), Philadelphia (#5), San Antonio (#7) and San Jose (#10).
Minneapolis (#48) and Tampa (#55) are included, by contrast.
A second Case-Shiller flaw is how it measures a change in home price. Because the index throws out all sales except for “repeat sales” of the same home, the Case-Shiller Index fails to capture the “complete” U.S. market. It also specifically excludes condominiums and multi-family homes.
In some cities — such as Chicago — homes of these types can represent a large percentage of the market.
And, lastly, a third Case-Shiller Index flaw is that it’s on a 2-month delay. It’s June and we’re only now getting home data from March. Today’s market is similar — but not the same — to what buyers and sellers faced in March. The Case-Shiller Index is far less useful than real-time data of a city or neighborhood.
The Case-Shiller Index is more useful to economists and policy-makers than to everyday buyers and sellers in Blue Ridge and Blairsville, GA. For better real estate data for your particular neighborhood, please Contact Me and I will be more than happy to complete a Comparable Market Analysis for you.
A Real Estate Agent can tell you which homes have sold in the last 7 days, and at what prices. The Case-Shiller Index cannot.
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Home builder confidence can’t shake its range, according to the National Association of Home Builders. The group’s monthly Housing Market Index put May’s builder confidence reading at a level of 16.
The Housing Market Index is scored on a scale of 1-100. A reading above 50 suggests favorable conditions for the new home housing market, as reported by home builders. A reading below 50 suggests unfavorable conditions.
May marks the sixth time in 7 months that the HMI posted a 16, the longest such plateau in the index’s history.
The HMI has not posted higher than 50 since April 2006.
As an index, the HMI is a composite of three separate surveys sent to home builders each month. The surveys are meant to capture the current and projected single-family home sales volume, in addition to buyer foot traffic levels.
Versus April, there was little change:
- Current single-family sales : 16 (+1 from April)
- Projected single-family sales : 20 (-2 from April)
- Buyer foot traffic : 14 (+1 from April)
Broken down, the Housing Market Index for May shows that home builders are experiencing a boost in sales and foot traffic today, but expect that boost to fade between today and November. For home buyers in Blairsville and Blairsville Georgia, this can present an opportunity.
With home builder confidence stagnating, and with a worsening sales expectation for the next 6 months, builders may be more willing to negotiate with you on home prices and/or the costs of upgrades. Builders may also be more willing to make concessions in your sales contract that would otherwise be unavailable to you.
Your Real Estate Agent can help you to identify the negotiable items of your offer.
In addition, today’s North Georgia Mountain Home Buyers can exploit the recent strength of the mortgage market. Surging mortgage bond demand since April has pushed mortgage rates down to their lowest levels of the year. If you can find a home you love, therefore, it can be financed on the (relative) cheap, too.
Conforming mortgage rates in North Georgia fell through 5 consecutive weeks before rising last week.
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Fine Italian Country Cuisine
If you are in the Beautiful North Georgia Mountains and it is Fine Italian Country Cuisine you are craving, then go the place everyone is talking about. Cucina Rustica is located just minutes from downtown Blue Ridge right off of the Appalachian Highway. They are only open for Dinner Wednesday through Saturday, from 5:00 to 9:00 PM. No matter the size of your party, you need to call ahead and make reservations.
Reservations Are Recommended
706-374-7474
76 Forge Mill Crossing
Morganton, GA. 30560
If you have dined at this Fine Restaurant during your visit to the North Georgia Mountains, or you are a resident and dine at Cucina Rustica frequently, please leave a reView of your experience at Cucina Rustica in the comment section below. I am certain visitors to “The Porch” will greatly appreciate it.
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