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Economists say Shortages, not Economic Growth, are Driving Home Prices

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  Tight inventories of homes for sale rather than economic factors, like rising income levels  or low interest rates, are driving higher than expected increases in home prices.  Yet recent low interest rates are not creating an unsustainable increase in home values, concluded the more than 100 housing economists and experts participating in the latest quarterly Zillow Home Price Expectations ... Read More »

Chinese Residential Purchases Soar

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Chinese nationals are the biggest foreign buyers of American homes, purchasing homes valued at $93 billion in the past five years, including $28.6 billion in 2015 alone according a new report released today by Asia Society and the Rosen Consulting Group. Chinese buyers spent at least $93 billion on residential real estate between 2010 and 2015. Spending rose at an ... Read More »

Redfin: Shortages are Killing Demand

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It’s no secret that chronicle inventory shortages are curtailing home sales.  Now Redfin reports evidence that buyers are getting the message and buyers are staying away. The Redfin Housing Demand Index fell 5.5 percent to 97 in February from a year earlier, marking the third consecutive month of year-over-year declines in demand. The drop in demand was a result of ... Read More »

How do Databases of Offenders Hurt Home Values?

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  It’s no secret that high levels of crime make neighborhoods less desirable, which negatively impacts home values.  For example, last year 10 percent of sellers said the primary reason they sold their home was that their neighborhood has become less desirable. With access to online databases of both criminal and sex offenders in recent years, buyers can easily check ... Read More »

Florida Prices Zoom as Markets Recover

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  Florida markets are dominating national price rankings this winter as demand remains strong for properties still priced far below their 2007 peaks. Florida and New York led gains among the states with 0.8 percent month-over-month appreciation I the Black Knight HPI December index and Florida accounted for every one of the top 10 best performing metro areas in December, ... Read More »

NAR Lowers Sales Forecast

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The National Association of Realtors has reduced its outlook for existing sales in 2016 from a 3 percent increase over 2015 (5.45 million sales) to an increase of only 1 to 2 percent (5.30 to 5.40 million sales). The new forecast, three months before the opening of the home sales season, amends an early one made at NAR’s annual meeting ... Read More »

“Know Before You Owe” Blamed for Sudden Sales Slump

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Existing-home sales dropped off considerably in November to the slowest pace in 19 months, but the National Association of Realtors said some of the decrease was likely due to the “Know before you owe” or the TILA-RESPA Integrated Disclosures rule (TRID), which took effect October 3. The rule requires lenders and service providers to provide binding estimates and final accounting ... Read More »

Luxury Dips While Mid-tier Zips

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Call it poetic justice.  While median home prices continue their upward climb, in the third quarter luxury prices stumbled and fell for the first time in over three years.  Redfin reported prices of luxury homes fell 2.2% on a yearly basis, while prices for the rest of the market rose 3.8 percent in the same period.  (Luxury homes are defined ... Read More »

Northeast, Midwest Markets Warm up as Year Winds Down

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Outside it may be cold and snowy with early storms, but housing prices are warning up in some of the most stunningly negative Midwestern and Northeastern markets, according to Clear Capital’s November market report. Regionally the West still leads the appreciation parade, with quarterly increases of 1.2 percent and annualized price growth at 7.5 percent.  But the Northeast and Midwest ... Read More »

October Sales Disappoint

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Home sales dropped 3.4 percent in October, surprising housing economists and raising concern about the strength of the recovery especially since mortgage rates remaining below 4 percent for the third straight month, existing According to Bloomberg, economists had forecast that existing sales dropped 2.7% in October at an annual rate of 5.40 million. Economists had noted that after a 4.7% ... Read More »

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