Voices of Real Estate

All real estate is local and every market is unique – it’s something we hear every day from our members, many of whom live and work in markets that aren’t following the latest reported national trends. That’s why the NAR Research Department is working to bring NAR members more information that is relevant to their market situation. Currently, we’ve just released three new projects that focus specifically on state and local markets. Members will find this useful because it offers the latest market-specific information that consumers need when making their decision to buy or sell a home.

The first of these, the State Mortgage Conditions Report, presents the current level of subprime exposure and its impact upon foreclosure activity in every state. 32 percent of homeowners nationwide now own a debt-free home, and subprime exposure is decreasing.

The State Economic Impact of Housing Report takes a state-by-state look at how the housing market in each state affects the local economy. It outlines the total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, and mortgage lending.

Finally, the Metro Wealth Gain Report examines how the wealth of current homeowners has changed as a result of home ownership. We created a snapshot of the equity individuals who purchased a home at the median price 5, 10, 15, and 20 years ago would have built up if they had kept that home through 2007. In this report we studied 154 metropolitan statistical areas (MSAs), and the findings yield some expected and unexpected results.

These reports are for members only, so you will have to log in to read them. Let us know what you think about this information, and if it was helpful to you. -- Lawrence Yun, Chief Economist.