March 2011 U.S. Economic Fundamentals

[Ally]

U.S. house prices fall to the lowest level in nine years




The National Association of Realtors said sales of previously occupied homes fell to a seasonally adjusted annual rate of 4.88 million.




That is down 9.6% from 5.4 million in January, and far below the 6 million level that economists regard as a healthy market.




The average price of a previously-owned home is now $156,100 (Â96,000).





Read the full article here.

 

[Ally]

17.45% of Florida homes are vacant




The latest Census Bureau results show that 17.45% of homes in Florida are vacant. That's 1.558 million houses sitting there soaking up the sun. Florida's housing bubble was one of the hottest and now their vacancy rate is the highest.




"If you're buying in Florida for retirement," Ingo Winzer, a housing market analyst, told CNN Money, "maybe you buy next year when prices will be near the bottom. If you're buying for investment ` don't."





Read the full article here.

 

[Ally]

A frightening satellite tour of America's foreclosed wastelands







RealtyTrac is out with the total foreclosure numbers for 2010. On the whole things are getting worse.




72 percent of major metro areas saw an increase in foreclosure volume. Although some of the worst hit areas in Nevada, California and Florida improved from 2009, the foreclosure rate in these areas remains shockingly high. If not for some foreclosure suspensions due to the robosigning scandal, these numbers would have been higher.




For a frightening way to visualize the foreclosure crisis, we're borrowing a Google maps technique described by Barry Ritholtz.








Read the full article here.

 

[Ally]

U.S. home prices drop for seventh month




WASHINGTON ` U.S. single family home prices fell for the seventh straight month in January, fresh evidence that the housing market recession is not yet over, a closely watched survey said Tuesday.




The S&P/Case-Shiller composite index of 20 metropolitan areas declined 0.2% in January from December on a seasonally adjusted basis where a Reuters poll of economists forecast a drop of 0.4%. Prices in the 20 cities have fallen 3.1% year-over-year compared to 3.2% expected.





Read the full article here.

 

[Ally]

U.S. private sector job growth meets expectations





NEW YORK ` U.S. private employers added 201,000 jobs in March, while February`s figure was revised down slightly, a report by a payrolls processor showed Wednesday.




The data was largely in line with expectations. Economists surveyed by Reuters had forecast the ADP Employer Services report would show a gain of 203,000 jobs. The report is jointly developed with Macroeconomic Advisers LLC.




Read the full article here.