Home Loan Information Home Loan Information From A Former Industry Insider

Single Family sales values down again

Nationwide home sales values on average are lower than they have been at any time since 2003.

Single Family Sales Prices

To buyers this could mean good news but along with tightened underwriting guidelines, increased scrutiny of credit, income and assets, along with crazily erratic valuations through the ludicrous changes to the appraisal industry housing sales are beyond stalled.

While values are low, stock is plenteous, interest rates are phenomenally low and population is growing there are simply too many negative economic factors for the weakened housing market to begin recovery at this time.

For the housing market to begin recovery we need a minimum of at least three improvements:

• The jobs market must improve with millions unemployed and unaccounted for in the numbers the long term impact is yet to be registered. The jobs market must make a come back and only tax benefits to hiring employers and the reversal of the socialized health care (mandated) program will correct this.
• Consumer confidence is at an all time low. “Consumer sentiment unexpectedly decreased in May to the lowest level in six months as Americans grew concerned over the outlook for jobs and the economy, while a measure of home prices dropped to a nine-year low.” – Bloomberg.
• Consumer Price Index is up 3.6% which means inflation and higher cost of living. The real issue here is the CPI core (food, fuel) is up, too. This impacts the poor very harshly.

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