Crafting Local Housing Stories

Get ready for another busy week on the residential real-estate front. A number of key statistics will be released over the next few days, giving you more news pegs for reports on the local housing scene.

Dollar signs are an irresistible draw for most readers, and there are plenty to be found in upcoming reports:

* On July 22, the Federal Housing Finance Authority its monthly Home Price Index. This one will reflect May 2009 sale prices for mortgages backed by Fannie Mae and Freddie Mac. Here’s an FAQ about the report and how it compares to other home-price indices. The monthly gains and/or declines in selling prices are presented regionally but the site offers quite a bit of historical data on a quarterly basis that's available for selected metropolitan markets.

Also Wednesday, the Mortgage Bankers Association weekly roundup of home-loan application data can provide some demand-side perspective as well as average interest rates and terms.

* On July 23, the National Association of Realtors posts its monthly Existing Home Sales report at 10 a.m. It shows the number of units sold, as well as home prices, also on a regional basis. Ancillary reports break out single-family dwellings, condos and other niches. While you await the report, here’s a look at the NAR’s historical data and methodology.

* Next week will bring another round of reports, including the U.S. Census Bureau’s new home sales report on July 27, reflecting May sales. It also includes sales prices and makes for an interesting – though not, of course, apples-to-apples – contrast to the NAR’s existing sales report. On Tuesday, more home price data arrives via the S&P/Case-Shiller Indices.

It’s helpful to be familiar with all of the above data and the methods used to obtain it. But really, the reports are just some of the building blocks for reporting on your local real estate scene. You need to get a narrative going and show how a stagnant market hinders mobility – that people who can’t sell their current houses can’t move to take another job, be closer to family, retire in Tennessee. Hit the classified ads and talk with the people behind the real-estate listings (keeping in mind that do-it-yourselfers may be more accessible than those represented by agents). Take note of “reduced” signs as you drive around – those marked-down prices represent someone’s nest egg or dream fund evaporating.

With all of the above elements in place, you can pull together a compelling home sales package. For the Web, consider video interviews or tours with stranded homeowners, or an interactive graphic mapping recent home sales and prices in selected communities. Your audience will be clicking for more.

Here are a few other residential real-estate resources you should bookmark:

* The Real Estate Center
* Real Estate Magazine
* Builder: the online trade journal for the construction industry

Come back to Your Daily Tipsheet each morning for advice on where to find sources, background and creative ways to make financial news and trends relevant to your audience.