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USA pending home sales fall slow New NAR data shows

USA Pending home sales slow modestly in August but agreement signings remain at their 2nd highest level over the past year, according to the newest data from the National Association of Realtors. All major regions experienced decline except for the West, which rose for the 4th consecutive month.

Overall the index fell 1% to 104.7 in August from 105.8 in July, and is at present 2.2% below August 2013 when it was 107.1. In spite of the slight decline, the index is above 100, considered an average level of contract activity, for the fourth consecutive month and is at the second highest level since August last.

That contract signings are holding steady and fewer distressed sales and less investor activity is likely behind August’s modest decline. Said Lawrence Yun, chief economist of NAR.

Fewer distressed homes at good deal prices and the acknowledgement we are entering a rising interest rates environment likely caused indecision among investors last month. With investors pulling back, the market is shifting more towards traditional and first time buyers who really on mortgages to purchase a home, he added. 

According to NAR Profile of Home Buyers and Sellers, some 81% of first time home buyers in 2013 who finance their purchase obtain a conventional or Federal Housing Administration loan. Overall, first time home buyers have been less common from the housing recovery, representing less than a third of all buyers all month for the past 2 years.

Yun pointed out that first time home buyer participation should step by step improve despite tight credit condition and the inevitable increase in rates. The employment outlook for young adults is brightening and their incomes lastly appear to be rising.

The PHSI in the Northeast slipped 3% to 86.5 in August, but is still 1.6% above one year ago. In the Midwest the index fell 2.1% to 102.4 in August, and is 7.6% below August 2013. 

The South decreased 1.4% to an index of 117 in August pending home sales, no changed from one year ago. The index in the West rose for the fourth consecutive month by 2.6% to 102.1, but still remains 2.6% below August 2013.

Accessible home sales are predictable to be stronger in the second half of the year behind better inventory conditions, continuously low interest rates and slower price growth. 

Overall, Yun forecasts existing homes sales to be down 3% this year to 4.94 million, compared to 5.09 million sales of existing homes in 2013. The national median existing home price is probable to grow between 5% and 6% this year and 4% and 5% next year.

Jeff Adams Real Estate News USA More States now Rising Home Prices

Jeff Adams Real Estate News USA More States now Rising Home Prices countrywide, including for distressed sales, 7.4 % year-over-year in July, according to Core Logic’s latest reading of its Home Price Index.

Home prices have obviously moderated countrywide since the spring, the geographic drivers of price increase are changing, says Sam Khater, deputy chief economist for Core Logic. Entering this year (2014), price increases were led by West and Southern states USA, but over the last few months, Northeastern and Midwestern states are migrate to the forefront of home-price rankings.

USA Main five states with the highest home-price appreciation in July, counting for distressed sales, the state for Michigan+11.4%, Maine+10.6%, Nevada+10.6% Hawaii+10.5% and California +10.5%.

Totally of 11 states, plus the (DC)District of Columbia, soared to new record highs in July, according to Core Logic’s Home Price Index, which dates back to 1976. Those states include: Colorado, Alaska, Oklahoma, Iowa, Nebraska, Louisiana, North Dakota, South Dakota, Tennessee, and Texas.

Home prices continued to march high across much of the U.S. in July, says Anand Nallathambi, president of Core Logic. The Most states are reaching price levels not seen since the boom year of 2006. Our data indicate that this trend will continue, with more states beating new all-time peaks this year and into 2015.

Jeff Adams Said Don’t fall for This Mortgage Relief Scam

If you are a struggling owner for house trying to save your house from foreclosure, beware the latest mortgage relief scam Dozens of companies have been accuse of untruly promising mortgage relief while collect millions of dollars in illegal upfront fees, according to a report by the California News.

The Consumer Financial Protection Bureau recently filed 3 lawsuits against 8 firms accused of ripping off house owners. The real estate agency says the companies collected more than $26 million in illegal upfront fees while promising to modify mortgages or prevent foreclosures. The attack on the mortgage-relief scam is code-named Operation Mis- Modification.

These companies pocketed illegal fees, taking millions of hard-earned dollars from distressed consumers, and then left those consumers worse off than they began, Jeff Adams, the director, told the California News. These practice are not only illegal, they are reprehensible.

According to the bureau, there are a few red flags to tip off possible victims. Consumers should be wary of any demands for upfront payments and any assurance that a change.

The Federal Trade Commission also filed 6 lawsuits, according to the California news. Overall, officials from fifteen states including Florida, Illinois and New York have filed a combined 32 lawsuits.