November 16, 2012
FROM THE NATIONAL ASSOCIATION OF REALTORS:
- One third of prospective buyers would not rule out buying a “haunted” house but 29% said they would expect a discount of at least 20%
- Forbes magazine listed the 5 most stressed-out cities based on employment, affordable housing, cost of living, traffic congestion as: Los Angeles, New York city, Chicago, Washington D.C., and San Diego.
- The Wall Street Journal reports that ARM’s are increasingly popular among luxury home buyers. They make up 30-40% of the private jumbo market at BOA and 50% by NASB financial.
- A Fannie Mae economist says that home prices hit bottom earlier this year and prices and sales will start to rise. The strongest headwinds to the recovery are the U.S. fiscal cliff and the debt ceiling.
- Buyer demand is up, inventory is down, and September’s 1.7% drop is home sales is due to a diminishing inventory in for-sale homes. Distressed sales have made up more than 33% of the market in the last two years, but recently make up only 24%.