FHA Mortgage Premiums To Increase!

EXTRA EXTRA!!!!  READ ALL ABOUT IT!

FHA is changing! Premiums to increase! Don’t wait any longer! Buy today!

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Economic Outlook Calls For Housing Growth And Improvement

The latest 2012 Economic and Housing Outlook from National Association of Realtors’ chief economist Lawrence Yun calls for modest economic growth and continued improvement for the housing market. Yun’s forecast says, though real GDP growth was 1.5 percent in the second quarter, it will grow at near 2.0 percent for the rest of the year. And though that is still below the historical norm of 3.0 percent a year, it is an improvement over 2011. Housing starts are forecast to rise by 27 percent this year, with a jump of nearly 50 percent in 2013. Yun also expects continued gains for both new and existing home sales. So far this year, existing home sales have been nearly 8.0 percent above last year, while new home sales are up nearly 20 percent. According to the NAR’s expectations, new home sales will hit 600,000 by 2013 and existing home sales will rise to nearly 5 million next year. The forecast also calls for a continued decline in distressed properties and increasing median home prices. More here

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Pending Home Sales At Two Year High In July

The National Association of Realtors’ Pending Home Sales Index is a forward-looking indicator that measures the number of signed contracts that occur each month. In July, the index rose 2.4 percent, reaching a two-year high and climbing 12.4 percent over year-before levels. Lawrence Yun, NAR’s chief economist, said the index is now at its highest level since April 2010 and, though month-to-month movement has been uneven, there have been 15 consecutive months of year-over-year gains in contract activity. Regionally, pending sales were up across the country, with double-digit improvements in the Northeast, Midwest, and South over last year’s estimates. The NAR projects existing-home sales will rise between 8.0 and 9.0 percent this year, with an additional 7.0 or 8.0 percent improvement in 2013. More here and here.

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Prices Rising In A Growing Number Of Metropolitan Areas

New data released by the National Association of Realtors shows home prices improving and poised for further gains this year. During the second quarter, median existing single-family home prices rose in 100 of 147 metropolitan statistical areas compared to the same period one year earlier. Lawrence Yun, NAR’s chief economist, said it’s encouraging to see a growing number of metro areas with rising median prices. During the second quarter of 2011, for example, only 41 metros had improving values from the previous year. And the first quarter of this year saw only 74 cities with price gains. Also in the report, the national median existing single-family home price was $181,500, which is 7.3 percent higher than a year earlier and the strongest year-over-year increase since 2006. More here and here

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