Existing home sales rose in March.

[Nick Gromicko]

Sales of existing-homes rose in March 2011 according to the National Association of REALTORS®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7% to a seasonally adjusted annual rate of 5.10 million in March.

Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain—primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”

NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13% of gross household income, the lowest since records began in 1970.

“Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago—before the loose lending practices that created the unprecedented boom and bust cycle,” Yun explained.

“Given that FHA and VA government-backed loan programs turned a modest profit over to the U.S. Treasury last year, and have never required a taxpayer bailout, we believe low-downpayment loans should continue to be available for those consumers who have demonstrated financial responsibility and are willing to stay well within their budget. Raising the downpayment requirement would unnecessarily deny credit to many worthy middle-class families and veterans,” Yun said.

The national median existing-home price for all housing types was $159,600 in March, down 5.9% from March 2010. Distressed homes—typically sold at discounts in the vicinity of 20%—accounted for a 40% marketshare in March, up from 39% in February and 35% in March 2010.

[Michael Larson]

Let's not forget this

NAR numbers questioned

HomeLogic estimates NAR may have overstated its numbers by as much as 20 percent. The NAR responded with the suggestion that CoreLogic may have understated sales. The trade group also promised to look into the possibility that it has overstated sales numbers back to 2007 — those are widely-reported numbers that economists, journalists and a slew of people have relied on to figure out what’s happening with the housing market. Any revisions to the NAR’s data would likely happen this summer, according to the aforementioned Wall Street Journal article.

[Nick Gromicko]

Yep. Hence: http://www.nachi.org/forum/f13/you-m...ections-60145/

[Gary Farnsworth]

Home sales in the greater Kansas City area:

March 2010 2,312
March 2011 1,908

No matter in what city or state, agents will say and do anything to get a sale. They will do and say, and instigate any laws, to get us out of their way. They will tell the public anything to make them feel good about buying any home. People should be punished for publishing false information. Oh, I guess it is just politics.

Sad that there is no truth in our nation anymore. We, as professional home inspectors and truth tellers to home buyers, are the last of a dying breed.

[Nick Gromicko]

We, as professional home inspectors and truth tellers to home buyers, are the last of a dying breed.

Good. Even more reason to hire a certified, independent, InterNACHI inspector. Everyone else in a real estate transaction has a financial interest in it.

[Stephen D. Schroetke]

The Portland housing market may have finally bottomed out and it was on Kipplingers list of cities to make a huge rebound. I hope it's true, this has been a looong four years.