existing home sales: Pending Home Sales Rises To 6-Month High - 01/04/11 04:45 PM
 
The housing market continues to expand, and surprise.
According to the National Association of REALTORS®, November’s Pending Home Sales Index gained 3 percent from October. A “pending home sale” is a home under contract but not yet closed. 
The index is now at its highest point since April 2010′s federal tax credit contract expiration deadline.
If the tax credit really did “borrow” sales from the summer months, as has been theorized, housing has rebuilt its foundation. 
We know this because, of all the housing data available to Belfast  homeowners and home buyers, the Pending Home Sales Index stands apart as … (0 comments)

existing home sales: New Home Sales Rise In November; Hint At Strong Winter 2011 - 12/28/10 12:55 PM
Like most housing data in November, the most recent New Home Sales report showed sales volume increasing last month, and home supplies falling.
According to the U.S. Department of Commerce, sales of new, single-family homes increased to 290,000 in November on an annual basis, a figure equal to the New Home Sales 6-month rolling average, and a 6 percent improvement from October.
At the current pace of sales, the national supply of new homes for sale will be exhausted in 8.2 months — a strong 0.6-month improvement from October.
This data is consistent with the most recent Existing Home Sales report. … (0 comments)

existing home sales: Home Inventory Dwindles Into The New Year - 12/23/10 11:23 AM
Existing Home Sales jumped another 6 percent in November, the report’s third month of improvement since bottoming in July.
According to the National Association of REALTORS®, a quarter-million more existing homes were sold during the annual period ending in November as compared to October.  An “existing home” is a home that cannot be considered new construction.
Additionally, the national housing supply dropped by a full month. At the current pace of existing home sales, the complete stock of homes for sale will be exhausted in 9.5 months.
November’s strong housing data is yet another signal to buyers in Houlton that the … (2 comments)

existing home sales: October Existing Home Sales : Buyers And Sellers In Balance - 11/24/10 09:41 AM
After two months of surging sales, home resales fell by 100,000 units last month to 4.4 million homes nationwide.
October’s Existing Home Sales tally is slightly below the report’s 6-month rolling average, according to the National Association of REALTORS® — a time span which includes this year’s $8,000 federal home buyer tax credit’s tail end.
Housing statistics have been wildly inconsistent during that period.
For the future of Bangor housing markets, though, it’s encouraging that first-time and investment property buyers were both outnumbered by “move-up” buyers; buyers that have sold their respective homes in favor of larger ones. It’s the move-up … (2 comments)

existing home sales: Existing Home Sales Jump; Housing Market Shows Spark - 10/26/10 10:25 AM
 
Existing home sales jumped 10 percent in September, the biggest monthly jump on record and a signal that the housing market may be returning to a normal sales pattern post-$8,000 federal tax credit.
Existing Home Sales counts home resales (i.e. not new construction) and 80 percent of home resales close within 45-60 days. It’s no surprise, therefore, September’s data is strong.
Throughout the July and August, mortgage rates were in free-fall, pushing home affordability to near-record levels. Concurrently, the number of homes available for sale climbed to multi-year highs.
“Deals” were in ample supply this summer and eager Bangor home … (0 comments)

existing home sales: Existing Home Sales Rebound In August, Give Hope For Autumn - 09/24/10 09:10 AM
Sales of existing homes in recovered in August, perhaps the result of a post-tax credit normalization.
As compared to July, Existing Home Sales rose 8 percent in August, buoyed by falling interest rates and slow-to-rise home prices. There’s lot of “good deals” out there and home buyers in Bangor are taking advantage.
The housing gains are relative, however. August’s total units sold barely crossed 4 million and still trails the average figures of the last few years by close to 1 million units.
Despite that, the August Existing Home Sales report can be considered a strong one. This is for several … (0 comments)

existing home sales: Home Sales Are Back On The Rise After A 2-Month Pullback - 09/08/10 08:57 AM
Just one week after reports of Existing Home Sales and New Home Sales plunging, the housing market is signaling that auturm may fare better than did summer.
The number of homes under contract to sell rose 5 percent in July.
The data comes from the July Pending Home Sales Index, as published by the National Association of Realtors®. By definition, a “pending home sales” is a home that is sold, but not yet closed.
Historically, 80% of such homes close within 60 days which makes the Pending Home Sales Index an excellent, forward-looking indicator for the real estate market.
Indeed, the … (0 comments)

existing home sales: What’s Ahead For Mortgage Rates This Week : August 30, 2010 - 08/30/10 12:15 PM
Mortgage markets improved last week despite a major mortgage bond sell-off Friday afternoon. Prior to the jump, conforming mortgage rates had cut new, all-time lows by Thursday, only to lose up to 0.250 percent on the last day of the week.
Meanwhile, the same type of news that drove rates lower Monday through Thursday also contributed to rates rising Friday — revised projections for the U.S. economy.
Early in the week, “bad” news piled on which, in turn, lowered expectations for the economy and pushed mortgage rates down:
Existing Home Sales dropped 27% from June Single-Family New Home Sales dropped 12% … (0 comments)

existing home sales: New Home Sales Drop In July — Just Like Existing Home Sales - 08/26/10 08:59 AM
One day after the National Association of Realtors released the softest Existing Home Sales report since 1995, the U.S. Census Bureau released a similarly-weak New Home Sales report.
Americans bought just 276,000 newly-built homes in July. That marks the fewest units sold since the government started keeping records in 1963.
In addition, although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months.  At July’s rate of sales, the nation’s new home inventory would be exhausted in just about 9 months.
None of this news should surprise … (0 comments)

existing home sales: Existing Home Sales Plummet In July; Home Buyers Gain Leverage - 08/25/10 09:02 AM
The number of home resales plunged by 1.4 million units in July, according to the National Association of Realtors®’ Existing Home Sales report.
It’s a drop of 27 percent from June; single-family home resales are at the report’s lowest levels since May 1999.
Furthermore, because of the sharp drop in sales volume, home inventories are spiking.
Homes for sale nationwide fell just short of 4 million units in July and, at the current sales paces, it would take 12.5 months for the existing inventory to be absorbed.
Home supply was just 8.9 months in June.
For home sellers in Belfast , … (4 comments)

existing home sales: What's Ahead For Mortgage Rates This Week : July 26, 2010 - 07/26/10 11:09 AM
Mortgage markets worsened for the first time in 6 weeks last week. Investors were pleased with corporate earnings reports and the European bank stress tests results.  Stocks gained on the news, and bonds lost.
Mortgage rates rose last week, but only slightly. Rate are still hovering near their lowest levels of all-time.
Of the bigger stories last week was Existing Home Sales. As reported by the National Association of Realtors®, sales volume was down in June and home supplies were up. But figures were a bit better than expected, giving some hope for housing.
Notably, the number of move-up buyers outnumbers … (0 comments)

existing home sales: Existing Home Sales Drop In June But Hint At Support For Higher Price Tiers - 07/23/10 10:18 AM
Consistent with most post-home buyer tax credit housing news, the National Association of Realtors® says Existing Home Sales eased lower last month.
An "existing home" is a home that cannot be considered new construction.
The 5 percent drop in sales from May to June was expected, but a closer look at the month's data reveals some interesting trends.
First, repeat buyers accounted for 44 percent of home resales in June, up from 40 percent in May. That's a healthy increase for just 4 weeks' time and the tax credit is a likely catalyst. First-timer buyers bought starter homes owned by former … (0 comments)

 
Shannon Odom (Northeast Bank)

Shannon Odom

Bangor, ME

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Northeast Bank

Address: 277 State Street Suite 3B, Bangor, ME, 04401

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