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Housing Markets

Take a Closer Look at the Spring Boomlet: It’s a Remarkable Start

Take a look

It’s official.  Early signs and forecasts of an extraordinary sales season are proving to be true.  NAR’s March existing home sales rocketed to their highest annual rate in 18 months. Total March sales increased 6.1 percent to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February—the highest annual rate since September 2013 (also 5.19 ... Read More »

Wanted for Creating the Boom: Too Much Credit, Not Collateral

crazy-criminal_gg60204188

  Surplus credit created by the widespread securitization of mortgages and loser lending standards is the primary factor responsible for the housing boom ten years ago, not a loosening of collateral requirements for mortgages that are associated with higher initial loan-to-value (LTV) ratios, multiple mortgages on the same property, and expansive home equity lines of credit, according to a new ... Read More »

Homeowners’ High Prices Spawn Low Appraisals

low appraisal

  Quicken Loans reports appraiser opinions of home values fell further below homeowner opinions in March, according to the lender’s national Home Price Perception Index (HPPI). On a national scale, appraiser opinions are 0.40 percent lower than homeowner estimates. Home values also declined in March. The national Home Value Index (HVI) showed home values dipped 0.56 percent according to the ... Read More »

Check on Credit: The Belt is Slowly Easing

fatman

The availability of mortgage credit slightly improved in March, but not enough to make life measureably easier for first-time buyers getting ready to file mortgage applications for the spring buying season. Mortgage credit availability increased in March, the Mortgage Bankers Association’s monthly Mortgage Credit Availability Index found. Based on data from Ellie Mae, it showed a 2.3% basis increase to ... Read More »

Buyers Bail Just as Spring Arrives

boy and dpg

With the arrival of the first robins, families’ thoughts turn to buying a new home. Except maybe not this year, according to a new consumer survey by Fannie Mae. Consumer attitudes toward housing appear to have stalled somewhat amid a recent dip in confidence regarding personal finances and income growth, according to Fannie Mae’s March 2015 National Housing Survey™. Among ... Read More »

Figuring Out Florida

florida

From the dawn of the housing crash in 2006, Florida’s real estate economy has stood out from the rest of the nation, sometimes acting as a bellwether of things to come, like the explosion of small investors and foreign investors who put a floor under plunging values in 2009 and 2010. At other times, Florida has been a throwback to ... Read More »

Bad Credit, Rising Rates Lock Out 7.1 Million Homeowners From Refinancing

locked out house

Black Knight found that in light of recent mortgage interest rate decreases, the population of potential refinance candidates has reached 7.1 million.  Rising interest rates and low credit scores are keeping them from refinancing. “Black Knight looked at the population of borrowers whose current interest rates – as well as credit scores and loan-to-value ratios – mark them as good candidates for ... Read More »

Distressed Discounts Dwindle, Sales Skew up and Median Price Rises

prices

The U.S. median home price in February increased 14 percent from a year ago but was flat from the previous month to $183,000.The median sales price of distressed homes — those in the foreclosure process or bank-owned — increased 13 percent from a year ago to $127,000, 33 percent below the median sales price of non-distressed properties, $190,000 according to ... Read More »

Rents go Stratospheric in First Quarter

blastoff

Annual effective rent growth for apartments was the highest it has been in 3-1/2 years in the first quarter of 2015, according to early release numbers from Axiometrics. Annual effective rent growth of 4.9% during the first quarter of 2015 represented a 21-basis-point (bps) increase over the 4.7% recorded in the fourth quarter of 2014. The figure is the highest since ... Read More »

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