Here are just some of the findings in the report:
- The monthly mortgage payment for the typical home currently compares more favorably to rents than at any time since the early 1970s.
- By the first quarter of 2012, existing home sales were 5.2 percent above year-earlier levels, with single-family sales up 6.3 percent.
- Sales of newly constructed homes in the first quarter of 2012 stood 16.7 percent above year-earlier levels.
- The inventory of existing homes for sale shrank by some 23 percent in 2011, reducing the supply in the first quarter of 2012 to its lowest level since 2006.
- Single-family permitting, a leading indicator of starts, was also up 16.9 percent in the first quarter of 2012.
The complete report provides a current assessment of:
- The state of the housing market and the foreclosure crisis
- The economic and demographic trends driving housing demand
- The state of mortgage finance
- Ongoing housing affordability challenges
Fremont, Newark and Union City REALTORS