If you're a home buyer and have considered "buying new", the time may be right for making an offer. Financing is cheap, home values are low, and builders are pessimistic -- a terrific combination for today's home buyer.
The housing market received a jolt of good news Thursday. The Commerce Department reports that Single-Family Housing Starts improved in May.
According to foreclosure-tracking firm RealtyTrac, monthly foreclosure filings fell 2 percent in May to just under 215,000 filings nationwide. Foreclosure counts have now dropped over 16 consecutive months, dating back to January 2010.
Hurt by foul weather and a soft market, the Pending Home Sales Index plunged 12 percent in April.
The March Case-Shiller Index was released this week and it corroborates the findings of the government's most recent Home Price Index -- home values are slipping nationwide.
The National Association of Home Builders reports that Q1 2011 Home Opportunity Index reached an all-time high for the second straight quarter last quarter.
Home values dropped for the sixth straight month in March 2011, according to the Federal Home Finance Agency's Home Price Index. The Home Price Index is a government-sponsored home value tracker.
Sales of newly-built homes surprised Wall Street, jumping 7 percent to an seasonally-adjusted, annualized 323,000 units last month.
The housing market recovery stalled last month. At least temporarily.
Single-family housing starts fell 5 percent as compared to March 2011, and 30 percent as compared to April one year ago.
Home builder confidence can't shake its range, according to the National Association of Home Builders. The group's monthly Housing Market Index put May's builder confidence reading at a level of 16.
Based on data from foreclosure-tracking firm RealtyTrac, foreclosure filings nationwide fell below 220,000 in April 2011, a 9 percent decrease from March and the lowest total in 40 months.