According to a new report, The Shifting Nature of U.S. Housing Demand, by The Demand Institute, average home prices will increase by up to 1 percent in the second half of 2012. By 2014, home prices will increase by as much as 2.5 percent. From 2015 to 2017, the study projects annual increases between 3 and 4 percent. This recovery will not be uniform across the country, and the strongest markets could capture average gains of 5 percent or more in the coming years. [...]
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The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for April 2012 showing an increase in single-family home building permits from the month before of 1.9 percent and a 18.5 percent increase in new home starts compared to the year before. [...] By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time. The borrower’s monthly mortgage payment may change over time depending on the type of loan (Fixed, ARM, Interest Only, etc.). However, for this article, we will address the typical 30 year fixed Principal and Interest loan program. So… [...] Before you go getting too excited over my headline, I should point out that, even though Fed Reserve Board Governor Duke’s presentation today at the National Association of REALTORS mid-year meeting in Washington D.C. was titled “Prescriptions for Housing Recovery”, Governor Duke opened her remarks with “I wish I had such a prescription”. She went on to say that it is difficult to think of a single thing that, by itself will generate a sustainable recovery in housing. She did say, however, that she saw some policies that will help reduce the shadow inventory of houses in the foreclosure pipeline as well as improve the availability of financing to potential home buyers. [...] According to Walk Score, the company that rates cities on how “walkable” they are, now has a “bike score” rating as well for cities. Coming in at number one with a bike score of 79 (the rating goes from 0 to 100) is Minneapolis followed by a tie for 2nd between Portland and San Francisco, both with a bike score of 70. [...] Joshua O. Dobson, age 34, of Kimball, Tennessee; and Paul E. Gott, III, age 39, of Jasper, Tennessee, appeared today in federal court before the Honorable Susan K. Lee, United States Magistrate Judge, on an indictment charging them with wire fraud in violation of Title 18, United States Code, Section 1343; and money laundering [...] More good news on the housing market! The national mortgage delinquency rate (borrowers that are 60 or more days past due) declined for the first 3 months of 2012, coming in at 5.78 percent according to a report issued by TransUnion. This is after increases in the delinquency rate in the prior 2 quarters and is the lowest rate since the 1st quarter of 2009. [...] Finally, after several years of writing depressing things about the real estate market and housing industry, I’m getting to write some positive things lately! Well, to keep the party going, today I have a list of 10 towns in the U.S. that are leading the U.S. in terms of a housing market recovery according to the “Top Turnaround Town Report” from REALTOR.com. Seven of the top ten markets are in Florida, but the number 1 turnaround town in the U.S. according to the report is Phoenix-Mesa, Arizona where the inventory of homes for sale has fallen almost 50 percent in the past year while prices increased almost 27 percent during the same period. [...] A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in March 0.6 percent from the year before and increased by 0.6 percent from the month before. Excluding distressed sales, month-over-month home prices increased for the third month in a row. If we take distressed sales out of the picture then the year-over-year home prices increased 0.9 percent. [...] In a report released by Trulia shows that, in April, rents were 5.6 percent higher than a year ago. Not surprising, the areas with the highest rent increases were those areas with increasing employment growth with Edison-New Brunswick, NJ at the top of the list with an increase of over 15 percent in rents. At the bottom of the list was Las Vegas. [...] An Austin, Texas, man was sentenced today in the Western District of Texas to 61 months in prison and was ordered to forfeit $84,010 for his role in operating a foreclosure-rescue scam in Southern California and elsewhere that charged distressed homeowners fees in exchange for fraudulently delaying foreclosure sales. [...] Someone much smarter than I once told me if I wait for the bottom of the market before I buy (or invest) then I will always miss the bottom because we won’t know what the bottom was until it has passed and we are looking back. Some reading this may reply “duh”, but to me it was rather profound at the time and showed me a way of looking at things a little different. So, with this in mind, I’ll attempt to answer the question I’m most frequently asked; “has the housing market hit bottom yet?”. [...] The report also says that “the combination of lower vacancies, increasing rental rates, and affordable REO properties” has attracted investors to the rental markets. The potential of strong (and, in some instances, even “instant”) cash flows as well as the potential for future appreciation on home prices is luring more and more investors into purchasing and holding single family homes rather than “flipping” them or doing short-term holds. [...] The latest housing market report by RadarLogic showed home prices in the 25 major metropolitan areas it tracks increased 1.9 percent in February from the month before (in contrast to the Case Shiller home price index which showed home prices fell a little under 1 percent from the month before) however was 3.18 percent lower than a year ago. [...] Fifth consecutive quarter of uninterrupted growth; Market still lacks widespread capital Optimism continues for the apartment industry, according to the latest results of the National Multi Housing Council (NMHC) Quarterly Survey of Apartment Market Conditions. The findings reflect a gradual recovery for the multifamily sector that faced a 50-year low in apartment starts [...] Home prices fall to lowest levels in almost 10 years; 20-city case shiller lowest since October 2002This morning, the S&P/Case-Shiller Index report for February was released which showed both the 10-city and 20-city composites, after both hitting record low levels in the two prior months, fell further in February. The 10-city and 20-city composites saw annual price decline of 3.6 percent and 3.5 percent respectively and both saw price declines of 0.8 percent in February from January. [...] Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data forMarch 2012 showing a decrease of 7.1 percent from the month before, and an increase of 7.5 percent from a year ago. The seasonally-adjusted new home sales rate for March was 328,000 homes, down from a revised rate of 353,000 homes the month before. It’s worth noting that February’s sales were originally reported by the Commerce Department to be 313,000, so the revision to 353,000 was significant. So, in the end, March may not look so bad either if the revised numbers follow suit with the month before. [...] A financial investor who purchased municipal tax liens at auctions in New Jersey, as well as a company in which he was a partner, pleaded guilty today for their roles in a conspiracy to rig bids for the sale of tax liens auctioned by municipalities throughout the state, the Department of Justice announced. [...] George P. Hranowskyj, 48, of Chespeake, Virginia, has been indicted by a federal grand jury accused of engaging in a six-year historic tax credit fraud scheme that cost the United States of America and the Commonwealth of Virginia more than $11 million and enriched him and others by approximately $8 million. [...] An Alabama real estate investor has agreed to plead guilty and to serve prison time for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in southern Alabama, the Department of Justice announced today. To date, as a result of the ongoing investigation, three individuals and one [...] Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in March were at at a seasonally adjusted-annual rate of 4.48 million units which is a decrease of 2.6 percent from the month before and an increase of 5.2 percent from a year ago. The actual number of homes sold in March was 361,000 which is an increase of 4.0 percent from the month before and an increase of 0.9 percent from a year ago when there were 347,000 homes sold. [...] A loan officer for a Florida mortgage company pleaded guilty late yesterday in the Southern District of Florida to one count of conspiracy to commit wire fraud for his role in a mortgage fraud scheme, Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, U.S. Attorney Wifredo A. Ferrer of the Southern District of Florida and Department of Housing and Urban Development (HUD) Inspector General David A. Montoya announced today. [...] For the second month in a row, home prices have risen higher than a year ago. Median prices in March were an impressive 5.8% higher than March 2011 in the 53 metro areas surveyed for the RE/MAX National Housing Report. February marked the first time in 18 months that home prices rose higher than the previous year, and year-to-year price increases haven’t occurred in two consecutive months since August 2010. Home sales in March were 25.4% higher than February and 1.5% higher than March last year. For the last 9 months, sales have reached a level higher than the same month in the previous year. Following these trends, the spring and summer months should experience increased activity. With falling inventory and many markets witnessing multiple offers with bidding competitions, prices are likely to continue to rise in many areas. [...] The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for March 2012 showing a decrease in single-family home building permits from the month before of 3.5 percent and a 17.9 percent increase in new home starts compared to the year before. [...] FICO, a provider of analytics and decision management technology to the banking industry, today announced results from its latest quarterly survey of bank risk professionals which showed that almost half (46 percent) expect the volume of strategic defaults in 2012 to surpass 2011 levels as a result of more than 25 percent of U.S. homeowners owe more on their mortgages than their homes are worth. [...] Wow, talk about opportunity! According to a recently released report from Corelogic, as a result of the FHFA’s (Federal Housing Finance Agency) implementation of the “REO to Rental Program” whereby Fannie Mae REO’s will be sold in bulk to investors for rental property, there will be potentially over $100 Billion of rental market REO’s in the coming year! The first of these sales was a lot of 2,500 homes sold in February with a market value reported to be around $314 million. [...] Over forty years ago Congress passed Title VIII of the Civil Rights Act of 1968 known as “The Fair Housing Act”. This act prohibits discrimination in public and private housing markets that is based on race, color, national origin, religion, sex, disability or familial status. At that time, the most common type of discrimination in housing was based upon race or color. Today, according to a recent report by HUD, the majority of housing discrimination complaints filed are based on disability discrimination. [...] Attitudes About Homeownership as an Investment, Financial Constraints, and Mortgage Accessibility May Stand in the Way of Americans’ Purchase Decisions Fannie Mae’s latest quarterly National Housing Survey focuses on the state of homeownership aspirations among Americans across all demographic groups. The survey finds that despite the recent housing crisis, most Americans continue to believe [...] |
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