The Atlanta Fed's SouthPoint offers commentary and observations on various aspects of the region's economy.
The blog's authors include staff from the Atlanta Fed’s Regional Economic Information Network and Public Affairs Department.
Postings are weekly.
Southeast housing update: Recent Atlanta Fed polls show home sales remain weak
The Federal Reserve Bank of Atlanta's monthly survey of regional residential real estate brokers and homebuilders saw home sales remain weak in September. Florida brokers who had noted more moderate declines in August indicated that sales weakened further on a year-over-year basis while elsewhere in the Southeast sales growth declines moderated in September. Across the region, the majority of brokers and builders reported that home sales were flat to slightly down from August to September.
Of interest, many residential brokers in Florida noted that the recent moratorium by banks that halted foreclosures across much of the United States has stalled sales. As noted in the Northeast Florida Association of Realtors report "lender-mediated" sales have become a large share of market activity in Florida markets. The Orlando Regional Realtors Association reported that short sales and bank-owned homes accounted for 70 percent of home sales in September. Contacts outside of Florida did not note any concerns over the foreclosure moratorium.
The outlook among Southeast broker and builder contacts remained weak. More than half of brokers and builders anticipate year-over-year declines. In line with recent concerns, the outlook dimmed among Florida brokers while elsewhere in the region declines were expected to moderate.
Note: The September survey results are based on responses from 124 residential brokers and 51 homebuilders and were collected Oct. 4–13, 2010.
The housing survey's diffusion indexes are calculated as the percentage of total respondents reporting increases minus the percentage reporting declines. Positive values in the index indicate increased activity, while negative values indicate decreased activity.
By Whitney Mancuso, a senior analyst in the Atlanta Fed's research department
TrackBack URL for this entry:
Listed below are links to blogs that reference Southeast housing update: Recent Atlanta Fed polls show home sales remain weak:
- A Timely Talk with Energy Professionals
- A Closer Look at Earnings in the Southeast
- Has Southeast Manufacturing Found Some Optimism?
- WHAT WAS I THINKING?!?!
- Southeast Commercial Construction Continues Gathering Steam
- Employment Momentum Grows in Florida and the Retail Sector
- Conditions Soften for Southeastern Housing
- Music City Is Playing Your Song
- Signs Point Up for Regional Manufacturing
- South Florida Maintains Momentum
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- Banks and banking
- Beige Book
- Business Cycles
- Commodity Prices
- Consumer Savings
- Data Releases
- Disaster recovery
- Economic conditions
- Economic Growth and Development
- Economic Indicators
- Fiscal Policy
- Gulf Coast
- Health Care
- Holiday Sales
- Labor Markets
- Local Economic Analysis and Research Network (LEARN)
- Monetary Policy
- Natural Disasters
- New Orleans
- Oil Spill
- Real Estate
- Sales Tax