Lee Morof's Real Estate Blog

Economists say and statistics show that there are true signs of improvement in the most recent housing figures for U.S. and Bloomfield Hills real estate markets. Here are a few of those stats:

• Investors bought 1.23 million homes in 2011, up 64.5 percent over 2010, according to data from the National Association of REALTORS®.
• The median investment-home price was $100,000 in 2011, up 6.4 percent from $94,000 in 2010.
• Single-family home sales rose 3 percent in April.
• New home sales increased 3.3 percent in April, according to new Commerce Department data.
• Sales of existing homes rose in April, up 10 percent from April of 2011.
• Median existing nationwide home prices also moved upward to $177,400 from $164,800. This is the biggest year-to-year gain since January 2006.

In addition to good nationwide and Bloomfield Hills real estate news, there’s also good news about the economy:

• Economic growth is now projected to grow by 2.4 percent this year, up from a 2.2 percent forecast in February.
• The new job creation forecast, which is the most watched economic indicator, has also improved. The data now shows that 188,000 new jobs will be created each month this year, which is up from the 170,000 new jobs per month forecasted earlier this year.

As you can tell from this data, if you want to buy Bloomfield Hills real estate while prices are at their lowest, don’t wait a minute longer. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to get started!

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

There’s good news for buyers and sellers of Bloomfield Hills real estate: The U.S. Economic and Housing Market Outlook that came out around February 23 is encouraging. According to this research done by Freddie Mac, the economy and housing market are showing cautious signs of recovery.

Here are some of the changes stimulating these improvements in both nationwide and Bloomfield Hills real estate:

• Loans that were seriously delinquent or going into foreclosure declined to the lowest quarterly share since the start of 2009, according to the latest Mortgage Bankers Association Mortgage Delinquency Survey.
• Existing home sales were at the strongest pace in January since May 2010, according to the National Association of REALTORS®.
• Job gains exceeded expectations for the past two months.
• The unemployment rate fell to the lowest since 2009, in January. In December, jobless claims were at their lowest level since 2008.
• Weekly unemployment benefits applications decreased for the third consecutive week to 348,000, the fewest since the first week in March 2008.
• Home builder confidence continues to grow.
• Households are paying off their debts and at the same time accessing credit more easily.
• Historically low mortgage rates encourage home buying. According to Freddie Mac, the national average rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January.

Please join me in celebrating the fact that there’s a lot to be positive about looking ahead!

Thinking of buying or selling Bloomfield Hills real estate? Please give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com to talk about how I can help you take advantage of the upcoming spring and summer selling season.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
www.NorthWoodwardHomes.com