The December NAHB/Wells Fargo Housing Market Index rose four points to 58 as builders recovered from hesitancies in October and November. The increase puts the index back up to the peak it reached in August before the rise in mortgage rates and the uncertainty caused by the debt and deficit debate cooled confidence. This December index is 37 points above the December 2011 level.
All three of the components also showed significant increases with current sales rising 6 points to 64, the highest since December 2005. Expected sales increased 2 points to 62 and traffic increased 3 points to 44.
The three-month moving averages for the four Census regions were down in three regions as the left over effect of the declines in October and November overwhelmed the most recent increases. The Northeast, Midwest and West each fell 1 point to 38, 59 and 59 respectively while the South increased…
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In November, consumer prices were unchanged on a seasonally adjusted month-over-month basis according to data released by the Bureau of Labor Statistics (BLS). A month-over-month drop in the energy index was offset by increases in other components in the all items index. Over the past twelve months, prices on expenditures made by urban consumers increased 1.2% before seasonal adjustments.
The energy price index decreased for the second straight month, decreasing in November by 1.0% following a 1.7% month-over-month decrease in October. The gasoline index, a component of the energy price index, experienced another large month-over-month decrease at 1.6%. The index for natural gas also experienced a large decrease of 1.8% after dropping 1.0% month-over-month in October.
In November, Core CPI, which excludes more volatile food and energy prices, rose by 0.2% month-over-month. Over the past twelve months Core CPI increased by 1.7%.
The shelter index rose 0.3% month-over-month in November…
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The Mortgage Corner
CoreLogic, a real estate analytics firm, today released new analysis showing approximately 791,000 more residential properties returned to a state of positive equity during the third quarter of 2013, and the total number of mortgaged residential properties with equity currently stands at 42.6 million.
This is helping November home sales in the South Coast, with closed transactions holding strong and huge price increases year-over-year, reports Gary Woods for MLS.
“Year over year sales are up just slightly from 2012 with the median sales price up to about $940,000 for approximately a 19 percent rise. The average sales price is also up going from about $1.36 million in 2012 to approximately $1.43 million in 2013 for a 5 percent rise while the numbers of escrows are down with 1,203 in ’12 to 1,168 in ‘13 with the median list price on those escrows up about 15 percent to…
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