Despite the decline in home prices, 81 percent of U.S. adults agree that buying a home is the best long-term investment a person can make, according a nationwide Pew Research Center survey.
Home prices have declined 31 percent compared with their pre-recession peak in July 2006, according to the S&P/Case-Shiller Home Price Index. After a pause last year, prices fell again in the first quarter of 2011.
Among homeowners surveyed, 47 percent say their home is worth less now than before the recession began, 31 percent say its value has stayed the same, and 17 percent say it has risen.
Of those who say their home has lost value, 86 percent say they expect it to take at least three years for values to recover to pre-recession levels; 42 percent say it will take at least six years; and 10 percent say it will take more than 10 years.
Still, 82 percent of homeowners who say their home is worth less now than before the recession began either “strongly agree” or “somewhat agree” that homeownership is the best long-term investment a person can make. Among homeowners whose home increased in value during the recession, this confidence is even more pronounced. Half strongly and 41 percent somewhat agree with this view
Sunday, April 17, 2011
Saturday, April 2, 2011
February Home Sales Statewide
Pending home sales rose in February, as did the share of distressed properties sold, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
Pending home sales:
Pending home sales in California increased in February, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 112.1 in February, rising 20.6 percent from January’s revised index of 93.0, based on contracts signed in February. The index was down 1.6 percent from February 2010, when the presence of housing tax credits played a strong role in home sales. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
“The increase in pending sales is typical for this time of year, as we usually see a seasonal improvement in the spring,” said C.A.R. President Beth L. Peerce.
Distressed housing market data:
The total share of all distressed property types sold statewide increased in February to 56 percent, up from 54 percent in January and up from 55 percent in February 2010.
Non-distressed sales made up the remaining share at 44 percent in February, down from 46 percent in January and down from 45 percent in February 2010.
Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 33 percent in February, up from 32 percent in December, but was down from 36 percent in February 2010.
The statewide share of short sales increased to 23 percent in February, up from 22 percent in January and up from 19 percent in February 2010.
The median price of homes sold in the state differed dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.
The statewide median price of non-distressed properties sold in February was $370,000, $95,000 or 34.5 percent higher than the short sale median price of $275,000 recorded in February, and $170,100 or 85.1 percent higher than the February REO median price of $199,900.
Pending home sales:
Pending home sales in California increased in February, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 112.1 in February, rising 20.6 percent from January’s revised index of 93.0, based on contracts signed in February. The index was down 1.6 percent from February 2010, when the presence of housing tax credits played a strong role in home sales. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
“The increase in pending sales is typical for this time of year, as we usually see a seasonal improvement in the spring,” said C.A.R. President Beth L. Peerce.
Distressed housing market data:
The total share of all distressed property types sold statewide increased in February to 56 percent, up from 54 percent in January and up from 55 percent in February 2010.
Non-distressed sales made up the remaining share at 44 percent in February, down from 46 percent in January and down from 45 percent in February 2010.
Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 33 percent in February, up from 32 percent in December, but was down from 36 percent in February 2010.
The statewide share of short sales increased to 23 percent in February, up from 22 percent in January and up from 19 percent in February 2010.
The median price of homes sold in the state differed dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.
The statewide median price of non-distressed properties sold in February was $370,000, $95,000 or 34.5 percent higher than the short sale median price of $275,000 recorded in February, and $170,100 or 85.1 percent higher than the February REO median price of $199,900.
Subscribe to:
Posts (Atom)
Posts
