articles about “foreclosures”
Trulia’s Housing Barometer: Tighter Inventory Complicates the Recovery
Fewer sales and more delinquencies mean the housing market slips to just 32% back to normal, a new low for 2012
Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.” We summarize three key housing market indicators: construction starts (Census), existing-home sales (NAR) and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.
In June 2012, construction starts improved, but existing home sales fell and the delinquency + foreclosure rate rose:
—Construction starts jumped. Starts rose in June to a 760,000 annualized rate, up 7% month-over-month and 24% year-over-year. Construction activity was especially strong in Texas and the Carolinas. Now, construction starts are 28% of the way back to normal.
—Existing home sales fell sharply, from 4.62 million in May to 4.37 million in June. Now, home sales are just 35% back to normal to from their worst point during the bust, down from 49% in May: they’re now much closer to their low of November 2008 than to their pre-bubble normal level. That’s a big slide. Tighter inventory, especially of distressed homes, held back sales.
—The delinquency + foreclosure rate went up. In June, 11.23% of mortgages were delinquent or in foreclosure, up from 11.08% in May. (LPS revised its historical data, which changed our barometer measure slightly.) The delinquency + foreclosure rate is 34% back to normal, down a bit from 36% in May.
0 commentsRising Home Prices Can’t Keep Up with Rent Increases
Price gains in Denver, San Jose and Pittsburgh look like they’re here to stay, but a big foreclosure backlog put the price jumps in Phoenix, Miami and Detroit at risk.
The Trulia Price Monitor and Trulia Rent Monitor are the earliest leading indicators of how asking prices and rents are trending nationally and locally. They adjust for the changing mix of listed homes and therefore show what’s really happening to asking prices and rents. Because asking prices lead sales prices by approximately two or more months, the Monitors reveal trends before other price indexes do. With that, here’s the scoop on where prices and rents are headed.
Rent Increases Outpace Price Gains In June
Asking prices were up once again month over month in June, by 0.3%. Aside from May, when asking prices increased by so little that they were essentially unchanged, asking prices have moved up every month since February. Now, even the year-over-year price change is positive. Foreclosures hold back price gains; when we exclude foreclosed homes, prices are up 1.7% year-over-year. At the local level, prices have risen quarter-over-quarter in 84 of the 100 largest metros, seasonally adjusted – these widespread gains are in addition to the typical springtime boost. Now that’s real progress.
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June 2012 Trulia Price Monitor Summary |
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| % change in asking prices | # of 100 largest metros with asking-price increases | % change in asking prices, excluding foreclosures | |
| Month-over-month, seasonally adjusted | 0.3% | (not reported) | 0.8% |
| Quarter-over-quarter, seasonally adjusted | 0.8% | 84 | 2.2% |
| Year-over-year | 0.3% | 44 | 1.7% |
Trulia’s Housing Barometer: Recovery Hits A Plateau
Trulia's Chief Economist reviews May's construction starts, existing-home sales and the delinquency-plus-foreclosures rate to see how far away we are from a "normal" housing market.
Each month Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.” We summarize three key housing market indicators: construction starts (Census), existing-home sales (NAR) and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.
All three indicators took a step backward in May 2012:
—Construction starts slid back for the month, but up for the year. Starts dropped from an upwardly revised 744,000 in April to 708,000 in May, a 4.8% month-over-month decline. But starts are up 28.5% year over year. Still, construction has a long way to go: starts are just 23% of the way back to normal.
—Existing home sales also decreased. Dropping from 4.62 million in April to 4.55 million in May, home sales are not quite halfway back (45%) to their normal level from their worst point during the bust.
—The delinquency + foreclosure rate ticked upward. (Remember, on this measure, lower is better.) In May, 11.32% of mortgages were delinquent or in foreclosure, inching up from 11.26% in April and 11.23% in March, though down from 12.07% a year ago. The delinquency + foreclosure rate is 36% of the way back to normal, ahead of starts but behind sales.
0 commentsHome Prices Stall, Breaking 3-Month Streak of Rising Prices
After three straight months of price increases, the May 2012 Trulia Price Monitor showed no change in asking prices from April. But, at the same time, rent increases keep accelerating.
Each month we publish the Trulia Price Monitor and Trulia Rent Monitor, which are the earliest leading indicators of how asking prices and rents are trending nationally and locally, adjusted for the mix of listed homes and seasonal factors. Here’s the scoop on how prices and rents did in May.
After Three Months of Increases, Asking Prices Flat in May
Asking prices on for-sale homes were unchanged in May month over month, seasonally adjusted. Because prices rose in February, March and April, prices remain 1.6% higher in May than one quarter ago, and most of the country has seen price increases: 86 of the 100 largest metro areas had quarter-over-quarter price increases in May, seasonally adjusted.
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May 2012 Trulia Price Monitor Summary |
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| % change in asking prices | # of 100 largest metros with asking-price increases | % change in asking prices, excluding foreclosures | |
| Month-over-month, seasonally adjusted | 0.0% | (not reported) | 0.4% |
| Quarter-over-quarter, seasonally adjusted | 1.6% | 86 | 2.1% |
| Year-over-year | -0.2% | 41 | 1.0% |
Trulia’s Housing Barometer: Recovery Slowly, Steadily Pushes Ahead
Trulia's Chief Economist takes a monthly look at new construction starts, existing-home sales and the delinquency-plus-foreclosures rate to see how far away we are from a normal housing market.
Each month Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.” We summarize three key housing market indicators: new construction starts (Census), existing-home sales (NAR) and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.
April data, released over the past few days, showed:
—Construction starts rose. Starts increased from an upwardly revised 699,000 in March to 717,000 in April. Since November starts have been in the 700,000 range. But starts are still the laggard of the housing recovery: they are just 23% of the way back to normal.
—Existing home sales also increased, from 4.47 million to 4.62 million. Home sales are nearly halfway back (49%) to their normal level from their worst point during the bust.
—The delinquency + foreclosure rate stagnated. (Remember, on this measure, lower is better.) In April, 11.26% of mortgages were delinquent or in foreclosure, versus 11.23% in March, which means that this measure remains 37% back to normal.
Averaging these three back-to-normal percentages together, the market is now 37% of the way back to normal, compared with just 20% back to normal a year ago.
Bottom line: Aside from a dip in March, the recovery is slowly but steadily pushing ahead.
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