Real Estate News About Woodbridge Virginia and Surrounding Communities

Woodbridge VA Real Estate, As We Say In Texas, Is Selling Like Hotcakes

Real Estate Recovery In Woodbridge Began In May 2008

Real Estate For Sale In Woodbridge Are Selling At Prices 30% Below 2005 Peak Prices

The national economy is in early recovery mode. 

Hey, I got an accidental BA in Economics, so I guess that makes me an economist.  Even worse, it makes me a bona fide nerd.

Okay, I am not an economist for a living, but my accidental BA in economics taught me how to make sense of obtuse economics reports, because I am a nerd.

A pal in the home loan business sent me an economic update today, rich with mortgage banking obfuscation.

So here is a copy/paste, of the report he sent today, with my translation from economist to English:

Last Week in the News

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>>>The index of leading economic indicators - designed to forecast economic activity in the next three to six months - rose 0.6% in August after an upwardly revised 0.9% gain in July. It was the fifth straight monthly increase.<<<  - Translation: When leading indicators rise or fall for six consecutive months, nerds proclaim recovery or recession.  Five months upward is one month shy of the OFFICIAL beginning of recovery in the business cycle.

>>>The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending September 18 rose 12.8% to 668.5, the highest since the week ending May 22. Purchase volume rose 5.6% to 288.3. Refinancing applications increased 17.4% to 2,881.5.<<<  - Translation: Lots of folks jumped on the home-buying band wagon to get preapproved for a home loan in preparation to buy something.  Plus, with home values rising, lots of folks now have enough equity in their homes to qualify for refinancing their existing high rate loan to a lower rate.

>>>Initial claims for unemployment benefits fell by 21,000 to 530,000 in the week ending September 19. The figure was lower than the 550,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending September 12 fell by 123,000 to 6.14 million.<<<  - Translation: Folks with jobs buy homes.

>>>Existing home sales fell 2.7% in August to a seasonally adjusted annual rate of 5.1 million units from 5.24 million units in July. The inventory of unsold homes on the market fell 10.8% to 3.62 million, an 8.5-month supply at the current sales pace, and the lowest level in more than two years.<<<  - Translation: The slowest sales month each year is August... folks are on vacation, or they are settling into the home they bought in June.  Now, unsold homes inventory dropping nationwide does not mean squat to homes inventory around Woodbridge, so it's useless to you and me.  Real estate is local.  Nevada, California, Arizona, and Florida are still going down the toilet, while Texas and Oklahoma did not experience the rising/falling price market because sales moved forward at a steady pace.  Meanwhile, Woodbridge sales are roaring out of control to the upside.

>>>Orders for durable goods - items expected to last three or more years - fell 2.4% in August after rising 4.8% in July. Economists had anticipated orders for durable goods would rise 0.5%.<<<  - Translation: Folks who bought homes in spring, 2009, bought a zillion appliances, heat/AC systems, and water heaters in July for the homes they just bought, then in August, they went on vacation, so sales dropped.

>>>The Reuters/University of Michigan consumer sentiment index for September rose to 73.5 from 65.7 in August. Economists had forecast a reading of 70.3. It was the highest reading since January 2008.<<<  - Translation: Optimism reigns supreme across the fruited plains, from sea to shining sea.

>>>The Commerce Department reported new home sales rose 0.7% in August to a seasonally adjusted annual rate of 429,000 from a downwardly revised rate of 426,000 in July. Economists had expected a sales pace of 440,000 units.<<<  - Translation: "Dear Economists of America, when will you understand that folks go on vacation in August, or take time to settle into the home they bought in spring or early summer?  Wake up and smell the cappucino.

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Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

 

      

President Lyndon Johnson lead a vigorous campaign through the halls of Congress that lead to Fair Housing legislation.  The Republican Party members in Congress backed Fair Housing, while most of the congressional Democrat Party members opposed Fair Housing.  Johnson, a Democrat, worked the phones day and night, calling congressional Democrats, calling in favors that persuaded enough Democrats to cross party lines and vote for Fair Housing, and against their party leaders.