By Quentin Fottrell
Existing home sales grew for the third month in a row, suggesting life is returning to the housing market . But experts say the boost may not be great news for sellers, who appear to be caving on prices.
- iStockPhoto
At first glance, today’s report looks rosy: Existing home sales rose 5% in December, stronger than the 4% rise in November and 1.4% increase in October, according to the National Association of Realtors. Lawrence Yun, NAR chief economist, sees this as a significant sign of a sustained recovery. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market,” he says. (The estimates are based on completed transactions on single-family homes, townhomes, condominiums and co-ops.)
But this may be better news for buyers than those under pressure to sell, experts say. “Many sellers have fueled this confidence in part by dramatically lowering prices,” says Seth Rabinowitz, partner at management consultants Silicon Associates. Sale prices of existing homes fell nearly 8% last year in the Midwest versus a fall of just 1.1% in the South, a bigger 2.7% dip in the Northeast – and a rise of 0.3% in the West. (Sale prices could even be worse than that in some regions: The NAR revised its figures: Last month, it said that prices had dropped by 8.4% during 2011 in the West.)
In addition to those regions showing depressed house prices, there are also large urban areas where real estate has yet to show any real recovery, analysts say. Large swathes of Florida, which saw a building boom of holiday homes before 2008, the California Inland Empire area, Detroit and Cleveland still suffer from oversupply and/or weakness in their job markets, says Leonard P. Baron, a lecturer in real estate at San Diego State University. However, for those who are interested in long-term investment properties or getting on the property ladder, he says, “This is an incredible time to buy.”
Others say buyers should proceed with caution, particularly given the uncertain economic backdrop. “Realtors have to be optimistic,” says Patrick O’Keefe, director of economic research at J.H. Cohn consultants in Roseland, N.J. “I expect improvement but not a robust recovery.” In 2006, he says existing home sales averaged around 6.5 million units versus 4.61 million for 2011, and says house prices are still around 25% below their peak. “The general public is not as confident today as it has been historically that home ownership makes economic sense,” O’Keefe says.
That said, house buying season may indeed have come early for those who have financing and want to get their foot on the property ladder, experts say. “This data is counter to conventional wisdom that sales activity is bolstered in Spring,” Rabinowitz says. It also augurs well for the traditional peak buying season, according to Susan M. Wachter, professor of real estate and finance at Wharton University of Pennsylvania: “Home mortgage applications are up significantly, which may also point to the recognition of stronger markets this Spring.”
By WebOsPublisher
Illustration of some bank icons for design vector art,clipart and stock vectors.. Image 7180274.
Some Bank Icons For Design Royalty Free Cliparts, Vectors, And Stock Illustration. Image 7180274.
8 495 988 2024
Live Help
English
16,733,102 ROYALTY FREE STOCK PHOTOS
Sign Up
Login
* html img.compImg { width: expression( this.clientWidth
Illustration – some bank icons for design
some bank icons for design
Add to Lightbox
Download comp
Similar Stock Photos
Image ID :
7180274
Image Type :
Illustration
Model Released : No Property Released : No
This Clipart can be obtained by:
Credit Purchase
Subscription
Illustrator
huhulin
Member since March 2010
.ellipsis {
width:170px;
white-space: nowrap;
overflow: hidden;
text-overflow: ellipsis;
-o-text-overflow: ellipsis;
}
Illustrator’s Profile & Portfolio
Similar Stock Photos
some simple bank icon for web design
isolated simple bank icons,color series from white background
isolated square button of simple Finance and Banking icons set from white background
black Economy & Finance icons set
isolated black money icons set from white background
money icons set for design
isolated Business and Finance Icons set,blue series on white background
Economy & Finance icons for design
isolated black money tree on white background
isolated simple money icon,blue series from white background
the background of piggy bank with money Commerce and retail icons set for designsome business charts icon set for business reportsisolated business people icons on white backgrounddifferent financial management reports icon in simple colorisolated black lock icons set on white backgroundisolated black e-commerce and shopping icon on white backgroundInternet & Website icons several black business icons for web design
Standard License
Extended License
Additional Multi-seat License
Illustration Keywords
Find similar stock images by selecting any combination of the following keywords. Click on any keyword to search on a single keyword.
woman
web
victoria
up
symbol
strongbox
stats
statistics
staff
sign
set
savings
safety
safe
piggy
pig
pictograph
money
modern
manager
man
magnifying
magnifier
investment
internet
illustration
icon
handshake
graphic
financial
finance
down
dollar
design
deposit
currency
credit
color
coin
clip
chart
cash
business
banking
banker
bank
bag
art
arrow
web icon set
safe deposit box
piggy bank money
dollar sign icon
Photos
Vectors
Footage
PRICING
–
All Images
All Images
Photography
Vector Illustration
Footage
123RF Stock Photos
About
Business Opportunity
Career
FAQ
EVO FAQ
Editorial FAQ
Video Footage FAQ
Features
Hear It!
Blog
Tutorials
Corporate Social Responsibility
Stock Photo Services
Corporate+
123RF Partners Program
Buy Stock Photos
Subscribe
Buy Credits
Lightboxes
Download History
Rewards
More
For Photographers
Sell Images
Upload
History
Earnings
Referral
More
International
English
Deutsch
Español
Français
Italiano
简体中文
繁體中文
Mobile 123RF
Dutch
Česky
Język polski
Русский язык
Portuguкs
日本語
한국어
Policies
Legal
Licensing
Privacy Policy
Terms of Use
Support
Need help? Contact your dedicated Account Manager
@ 8 495 988 2024
Contact
Live Help
Skype
Connect with Us
All rights reserved. © 12/08/2012 123RF Limited 2006-2012.
.popup_me li {margin:0 0 3px 0;padding:0;}
USA / Canada: 1 866 655 3733 (Toll Free / 24hrs daily)
UK: 0808 222 3388 (Toll Free / 24hrs daily)
Europe
Austria: 0800 886 6020 (Toll Free)
Belgium: 003228087089
Bulgaria: +359 2 9631552
Czech: 800 606060
France: 0 153 435 187
Finland: 0 40 060 7645
Germany: 0800 886 6020 (Toll Free)
Greece: +30 210 6007925
Hungary: 06 30 844 0761
Luxembourg: 0035227860314
Netherlands: 0031208081224
Poland: 794 986 424
Romania: +40751472717
Russia & CIS: +7 495 988 2024
Spain: 91 710 3796
Slovakia: +420 226 238 691
Switzerland: 0800 886 6020 (Toll Free)
Turkey: 0 212 258 7058
Europe (Non-listed): +44 20 3286 9998 (24hrs daily)
Portugal: +351 210 307 840
Italy: 342 8012781
Central / South America
Colombia: 743 9070
Mexico: +52 55 5559 2373
Brazil: +55 11 2385 7600
Asia
China: 010-84874844
Hong Kong: 8226 0220 (24hrs daily)
India: 093 9420 9216
Japan: 03-5530-9250
Korea, Republic of: 02 1544 7043
Malaysia: 1300 88 88 98 (Toll Free / 24hrs daily)
Middle East: +971 50 6901 200
Singapore: 6423 9693 (24hrs daily)
Taiwan: +886 2 8758 2371
Thailand: 02 636 7800
Asia (Non-listed): +603 7809 0903
Philippines : +639286962707
Australasia
Australia: 1300 82 81 88 (Toll Free / 24hrs daily)
New Zealand: 09 889 8808 (24hrs daily)
Northern / Southern Africa
Morocco: +212 6 64 78 45 33
South Africa: 0861 777 260
Email: info@123rf.com
Complete contact information »
English
Deutsch
Español
Français
Italiano
简体中文
繁體中文
Dutch
Česky
Język polski
Русский язык
Portuguкs
日本語
한국어