SPRING AHEAD - Quincy, MA - The Patriot Ledger
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Wednesday, March 24, 2010
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Saturday, March 20, 2010
Thursday, March 04, 2010
U.S. Economy: Pending Sales of Existing Homes Unexpectedly Drop
March 4 (Bloomberg) -- Fewer Americans than expected signed contracts to purchase previously owned homes in January, indicating the extension of a tax credit is doing little to lure buyers.
The index of purchase agreements, or pending home sales, dropped 7.6 percent after a revised 0.8 percent increase in December, the National Association of Realtors announced in Washington. Other reports today showed factory orders increased and first-time jobless claims declined.
The drop in contract signings adds to evidence the housing market at the center of the worst recession since the 1930s is struggling to rebound after reports last week showed unexpected declines in purchases of new and existing homes. The market may get another blow this month when the Federal Reserve ends planned purchases of mortgage-backed securities.
"When you take away all the support from the housing market, the underlying demand for housing is a lot weaker than we thought," said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. "We clearly pushed some demand forward, and there wasn't that much demand to pull forward anyway. The housing recovery is going to be very, very slow."
Builder shares fell after the report, with the Standard & Poor's Supercomposite Homebuilding Index declining 0.7 percent at 11:52 a.m. in New York. The broader S&P 500 climbed 0.1 percent to 1,119.74.
Factory orders rose 1.7 percent in January, boosted by a surge in commercial aircraft bookings, according to Commerce Department data that also showed less demand for computers and machinery.
Jobless Claims
Reports from the Labor Department today showed initial jobless claims fell from a three-month high, while productivity rose in the fourth quarter. Claims dropped 29,000 last week to 469,000.
Productivity, a measure of employee output per hour, rose at a 6.9 percent annual rate in the final three months of last year. Labor costs dropped 5.9 percent, more than anticipated.
Economists forecast a 1 percent gain in January pending home sales after a previously reported 1 percent rise a month earlier, according to the median of 40 projections in a Bloomberg News survey. Estimates ranged from a drop of 4.2 percent to an increase of 4 percent.
In November, the number of signed contracts dropped a record 14 percent. The Realtors group said February figures may be depressed as well following snowstorms in the Northeast and South.
February Sales
"The abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February," Lawrence Yun, the group's chief economist, said in a statement. "We will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June."
The Realtors' report showed declines in January pending sales in all four regions, led by a 13 percent slump in the West. Contract signings fell 8.9 percent in the Midwest, 8.7 percent in the Northeast and 2.1 percent in the South.
Pending home sales are considered a leading indicator because they track contract signings. The Realtors' existing- home sales report tallies closings, which typically occur a month or two later. The pending sales data go back to January 2001, and the group began publishing the index in March 2005.
Reports last week showed the housing market may be faltering. Sales of previously owned homes unexpectedly dropped 7.2 percent in January after a record decline a month earlier, according to Realtors group's report Feb. 26. New-home sales slumped to an all-time low, the Commerce Department said Feb. 24.
Credit Extended
President Barack Obama and Congress extended the first-time buyer credit in early November to cover deals signed by April 30 and closed by June 30, and expanded it to include some current homeowners.
Among other concerns for the housing outlook, the Fed said it plans to end a program later this month to purchase mortgage- backed securities, which helped contain borrowing costs.
The rate on a 30-year fixed mortgage dropped to 4.71 percent in early December, the lowest level since Freddie Mac started keeping weekly records in 1972. The rate has hovered around 5 percent since then.
Foreclosures pose another threat. Foreclosure filings rose 15 percent in January compared with a year earlier and exceeded 300,000 for the 11th straight month, RealtyTrac Inc. said Feb. 11.
The housing market will "follow a similar pattern" to recovery as it did in the late 1980s and early 1990s, which both took "several years," Toll Brothers Inc. Chief Executive Officer Robert Toll said in a statement Feb. 24.
The company, the largest U.S. luxury-home builder, said its orders almost doubled in the first quarter compared with a year earlier. It projected it will sell between 2,100 and 2,750 homes in fiscal 2010 at an average price of $540,000 to $560,000 each.
To contact the reporter on this story: Courtney Schlisserman in Washington at cschlisserma@bloomberg.net
The index of purchase agreements, or pending home sales, dropped 7.6 percent after a revised 0.8 percent increase in December, the National Association of Realtors announced in Washington. Other reports today showed factory orders increased and first-time jobless claims declined.
The drop in contract signings adds to evidence the housing market at the center of the worst recession since the 1930s is struggling to rebound after reports last week showed unexpected declines in purchases of new and existing homes. The market may get another blow this month when the Federal Reserve ends planned purchases of mortgage-backed securities.
"When you take away all the support from the housing market, the underlying demand for housing is a lot weaker than we thought," said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. "We clearly pushed some demand forward, and there wasn't that much demand to pull forward anyway. The housing recovery is going to be very, very slow."
Builder shares fell after the report, with the Standard & Poor's Supercomposite Homebuilding Index declining 0.7 percent at 11:52 a.m. in New York. The broader S&P 500 climbed 0.1 percent to 1,119.74.
Factory orders rose 1.7 percent in January, boosted by a surge in commercial aircraft bookings, according to Commerce Department data that also showed less demand for computers and machinery.
Jobless Claims
Reports from the Labor Department today showed initial jobless claims fell from a three-month high, while productivity rose in the fourth quarter. Claims dropped 29,000 last week to 469,000.
Productivity, a measure of employee output per hour, rose at a 6.9 percent annual rate in the final three months of last year. Labor costs dropped 5.9 percent, more than anticipated.
Economists forecast a 1 percent gain in January pending home sales after a previously reported 1 percent rise a month earlier, according to the median of 40 projections in a Bloomberg News survey. Estimates ranged from a drop of 4.2 percent to an increase of 4 percent.
In November, the number of signed contracts dropped a record 14 percent. The Realtors group said February figures may be depressed as well following snowstorms in the Northeast and South.
February Sales
"The abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February," Lawrence Yun, the group's chief economist, said in a statement. "We will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June."
The Realtors' report showed declines in January pending sales in all four regions, led by a 13 percent slump in the West. Contract signings fell 8.9 percent in the Midwest, 8.7 percent in the Northeast and 2.1 percent in the South.
Pending home sales are considered a leading indicator because they track contract signings. The Realtors' existing- home sales report tallies closings, which typically occur a month or two later. The pending sales data go back to January 2001, and the group began publishing the index in March 2005.
Reports last week showed the housing market may be faltering. Sales of previously owned homes unexpectedly dropped 7.2 percent in January after a record decline a month earlier, according to Realtors group's report Feb. 26. New-home sales slumped to an all-time low, the Commerce Department said Feb. 24.
Credit Extended
President Barack Obama and Congress extended the first-time buyer credit in early November to cover deals signed by April 30 and closed by June 30, and expanded it to include some current homeowners.
Among other concerns for the housing outlook, the Fed said it plans to end a program later this month to purchase mortgage- backed securities, which helped contain borrowing costs.
The rate on a 30-year fixed mortgage dropped to 4.71 percent in early December, the lowest level since Freddie Mac started keeping weekly records in 1972. The rate has hovered around 5 percent since then.
Foreclosures pose another threat. Foreclosure filings rose 15 percent in January compared with a year earlier and exceeded 300,000 for the 11th straight month, RealtyTrac Inc. said Feb. 11.
The housing market will "follow a similar pattern" to recovery as it did in the late 1980s and early 1990s, which both took "several years," Toll Brothers Inc. Chief Executive Officer Robert Toll said in a statement Feb. 24.
The company, the largest U.S. luxury-home builder, said its orders almost doubled in the first quarter compared with a year earlier. It projected it will sell between 2,100 and 2,750 homes in fiscal 2010 at an average price of $540,000 to $560,000 each.
To contact the reporter on this story: Courtney Schlisserman in Washington at cschlisserma@bloomberg.net
===
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Mitch Rudnick
Century21 Annex Realty
617-921-6521
Mitchell.Rudnick@Century21.com
Thursday, January 28, 2010
Tuesday, January 05, 2010
Saturday, November 21, 2009
Wednesday, November 11, 2009
Saturday, November 07, 2009
89 Forbes Hill Road
Forbes Hill. New kitchen with stainless steel appliances and granite counter tops, new bathrooms, new windows, heating system 1 year old , new lighting,and new garage doors. Interior freshly painted, floors newly sanded, finished room in lower level rooms,exterior landscaping professionally done, roof is 3 years old. Large private porch in back surrounded by mature trees. Access to garage from house. Walk to bus line and close to Wollaston T.
Wednesday, November 04, 2009
I Oak Court Video
This area has it's own private charm while being close to Route 3 and 228. Spacious end unit townhouse with plenty of closet space. New carpeting and newly painted. Living room with cathedral ceiling, skylights and fireplace. 1st floor den. Deck off first floor. Master suite has full bath and walk in closet. Second bedroom has walk in closet. Pull down access to attic area. New vanity in 2nd floor full bath. Tennis court and outdoor swimming pool. This is a pet friendly complex.
New Video of Townhouse at 1 Oak Ct, Rockland ,MA
Hi, we've just made a new video of our listing at 1 oak Court in Rockland, MA that we want to share with you
This area has it's own private charm while being close to Route 3 and 228. Spacious end unit townhouse with plenty of closet space. New carpeting and newly painted. Living room with cathedral ceiling, skylights and fireplace. 1st floor den. Deck off first floor. Master suite has full bath and walk in closet. Second bedroom has walk in closet. Pull down access to attic area. New vanity in 2nd floor full bath. Tennis court and outdoor swimming pool. This is a pet friendly complex.
Friday, October 23, 2009
Saturday, October 03, 2009
Wednesday, September 30, 2009
Extending The First Time Home Buyer Credit - A Good Idea?
As we approach the shut off date for the First Time Homebuyer Tax Credit, people are asking: Should the credit be extended? Has the credit been a help, and if so, to whom? Just take a moment and express your opinion about Extending The First Time Homebuyer Tax Credit.
Thanks, we'll be posting the result in a few weeks.
Thanks, we'll be posting the result in a few weeks.
Wednesday, September 16, 2009
It's Amazing - The Turnout for the Massachusetts Real Estate Salesperson Classes
Tuesday turned out to be an amazing day at Annex Real Estate School in Quincy, Massachusetts. When I drove up to the office in the morning, about 15 minutes before the start of the first midweek September Real Estate Salesperson class, there was no one waiting to get into the school. Well, that has happened before, last minute arrivals. We had just finished an intensive Weekend class that was about 3/4 full. I was totally unprepared for what followed.
At ten minutes before the start of class, three students were in class. Five minutes before the start of class, there were ten students. Then, suddenly, the room filled up. We needed extra chairs and tables. What a surprise! We did not even have enough text books. Fortunately UPS showed up an hour later with the extra books we had ordered and the class went smoothly.
There was a similar story with the evening class. What a surprise! I surveyed the students and found that each felt that there is an opportunity in real estate sales. Most of the students have a reasonable expectation of the local real estate market....not a boom, but never the less, a gradual recovery.
This is very encouraging as we are also seeing a definite improvement in the actvity in our affiliated real estate office, Century21 Annex Realty .
I know that the National Association of Realtors is urging an extension of the first time home buyer credit. This would be good, as there has been a lag in the program getting underway and it being used. One deterent that has been eliminated in many states isthe ability to use the credit at the closing. Signs of good things to come!
At ten minutes before the start of class, three students were in class. Five minutes before the start of class, there were ten students. Then, suddenly, the room filled up. We needed extra chairs and tables. What a surprise! We did not even have enough text books. Fortunately UPS showed up an hour later with the extra books we had ordered and the class went smoothly.
There was a similar story with the evening class. What a surprise! I surveyed the students and found that each felt that there is an opportunity in real estate sales. Most of the students have a reasonable expectation of the local real estate market....not a boom, but never the less, a gradual recovery.
This is very encouraging as we are also seeing a definite improvement in the actvity in our affiliated real estate office, Century21 Annex Realty .
I know that the National Association of Realtors is urging an extension of the first time home buyer credit. This would be good, as there has been a lag in the program getting underway and it being used. One deterent that has been eliminated in many states isthe ability to use the credit at the closing. Signs of good things to come!
Tuesday, September 15, 2009
Real Estate Salesperson Class Starts Today
We're'll be heading to the office and Annex Real Estate School to open up. This is for the morning session of the Massachusetts Real Estate Salesperson pre-license course. The response has been almost overwhelming.
Between the registration for the morning and evening, we've had to order more text books. We'll have to find out the motiviation of the students. Why have they decided to go for their Massachusetts Real Estate Salesperson license, now? What do you think?
Between the registration for the morning and evening, we've had to order more text books. We'll have to find out the motiviation of the students. Why have they decided to go for their Massachusetts Real Estate Salesperson license, now? What do you think?
Thursday, September 10, 2009
Real Estate Weekend Class Starts Tomorrow
This week's weather makes it easier to get into the Weekend Class that will be starting at Annex Real Estate School, tomorrow night, September 11. The response has been very good, so we've had to order more text books from Dearborn Publishing. This is because we have both a day and evening class starting on Tuesday, September 15th, and our original book order was on the conservative side. We're even receiving Applications for the October classes.
Saturday, September 05, 2009
Thursday, September 03, 2009
Good Weather, Good Real Estate Activity, Good RE School Enrollment
Here it is, almost the start of the Labor Day weekend, and the outlook for local real estate is good, good, good! The sales activity at our real estate firm, Century21 Annex Realty is definitely a plus. It's not just here in Quincy, MA, but a good part of Boston's 'South Shore'.
We're also seeing an upswing in the registration at our school, Annex Real Estate School. There is increased enrollment in the midweek programs that have both morning and evening classes. We're also seeing the popular accelerated Weekend Class fill up. It gives us a positive indication about the sentiment of the local market. Increase class size is an reflection of the attitude that the market is going to recover.
Now, we would like to see increased activity at our marketing sites, the Annex Bookstore over at Amazon as well as the general Annex Real Estate Source.
Wishing you all an enjoyable Labor day Weekend
We're also seeing an upswing in the registration at our school, Annex Real Estate School. There is increased enrollment in the midweek programs that have both morning and evening classes. We're also seeing the popular accelerated Weekend Class fill up. It gives us a positive indication about the sentiment of the local market. Increase class size is an reflection of the attitude that the market is going to recover.
Now, we would like to see increased activity at our marketing sites, the Annex Bookstore over at Amazon as well as the general Annex Real Estate Source.
Wishing you all an enjoyable Labor day Weekend
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