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first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Existing-Home Sales Decline Despite Low Interest Rates Existing Home Sales Home Prices Housing Market Housing Supply National Association of Realtors 2014-12-22 Brian Honea Home / Daily Dose / Existing-Home Sales Decline Despite Low Interest Rates Data Provider Black Knight to Acquire Top of Mind 2 days ago Sales of pre-owned homes stalled out in November, plunging to their slowest pace in half a year only one month after hitting a 2014 high.The National Association of Realtors (NAR) reported Monday that existing-home sales fell 6.1 percent from October to November, landing at a seasonally adjusted annual rate of 4.93 million. The association also cut October’s estimated sales rate slightly to 5.25 million.”Fewer people bought homes last month despite interest rates being at their lowest levels of the year,” NAR Chief Economist Lawrence Yun said. “The stock market swings in October may have impacted some consumers’ psyche and therefore led to fewer November closings. Furthermore, rising home values are causing more investors to retreat from the market.”Despite the stumble, home resales in November were still up 2.1 percent from year-ago levels, making it just the second month in 2014 to see sales rise year-over-year.It’s been a year of starts and stops for home sales, which have struggled under the weight of rising mortgage rates (a trend that has reversed in recent months), a tighter lending environment, declining affordability, and a lack of housing stock available for buyers.In November, the total inventory of existing homes for sale was 2.09 million, NAR estimates, down 6.7 percent from October.”Lagging homebuilding activity continues to hamstring overall housing supply and is still too low in relation to this year’s promising job growth,” Yun said. “Much faster price and rent appreciation—easily exceeding wage growth—will occur next year unless new construction picks up measurably.”About one-quarter of resale transactions last month were made entirely in cash, down from nearly one-third last year, NAR reported. Individual investors, who account for many cash sales, were responsible for 15 percent of total sales.Meanwhile, the percentage of first-time homebuyers climbed slightly to 31 percent, the highest share since October 2012.With Fannie Mae and Freddie Mac opening the door for low down payments, the association hopes to see the share of first-time homebuyers pick up to a more normal level.”NAR applauds Fannie and Freddie’s commitment to homeownership by serving creditworthy borrowers who lack the resources for substantial downpayments plus closing costs with its new downpayment program,” said NAR President Chris Polychron. “The new program mitigates risk with strong underwriting and ensures that responsible buyers have access to safe and affordable mortgage credit.”Existing-home sales fell month-over-month in November in all four census regions, led by a 9.6 percent drop in the West to a yearly rate of 1.03 million. That was followed by declines of 8.9 percent in the Midwest (to 1.13 million), 4.2 percent in the Northeast (to 680,000), and 3.2 percent in the South (to 2.09 million).Compared to a year ago, sales were up in the Northeast and South, outperforming November 2013 by 4.6 percent and 5.0 percent, respectively. At the same time, sales were down 1.7 percent in the Midwest and 1.0 percent in the West. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily About Author: Brian Honea Previous: Report: GSEs Have Completed 3.3 Million Foreclosure Prevention Actions Since ’08 Next: Federal Agencies Announce Thresholds to Classify Small, Intermediate Small Institutions in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago December 22, 2014 816 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: Existing Home Sales Home Prices Housing Market Housing Supply National Association of Realtors Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland.  Print This Post Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more


first_img* – debut of the GRiZ Live Band The future-funk producer and saxophonist, GRiZ (aka Grant Kwiecinski), has a new event in the works for late July. The event dubbed GRiZMAS In July will bring the artist, along with The Russ Liquid Test, Flamingosis, and IHF to Wilmington, North Carolina’s Greenfield Lake Amphitheatre for two nights across July 21st and 22nd. In keeping with the theme of the event, GRiZ said this of the event in a statement, “Keeping the GRiZMAS spirit alive year round. We found this awesome amphitheater in the trees and it’s going to be perfect. Can’t wait to see you out there!”In addition to performances by traditional sets by GRiZ, The Russ Liquid Test, Flamingosis, and IHF, on the first night, GRiZ will perform a special “Chasing the Golden Hour” set at sundown, which takes its name from his downtempo mix series of the same name. Tickets for GRiZMAS in July have just gone on pre-sale here, though tickets will go on general on-sale on Friday. Tickets for the July 21st performance will be available here, while tickets for the July 22nd performance will be available here. For fans interested in the event, they can book accommodations around the Greenfield Lake Amphitheatre here.GRiZ Announces First-Ever Live Band Show During Two-Night Red Rocks RunIn addition to the announcement of these latest North Carolina dates, GRiZ has a number of dates falling across the summer. You can check them out below, which sees the producer hit festivals like Camp Bisco, Forecastle, Elements, Summer Set, and more ahead of his two Red Rocks Amphitheatre hits in early September (including the debut of the GRiZ Live Band).GRiZ tour dates:6/3 – SliceFest – Birmingham, AL6/9-11 – Spring Awakening Festival – Chicago, IL6/18 – EDC – Las Vegas, NV6/23-24 – Paradiso – George, WA7/13-15 – Camp Bisco – Montage Mountain, Scranton, PA7/14-16 – Forecastle Festival – Louisville, KY7/21-22 – GRiZMAS in July @ Greenfield Beach Amphitheatre – Wilmington, NC8/4-6 – Osheaga Festival – Montreal, QC8/12 – Elements Festival – Brooklyn, NY8/13 – Summer Set Festival – Somerset, WI8/18-19 – 515 Alive Fest – Des Moines, IA9/1 – Red Rocks Amphitheatre – Morrison, CO *9/2 – Red Rocks Amphitheatre – Morrison, CO12/1-5 – Dominican Holidaze – Punta Cana, DOlast_img read more