This posting is “everything you’d ever want to know about real estate. Well, not really, but it probably comes darn close to covering the landscape. I guess this posting could be considered a quintuple “eye crosser!”
There are five (5) numbers tracked by the financial and economic gurus in calculating the various reports, predictions, reflections, and opinions regarding the U.S. housing market. They are:
- S&P/Case-Shiller home price index which tracks the price of existing? Homes for sale.
The S&P/Case-Shiller Home Price Indices are the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. Source: http://us.spindices.com/
- New Home Sales U.S. Census Bureau and Department of Housing and Urban Development (HUD) reports new home sales (www.census.gov)
New residential sales for July 2015: Press Release
- New Housing Starts U.S. Census Bureau and the Department of Housing and Urban Development (HUD) track new housing starts
New residential construction for July 2015: Press Release
- Number of mortgage applications: Mortgage Bankers Association reports on mortgage applications.
Press Release: New mortgage applications
- Existing Home Sales The National Association of Realtors reports on existing home sales
Press Release: Pending Sales July 2015
In another posting, I wrote about “Shadow Banking.” Shadow Banking is a rather scary financial mechanism in my hunble opinion. Well, this time I discovered “Shadow Inventory.” Here is the Department of Housing and Urban Development a.k.a. HUD’s definition for “shadow inventory”:
For our purposes, we define the shadow inventory as housing units being held off the market by lenders, either in the form of Real Estate Owned (REO) properties not offered for sale or in the form of mortgages delinquent for more than X months on which the lenders have not foreclosed.
HUD has published a “white paper” regarding this subject: Chasing Shadow Inventory: Sloppy Foreclosures and Unintended Consequences