2002 Contracts Sellers 
Housing Wire
MAY 24, 2022
I know some people don’t agree with me on this, but the price gains in both the existing home and new home sales sector show that homebuilders and sellers had too much pricing power and needed to be checked. As you can see, sales levels were never elevated like what we saw from 2002-2005. The only way this happens is by higher rates.
Housing Wire
JANUARY 20, 2023
The lack of sellers is also a demand problem and what we saw after June of 2022 is that sellers called it quits earlier and faster in the year than usual, resulting in total existing home sales totaling 5,030,000 to end 2022. So the fact that we are back to an average of 26 days on market makes me happier.
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Housing Wire
JUNE 21, 2024
However, what is different this year from 2023 is that we have more sellers that will be buyers. That means that our weekly pending sales contract data is showing growth year over year. Of course, the housing market didn’t have the credit sales boom it had from 2002-2005, but it lacked inventory.
Appraisal Buzz
MAY 17, 2021
Between 2002-2005 in many markets, the real estate market was scorching, much like it is today. As appraisers, we faced tremendous pressure from buyers, sellers, real estate agents, and loan officers during the previous run-up. We are seeing that as a profession again. Is this any different than last time? How do we combat this?
Housing Wire
DECEMBER 5, 2022
It created a massive demand for home purchases as consumers competed to win a sales contract and get a home with a low single digit interest rate. It means a massive contraction in demand for mortgages, tighter margins, corporate layoffs and “right-sizing,” and concerns about what the future may hold.
Housing Wire
DECEMBER 27, 2022
The number of home listings dried up , contracts were canceled , the few buyers still out there demanded concessions , mortgage rates spiked to 7% and homebuilder sentiment hit rock bottom. The 2002 housing market has been a tale of two halves,” said Green. By September, a full-fledged housing market recession had set in.
Housing Wire
SEPTEMBER 22, 2022
From NAR Research : “Total existing-home sales notched a minor contraction of 0.4% A traditional primary resident seller is also a buyer, which means if they don’t list, they’re not just taking a potential home to be bought off the table — they’re taking a future sale off the books as well. However, it’s not the market of 2002-2011.
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