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Fannie Mae report: Americans less confident in housing market

A survey by Fannie Mae showed that Americans' confidence in the housing market dropped during the third quarter of 2010. The survey, which polled 3,417 households in July, August, and September, indicated that 85 percent think it is a bad time to sell a home, two percent higher than in June. Sixty-eight percent think it's a good time to buy a home, down two percent from June.

New single-family home sales down in October

The U.S. Census Bureau and Department of Housing and Urban Development reported today that new single-family home sales October were down 8.1 percent, to a seasonally-adjusted rate of 283,000, from the previous month. This rate was 28.5 percent lower than October 2009, which boasted 396,000 sales.

Existing home sales down in October

Existing home sales went down 2.2 percent in October, dropping to a seasonally adjusted rate of 4.43 million, according to the National Association of Realtors (NAR). Sales went down 25.9 percent compared to October 2009, when home sales were high due to the approaching deadline for the first-time buyer tax credit. Each of the four NAR regions reported drops in existing home sales.

Shadow Inventory of Homes Higher in 2010

The housing market’s “shadow inventory”—unlisted bank-owned homes and potential foreclosures—rose compared to 2009, according to a report by the Wall Street Journal. A report by CoreLogic, a real estate research firm, estimated that there were 2.1 million units in the shadow inventory in August, or about an eight-month supply. The number increased by 10 percent over August 2009.

Federal housing scorecard: Housing market recovery still fragile

The Obama administration’s monthly Housing Scorecard for November indicated that although the housing market remains fragile, home prices continue to stabilize and home affordability is up. The report noted that both new and existing home sales decreased compared to the first half of 2010, but this was expected following the expiration of the home buyer tax credit.

NAR survey: First-time home buyers increase in 2010

A survey by the National Association of Realtors (NAR) showed a major increase in the number of first-time home buyers in 2010. The 2010 NAR Profile of Home Buyers and Sellers surveyed consumers who purchased a home between July 2009 and June 2010. Fifty percent of purchasers during that period were first-time buyers, up from an average of around 40 percent during the last decade.

Drywall prices expected to rise in early December

Major U.S. drywall produces plan to raise prices by up to 25 percent in the next month, according to a report by The Philadelphia Inquirer. USG Corp. announced the price increase Nov. 3., followed by similar price increase announcements from CertainTeed Corp., National Gypsum Co., Lafarge, and Temple-Inland Inc.

NAR survey: Half of metro areas show increase in median home prices

Nearly half of the metropolitan areas tracked by the National Association of Realtors (NAR) showed modest increases in single-family home prices compared to last year. NAR’s latest survey showed that 77 of 155 metropolitan statistical areas (MSAs) had higher median existing home prices in the third quarter of 2010 than the third quarter of 2009. Eleven of those had increases in the double digits.

ServiceMagic Report: Remodeling Requests Down in Third Quarter

ServiceMagic.com, a website that connects homeowners to prescreened, customer-rated contractors nationwide, released its annual Home Modeling & Repair Index for the third quarter of 2010. The company used its own data, plus surveys of service providers and consumers, to measure trends in home improvements.

Election Results Could Affect State-Led Foreclosure Investigation

The results of Tuesday’s elections could have a major effect on the 50-state probe into the country’s foreclosure issues. Two of the investigation’s key proponents, Ohio Attorney General Richard Cordray and Florida Rep. Alan Grayson, lost their bids for re-election, according to a report by the Wall Street Journal.

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