ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL- 09/27/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 09/27/2011

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE

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The number of new homes available for sale nationwide dipped to 163,000 at the end of August — a new low in records dating to 1963. And the sluggish sales pace, which translated to 6.6 months of new-home inventory, could make 2011 the worst year on record for homebuilders.

Sales of new homes fell 2.3 percent from July to August to a seasonally adjusted annual rate of 295,000 per year, according to the latest numbers from the Census Bureau. Looking back a year, new-home sales were up 6.1 percent but the median price of new homes fell 7.7 percent, to $209,100. The months’ supply of new-home inventory peaked in January 2009 at 12.2 months. Although the months’ supply is now closer to the 6 months that many analysts consider to be a more  healthy balance between supply and demand, there’s still no shortage of new homes at the current pace of  sales, which isn’t expected to pick up any time soon.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

In a forecast issued this month, economists at Fannie Mae said they expect new-home sales will total 305,000 this year, which would be a 5.6 percent decline from 2010 and the lowest total on record. Fannie Mae projects that new-home sales will remain subdued next year, totaling 329,000, before climbing to 462,000 in 2013.

New-home sales exceeded 1 million a year from 2003 through 2006. In the last two housing downturns, new-home sales bottomed out at 509,000 in 1991 and 412,000 in 1982. The picture varies at the regional level. In the Midwest, new-home sales were up 8.2 percent from July to August, and up 65.6 percent from a year ago. In the Northeast, new-home sales fell 13.6 percent from July to August and 36.7 percent from a year ago.

While new-home sales in the South were down 2.4 percent from July to August, they were up 9.3 percent from a year ago. In the West, new-home sales were off 6.3 percent from July to August and down 10.6 percent from a year ago.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL- 09/27/2011
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