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Roughly half of metropolitan areas continued to show rising home prices in the fourth quarter of 2007 while the other half had price declines, according to the latest quarterly survey. Lawrence Yun, NAR chief economist, said disruptions in the mortgage market have played a role. “The continuing crunch in the jumbo loan market that began in August has disproportionately reduced the number of transactions in higher price ranges,” he said. “For buyers who need loans of more than $417,000, mortgage interest rates have been running more than a percentage point higher, and that has been having an obvious impact.”
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According to the latest forecast, a continuation of soft market conditions is forecast for existing-home sales in the months ahead, with notable improvement expected by the second half of this year as loan limits have been increased. Lawrence Yun, NAR chief economist, said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates. “Household formation was only half of what it should have been last year given the demographics of a growing population and sustained job growth, so there clearly is a pent-up demand from buyers who are on the sidelines,” he said.
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The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey of 3,500 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. Tell NAR what is going on in YOUR Market! It’s easy. Simply click the link below. We'll send you an e-mail once a month with five brief questions about your market expectations. We'll also send you the results of the latest survey so that you can compare your assessment with what others are saying. In addition, you'll be entered into a drawing to win a $50 American Express Gift Cheque.
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Did you know NAR Research produces Relocation Reports for every county in the U.S.? Relocation Reports pinpoint which counties relocation clients are coming from/going to along with relative income information. For the first time, NAR Research is making these Reports available to all members free of charge! The electronic Reports can be accessed online - simply select the Report you want and complete the "buying" process on the store page, but don't worry, as a member you will not be charged at all!
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Ninety-two percent of all home buyers consider energy efficiency at least somewhat important with 46 percent of all home buyers ranking energy efficiency as very important when considering a home for purchase. Increasingly, consumers’ preferences for products and services reflect awareness in energy efficiency, even extending to those looking to purchase a home. The National Association of REALTORS® newly released Selling Green pocket card evaluates the characteristics of home buyers and their home feature preferences in regards to energy efficiency. The data in the brochure is culled from the 2007 NAR Profile of Buyers’ Home Feature Preferences (pocket cards come in packs of 50). Order this valuable tool today.
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Report compiled by NAR's Research Division.
Questions about this report? Contact Research at mdunn@realtors.org. |
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