Tuesday , 25 July 2017

Home » Author Archives: Steve Cook

Author Archives: Steve Cook

For first time in 12 years, construction of smaller starter homes rises

For the first time since 2004, construction of the smaller, entry-level homes in demand by young, first-timer buyers increased last year. Census data released last month show that after years of stagnation, construction of smaller homes grew appreciably in 2016. New completions for homes under 1,800 square feet increased nearly 20 percent in 2016 to 163,000 units, the first significant ... Read More »

Tear-downs Rise 7.7 Percent

  Last year more that one out of ten new homes built in America was a tear-down, a 7.7 percent increase over 2015, according to the latest estimates from the National Association of Home Builders. Some 10.2 of all new home starts were tear-downs in 2016, which translates into an estimated 79,300 single-family tear-down starts—up significantly from the 55,200 in ... Read More »

Path to Homeownership or Road to Ruin?

In the 19th and early 20th Centuries, many African Americna and immigrant families became homeowners by a practice called “contract for deed,” which involved no mortgage.  Prevalent in the Deep South and urban neighborhoods, African Americans often were caught in the onerous contract for deed arrangements in Chicago in the 1950s through the 1970s. In the mid-20th century contracts for ... Read More »

Demand and Inventory Drought Drive Up Price Forecasts

Housing economists and experts are raising their price forecasts for the balance of the year as relentlessly low inventories and strong demand continue to drive prices up prices and crippled affordability, especially for entry-level buyers in more active markets. The 2017 Q2 Zillow Home Price Expectations Survey found that the more than 100 participants in its latest survey expect prices ... Read More »

Home Sweet Home is Still Sweet

Unable to afford to buy, unwilling to pay rising rents and underpaid compared to previous generations, more and Millennials are not only living with parent far into their twenties, they are also moving much less often than previous generations. Millennials – whether they are living with their parents or not – are moving significantly less often than earlier generations of young ... Read More »

Mortgage Fraud on the Rise as Buyers Scramble to Land Homes

  The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 3.9 percent in March 2017 as compared with the previous month. Firse American’s Defect Index for purchase transactions increased 2.4 percent compared to last month, and is up 3.6 percent compared to a year ago. “This month, the Loan Application Defect Index continued ... Read More »

Depleted Inventories Seen Cutting Home Sales This Year

The supply of homes for sale this spring is so depleted that one of the nation’s valuation firms predicts that the inventory drought will reduce total home sales this year as shortages drive up prices and buyers fail to find properties they can afford, according to the latest analysis from Pro Teck Valuation’s Home Value Forecast. “The lack of inventory ... Read More »

March Sales: New Listings Were Off to the Races

March buyers blew the roof off housing markets as they heeded warnings about the limited supplies of home for sale and found houses in record time.  National monthly market reports on March transactions chronicled surge of sales as the spring season kicked off and tens of thousands of new listings turned over in a matter of days. “We expected a ... Read More »

Diversity Seen as Key to Revive Homeownership

After two quarters of improvement, the national homeownership rate stayed at 63.6 percent in the first quarter—statistically the same level as the last quarter of 2016.  The Homeownership  Preservation Foundation has a formula for reviving the recovery: Continue to give hope to diverse homeowners. “By helping more diverse consumers become financially stable with financial coaching, from rural areas to small ... Read More »

Truth from Trulia: The Unrecovered Housing Economy

Donald Trump’s rise through the GOP primaries and a surprise victory in November unmasked a deep and widespread angst over the quality of nation’s economic recovery. While national numbers on job growth and income levels have looked encouraging to national journalists and Washington-centric politicians, from the perspective of corner cafes and assembly line floors in heartland states, the picture has ... Read More »

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