Read the full story...
Source: Mortgage News Daily
SEARCH
According to Fannie Mae's National Housing Survey, there is slowly increasing confidence in the housing market and in the economy in general; however, the greatest change was in consumer expectations about interest rates. The number of respondents who think this is a good time to buy a house increased 2 percentage points from May to 70 percent, but those who think it is a good time to sell reversed a four-month climb to drop from 43 percent to 40 percent. Fifty-four percent of respondents expect rental prices to rise over the next 12 months compared to 51 percent in May.
Read the full story... Source: Mortgage News Daily
0 Comments
CoreLogic recently released its April CoreLogic Home Price Index (HPI) report, which shows home prices nationwide, including distressed sales, increased 10.5 percent in April 2014 compared to April 2013. This change represents 26 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 2.1 percent in April 2014 compared to March 2014. Excluding distressed sales, home prices increased 8.3 percent nationally in April 2014 compared to April 2013 and 1.1 percent month over month compared to March 2014. Distressed sales include short sales and real estate owned (REO) transactions. The CoreLogic HPI Forecast indicates that home prices, including distressed sales, are projected to increase 1 percent month over month from April 2014 to May 2014 and 6.3 percent from April 2014 to April 2015. Excluding distressed sales, home prices are expected to rise 0.8 percent month over month from 1 percent month over month from April 2014 to May 2014 and 5.5 percent from April 2014 to April 2015. Including distressed sales, the five states with the highest home price appreciation were: California, 15.6 percent; Nevada, 14.8 percent; Hawaii, 14.1 percent; Oregon, 11.8 percent; and Michigan, 11.3 percent. Excluding distressed sales, the five states with the highest home price appreciation were: Hawaii, 13 percent; California, 11.4 percent; Nevada, 11.1 percent; New York, 10.3 percent; and Florid, 10.2 percent. The land of lawns and malls has experienced two years of solid growth, as more Americans are moving again to suburbs. Many of the nation’s fast-growing cities are slowing down, while suburbs and areas beyond suburbs are seeing an uptick in growth after expanding more slowly during the recession and its aftermath. Read the full story... Source: Wall Street Journal A combination of continued price increases and relatively higher interest rates during the first quarter of 2014 led to decreased housing affordability in all regions of the state, C.A.R. reported. While the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California rose slightly from 32 percent in the fourth quarter of 2013 to 33 percent in the first quarter of 2014, affordability declined sharply from the 44 percent rate reported in the first quarter of 2013, according to C.A.R.’s Traditional Housing Affordability Index (HAI). Home buyers needed to earn a minimum annual income of $86,419 to qualify for the purchase of a $416,720 statewide median-priced, existing single-family home in the first quarter of 2014. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $2,160, assuming a 20 percent down payment and an effective composite interest rate of 4.46 percent. The effective composite interest rate in fourth-quarter 2013 was 4.43 percent and 3.56 percent in the first quarter of 2013. Source: C.A.R Of the 351 metro markets measured, 300 have seen year-over-year economic gains, according to the latest National Association of Home Builders/First American Leading Markets Index (LMI). The index shows that 59 metros have fully returned to or even exceeded their last normal levels of economic and housing activity. The nationwide economic score rose slightly to .88 from a revised April reading of .87. This means that based on current permit, price, and employment data, the nationwide average is running at 88 percent of normal economic and housing activity. The index showed an overall reading of .82 a year ago. Keeping its top position of major metros on the LMI was Baton Rouge, La., with a score of 1.41 – or 41 percent better than its last normal market level. Other major metros whose LMI scores indicate that their market activity now exceeds previous norms include Honolulu, Oklahoma City, Austin and Houston, Texas, as well as Los Angeles and San Jose, Calif., and Harrisburg, Pa. Source: N.A.H.B The mortgage delinquency rate (the rate of borrowers 60 days or more delinquent on their mortgages) declined for the ninth consecutive quarter to 3.61 percent at the end of Q1 2014, according to TransUnion's latest mortgage report. The mortgage delinquency rate has declined more than 24 percent in the last year (down from 4.76 percent in Q1 2013), and it is now at the exact same level as it stood in Q2 2008. All 50 states and the District of Columbia experienced declines in their mortgage delinquency rates between Q1 2013 and Q1 2014. The largest percentage declines continued to occur in states most impacted by the mortgage crisis – Arizona, down 37.8 percent; California, down 36.9 percent; and Nevada, down 34 percent. Both Arizona (2.81 percent) and California (2.80 percent), which just five years earlier had delinquency rates nearly double the national average, are now significantly lower than the rest of the nation. Source: U.S Census Bureau In a deal that underscores a Chinese home-buying spree, real estate website Zillow Inc. said it will partner with a Beijing firm to market U.S. homes in China.
The Seattle company said this week that it has joined forces with real estate website Leju, an affiliate of E-House China Holdings Ltd. The companies plan to launch a co-branded website this summer to offer Zillow's national home listings, data and more in Chinese. "Brokers and agents with listings on Zillow are now able to reach Chinese home shoppers who are ready to invest in the U.S. market, with no additional cost or effort,” Errol Samuelson, chief industry development officer for Zillow, said in a statement. Source: LA Times |
AuthorRuben SantillanOver 15 years of active Residential & Commercial Real Estate Sales, Management & Investment Acquisitions experience. Archives
July 2019
Categories |