Local data is critical to understanding local markets, but real time information is best. Each Survey of REALTOR® Sentiment/ Regional Vice-Presidential Report (RVPR) is a collection of results from NAR's most recent REALTOR® Confidence Index along with commentary from NAR's Regional Vice President for that region. These RVPRs—which reflect data available through July 2011—provide insights into the buzz on the street for each of the regional housing markets.
The price discount on short-sales and foreclosures rose sharply over the winter in Region 8 (Minnesota, Iowa, North Dakota, South Dakota, and Nebraska) and remained elevated in the 2nd quarter.
Only 23% of buyers in Region 9 (Missouri, Kansas, Arkansas, and Oklahoma) had a downpayment of more than 10% according to REALTORS® surveyed. A majority of 55% put down 6% or less, which suggests that the housing market in Region 9 will suffer if the 20% downpayment requirement of the proposed QRM regulation is made law.
To view all of the July 2011 RVP Reports, click here.