CME Housing Futures & Options. May 2006
|
|
- Laura Park
- 6 years ago
- Views:
Transcription
1 CME Housing Futures & Options May 2006
2 Executive Summary Residential real estate is an asset class of equal significance to stocks and bonds but with no viable derivative markets THUS Case, Shiller and Weiss articulated concept of real estate futures in 1992 [f]utures and options markets should be established that are cash settled based on indexes of real estate prices, and there should be separate markets for each of the major geographic regions at present no real estate futures contract exists in the world; nor are there good substitutes for such markets. CME Housing futures & options fulfills that vision Targeting Spring 2006 launch Major Domestic Asset Classes Fixed Income $25.3 tril (39%) Housing $21.6 tril (34%) Equities $17.0 tril (27%) 2
3 Executive Summary $26 $24 $22 $20 Value of Domestic Fixed Income, Equity and Real Estate Residential Real Estate Equities Fixed Income $18 Trillions $16 $14 $12 $10 $8 $6 $4 $2 $
4 Executive Summary S&P/Case-Shiller Home Price Indices Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Boston Chicago Denver Las Vegas Lo s A ngeles Miami New York San Diego San Francisco Washington DC 4
5 Executive Summary CME Housing Futures & Option specifications Contract Size Minimum Price Fluctuation Trading Hours Futures $250 times the S&P/Case-Shiller Home Price Index, e.g., Los Angeles in 4th quarter 2005 contract value = $66,195 (=$250 x ) Minimum price fluctuation or tick shall be 0.20 index points ($50.00) Offered exclusively on CME Globex electronic trading platform on Sundays Thursdays 5:00 pm-2:00 pm next day (central time) Options on Futures One futures contract Minimum price fluctuation or tick shall be 0.10 index points ($25.00) Traded via open outcry in CME GSCI pit Monday Friday, 8:00 am 2:00 pm (central time) Contract Months Final Settle Date Cash Settlement Strike Prices February Quarterly Cycle of February, May, August and November Trading in expiring contract ceases at 12:00 noon (central) on last Tuesday of contract month Cash settlement based on S&P/Case- Shiller Home Price Indices of home prices by Fiserv CSW Inc. (CSW) for Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, Washington DC and Composite Index of the 10 cities NA Exercised into the associated futures contract At 5 index point intervals above and below prevailing market price 5
6 Outline The Housing Boom S&P/Case-Shiller Home Price Indices CME Housing Futures & Options 6
7 The Housing Boom Median US home value =$213.0K at end of 2005 per NAR An advance of 13.6% over past year and 85% in past 6 years Many metro areas are appreciating much faster, e.g., New York United States New York-Northern New Jersey-Long Island, NY-NJ-PA New York-Wayne-White Plains, NY-NJ NY: Edison, NJ NY: Nassau-Suffolk, NY NY: Newark-Union NJ-PA Norwich-New London, CT 2005 Median Home Price $213,000 $459,600 $537,300 $384,600 $472,400 $427,600 $262,100 Change over Past Year +13.6% +16.0% +19.2% +11.9% +9.4% +14.7% +11.2% 7
8 The Housing Boom These significant advances in median home value have been major impetus for development of housing futures & options Available housing measures National Association of REALTORS (NAR), Office of Federal Housing Enterprise Oversight (OFHEO) Or S&P/Case-Shiller Home Price Indices published by Fiserv CSW Inc Mar-85 Mar-86 Mar-87 Mar-88 Mar-89 OFHEO House Price Index (US) Mar-90 Mar-91 Mar-92 Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 8
9 The Housing Boom Median Single Family Home Value $250,000 $200,000 $150,000 $100,000 $50,000 $0 $75,000 $67,500 $60,000 $52,500 $45,000 $37,500 $30,000 $22,500 $15,000 $7,500 $0 Home Prices vs. Mortgage Rates Median Home Value Mortgage Rate Median Annual P&I vs. Household Income Median Household Income Annual Median P&I 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Year Fixed Mortgage Rate Housing boom driven by increasing affordability as mortgage rates fall and household income advances Mortgage rates have fallen from all-time highs near 16% in 1981 to 6% by 2005 Principal & interest (P&I) on median single family home at $1,040/mth ($12,480/yr) or 21.4% of median family income Down from high of 39.1% in Nov 1981 when mortgage 16.38% up slightly from low of 17.0% in 1998 THUS median US home value broke $200K in April 2005 and hasn t looked back 9
10 The Housing Boom NAR Housing Affordability Index Rallied strongly throughout 1980s into early 1990s but has been in a stall since mid 1990s currently starting to decline as home values advance sharply A figure > 100 suggests that median household (earning $58,303) can afford median home (valued at $209,300) in December Affordability Index 60 Jan-81 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 10
11 The Housing Boom (000 Units) 2,300 2,200 2,100 2,000 1,900 1,800 1,700 1,600 1,500 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 1981 Jan Mar-03 May Jul-03 Sep Monthly Housing Activity Nov-03 Mortgage Rate vs. Fed Funds 1989 Jan-04 Mar May-04 Jul Sep Yr Fixed Mortgage Rate Effective Fed Funds 1995 Nov-04 Building Permits Housing Starts Housing Completions Jan Mar-05 May Jul Sep-05 Nov Jan Housing permits, starts & completions generally rising but limited supply of buildable land on east & west coasts pressures prices Exceptionally low interest rates on mortgages have been a major factor in the recent surge of homebuilding and home turnover, and especially in the steep climb in home prices. Although a bubble in home prices does not appear likely, there do appear to be signs of froth (Alan Greenspan) BUT will Fed tightening start to push mortgage rates higher, possibly leading to housing price declines? 11
12 S&P/Case-Shiller Home Price Indices Index overview S&P/Case-Shiller Home Price Indices are published by Fiserv CSW Inc. Indices originally conceived by Case and Shiller in 1980s Case, Shiller, Weiss Inc. founded in 1991 to publish indices, acquired in 2002 to become Fiserv CSW Inc. Standard & Poor s (S&P) branding applied in 2006 S&P/Case-Shiller Home Price Indices based on repeat sales methodology Must match a pair sales on same property Filters out non-arms length sales and other questionable data points Base year of 2000 when indexes are established at CSIs available for U.S., Census divisions, state, metro areas (MSAs), county, zip code; or, high-, moderate- and low-end homes; or single family vs. condos 12
13 S&P/Case-Shiller Home Price Indices $270,000 Two Sales Pairs Methodology $250,000 $230,000 $210,000 $190,000 $170,000 $150, Home Sale Price
14 S&P/Case-Shiller Home Price Indices Tradable S&P/Case-Shiller Home Price Indices Updated monthly & released at 2:15 pm (EST) on last Tuesday of each month with 2-month look-back Rolling quarterly indexes with 2 month overlap Produced in secure network environment with backup calculation capabilities Release Date April 25, 2006 May 30, 2006 June 27, 2006 Data Thru April 14 th May 19 th June 16 th Data From Dec-Jan-Feb Jan-Feb-Mar Feb-Mar-Apr Standard Case-Shiller Indexes Updated quarterly & typically released on last business day of calendar quarter end with 3-month look-back NEVER released sooner than tradable indexes Discrete quarterly indexes with no data overlap thus, March update reflects Oct-Nov-Dec data 14
15 S&P/Case-Shiller Home Price Indices S&P/Case-Shiller Home Price Indices Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Boston Chicago Denver Las Vegas Lo s A ngeles Miami New York San Diego San Francisco Washington DC 15
16 S&P/Case-Shiller Home Price Indices Comparing S&P/Case-Shiller Home Price Indices Vs. National Association of Realtor (NAR) Indexes NAR indexes quoted as median home values and do not use repeat sales methodology Median values do not address homeowner returns and may readily be skewed if composition of housing stock changes, e.g., new luxury subdivisions are introduced to area Vs. Office of Federal Housing Enterprise Oversight (OFHEO) Uses repeat sales methodology BUT sample confined to Fannie & Freddie conforming mortgages and, therefore, skewed to low end of housing market Only perhaps 1/6 th of California housing sold with conforming mortgages Uses appraisal data to supplement sample appraisals tend to be upwardly biased? 16
17 S&P/Case-Shiller Home Price Indices 240 Los Angeles Housing Indexes Q1 '90 Q4 '90 Q3 '91 Q2 '92 Q1 '93 Q4 '93 Q3 '94 Q2 '95 Q1 '96 Q4 '96 Q3 '97 Q2 '98 Q1 '99 Q4 '99 Q3 '00 1st Qtr 2000 = Q2 '01 Q1 '02 Q4 '02 Q3 '03 Q2 '04 Q1 '05 CSI NAR OFHEO
18 S&P/Case-Shiller Home Price Indices Correlation between S&P/CS vs. NAR and OFHEO Indexes Boston Chicago Denver Las Vegas Los Angeles Miami New York San Diego San Fran Wash DC United States Average NAR OFHEO NAR OFHEO (0.106)
19 S&P/Case-Shiller Home Price Indices A unique asset class Housing uniquely different from other assets such as stocks, bonds or even the value of REITs Housing values have performed on par with other asset classes over past 10 years but with far less volatility Movement in housing values has been negatively correlated with movement in bonds, stocks and REITs underscores value of diversifying with housing Performance ( ) Return Volatility Housing 8.00% 1.44% Bonds 7.74% 2.25% Stocks 8.66% 7.13% REITs 6.61% 6.99% Correlation ( ) Housing Bonds Stocks REITs Housing - Bonds Stocks REITs
20 S&P/Case-Shiller Home Price Indices Housing Bonds S&P 500 REIT Housing vs. Other Asset Values
21 CME Housing Futures & Options Introducing CME Housing Futures & Options Chicago Mercantile Exchange (CME) will introduce futures & options on tradable S&P/Case-Shiller Home Price Indices Have targeted ten cities Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, Washington DC and US Composite Index of the 10 cities Aiming for a launch in Spring
22 CME Housing Futures & Options Likely users of market include Real estate owners who wish to hedge risk that the housing bubble may burst sending real estate values lower this may include home builders with inventory and extend to individual homeowners Mortgage investors and mortgage insurers exposed to the risk of high loan-to-value (LTV) ratios and exposed to risk of default Government sponsored entities (GSEs), agencies and other mortgage issuers Investors at large including hedge funds seeking exposure to housing without the attendant logistical difficulties 22
23 CME Housing Futures & Options Economic benefits Nowhere in the world today are there markets that would allow investors to invest in a widely diversified portfolio of real estate without incurring enormous transaction costs. Since they cannot invest in a widely diversified portfolio of real estate, they cannot invest in a truly diversified portfolio at all. Thus, the presumed diversification that is supposed to be practiced by all investors according to modern financial theory just isn t happening. Nor are there markets that would allow individuals and institutions with large exposure to specific real estate risk to hedge these risks. Individuals usually prefer to own their own homes But they cannot easily hedge the risk of these holdings. In order to hedge their portfolio, these owners of real estate should sell real estate futures or buy put options that are closely correlated with the real estate that they live in or operate. At the same time, everyone should invest in a broad portfolio of real estate futures and options, which they can do by holding a portfolio of the opposite sides of the futures and options contracts that those who own real estate concentrated in a certain area undertake. Thus, the long sides of any given futures or options contract should be taken by a wide spectrum of investors, presumably primarily institutional, who invest in many futures contracts and options as a means of diversifying their portfolios; the short side should be taken by owners of region-specific real estate: individual homeowners, managers of rental properties, developers, corporation, and farmers. (Case, Shiller, Weiss, 1992) 23
24 CME Housing Futures & Options Economic benefits The establishment of real estate futures and options contracts might be described as having the effect of spectacularly lowering transactions costs for trading real estate. The modern theory of the transaction costs stresses the importance of traders with superior or inside information: dealers must announce bid-asked spreads wide enough that they are not routinely picked off by more informed traders. Baskets of corporate stocks and other financial assets are inherently subject to lower bid-asked spreads than are individual assets because there is less informed trading about the aggregates. The same would be true about the baskets of real estate on which the index is used to settle real estate futures and options contracts is based. Those who invest in real estate would be spared the concern that they are buying lemons, they can thereby forego the enormous costs and risks associated with buying individual properties. (Case, Shiller, Weiss, 1992) 24
25 CME Housing Futures & Options CME Housing Futures & Option specifications Contract Size Minimum Price Fluctuation Trading Hours Futures $250 times the S&P/Case-Shiller Home Price Index, e.g., Los Angeles in 4th quarter 2005 contract value = $66,195 (=$250 x ) Minimum price fluctuation or tick shall be 0.20 index points ($50.00) Offered exclusively on CME Globex electronic trading platform on Sundays Thursdays 5:00 pm-2:00 pm next day (central time) Options on Futures One futures contract Minimum price fluctuation or tick shall be 0.10 index points ($25.00) Traded via open outcry in CME GSCI pit Monday Friday, 8:00 am 2:00 pm (central time) Contract Months Final Settle Date Cash Settlement Strike Prices February Quarterly Cycle of February, May, August and November Trading in expiring contract ceases at 12:00 noon (central) on last Tuesday of contract month Cash settlement based on S&P/Case- Shiller Home Price Indices of home prices by Fiserv CSW Inc. (CSW) for Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, Washington DC and Composite Index of the 10 cities NA Exercised into the associated futures contract At 5 index point intervals above and below prevailing market price 25
26 CME Housing Futures & Options May 2006
An Introduction to RPX INTRODUCTION
An Introduction to RPX INTRODUCTION Radar Logic is a real estate information company based in New York. We convert public residential closing data into information about the state and prospects for the
More informationMARKET STRATEGY VIEWPOINT U.S. Housing Decelerating
Jan-01 Oct-01 Jul-02 Apr-03 Jan-0 Oct-0 Jul-05 Apr-0 Jan-07 Oct-07 Jul-08 Apr-09 Jan-10 Oct-10 Jul-11 Apr-12 Jan-13 Oct-13 Jul-1 Apr-15 Jan-1 Oct-1 Jul-17 Apr-18 U.S. Housing Decelerating August 27, 2018
More informationTechnical Description of the Freddie Mac House Price Index
Technical Description of the Freddie Mac House Price Index 1. Introduction Freddie Mac publishes the monthly index values of the Freddie Mac House Price Index (FMHPI SM ) each quarter. Index values are
More informationIncreasing Foreclosures Could Hurt Demand for Homes, Slowing Housing Recovery
Release Date: April 22, 2010 February 2010 Quinn W. Eddins, Director of Research New Radar Logic data packages are available at /productsservices_analytics.html Increasing Foreclosures Could Hurt Demand
More informationMetropolitan Area Statistics
Metropolitan Area Statistics Apartment Completions 1Q 2011 1Q 2012 % Chg Atlanta - - n/a Boston 133 39-71% Chicago - 20 n/a Cleveland - - n/a Columbus - 272 n/a Dallas-Ft. Worth 604 1,059 75% Denver 328
More informationJim & Jim McKenna LBA & LSA TheJims.com
Jim & Jim McKenna LBA & LSA 631-974-9151 TheJims.com Return on Investment January 2000 March 2013 MSN Money.com, Case Shiller Pending Home Sales 110 105 100 95 90 Jan Feb Mar Apr May Jun Jul Aug Sep Oct
More informationForeclosures Continue to Bring Home Prices Down * FNC releases Q Update of Market Distress and Foreclosure Discount
Foreclosures Continue to Bring Home Prices Down * FNC releases Q4 2011 Update of Market Distress and Foreclosure Discount The latest FNC Residential Price Index (RPI), released Monday, indicates that U.S.
More informationRelease Date: May 21, 2009 March Key Characteristics
Release Date: May 21, 2009 March 2009 Key Characteristics The RPX 25-MSA Composite has stabilized since January 2009, after being in virtual freefall for much of 2008. The Composite declined only 0.3 percent
More informationNational Housing Trends
National Housing Trends 34% America s Choice of Best Long Term Investment 26% 17% 15% 6% Real Estate Stocks / Mutual Funds Gold Savings Accounts / CDs Bonds Gallup 2018 Housing Affordability 197 Index
More informationState of the Nation s Housing 2008: A Preview
State of the Nation s Housing 28: A Preview Eric S. Belsky Remodeling Futures Conference April 15, 28 www.jchs.harvard.edu The Housing Market Has Suffered Steep Declines Percent Change Median Existing
More informationHome Price Monitor August 2012 National Association of REALTORS
Home Price Monitor August 2012 National Association of REALTORS Research Division Cutting Through the Noise: Various Home Price Measure Highlights Case Shiller data showed the first annual increase in
More information2019 Housing Market Forecast. Palos Verdes Peninsula AOR January 8, 2019 Jordan G. Levine Senior Economist
2019 Housing Market Forecast Palos Verdes Peninsula AOR January 8, 2019 Jordan G. Levine Senior Economist Overview Good News: Economic fundamentals solid Homeownership still the dream Rates might not go
More informationMLS of Greater Cincinnati - Charts for the Month: November 2017
MLS of Greater Cincinnati - Charts for the Month: November 2017 The following charts provide an overview of what has occurred in the MLS over the past month. Each chart provides a historical trend. The
More informationMonthly Indicators + 7.3% + 6.6% + 8.3% Single-Family Market Overview Condo Market Overview New Listings Pending Sales.
Monthly Indicators 2018 The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics May 2018
California Housing Market Update Monthly Sales and Price Statistics May 2018 Sales Lost Momentum as Mortgage Rates Continued to Climb California, May 2018 Sales: 409,270 Units, +0.3% YTD, -4.6% YTY 700,000
More information2017 RESIDENTIAL REAL ESTATE MARKET REPORT
2017 RESIDENTIAL REAL ESTATE MARKET REPORT Published January 26, 2018 Our market reports have been focused on the effects of low inventory on our housing market and for good reason. December 2017 marked
More informationCurrent State and Direction of the Housing and Mortgage Markets From a Micro Market Metric Perspective. Nov. 23, 2009 for UC Berkeley Outlook
And Current State and Direction of the Housing and Mortgage Markets From a Micro Market Metric Perspective By Norm Miller Ph.D. Burnham Moores Center for Real Estate, University of San Diego and Michael
More information2018 Housing Market Outlook. Central Coast Realty Group Business Symposium February 22, 2018 Oscar Wei Senior Economist
2018 Housing Market Outlook Central Coast Realty Group Business Symposium February 22, 2018 Oscar Wei Senior Economist Overview Economic Update California Housing Market Outlook Regional Housing Market
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics August 2018
California Housing Market Update Monthly Sales and Price Statistics August 2018 Sales Declined for the 4 th Consecutive Month California, August 2018 Sales: 399,600 Units, -2.1% YTD, -6.6% YTY 700,000
More informationResidential January 2010
Residential January 2010 Karl L. Guntermann Fred E. Taylor Professor of Real Estate Adam Nowak Research Associate Another improvement to the ASU-RSI is introduced this month with new indices for foreclosure
More informationLUXURY MARKET REPORT. - May
LUXURY MARKET REPORT - May 2018 - www.luxuryhomeing.com THIS IS YOUR LUXURY MARKET REPORT MAP OF LUXURY RESIDENTIAL MARKETS Welcome to the Luxury Report, your guide to luxury real estate market data and
More informationWelcome to the Fall 2018 Breakfast Seminar
Welcome to the Fall 2018 Breakfast Seminar Richmond Hill Country Club June 7, 2017 Presented by: MCAP Development Finance Group AGENDA GTA Condo Market Outlook Presented by: Shaun Hildebrand, President,
More informationCOMMERCIAL PROPERTY PRICES REMAIN IN SLOWDOWN PATTERN AS MARKET REACTS TO INVESTOR PULLBACK
CCRSI RELEASE MARCH 2016 (With data through February 2016) COMMERCIAL PROPERTY PRICES REMAIN IN SLOWDOWN PATTERN AS MARKET REACTS TO INVESTOR PULLBACK DESPITE DECLINE IN PROPERTY PRICING, LEASING ACTIVITY
More informationU.S. Economic and Institutional Apartment Market Overview and Outlook. January 7, 2015
U.S. Economic and Institutional Apartment Market Overview and Outlook January 7, 2015 Emerging Economic Trends Inflation Adjusted Crude Oil Prices In Alignment with Long-Term Average Price per Barrel (Nov.
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics October 2018
California Housing Market Update Monthly Sales and Price Statistics October 2018 Sales Had the 2 nd Largest Drop in the Last 6 Months California, October 2018 Sales: 397,060 Units, -3.7% YTD, -7.9% YTY
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics September 2018
California Housing Market Update Monthly Sales and Price Statistics September 2018 Sales Had the Largest Decline since March 2014 California, September 2018 Sales: 382,550 Units, -3.3% YTD, -12.4% YTY
More informationNational Housing Trends
National Housing Trends 34% America s Choice of Best Long Term Investment 26% 17% 15% 6% Real Estate Stocks / Mutual Funds Gold Savings Accounts / CDs Bonds Gallup 2018 Total Existing Home Sales in thousands
More informationLUXURY MARKET REPORT. - March
LUXURY MARKET REPORT - March 2018 - www.luxuryhomemarketing.com THIS IS YOUR LUXURY MARKET REPORT MAP OF LUXURY RESIDENTIAL MARKETS Welcome to the Luxury Market Report, your guide to luxury real estate
More informationMinneapolis St. Paul Residential Real Estate Index
University of St. Thomas Minneapolis St. Paul Residential Real Estate Index September 2017 Welcome to the latest edition of the UST Minneapolis St. Paul Residential Real Estate Index. The University of
More informationLUXURY MARKET REPORT. - March
LUXURY MARKET REPORT - March 2018 - www.luxuryhomeing.com THIS IS YOUR LUXURY MARKET REPORT MAP OF LUXURY RESIDENTIAL MARKETS Welcome to the Luxury Report, your guide to luxury real estate market data
More informationEconomic and Housing Update
Economic and Housing Update Mark Palim Vice President, Applied Economic and Housing Research Fannie Mae January 14, 2015 2012 Fannie Mae. Trademarks of Fannie Mae. Economic Activity Rebounding Solidly
More informationTHE OUTLOOK FOR HOUSING IN ILLINOIS
THE OUTLOOK FOR HOUSING IN ILLINOIS Jonathan Smoke Chief Economist January 25, 2017 NATIONAL TRENDS 2 2000.01 2000.05 2000.09 2001.01 2001.05 2001.09 2002.01 2002.05 2002.09 2003.01 2003.05 2003.09 2004.01
More informationMinneapolis St. Paul Residential Real Estate Index
University of St. Thomas Minneapolis St. Paul Residential Real Estate Index Welcome to the latest edition of the UST Minneapolis St. Paul Residential Real Estate Index. The University of St Thomas Residential
More informationAnalyst s Handbook: Real Estate
Analyst s Handbook: Real Estate December 22, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 4-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of Contents
More informationResidential Real Estate, Demographics, and the Economy
Residential Real Estate, Demographics, and the Economy Presented to: Regional & Community Bankers Conference Yolanda K. Kodrzycki Senior Economist and Policy Advisor Federal Reserve Bank of Boston October
More informationMARKET OUTLOOK FOR SAN MATEO
MARKET OUTLOOK FOR SAN MATEO Jonathan Smoke Chief Economist August 2, 2016 NATIONAL TRENDS 2 JOB CREATION REBOUNDED IN JUNE 229,000 jobs created by month in 2015; 172,000 average this year Employment and
More informationReal gross domestic product California vs. United States
Real gross domestic product California vs. United States Percent change, year ago 6 4 U.S. California 2 0-2 -4-6 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Bureau of Economic Analysis.
More informationAsking Price Index Released 12/02/16 February 2016
EMBARGOED UNTIL 12/02/16 HOME.CO UK ASKING PRICE INDEX February 2016 Released: 12/02/2016 1 of 6 Asking Price Index Released 12/02/16 February 2016 England Prices Take a Spring Leap Headlines England prices
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics November 2018
California Housing Market Update Monthly Sales and Price Statistics November 2018 Home Sales: Largest Decline Since 2014 California, November 2018 Sales: 381,400 Units, -4.6% YTD, -13.4% YTY 700,000 600,000
More informationEconomic Highlights. Payroll Employment Growth by State 1. Durable Goods 2. The Conference Board Consumer Confidence Index 3
August 26, 2009 Economic Highlights Southeastern Employment Payroll Employment Growth by State 1 Manufacturing Durable Goods 2 Consumer Spending The Conference Board Consumer Confidence Index 3 Real Estate
More informationMONTGOMERY COUNTY JANUARY 2019 MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR DECEMBER & 4TH QUARTER 2018
STATPAK MONTGOMERY COUNTY JANUARY 2019 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR DECEMBER & 4TH QUARTER 2018 Contract activity in December 2018 was down 10.1% from December 2017
More informationEconomic and Housing Market Outlook ( ) October 31, Contra Costa AOR
Economic and Housing Market Outlook (2012 2013) Contra Costa AOR October 31, 2012 Oscar Wei Senior Research Analyst California Association of REALTORS Overview US and California Economies California Housing
More informationResidential September 2010
Residential September 2010 Karl L. Guntermann Fred E. Taylor Professor of Real Estate Adam Nowak Research Associate For the first time since March, house prices turned down slightly in August (-2 percent)
More informationResidential December 2009
Residential December 2009 Karl L. Guntermann Fred E. Taylor Professor of Real Estate Adam Nowak Research Associate Year End Review The dramatic decline in Phoenix house prices caused by an unprecedented
More informationJackson County Residental Market Trends. November Pending Sales New Listings
Jackson County Residental Market Trends November 2017 Pending Sales..2 New Listings..3 Overall activity trends are not a measure of pricing or value for individual properties. Small Sampling sizes can
More informationBy several measures, homebuilding made a comeback in 2012 (Figure 6). After falling another 8.6 percent in 2011, single-family
2 Housing Markets With sales picking up, low inventories of both new and existing homes helped to firm prices and spur new single-family construction in 212. Multifamily markets posted another strong year,
More informationMinneapolis St. Paul Residential Real Estate Index
University of St. Thomas Minneapolis St. Paul Residential Real Estate Index Welcome to the latest edition of the UST Minneapolis St. Paul Residential Real Estate Index. The University of St Thomas Residential
More informationResidential March 2010
Residential March 2010 Karl L. Guntermann Fred E. Taylor Professor of Real Estate Adam Nowak Research Associate The latest data for December 2009 reveals that overall house prices declined by 13 percent
More informationWith last month's gain, sales are now up 4.5% from May 2015 and are at their highest annual pace since February 2007.
JULY 2016 With last month's gain, sales are now up 4.5% from May 2015 and are at their highest annual pace since February 2007. - Lawrence Yun NAR s Chief Economist Now in its seventh year, the US economic
More informationResidential May Karl L. Guntermann Fred E. Taylor Professor of Real Estate. Adam Nowak Research Associate
Residential May 2008 Karl L. Guntermann Fred E. Taylor Professor of Real Estate Adam Nowak Research Associate The use of repeat sales is the most reliable way to estimate price changes in the housing market
More informationThe Florida Housing Market
Florida International University FIU Digital Commons Economics Research Occasional Paper Series Department of Economics 1-2007 The Florida Housing Market Jorge Salazar-Carrillo Department of Economics,
More informationMetropolitan Area Statistics (1Q 2013)
Metropolitan Area Statistics (1Q 2013) Apartment Completions 1Q 2012 1Q 2013 % Chg Atlanta 487 1,460 200% Boston 360 373 4% Chicago 611 92-85% Cleveland 7 54 671 Columbus - 459 n/a Dallas-Ft. Worth 1,327
More informationNORTHERN VIRGINIA MARCH 2017
STATPAK NORTHERN VIRGINIA MARCH 2017 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY 2017 Contract activity in February 2017 was up 4.0% from February 2016, and there were
More informationSanta Clara County Real Estate Market Overview Dynamics
Santa Clara County Real Estate Market Overview Dynamics Data from sources deemed reliable, but may contain errors and subject to revision. All numbers should be considered approximate. Jan-90 Sep-90 May-91
More informationRapid recovery from the Great Recession, buoyed
Game of Homes The Supply-Demand Struggle Laila Assanie, Sarah Greer, and Luis B. Torres October 4, 2016 Publication 2143 Rapid recovery from the Great Recession, buoyed by the shale oil boom, has fueled
More informationSTATE OF THE MULTIFAMILY MARKET MACRO VIEW
STATE OF THE MULTIFAMILY MARKET MACRO VIEW JEANETTE I. RICE, CRE AMERICAS HEAD OF MULTIFAMILY RESEARCH APRIL 19, 2018 Westchester/ Fairfield 2 JEANETTE I. RICE STATE OF U.S. MULTIFAMILY MARKET KEY INVESTMENT
More informationMARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR MARCH & 1st QUARTER 2016
STATPAK ` WASHINGTON, DC APRIL 2016 MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR MARCH & 1st QUARTER 2016 Contract activity in March 2016 was up 12.6% from March of 2015, and there were increases
More informationThe New Housing Market and its Effect on Infrastructure Financing Capacity
The New Housing Market and its Effect on Infrastructure Financing Capacity Economic & Planning Systems, Inc. NIFR 2009 November 6, 2009 1 Presentation Overview Housing Market Trends New Home Pricing Trends
More informationCalifornia s Housing Market: How Much Froth Is Out There?
California s Housing Market: How Much Froth Is Out There? Conference Underwriter Polling Question: What Will Most Likely Occur to California s Housing Prices in the Next 2 Years? 1. Bubble Bursts 15% or
More informationResidential December 2010
Residential December 2010 Karl L. Guntermann Fred E. Taylor Professor of Real Estate Adam Nowak Research Associate I The preliminary data for November shows that housing prices declined for another month
More informationMonthly Indicators % % - 9.2%
Monthly Indicators 2016 New Listings were down 1.4 percent for single family/duplex homes and 25.0 percent for townhouse-condo properties. Pending Sales increased 58.3 percent for single family/duplex
More informationHOUSING MARKETS CONSTRUCTION GAINING MOMENTUM JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY
2 HOUSING MARKETS After a mixed year in 214, the national housing recovery gained traction in 215. Residential construction continued to climb as single-family starts revived. Sales of both new and existing
More informationSE Michigan Residential Real Estate Recovery Are we there yet or is it over?
SE Michigan Residential Real Estate Recovery Are we there yet or is it over? Changing View of Residential Transactions Changing View of Residential Transactions 2015 Short Sales 3% Leases Bank 11% Owned
More informationOVERVIEW OF RECENT/EXPECTED ECONOMIC/ HOUSING MARKET CONDITIONS
OVERVIEW OF RECENT/EXPECTED ECONOMIC/ HOUSING MARKET CONDITIONS STRONG ECONOMIC FUNDAMENTALS *BUT* EXTRAORDINARY SHORT-TERM FACTORS RESULTING IN MAJOR SHIFTS IN TYPES OF HOUSING PRODUCTS AND GEOGRAPHICAL
More informationMinneapolis St. Paul Residential Real Estate Index
University of St. Thomas Minneapolis St. Paul Residential Real Estate Index October 2017 About the Report: The University of St Thomas Residential Real Estate Index has been developed by the Shenehon Center
More informationMinneapolis St. Paul Residential Real Estate Index
University of St. Thomas Minneapolis St. Paul Residential Real Estate Index Welcome to the latest edition of the UST Minneapolis St. Paul Residential Real Estate Index. The University of St Thomas Residential
More informationM A R K E T W A T C H
This is a periodic communication from Cartus intended to keep you informed about the current property market trends and conditions in the United States. There is good news in the recovering real estate
More informationHousing Price Forecasts. Illinois and Chicago PMSA, March 2018
Housing Price Forecasts Illinois and Chicago PMSA, March 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More informationSTATPAK MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR JULY McEnearney.com CONTRACTS URGENCY INDEX INVENTORY INTEREST RATES AFFORDABILITY
STATPAK LOUDOUN COUNTY AUGUST 2017 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR JULY 2017 Contract activity in July 2017 was down 8.7% from July 2016, and there were decreases in
More informationSFR Condo Residential Lot Sales Inventory Sales Inventory Sales Inventory. Month YTD Month Month YTD Month Month YTD Month
Grand Strand Market Report 2017 capped off a great year for the Grand Strand as full year SFR sales volume and median sales price were up 9.8% and 4.3%, respectively. Condo sales activity increased 3.0%
More informationHousing Market Cycles
MEGA AGENT Market Update Gary Keller and Jay Papasan 2 The U.S. Housing Market Keller Williams Realty, Inc. Housing Market Cycles 4 The U.S. Housing Market Housing Market Cycles 5 The U.S. Housing Market
More informationCalifornia Housing Market Update. Monthly Sales and Price Statistics December 2018
California Housing Market Update Monthly Sales and Price Statistics December 2018 Sales Reached the Lowest Level since Jan 2015 California, December 2018 Sales: 372,260 Units, -5.2% YTD, -11.6% YTY 700,000
More informationHOUSING MARKET ANALYSIS
HOUSING MARKET ANALYSIS NGAN NGUYEN Oregon Association of Realtors Student Fellow & Certificate of Real Estate Development Graduate Student National housing market statistics reflect a decreasing prices
More informationBlackstone-Fueled Single-Family Home Boom Lifts Chicago
ESTM1998 MACK INVESTMENTS Blackstone-Fueled Single-Family Home Boom Lifts Chicago By: Bloomberg February 14, 2014 The tan, three-bedroom house on Chicago s North Side sits half a block from a Family Dollar
More informationRPX HOUSING MARKET REVIEW
Release Date: January 5, 2012 RPX HOUSING MARKET REVIEW SPECIAL EDITION Housing is the largest asset class in America. It touches everyone s life. It is at the center of our economy and our economic well
More informationEstimating National Levels of Home Improvement and Repair Spending by Rental Property Owners
Joint Center for Housing Studies Harvard University Estimating National Levels of Home Improvement and Repair Spending by Rental Property Owners Abbe Will October 2010 N10-2 2010 by Abbe Will. All rights
More informationThe State of the Nation s Housing 2007: A Sneak Peek
The State of the Nation s Housing 2007: A Sneak Peek Eric Belsky Remodeling Futures Conference April 10, 2007 Do Not Distribute Embargoed Until June 11, 2007 www.jchs.harvard.edu The Homebuilding Correction
More informationCity of San José. Produced by City of San José Department of Housing. Housing Market Update. First Quarter 2018
City of San José Produced by City of San José Department of Housing Housing Market Update First Quarter 2018 Q1 2018 San José Housing Market 812 residential permits issued - 83 were for affordable housing
More informationThe State of the Nation s Housing
The State of the Nation s Housing Eric S. Belsky Remodeling Futures Conference April 13, 21 www.jchs.harvard.edu Existing Home Sales Improved then Retracted, While New Home Sales Are Still in the Basement
More informationPRINCE GEORGE S COUNTY FEBRUARY 2018
STATPAK PRINCE GEORGE S COUNTY FEBRUARY 2018 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR JANUARY 2018 Contract activity in January 2018 was up 20.9% from January 2017, and there
More informationEconomic and Housing Market OUTLOOK. Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS
Economic and Housing Market OUTLOOK Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS Presentation at New Canaan Board of REALTORS and Mid-Fairfield County Association of REALTORS January
More informationHousing Affordability: Local and National Perspectives
University of Pennsylvania ScholarlyCommons 2018 ADRF Network Research Conference Presentations ADRF Network Research Conference Presentations 11-2018 Housing Affordability: Local and National Perspectives
More informationCBER-LIED Report on Housing Market Conditions
CBER-LIED Report on Housing Market Conditions CBER and Lied Institute Report Volume 62, 1st, Housing Markets Conditions in 1 st Beginning with this issue of the CBER-LIED Report on Housing Market Conditions,
More informationJosephine County Residental Market Trends. January Pending Sales New Listings
Josephine County Residental Market Trends January 217 Pending Sales..2 New Listings..3 Overall activity trends are not a measure of pricing or value for individual properties. Small Sampling sizes can
More informationResidential October 2009
Residential October 2009 Karl L. Guntermann Fred E. Taylor Professor of Real Estate Adam Nowak Research Associate Summary The latest data for July 2009 reveals that house prices declined by 28 percent
More informationLUXURY MARKET REPORT. - February
LUXURY MARKET REPORT - February 2018 - www.luxuryhomeing.com THIS IS YOUR LUXURY MARKET REPORT MAP OF LUXURY RESIDENTIAL MARKETS Welcome to the Luxury Report, your guide to luxury real estate market data
More information2018 Real Estate Forecast Breakfast. Real Estate Market Update
2018 Real Estate Forecast Breakfast Central Oregon Association of REALTORS Real Estate Market Update Paul C. Bishop, PhD, CBE Vice President, Research NATIONAL ASSOCIATION OF REALTORS February 22, 2018
More informationForeclosures and Bank-Owned Homes: More Challenges Ahead
Foreclosures and Bank-Owned Homes: More Challenges Ahead Virginia Association of Counties Annual Meeting November 10, 2008 Virginia Housing Development Authority 1 What is the size and extent of Virginia
More informationIRVINE, Calif. May 8, 2014
ALL-CASH SHARE OF U.S. RESIDENTIAL SALES REACHES NEW HIGH IN FIRST QUARTER EVEN AS INSTITUTIONAL INVESTOR SHARE OF SALES DROPS TO LOWEST LEVEL SINCE Q1 2012 May 5, 2014 By RealtyTrac Staff All-Cash Purchases
More informationHousing Price Forecasts. Illinois and Chicago PMSA, December 2015
Housing Price Forecasts Illinois and Chicago PMSA, December 2015 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public
More informationPhoenix, Central and Northern Arizona
Phoenix, Central and Northern Arizona End of Year Housing Report 1-8-354-5664 LongRealty.com 217 End of Year Housing Report SALES & INVENTORY Housing market trends For the overall real estate market in
More informationWestern Economic Developments
IN THIS ISSUE F E D E R A L R E S E R V E B A N K O F S A N F R A N C I S C O Western Economic Developments Office market slumps, housing demand remains strong in District Figure, panel B: Commercial office
More informationHouston-Baytown-Sugar Land Area Local Market Report, First Quarter Median Price (Red Line) and One-year Price Growth 2016 Q1. Local Price Trends
-Baytown-Sugar Land Area Local Market Report, First Quarter 2016 Today's Market $250,000 Median Price (Red Line) and One-year Price Growth 15% $200,000 10% $150,000 5% $100,000 0% $50,000-5% $0 2007 2008
More informationEconomic Outlook in Uncertain Times
Economic Outlook in Uncertain Times Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS Presentation to Silicon Valley Association of REALTORS October 11, 2010 Federal Reserve FOMC Ben
More information1200 Premier Drive, Suite 140 Chattanooga, TN Each office is independently owned and operated.
THIS MONTH IN REAL ESTATE K im aulston R REALTOR 1200 Premier Drive, Suite 140 Chattanooga, TN 37421 Each office is independently owned and operated. Cell: 423-316-4022 Office: 423-664-1600 Email: kcraulston@gmail.com
More informationPositioned for Performance. j u n e Fine Arts Building Berkeley, CA
Positioned for Performance j u n e 2009 Fine Arts Building Berkeley, CA Trump Place New York, NY 180 Riverside Equity Residential has a portfolio of high-quality assets focused in high-growth markets where
More informationUnited States Housing, 2012
United States Department of Agriculture United States Housing, 2012 Delton Alderman ABSTRACT Provides current and historical information on housing market in the United States. Information includes trends
More information(904) (904)
Press Release For more information: Media contact: Investor contact: Michelle Kersch Nancy Murphy (904) 854-5043 (904) 854-8640 michelle.kersch@lpsvcs.com nancy.murphy@lpsvcs.com LPS Home Price Index Report:
More informationReleased: June Commentary 2. The Numbers That Drive Real Estate 3. Recent Government Action 9. Topics for Home Buyers, Sellers, and Owners 11
Released: June 2011 Commentary 2 The Numbers That Drive Real Estate 3 Recent Government Action 9 Topics for Home Buyers, Sellers, and Owners 11 Brought to you by: KW Research Commentary The U.S. housing
More informationDISTRESSED-HOME PRICES:
C o v e r R e p o r t : Te c h n o l o g y DISTRESSED-HOME PRICES: The True Story A recent study of more than 1,000 defaulted properties shows lenders and government agencies lack the tools to properly
More information