Resources of the Week: Tracking the Real Estate Situation Across America (A Large Collection of Resources)
Resource of the Week
By Shirl Kennedy, Deputy Editor
Although a 'bubble' in home prices for the nation as a whole does not appear likely, there do appear to be, at a minimum, signs of froth in some local markets where home prices seem to have risen to unsustainable levels. -- Alan Greenspan
"Froth." I kinda miss Alan Greenspan already. At any rate, it would seem that not a day goes by that you don't read about or hear about the so-called "housing bubble," and whether/when it is likely to burst. Where I live, many high-end condominiums are going up -- and many units are being flipped multiple times by investors before the projects are even finished. I would seriously like to get rid of my house and buy a condo -- one son has aged out the door and the other is an increasingly scarce teenager. I really don't want the responsibility of a house any more, but the condo market around here scares me to death. It's like a game of musical chairs; nobody wants to be the one stuck with the wildly overpriced unit when the air goes out of the bubble. I feel kind of trapped...and I know I am not alone.
So, this week, we're devoting some space to a few resources that will help you track the real estate situation where you live, where you might want to live and generally, across the country.
Real Estate--United States
+ HousingTracker: Median Home Prices & Housing Inventory Data: "Real Estate market statistics (including median asking prices and home inventory numbers) for cities/metros across the United States.... "The numbers provided here are asking prices derived from MLS listings." Compiled weekly. Click on city name for detailed info, including archive, which shows trends.
+ Existing Home Sales -- Monthly Data for the U.S. and Regions: From the National Association of Realtors (NAR). You can get separate date for condos and single family homes. Some of the data here can be downloaded in Excel spreadsheet format. Also from NAR:
-- Current NAR Forecast (PDF) also includes economic data.
-- Field Guide to Real Estate Research Centers is a small jewel of a page that provides links to "(v)arious academic institutions and independent organizations around the U.S. have established research centers to study real estate-related issues and trends." Check for institutions in your neck of the woods, which may offer regional data.
+ Freddie Mac -- Economic and Housing Outlook is "a monthly perspective from the office of the chief economist." In case you were wondering, "Freddie Mac is a stockholder-owned corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors." Find an FAQ here. Freddie Mac also offers a Weekly Primary Mortgage Market Survey, which provides average rates for 30-yr, 15-yr, 5/1-yr ARM and 1-yr ARM, as well as points/fees.
+ The Joint Center for Housing Studies (Harvard Design Center, Kennedy School of Government, Harvard University) offers a continually updated selection of links to articles and op-eds about the housing market. Find more of the same at the University of Florida, George A. Smathers Libraries, Business Library: The Housing Bubble
+ The National Association of Home Builders offers a variety of economic and housing data, including:
-- Housing Market Index (HMI): "...a weighted, seasonally adjusted statistic derived from ratings for present single-family sales, single-family sales in the next six months and buyers traffic."
-- Housing Opportunity Index (HOI): "...a measure of the percentage of homes sold in a given area that are affordable to families earning that area's median income during a specific quarter."
-- Remodeling Market Index (RMI): "...based on a quarterly survey of professional remodelers, whose answers to a series of questions were assigned numerical values to calculate two separate indexes. The first index gauges current market conditions and is based on remodelers' reports of major and minor additions and alterations, plus maintenance work and repairs, on both owner- and renter-occupied dwellings. The second index gauges expectations for the near future and is based on remodelers' reports of their calls for bids, amount of work committed for the next three months, job backlogs, and appointments for proposals."
__ The Boy in the Big Housing Bubble (L.A. area emphasis, but offers more generalized content as well.)
+ Bubble Meter ("A blog dedicated to the premise that there is a Housing Bubble in many locales in the USA. With a particular focus on the: When will it pop? Why will it pop? How will it pop? Where will it pop? Who is responsible for the bubble? Also the DC Metro Area bubble.")
+ HouseBubble.com (Lots of links to related weblogs and many real estate resources.)
+ Housing.com News, Analysis and Opinion
+ The Housing Bubble ("Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.")
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