Stabilizing and restoring the health of the housing market is critical to a broader economic recovery, according to a white paper released yesterday by the Federal Reserve Board. Many of the issues and recommendations outlined in the paper support key principles established by NAR to help revitalize the housing industry and economy.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.
Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
Realtors® recently rated many exterior improvements as among the most valuable home investment projects as part of the 2011-12 Remodeling Cost vs. Value Report.
A recent survey by Houselogic.com, the consumer website from the National Association of Realtors®, finds nearly one-third of respondents said housing will be the top issue on their mind when they head to the polls next November.
The National Association of Realtors® supports legislation introduced today that provides sensible reform of the secondary mortgage market and protects the interest of taxpayers.
Reforming the secondary mortgage market is essential to ensuring a reliable source of mortgage lending for consumers in all types of markets and is integral to the nation’s economic and housing recovery.
Public and private sector workers in the northwestern U.S. have limited access for affordable housing. In response, the National Association of Realtors®, in partnership with the National Housing Conference, will host a forum today in Portland, Ore., to address this crisis and encourage efforts to make housing more affordable to working class families.
The Federal Housing Administration mortgage insurance program plays an important and vital role in the nation’s housing financing system and has shown tremendous leadership and strength during the economic crisis, the National Association of Realtors® said in testimony today.
Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors®.