This year’s hot price increases could be more important than rising rents, credit availability or even underwater homeowners in freeing up the inventories that stifled hundreds of housing markets last season and kept sales from reaching their potential, according to a new study by two Federal Reserve economists.
National and regional rates of growth showed clear signs of winter chills in November, as summer buying activity gave way to the typical winter slow down. Nationally, home prices cooled off to a 10.8% year-over-year growth, a slight tapering over the previous quarter’s 11.0% yearly growth
Most market reports are tracking declining sales as the hottest real estate year in nearly decade cools down with the onset of the fall and winter months. But none sank as quickly or as far as NAR’s October Pending Home Sales report.
The Conference Board Consumer Confidence Index , which had decreased sharply in October, declined again in November. down to 72.0 from 72.6. The Expectations Index declined to 69.3 from 72.2 last month, which could have serious ramifications for housing demand if the slide continues into the new year.
Institutional investor purchases in October were lower than a year ago and represented only 6.8 percent of all home sales in October, a sharp drop from a revised 12.1 percent in September and down from 9.7 percent in October 2012.
Despite a seasonal slowdown in activity, the housing market continued to post some interesting metrics in October, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
A significantly smaller percentage of purchase mortgage applications have been approved since the height of the home buying season last July despite lending industry claims that lending standards have loosened. Time to close and median FICO scores are only marginally improved.
The Villages in Sumter County, Fla.; Sugar Land, Texas; Statesboro, Ga.; and Hays County and Austin, Texas have a number of things in common-especially their position atop the latest list of places homebuyers would love to live.
A majority of the nation’s largest markets, 53 percent,have now recovered more than half of the equity that they lost during the Great Recession, according to the latest Rebound Report from Homes.inc.
Freddie Mac Tuesday forecasted economic growth in the 2.5 to 3.0 percent range in 2014, more than 0.5 percentage points better than is projected for 2013 with the unemployment rate falling below 7 percent, perhaps by mid-2014.
October witnessed solid price increases, steady inventory and strong demand continuing well into the fall, according to Realtor.com’s data.
No matter what neighborhood you reside in, Boston is an expensive city. With so many awesome things to offer, it makes sense that this city is one of the most expensive in the country to live in. Median rent in Boston in 2012 was $1,881 according to a Boston.com article. Finding affordable housing in Boston can be tough, but it’s far from impossible.
The number of homes listed for sale today is lower than it’s been in a decade. Home buyers are scouring Web sites for property listings and when they find a home they like, they often find themselves in an expensive, stressful bidding war. What they don’t know is that they’re not seeing as many as 15 to 20 percent of the homes for sale in their markets.
Perhaps the greatest advantage of a short sale to beleaguered homeowner facing default and foreclosure is the opportunity to move on with life and put the bad debt behind them as quickly as possible. That advantage is shrinking as short sales take longer to sell than foreclosures.
Obama’s budget could provide tax relief to investors from overseas who want to invest in American real estate. Obama has long discussed the need for investment in infrastructure from both the public and private sector, and he believes that inflows from overseas could bring in some of the capital he would like to see.
How real estate has changed in just a few months! For six years, real estate professionals have struggled to get buyers back into the market with advertising campaigns, incentives, and the willingness to suffer social abuse for proclaiming the housing depression to be a great time to buy a home.
Last month the New Republic published a provocative article on hedge funds and real estate investing (<a href="http://www.newrepublic.com/article/112395/wall-street-hedge-funds-buy-rental-properties">Your New Landlord Works on Wall Street</a>) by former TV producer David Dayen. He said out loud what many people have been whispering.