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Sales Dropped last month …
On December 22nd 2015, the National Association of Realtors (NAR) released their latest Existing Home Sales Report which covered sales in November. The report revealed that sales:
“…fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million)…”
That revelation gave birth to a series of industry articles, some of which quoted pundits questioning whether the housing market was slowing. In actuality, there is one rather simple explanation to much of the falloff in sales last month. It is likely the implementation of the “Know Before You Owe” mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which went into effect on October 3. These regulations caused house closings to be delayed by an extra three days in November as shown in the graph below.
Three days might sound like a minimal difference. However, since there are only approximately 20 days in a month that a closing would normally take place (Mondays through Fridays), losing three days constitutes well over 10% of all closings. These sales are not lost. They are just moved into the next month’s numbers. In a DS News article on the subject also posted on December 22nd, Auction.com EVP Rick Sharga explained:
“The most likely cause for the weak sales numbers is a delay in processing loans due to the new TRID mortgage requirements imposed by the CFPB. This is the biggest change in mortgage document processing in many years, and there have been numerous reports within the industry of problems implementing the process and the new documentation that comes with it.”
So how is the housing market actually doing?
A better way to look at how well the housing market is doing is to look at the Foot Traffic Report from NAR which quantifies the number of prospective buyers that are actively looking for a home at the current time:
We can see immediately that demand to buy single family homes is increasing over the last few months – not decreasing.
Bottom Line
No matter what last month’s sales numbers show, the housing market is still doing well as demand remains strong.
Call 786.554.8063 or email us George@GeorgeAssal.com, WE are here to facilitate and help you during the process of buying, selling, or renting any real estate needs, which will result in reaching your financial goals quickly and with ease, visit our page www.GeorgeAssal.com .
Information about street closures in the Brickell area.
The following are the road closures in the Brickell area for the period of Monday April 8th to Sunday April 21st 2013, based on the Maintenance of Traffic coordination meeting held on Friday April 5th 2013.
Please note that due to the temporary full closure of S Miami Avenue, starting on April 19 and effective until December, we expect traffic to be shifted towards SW 2nd Avenue. During this time traffic would be more congested than usual and lane closures should be kept to a minimum or avoided if possible. A flyer (see attached) depicting alternate routes to and from downtown and Brickell areas has been developed and distributed to the residents and business of the area.
Also note that the CORPORATE RUN event is scheduled for April 25th
Brickell City Centre
· April 8th to April 12th 2013 – SW 7 St & S Miami Ave (SW Corner, 1 Lane Closure) from 7:00p.m. to 5:00a.m..
· April 8th to April 18th 2013 – SW 8th Street (two north lanes closed) between SW 1st Ave to S. Miami Ave from 9:00p.m. to 6:00a.m.
· April 8th to April 18th 2013 – S. Miami Avenue east sidewalk and travel lane between S 8th Street to S 7th Street.
· April 19th to December – S. Miami Avenue between SW 8th Street to S 7th Street will be fully closed.
My Brickell
· April 22nd to April 26st 2013 – SE 5th Street (Full closure) between S. Miami Avenue and SE 1st Avenue from 9:30a.m. to 4:00p.m.
· April 24th – Full closure SE 6th Street between Brickell Ave and SE 1st Avenue 9:30a.m. to 4:00p.m.
Joe Moretti
· April 8th to April 21st 2013 – SW 2nd Avenue (one west lane) between SW 9th Street and SW 10th Street from 8:00p.m. to 6:00a.m.
Vista Grande
· April 15th 2013 – SW 9th Street (north parking lane and sidewalk) between SW 2nd Ave and SW 3rd Ave from 7:00a.m. to 3:00p.m.
801 Brickell (Pending Permit)
· May 20th to August 20th 2013 – SE 8th Street (Eastbound Lane) between Brickell Ave and Brickell Bay Drive
West Brickell View
· April 8th to April 18th 2013 – SW 8th Street (south parking lane and sidewalk) between SW 2nd Ave and SW 1st Ct Street hrs. 24/7
West Brickell Tower
·April 15th to May 15th 2013 – SW 2nd Avenue (one west SB lane) between SW 10th Street and SW 11th Street from 7:00 a.m. to 4:00 p.m. or 8:00 p.m. to 5:00 a.m.
Shul of Downtown
· April 10th 2013 & April 17th 2013 – SE 9th Street (Full Road Closure) between SE 1st Ave and S Miami Ave from 7:30 a.m. to 4:00 p.m.
Sims Crane (Pending Permit)
· April 19th 2013 & April 21st 2013 – Brickell Bay Dr (Full Road Closure 6 hr, then 1 lane SB, 1 lane NB) between SE 11 St and SE 12 St from 8 a.m. to 7:00 p.m.
· April 8th 2013 & April 21th 2013 – Between SE 5 Street and SE 8 Street: The contractor will continue with signalization work and begin installing drainage on the northeast corner of Brickell Avenue and SE 5 Street.
– Between SE 8 Street and SE 15 Road: The contractor will be finalizing lighting and signalization work, as well as completing work at the pump station.
Special Events:
· Mercedes Corporate Run 2013
Please feel free to share this information with other interested parties
The ASSAL Team 