New Home Sales up 15% YoY and 4.4% from October to November

[Jordan]

The Census Bureau reported Thursday that sales of new homes rose to an annual rate of 377,000 in the month, up 4.4% from October, and up 15% from year-earlier levels. It was the highest rate of new-home sales since April 2010, when sales were inflated by a temporary $8,000 tax credit for home buyers.

There was only a 4.7 month supply of new homes on the market in November, the same tight inventory as has been the case in four of the previous six months. The last time there was a tighter supply of new homes available was in October 2005, near the height of the housing bubble.

The tight supply has lifted the median price of a new home sold in November to $246,200, up 14.9% from the comparable price a year earlier.

http://money.cnn.com/2012/12/27/real...ew-home-sales/

[Zippyjuan]

If anybody is thinking about maybe buying in the next five years or so, you may want to move now- times may not be better than they are today. Record low interest rates and low (but now rising) prices this may present the best opportunity you may see. Rates are not likely to go lower and prices are likely to move higher. Or you could give away the money you currently spend on rent for nothing but a roof over your head.

[HOLLYWOOD]

One of many of the new bubbles... buying a house? Here's $15K

Philadelphia is one of 20 cities that will benefit from a total of $170 million Wells Fargo has committed through its LIFT^SM programs (including NeighborhoodLIFT^SM and CityLIFT^SM ) to support sustainable housing in cities affected by the economic downturn.

potential homebuyers can find out if they qualify for the down payment assistance program and reserve funds – up to $15,000 – for 60 days for home purchases

CityLIFT^SM is based on Wells Fargo’s NeighborhoodLIFT^SM program, which is currently active in Atlanta, Houston, Jacksonville, Las Vegas, Los Angeles, Miami, Minneapolis/St. Paul, Orlando, Phoenix, and Tampa. The NeighborhoodLIFT^SM program is a collaboration between Wells Fargo Bank, N.A., the Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. Wells Fargo’s LIFT^SM programs have helped create 263 new homeowners to date, with another 244 potential new homeowners in process of closing on a home.

https://www.wellsfargo.com/mortgage/lift/city

The CityLIFT^SM program is a collaborative program of Wells Fargo Bank, N.A. and NeighborWorks America, an independent nonprofit organization. The NeighborhoodLIFT^SM program is a collaborative program of Wells Fargo Bank, N.A., Wells Fargo Foundation, and NeighborWorks America, an independent nonprofit organization.

This down payment assistance program is available for households earning 120% or less of the area’s median income, adjusted for household size, although specific loan products have lower income limits. Although Wells Fargo is the sponsor of the CityLIFT and NeighborhoodLIFT programs, you may seek financing for the remaining balance of the home purchase from any qualified lender who accepts the CityLIFT or NeighborhoodLIFT down payment assistance program.
Wells Fargo team members are not eligible to participate in the CityLIFT and NeighborhoodLIFT programs. This limitation also applies to a team member’s immediate family, including spouses and dependent children, where the team member would have beneficial ownership of the property that was the subject of the DAP.
CityLIFT and NeighborhoodLIFT funds cannot be used to purchase bank-owned properties being managed by Wells Fargo Premier Asset Services.

[Zippyjuan]

Looks like that Wells Fargo program only loans you the money for 60 days- then you have to pay it back? Probably not going to be a hugely popular program.

potential homebuyers can find out if they qualify for the down payment assistance program and reserve funds – up to $15,000 – for 60 days for home purchases

[Seraphim]

LOL loans for loans. Unreal.

One of many of the new bubbles... buying a house? Here's $15K



https://www.wellsfargo.com/mortgage/lift/city

[devil21]

LOL loans for loans. Unreal.

Gotta keep pumping furiously to keep this mess afloat. Ill pay attention to new house sales numbers when I start seeing the ransacked and boarded up foreclosures in my neighborhood start being rehabbed and sold. Still way too many of them sitting around. New houses are crappy constructions with chinese drywall and cheap wood at low prices but high markups.

[Seraphim]

Gotta keep pumping furiously to keep this mess afloat. Ill pay attention to new house sales numbers when I start seeing the ransacked and boarded up foreclosures in my neighborhood start being rehabbed and sold. Still way too many of them sitting around. New houses are crappy constructions with chinese drywall and cheap wood at low prices but high markups.

BIG reason why the house I choose (Canada) was made in 1951. It's built so well.

[HOLLYWOOD]

Looks like that Wells Fargo program only loans you the money for 60 days- then you have to pay it back? Probably not going to be a hugely popular program.

HINT:

http://abclocal.go.com/wls/story?sec...ois&id=8834536
http://illinoisattorneygeneral.gov/p...goCityLIFT.pdf

]Wells Fargo settlement includes $15,000 grants for homeowners
Wednesday, October 03, 2012

Illinois Attorney General Lisa Madigan speaks at a conference in Springfield. (AP)

October 3, 2012 (CHICAGO) (WLS) -- More than $8 million will be soon be available to help Chicago area residents buy homes as part of a settlement with Wells Fargo Bank.
Attorney General Lisa Madigan announced Wednesday that those who qualify could receive $15,000 grants to be used toward the down payment on a home.
The program, called 'City Lift,' is the result of a fair lending settlement between Wells Fargo, The U.S. Department of Justice and the Illinois Attorney General's Office.
"This is a unique opportunity, it is a rare opportunity. We applaud Wells for bringing this to the Chicago area. And we would be delighted if other financial institutions would recognize the importance of programs of this nature," Illinois AG Lisa Madigan said.
Prospective homeowners will have their first chance to apply for these grants later this month. Find out about workshops and who qualifies at http://illinoisattorneygeneral.gov/p...goCityLIFT.pdf

[Brian4Liberty]

Bubble time again. There is an interesting TV show about property bidding wars in Arizona. No inspections, no knowledge of the interior, as is. Many episodes end with a statement that they make money no matter how bad a deal they got, due to housing prices rising so fast.

http://dsc.discovery.com/tv-shows/property-wars

[Tpoints]

If anybody is thinking about maybe buying in the next five years or so, you may want to move now- times may not be better than they are today. Record low interest rates and low (but now rising) prices this may present the best opportunity you may see. Rates are not likely to go lower and prices are likely to move higher. Or you could give away the money you currently spend on rent for nothing but a roof over your head.

but isn't it possible that housing prices will drop to where interest rates won't matter? I mean, you can get a $200K loan for 3% today. But if you can get the same house later for $100K, would it matter if interest rate was 10% ? I am curious why you believe housing prices will go up? Is it decreased supply or increase demand? What about the unemployed today? Are they going to start having steady pay jobs (more importantly, will they believe they'll have them for 20 years)?