Last quote by David Blitzer
David Blitzer quotes
The creation of an eleventh sector recognizes the growing importance of real estate in the world's equity markets. The decision to add a real estate sector was based on extensive comments from investors and analysts as well as in-depth analysis and discussions between S&P Dow Jones Indices and MSCI.
Overall, residential real estate and housing is in good shape. Sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months, indicating a fairly tight market.
In the strongest region, the Pacific Northwest, prices are rising at more than 10 percent; in the slower Northeast, prices are climbing a bit faster than inflation.
Miami and Tampa have recovered in the last few months while Las Vegas and Phoenix remain weak. When home prices began to recover, New York and Washington saw steady price growth; now both are among the weakest areas in the country.
That's still her sense. She's still cautiously optimistic about the economy. She's just watching the data, and right now if anyone could read her mind she's still expecting two rate hikes before the end of the year.
It would take a lot to scare them between now and June to make them say they won't raise rates at all because of some turmoil in the financial markets.
Until very recently, the market's view of the economy was a lot weaker and a lot softer than the Fed's. The market may be frustrated. Part of what we see is then market is slowly revising its view to be close to the Fed.
Home prices continue to rise twice as fast as inflation, but the pace is easing off in the most recent numbers. The year-over-year figures for the 10-city and 20-city composites both slowed, and 13 of the 20 cities saw slower year-over-year numbers compared to last month.
Rising prices and the pace of new single-family home construction are a concern throughout much of the United States. The visible supply of homes on the market is low at 4.8 months in the last report. Homeowners looking to sell their house and trade up to a larger house or a more desirable location are concerned with finding that new house.
Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market. Sales of existing homes were up 6.5% in 2015 vs. 2014, and the number of homes on the market averaged about a 4.8 months' supply during the year; both numbers suggest a seller's market.
This has really become one of the hot leading spots in the economic recovery. Big contribution to GDP in the 3rd and 4th quarters of last year. If we look across the numbers for the full year 2012 for home prices- very strong.