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Radar Logic Predicts Housing Price Decline in Fall
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Radar Logic Predicts Housing Price Decline in Fall
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
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Radar Logic Predicts Housing Price Decline in Fall
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July 21, 2011 (Chris Moore)

Radar Logic’s RPX Composite Price Index (CPI) for May declined 5.9 percent compared to May of 2010, continuing a pattern of year-over-year price declines that has accelerated since June of 2010 and was the fastest rate of decline in home prices since September 2009.

With the CPI at virtually the same level in May as it was in January, the seasonal price bump that would normally be observed during this time of the year has been virtually non-existent during the current year. Prior to this year, the largest price gains in seven of the last 10 years have typically been seen from January to May.

Although there were month to month price increases in April and May, those barely offset the price declines registered at the beginning of the year. Without the seasonal price bump in home prices, Radar Logic predicts this “foreshadows new post-bust lows this fall.”

Home buying demand in the fall typically softens and pulls housing prices downward, and with the absence of the seasonal bump, home prices may reach their lowest levels since the housing crisis began.

In addition, not only has this been the trend for housing prices, it has also been the trend in the rate of home sales transactions. The home sales transaction count in May also declined year-over-year, with the rate of decline in home sales accelerating since February.

“Given the time of year, the results of our RPX analysis are far weaker than we had hoped. Prices are falling year over year as activity continues to languish. Inventory continues to be the problem and there are no signs of any strength in absorption,” said Michael Feder, President and CEO of Radar Logic. “We expect the CBOE futures market in RPX contracts to open soon and expect to see trading indicate an expectation of significant weakness in housing going forward, at least in the near term. It would not surprise us to see opening bids down 10 to 15 percent from spot.”

The CPI reports that all 25 metropolitan areas featured in the report registered year-over-year price declines.

Regionally, the West and the Midwest registered the largest year-over-year price declines with Seattle registering the largest decline of 14.7 percent followed by Sacramento with an 11.9 percent decline and Milwaukee with an 11.6 percent decline.

The Northeast and the South had the smallest price declines led by New York with a 0.4 percent decline, followed by Charlotte with a 1.1 percent decline and Washington D.C. with a 4.6 percent price decline.

Eighteen of the 25 metropolitan areas registered price gains from April to May. Six of the seven areas that registered declines were in the West, with four of those in California. Radar Logic points out that the significance of this can be important because traditionally it’s the California market that is usually a bellwether for trends in the rest of the country.

Tags: Radar Logic, RPX Composite Price Index, housing prices, housing sales transactions, rate of decline, seasonal price bump, declining prices, housing crisis

Source:
Radar Logic

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July 21, 2011 (Chris Moore)

Radar Logic’s RPX Composite Price Index (CPI) for May declined 5.9 percent compared to May of 2010, continuing a pattern of year-over-year price declines that has accelerated since June of 2010 and was the fastest rate of decline in home prices since September 2009.

With the CPI at virtually the same level in May as it was in January, the seasonal price bump that would normally be observed during this time of the year has been virtually non-existent during the current year. Prior to this year, the largest price gains in seven of the last 10 years have typically been seen from January to May.

Although there were month to month price increases in April and May, those barely offset the price declines registered at the beginning of the year. Without the seasonal price bump in home prices, Radar Logic predicts this “foreshadows new post-bust lows this fall.”

Home buying demand in the fall typically softens and pulls housing prices downward, and with the absence of the seasonal bump, home prices may reach their lowest levels since the housing crisis began.

In addition, not only has this been the trend for housing prices, it has also been the trend in the rate of home sales transactions. The home sales transaction count in May also declined year-over-year, with the rate of decline in home sales accelerating since February.

“Given the time of year, the results of our RPX analysis are far weaker than we had hoped. Prices are falling year over year as activity continues to languish. Inventory continues to be the problem and there are no signs of any strength in absorption,” said Michael Feder, President and CEO of Radar Logic. “We expect the CBOE futures market in RPX contracts to open soon and expect to see trading indicate an expectation of significant weakness in housing going forward, at least in the near term. It would not surprise us to see opening bids down 10 to 15 percent from spot.”

The CPI reports that all 25 metropolitan areas featured in the report registered year-over-year price declines.

Regionally, the West and the Midwest registered the largest year-over-year price declines with Seattle registering the largest decline of 14.7 percent followed by Sacramento with an 11.9 percent decline and Milwaukee with an 11.6 percent decline.

The Northeast and the South had the smallest price declines led by New York with a 0.4 percent decline, followed by Charlotte with a 1.1 percent decline and Washington D.C. with a 4.6 percent price decline.

Eighteen of the 25 metropolitan areas registered price gains from April to May. Six of the seven areas that registered declines were in the West, with four of those in California. Radar Logic points out that the significance of this can be important because traditionally it’s the California market that is usually a bellwether for trends in the rest of the country.

Tags: Radar Logic, RPX Composite Price Index, housing prices, housing sales transactions, rate of decline, seasonal price bump, declining prices, housing crisis

Source:
Radar Logic

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

July 21, 2011 (Chris Moore)

Radar Logic’s RPX Composite Price Index (CPI) for May declined 5.9 percent compared to May of 2010, continuing a pattern of year-over-year price declines that has accelerated since June of 2010 and was the fastest rate of decline in home prices since September 2009.

With the CPI at virtually the same level in May as it was in January, the seasonal price bump that would normally be observed during this time of the year has been virtually non-existent during the current year. Prior to this year, the largest price gains in seven of the last 10 years have typically been seen from January to May.

Although there were month to month price increases in April and May, those barely offset the price declines registered at the beginning of the year. Without the seasonal price bump in home prices, Radar Logic predicts this “foreshadows new post-bust lows this fall.”

Home buying demand in the fall typically softens and pulls housing prices downward, and with the absence of the seasonal bump, home prices may reach their lowest levels since the housing crisis began.

In addition, not only has this been the trend for housing prices, it has also been the trend in the rate of home sales transactions. The home sales transaction count in May also declined year-over-year, with the rate of decline in home sales accelerating since February.

“Given the time of year, the results of our RPX analysis are far weaker than we had hoped. Prices are falling year over year as activity continues to languish. Inventory continues to be the problem and there are no signs of any strength in absorption,” said Michael Feder, President and CEO of Radar Logic. “We expect the CBOE futures market in RPX contracts to open soon and expect to see trading indicate an expectation of significant weakness in housing going forward, at least in the near term. It would not surprise us to see opening bids down 10 to 15 percent from spot.”

The CPI reports that all 25 metropolitan areas featured in the report registered year-over-year price declines.

Regionally, the West and the Midwest registered the largest year-over-year price declines with Seattle registering the largest decline of 14.7 percent followed by Sacramento with an 11.9 percent decline and Milwaukee with an 11.6 percent decline.

The Northeast and the South had the smallest price declines led by New York with a 0.4 percent decline, followed by Charlotte with a 1.1 percent decline and Washington D.C. with a 4.6 percent price decline.

Eighteen of the 25 metropolitan areas registered price gains from April to May. Six of the seven areas that registered declines were in the West, with four of those in California. Radar Logic points out that the significance of this can be important because traditionally it’s the California market that is usually a bellwether for trends in the rest of the country.

Tags: Radar Logic, RPX Composite Price Index, housing prices, housing sales transactions, rate of decline, seasonal price bump, declining prices, housing crisis

Source:
Radar Logic

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.