January | 2012 | The Romo Report

January 12, 2012 • 8:55 pm 0

Year End Report Finds Foreclosures Down 34 Percent in 2011

RealtyTrac’s Year-End 2011 U.S. Foreclosure Market Report shows a total of 2,698,967 foreclosure filings in 2011, down 34 percent from 2010 and 33 percent below 2009′s totals. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were reported on 1,887,777 properties in 2011. Brandon Moore, chief executive officer of RealtyTrac, said 2011 saw a dramatic drop in foreclosure activity, due to a lack of clarity regarding documentation and legal issues. For the month of December, foreclosures dropped 9 percent from the month before and 20 percent from the previous year. December’s totals were the lowest since November 2007. Default notices were down 19 percent during the month. More here.

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January 10, 2012 • 10:34 am 0

Americans’ View Of Economy, Housing Takes Positive Turn

For the first time in nearly a year, more Americans say they expect their financial situation to improve over the next 12 months than say it’ll stay the same. Fannie Mae’s Monthly National Housing Survey shows an increasingly positive attitude toward the housing market and the broader economy among surveyed Americans. The results of the survey found a six percent jump in the number of people who say the economy is on the right track and a four percent spike in the number of participants who expect home prices to increase in the next year. Doug Duncan, vice president and chief economist at Fannie Mae, said there’s been a marked improvement in consumer sentiment regarding the direction of the economy, personal finances, and future home price expectations following the fourth-quarter pickup in the economy. On average, Americans say they expect home prices to rise by 0.8 percent in the next 12 months, up from 0.2 percent in November. Also, 71 percent of Americans say it is a good time to buy a home, which is a 3 percent increase from the month before. More here and here.

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January 7, 2012 • 4:58 pm 0

Unemployment Rate Continues Downward Trend In December

Often cited as a key factor in the housing market’s recovery, the national unemployment rate continued to trend downward in December. According to the U.S. Department of Labor, the unemployment rate fell to 8.5 percent as the economy added 200,000 jobs. The drop exceeded economists’ expectations and brought the percentage of jobless Americans to its lowest level in nearly three years. During 2011, 1.6 million nonfarm payroll jobs were added, while government employment dropped by 280,000 jobs. The national unemployment rate averaged 8.9 percent last year, falling from an average of 9.6 percent in 2010. More here and here.

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January 2, 2012 • 4:23 pm 0

Study Examines Americans’ Attitudes Toward Purchasing A Home

According to a study from the Mortgage Bankers Association titled The Great Recession and Attitudes Toward Homebuying, nearly 80 percent of American households believe now is a good time to purchase a home. The research examined consumer attitudes toward homeownership before, during, and after the most recent recession using 30 years of data from the University of Michigan’s Survey of Consumer Attitudes. The findings show despite slow economic growth and high unemployment, Americans overwhelmingly say conditions are good for buyers. The positive perception was particularly strong among young, educated, white and Hispanic Americans. Michael Fratantoni, MBA’s vice president of research and economics, said the study shows young households still value homeownership and that homebuyer sentiment has returned to its long-term average. More here.

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January 2, 2012 • 4:05 pm 0

Pending Home Sales Reach Highest Level In 19 Months

The National Association of Realtors’ Pending Home Sales Index rose 7.3 percent to 100.1 in November and is 5.9 percent above last year’s levels. The improvement brought pending sales to their highest level since April 2010 when the homebuyer tax credit was about to expire. Lawrence Yun, NAR’s chief economist, said some of the gains may have been due to delayed transactions resulting from previous contract failures. According to Yun, housing affordability is at a record high and there is pent-up demand from buyers who have been on the sidelines. Pending home sales rose in every region of the country. The West saw a 14.9 percent increase and the Northeast was up 8.1 percent. More here.