Daily Archives: August 12, 2014

Weak Home Sales, Falling House Prices | Katonah Real Estate

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Followers of the housing market got spooked a couple weeks ago by some data suggesting the market was in trouble. First, the recent pending home sales data from the National Association of Realtors showed a 1.1% decline, when economists had forecast a 0.5% increase. Second, the S&P Case-Shiller 20-city house price index declined 0.3% on a monthly basis, when economists had predicted a 0.4% increase. Is it game over for the U.S. housing market?

U.S. housing affordability and homeowner vacancy rates
There’s no doubt that the housing market has slowed from the strong growth it saw in 2013, but that doesn’t mean it’s about to crash. On the contrary, there are four key reasons the market is likely to improve.

First, despite the talk that rising mortgage rates will choke off demand, housing still remains relatively affordable. Take a look at the National Association of Home Builders/Wells Fargo housing opportunity index — the higher the number, the more affordable housing is.

Source: NAHB/Wells Fargo.

Affordability fell in the second half of 2013, but on a historical basis, it’s still supportive of good growth in the housing market. Readers can see that, according to the index, housing is more affordable than it was for most of the 1992-2009 period.

Second, homeowner and rental vacancy rates suggest that the number of houses and rentals available is shrinking. Vacancy rates simply refer to the percentage of properties which are unoccupied. A look at the data from the U.S. Census Bureau demonstrates that rental vacancy rates are falling sharply, while homeowner vacancy rates remain low. The lower the number, the fewer properties there are available to rent or buy

 

 

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http://www.fool.com/investing/general/2014/08/11/weak-home-sales-falling-house-prices-game-over-for.aspx

 

5 signs you’re ready to get a mortgage | Bedford Hills Real Estate

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Interest rates remain at historic lows and the housing market continues to steadily recover, creating a strong environment for buying a home.

This doesn’t mean the timing is right for everyone, but you may already be doing these five things that show you could be ready to move toward homeownership. And, unless you have significant amounts of cash on hand, that means you’ll need to get a mortgage.

And so, this article in The Globe and Mail outlines the five signs you are ready for a mortgage.

1. You are making the right financial strides

“If they have already started saving toward a down payment, that is a great sign,” said Jeffrey Baker, a real estate agent with Sutton Group in Montreal. “They have either been saving aggressively over a certain length of time and given themselves a target for the amount that will be their down payment. Or they will have had a meeting with a financial adviser or bank, who has shown them the amount they can realistically spend.”

2. You are creating a firm budget

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“A well-educated first-time buyer needs to know their budgets to know where they stand,” said Russell Westcott, vice-president of Vancouver-based Real Estate Investment Network.

 

 

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5 signs you’re ready to get a mortgage

 

Where is real estate booming across America? | Bedford NY Real Estate

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While home prices continue to moderate in many metropolitan areas in the second quarter, there is still a divide regionally, according to the National Association of Realtors.

Overall, fewer markers witnessed price increases in the second quarter compared to the first when price increases were recorded in 74% of metro areas. And, it’s in the Midwest region of the United States where home sales are really beginning to pick up again.

Nationally, only 19 metropolitan statistical areas in the second quarter (11%) had double-digit increases, drastically falling from the 37 areas last quarter and the overall average of 43 areas since the second quarter of 2013.

Lawrence Yun, NAR chief economist, explained that price increases are balancing out to the benefit for both buyers and sellers.

“National median home prices began their most recent rise during the first quarter of 2012 but had climbed to unsustainable levels given the current pace of inflation and wage growth,” he said. “At this slower but healthier rate, homeowners can continue steadily building equity. Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”

Here are how the four regions are squaring up in the second quarter…

 

 

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Where is real estate booming across America?

 

15 states aggressively going after stop-foreclosure scams | Pound Ridge Realtor

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Last month, it was announced that the Consumer Financial Protection Bureau and the Federal Trade Commission were filing nine lawsuits against companies and individuals that collected more than $25 million in illegal advance fees with false promises to prevent foreclosures.

That was on a national level.

At the same time, 15 state Attorney General offices announced an additional 32 actions against foreclosure prevention scammers.

Often in these scams, the scammers offer delinquent homeowners security from mortgage servicers who are seeking to foreclose.

They promise the homeowners home retention, often take fees upfront and do little in return.

The homeowners often still face foreclosure, and receive none of the promised compensation.

Well, as HousingWire can now exclusively reveal, here are those 15 states that are aggressively going after these scammers.

The list was provided by the CFPB, and for the purpose of the list, we gathered some additional information.

 

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15 states aggressively going after stop-foreclosure scams