Housing starts down for March

Housing starts down for March: "WASHINGTON -- April 18, 2006 -- March housing starts dropped 7.8 percent below February's revised estimate, and building permits -- an indicator of future activity -- fell 5.5 percent, the Census Bureau reported today.

Economists polled by Reuters had predicted a smaller decline.

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,960,000, which is 7.8 percent below the revised February estimate of 2,126,000; however, it is 6.9 percent above the March 2005 rate of 1,833,000.

Single-family housing starts in March were at a rate of 1,591,000, or 12.0 percent below the February figure of 1,807,000. The March rate for units in buildings with five or more units was 334,000.

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 2,059,000, which is 5.5 percent below the revised February rate of 2,179,000; but it is 1.9 percent above the March 2005 estimate of 2,021,000."

Home resales seen falling 8 percent

Home resales seen falling 8 percent: "CHICAGO -- April 11, 2006 -- Freddie Mac anticipates an 8-percent decline in home sales to 6.9 million units in 2006 from 7.5 million last year, due to higher interest rates and price gains that make homeownership less affordable to a larger number of buyers.

Freddie Mac chief economist Frank Nothaft says it is increasingly difficult for some homebuyers to locate jobs in areas where housing is affordable or locate reasonably priced housing in areas where jobs are more plentiful.

The government-sponsored enterprise expects residential prices to rise just 8.7 percent this year, marking the lowest appreciation rate in three years. A 13-percent drop in single-family mortgage originations to $2.46 trillion is also forecasted, attributable to weaker demand for refinance loans as mortgage rates move upward.

Source: Chicago Tribune (04/11/06)"

Supply and demand nearly balanced in overall U.S. housing market

Supply and demand nearly balanced in overall U.S. housing market: "HUNTINGTON BEACH, Calif. -- April 10, 2006 -- A recent 'Current Market Conditions' survey of real estate agents in 47 states reveals a balanced U.S. housing market, marking the first time in eight years that such an event has occurred.

Of the agents polled by HouseHunt Inc., 45 percent say they are seeing more buyers than sellers; and 31 percent report that sellers are outnumbering buyers. Another 24 percent believe the market is divided equally between buyers and sellers.

The National Association of Realtors reported a 5.3-month supply of available properties in January and February, with a supply of 5.5 to 6 months indicative of a balanced market.

HouseHunt President and CEO Michael Bearden says the housing market appears to be most balanced in the South, Midwest, Northeast, and California but reports that there continues to be more buyers than sellers in the West and Alaska."

Rates on 30-year mortgages climb

Rates on 30-year mortgages climb: "WASHINGTON (AP) -- April 7, 2006 -- Rates on 30-year mortgages rose this week to the highest level in 2 1/2 years as financial markets began to worry more about inflation.

Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.43 percent this week, up from 6.35 percent last week.

The increase meant that rates surpassed the previous 2006 high of 6.37 percent set in early March and climbed to the highest level since the 30-year mortgage was at 6.44 percent the week of Sept. 5, 2003.

Analysts attributed the increase to a pickup in economic growth in the early months of 2006 and renewed concerns about higher energy prices."

Second home sales hit another record in 2005

Second home sales hit another record in 2005: "WASHINGTON -- April 6, 2006 -- Vacation- and investment-home sales both set records in 2005, with the combined total of second home sales accounting for four out of 10 residential transactions, according to the National Association of Realtors� (NAR).

The annual report, based on two surveys, shows that 27.7 percent of all homes purchased in 2005 were for investment and another 12.2 percent were vacation homes. All together, there were 3.34 million second-home sales in 2005, up 16.0 percent from an upwardly revised total of 2.88 million in 2004. The market share of second homes rose from 36.0 percent of transactions in 2004 to 39.9 percent in 2005."

NAR: Pending home sales leveling out, market balancing

NAR: Pending home sales leveling out, market balancing: "WASHINGTON -- April 4, 2006 -- Pending home sales are showing signs of leveling out, indicating that the housing market is entering a period of stabilization, according to the National Association of Realtors� (NAR).

The Pending Home Sales Index (PHSI), based on contracts signed in February, slipped 0.8 percent to a level of 117.7 from an upwardly revised index of 118.6 in January, and is 5.2 percent below February 2005. January experienced a strong upward revision from a preliminarily reported index of 116.3 and was higher than the December reading of 117.6; additional data from the Northeast showed that region to be stronger than earlier believed."