{"id":1004048137,"date":"2012-10-10T06:32:17","date_gmt":"2012-10-10T14:32:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004048137"},"modified":"2022-12-06T12:29:52","modified_gmt":"2022-12-06T20:29:52","slug":"economy-watch-housing-market-optimism-rising-housing-shadow-inventory-employment-index-shrink","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-housing-market-optimism-rising-housing-shadow-inventory-employment-index-shrink\/","title":{"rendered":"Economy Watch: Housing Market Optimism Rising; Housing Shadow Inventory, Employment Index Shrink"},"content":{"rendered":"

By Dees Stribling, Contributing Editor<\/em><\/p>\n

In its September 2012 National Housing Survey, Fannie Mae said on Tuesday that Americans\u2019 optimism about the recovery of the housing market and, more broadly, about the idea of homeownership itself continued a gradual climb. The optimism has been bolstered by a series of mortgage rate decreases throughout the summer, and consumer attitudes about the economy also improved substantially last month, as opposed to the waning confidence seen during much of this year.<\/p>\n

Among other findings, the survey noted that consumers are expecting home prices to rise 1.5 percent over the next 12 months, which is similar to recent months and marking nearly a full year in which home price expectations have been positive. Also, 37 percent of those surveyed expect home prices to go up over the next year, the highest level since the survey\u2019s inception in June 2010. The percentage of respondents who say they would buy property (if they were going to move) increased to 69 percent, tying June 2012 at the highest level since the survey began.<\/p>\n

\u201cConsumers are showing increasing faith in the nascent housing recovery,\u201d Doug Duncan, chief economist of Fannie Mae, said in a statement. \u201cHome price change expectations have remained positive for 11 straight months, and the share expecting home price declines has stabilized at a survey low of only 11 percent.”<\/p>\n

Housing Shadow Inventory Shrinking<\/strong><\/p>\n

Another bit of positive housing news on Tuesday came from CoreLogic, which reported that U.S. residential shadow inventory as of July 2012 fell to 2.3 million units, representing a supply of six months. This was a 10.2 percent drop from July 2011, when shadow inventory stood at 2.6 million units, which is roughly the same level the country experienced in March 2009.<\/p>\n

The company calculates the shadow inventory, also known as pending supply, by including properties that are seriously delinquent, in foreclosure, or held as REO by mortgage servicers, but which aren’t currently listed on multiple listing services. Of the 2.3 million properties in the shadow inventory, 1 million are seriously delinquent, 900,000 are in some stage of foreclosure, and 345,000 are already REO.<\/p>\n

\u201cThe decline in shadow inventory has recently moderated, reflecting the lower outflow of distressed sales over the past year,\u201d CoreLogic chief economist Mark Fleming said in a statement. \u201cWhile a lower outflow of distressed sales helps alleviate downward home price pressure, long foreclosure timelines in some parts of the country causes these pools of shadow inventory to remain in limbo for an extended period of time.\u201d<\/p>\n

Employment Index Drops<\/strong><\/p>\n

The Conference Board’s Employment Trends Index decreased again in September, following a downward revision in August, the organization said on Tuesday. The index now stands at 107.86, down from the revised figure of 108.23 in August. Still, the September figure is 5.4 percent higher than a year ago.<\/p>\n

September\u2019s decline was spurred by negative contributions from five of the eight components. The weakening indicators\u2013beginning with the largest negative contributor\u2013 were Ratio of Involuntarily Part-time to All Part-time Workers, Percentage of Firms with Positions Not Able to Fill Right Now, Initial Claims for Unemployment Insurance, Number of Temporary Employees, and Job Openings.<\/p>\n

Wall Street took a dive on Tuesday, perhaps worried about dark mutterings about Spanish debt, with the Dow Jones Industrial Average down 110.12 points, or 0.81 percent. The S&P 500 lost 0.99 percent and the Nasdaq declined 1.52 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

The housing market optimism continues to grow nationally. At the same time, the U.S. residential shadow inventory continues to drop. The Conference Board’s Employment Trends Index decreased again in September.<\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004048137","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nEconomy Watch: Housing Market Optimism Rising; Housing Shadow Inventory, Employment Index Shrink - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-housing-market-optimism-rising-housing-shadow-inventory-employment-index-shrink\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Housing Market Optimism Rising; Housing Shadow Inventory, Employment Index Shrink\" \/>\n<meta property=\"og:description\" content=\"The housing market optimism continues to grow nationally. 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