Calculating Annual Rate of Home Sales?
Where is a good source for Housing Information. I am familiar with Case/Shiller, but several years into the housing issue the information provided by News Services is still not presented well.
"Existing home sales soared 12.3 percent to an annual rate of 5.28 million units, the National Association of Realtors said on Thursday, far surpassing forecasts for a rise to 4.85 million. However, sales were down 2.9 percent from a year earlier "
-I do not remember last year being that great even with the 8K tax credit?
Another Point from the article that seemed nearly an afterthought:
"Median home prices in December fell to $168,800, down from $170,200 in November and the lowest since February 2010. That was in part because properties considered "distressed" accounted for 36 percent of sales, up from 33 percent in November."
What defines distressed? Are these foreclosures/shortsales?
NAR Spin: Economist Lawrence Yun (How does he still have a job?) What is his basis for 5.2? Real Estate is seasonal and regional?
"A jump in mortgage rates may have forced some buyers into the market by raising concern of even further increases, said Lawrence Yun, chief economist at the NAR. Yun said he expects 2011 sales to total around 5.2 million units, with prices remaining stable."
Excuse the rambling.