Daily Real Estate News | April 24, 2009 |
National Housing Picture Tough to Determine
Some liken housing data to the weather: If you don’t like today’s statistics, wait until tomorrow. The “facts” will change.
Here are some statistics from this week that sent mixed messages regarding the national housing market:
● The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, reported that home prices rose 0.7 percent from January to February 2009.
● The February 2009 RPX Monthly Housing Market Report said home sales increased month over month in 22 of 25 key metropolitan statistical areas and 13 of these areas posted the largest gain in February 2009 since 2006.
● The National of Association of REALTORS® reported that existing home sales dropped in March 2009, and median prices fell 12 percent from a year earlier.
● First American CoreLogic announced that national housing prices declined 12.2 percent in February from a year earlier and have been in decline for 24 straight months. It predicted that home prices would continue to decline through 2010.
“It’s very difficult to paint a national picture [with anything] other than statistical information,” says Sherry Chris CEO of Better Homes and Gardens Real Estate. “Does that tell you everything you need to know? There’s no such thing as a national temperature, so to speak, in anything.”
Source: The Wall Street Journal, Dawn Wotapka (04/23/2009)