Jun 30, 2010 Real Estate Market update
Consumer confidence down (29 Jun. 2010)
The Conference Board Consumer Confidence Index® which had been on the rise for three consecutive months, declined sharply in June. The Index now stands at 52.9 (1985=100), down from 62.7 in May. The Present Situation Index decreased to 25.5 from 29.8. The Expectations Index declined to 71.2 from 84.6 last month.
Case Shiller housing price survey
April, 2010 survey showed nationally that prices were up in April, 2010 (144.56) vs. last year (139.26) and vs. last month (143,35). This increase was probably due to the tax incentive offered by the federal government which expired at the end of April, 2010.
However, the New York market did not fare so well. April, 2010 (168.95) was down vs. last year (170.69) and last month (169.38).
New Home sales plunged in May, 2010 by -32.79% vs. April, 2010.
Fannie Mae and Freddie Mac issued a ruling that home owners who intentionally defaulted on a mortgage since the house was worth less than what was owed will not be eligible for a federally backed loan for 7 years.
Macromarkets, LLC survey of economists reported that 56% expected home prices to continue to decline in 2010.
Mortgage rates continue to be extremely low. I saw a quote this week for 4.625% for 20 year fixed rate mortgage.
Westport Connecticut and surrounding towns sales in units is up and median selling prices is flat in Westport and up slightly in surrounding towns
You can see performance at the following link:
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_may_2010.htm
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