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2009 Summary State of US Real Estate Market and Housing
Housing market conditions continued to show signs of stabilizing during the fourth quarter of 2009, after a downward trend that began in the first quarter of 2006 and just started to reverse itself in the second quarter of 2009. In the production sector, both single-family housing permits and completions increased in the fourth quarter of 2009, but the number of single-family housing construction starts decreased.
In the marketing sector, sales of existing homes rose sharply, but new home sales fell. The Case-Shiller® 20-city composite repeat-sales house-price index recorded a 1.9-per- cent seasonally adjusted (SA) increase in the third quarter of 2009, following a 1.8-percent gain in the second quarter of 2009 (the data are reported with a lag). The less volatile Federal Housing Finance Agency (FHFA) purchase-only, repeat-sales index estimated a 0.2-percent (SA) price rise in the third quarter of 2009, following a 0.6-percent decline in the second quarter of 2009.
The quarterly gain in housing prices estimated by the FHFA index was the first positive change in home sales prices according to this index since the second quarter of 2007. Excessive inventories of avail- able homes at the current sales rate continued their descent in the fourth quarter of 2009, reaching an aver- age rate of 7.6 months’ supply of new homes and 6.9 months’ supply of existing homes, compared with rates of 7.7 and 8.9 months, respectively, in the third quarter of 2009.
The national homeownership rate fell 40 basis points to 67.2 percent in the fourth quarter of 2009 and was down from 67.5 percent in the fourth quarter of 2008. In the third quarter of 2009 (the data are reported with a lag), the percentage of delinquencies and newly initiated foreclosures for all mortgage loans both increased.
The percentage of foreclosure starts on prime loans continued its ascent, while the percentage of foreclosure starts on subprime loans continued its descent. The multifamily sector, although still weak, showed improvement in the fourth quarter of 2009.
According to the Bureau of Economic Analysis, the advance estimate of overall growth in the national economy in the fourth quarter of 2009 was an increase of 5.7 percent at a seasonally adjusted annual rate (SAAR), following a 2.2-percent expansion in the third quarter of 2009. The housing component of Gross Domestic Product (GDP) also increased 5.7 percent in the fourth quarter of 2009 compared with an increase of 18.9 percent in the third quarter of 2009.
Source: HUD
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. 2009 4th Quarter Real Estate Market Data – The State of US Housing Market is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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