Okay, hodgepodge or potpourri of market data today. As reported by the Associated Press today investors drove home sales up 3.7% in March. This was primarily due to investors purchasing foreclosed properties with cash. The number of first-time home buyers actually fell. Foreclosures or short sales are making up 40% of the market currently. The 3.7% March uptick represents an annualized 5.1 million sale rate however this is significantly lower than the 6 million sale rate that economists say represents a healthy market.
Separately the National Association of Home Builders/Wells Fargo housing market index showed builder confidence is still at depression levels. The index is at 16 and has been for five out of the last six months. An index level of 50 indicates that as many builders see the outlook as good as do poor.
Fannie Mae apartment building foreclosures are piling up. This is unusual because apartments were supposed to be doing so well given that everyone is losing their homes. Many of the multifamily loans that Fannie Mae purchased were created at the top of the market. During 2010 Fannie Mae foreclosed on twice as many apartment properties as they did in 2009 and there were twice as many delinquent apartment loans at the end of 2010 as were foreclosed in 2010.
Real estate research firm Reis reported that the vacancy rates at regional malls has spiked to 9.1% the highest level since they began tracking the sector in 2000. Neighborhood and community center vacancy rates have remained stable at 10.9%. Because there was little new product coming on the market recently they said that the stable vacancy rate was a result of little or no demand for retail space.
