Wednesday, April 30, 2014

In most of America Buying beats Renting

In most of America Buying beats Renting
Study shows half US metros have 2 year break even horizon: We already know that buying a home is cheaper than renting in most major metros, but now comes evidence that buying a home is a better financial decision than renting for home buyers who plan to stay in their home for at least two years in half of all U.S. markets.The first quarter break even horizon analysis shows that among the 35 largest metro areas analyzed, more than half have a break even point of less than two years. Rents keep rising, and mortgage interest rates remain very low. Many renters may ask themselves why renew a lease, when you can break even on the same home in less time in many areas, see more.

Tuesday, April 29, 2014

'Salt Lake County' HOME SALES DOWN, PRICES RISE

'Salt Lake County' HOME SALES DOWN, PRICES RISE
RE-RECESSION LEVEL: Sales of single-family homes in Salt Lake County fell 4 percent in the first quarter, the first time home sales showed a quarterly decline in five years (first quarter year-over-year). In the January through March period, 2,158 single-family homes were sold by Realtors®. Single-family home sales in Salt Lake County in 2013 were the best on record in seven years. More than 11,700 homes were sold during the year, a 6 percent increase over sales in 2012. New listings increased to 5,247 homes in the first quarter, up 16%. Home sales fell in a number of cities, see which.

Monday, April 28, 2014

Why Aren’t There More Homes For Sale?

Why Aren’t There More Homes For Sale?

Thursday, April 24, 2014

Homeowners Have an Edge on Renters

Homeowners Have an Edge on Renters
Home buying has earned a bad rap in recent years: The subprime mortgage crisis and ensuing economic meltdown left many homeowners underwater, 
 unable to pay their mortgage and even facing foreclosure. Homeownership rates fell throughout the recession and got down to about 65 percent, compared with almost 70 percent before the recession, according to the Census Bureau. While record low interest rates helped entice home buyers, the bureau reports that the homeownership rate remains relatively low. If you're among those struggling to decide whether to buy versus rent, consider these reasons to take the plunge into homeownership:

Wednesday, April 23, 2014

Putting the Home in Home Delivery

Putting the Home in Home Delivery

Tuesday, April 22, 2014

Healthier Market in Spring

Healthier Market in Spring
Following weak home sales from extreme winter weather,
Tulip Festival at Thanksgiving Point - one of the best tulip festivals aroundMarch sales picked up 24.6 percent across the 52 metros measured. Realtor.com released its National Housing Trend Report, which cited year-over-year growth in inventory and days on the market as welcome signs for spring home buyers. The number of homes for sale rose 9.5 percent in March from a year earlier. Median list prices for homes rose as well, with the average price for a home jumping 5-point 3 percent to roughly $200,000Current inventory stands at a 4.1 month supply. A 6 month supply indicates a balanced market. Read more.

Monday, April 21, 2014

Young Residents Flock to City: Suburbia at Risk?

Young Residents Flock to City: Suburbia at Risk?
Some suburbs have seen the number of their younger residents shrink dramatically over the past few years, and they’re trying to figure out ways to lure young professionals back. The greatest population losses were in the “least diverse communities with the most expensive housing, which happen also to be those that have almost no affordable multifamily housing,” See more

Saturday, April 19, 2014

Mortgage Rates Continue to Drop

Mortgage Rates Continue to Drop
Average fixed mortgage rates declined for the second straight week, bringing them to a six-week low-and easing affordability conditions slightly as the homebuying season gets under way.
Per Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed rate mortgage (FRM) this week averaged a rate of 4.27 percent (0.7 point), down from 4.34 percent last week. A year ago, the 30-year FRM sat at 3.41 percent. At the same time, the 15-year FRM averaged 3.33 percent (0.6 point), down from an average 3.38 percent. All 5 national indices showed a decline for the second consecutive month. See more

Friday, April 18, 2014

Welcome signs for Spring Buyers

Welcome signs” for Spring Buyers
Realtor.com: Buying conditions improving as more homes come on the market. 
The number of homes for sale and the amount of time they'd typically been on the market both increased in March, "welcome signs” for spring buyers, realtor.com reported todayThe number of homes listed for sale on realtor.com rose 5.3 percent from February to March and 9.5 percent from a year ago, to 1.84 million. In addition to enjoying a wider selection of homes, buyers also now appear to have more breathing roomThe median age of inventory was up 22.9 percent from a year ago, to 102 days, down 10.5 percent from February. See more

Thursday, April 17, 2014

Lot Shortages Make Building Costs Higher

Lot Shortages Make Building Costs Higher
Builders Remain in a Holding Pattern, Expect Improvement'Builders waited so long to buy land that, when the recovery happened, it was very strong and they got caught short. The cost of land is nearly 22 percent of the final sales price of a new home, and 100 percent of that cost usually gets passed down to the buyer. 'The run-up in land prices has been huge. What someone paid for land last year may not even work today, read more.

Wednesday, April 16, 2014

Home Prices Press Down Affordability

Home Prices Press Down Affordability
Rising Home Prices:While housing affordability rose from January to February in some select markets, it's lower year-over-year as home prices continue to rise. The median single-family home price is $189,200, up 9 percent from year-ago levels. Mortgage rates have also been on the rise, up a full percentage point from year-ago levels read more.

Tuesday, April 15, 2014

Sell When You Need to, Don’t Chase the Market

Sell When You Need to, Don’t Chase the Market
SELLERS: How did you know you were sure you were ready to sell? 
When it comes to selling advice, the bottom line is: List when you need to. If you really need to sell your current home for a specific reason, don’t try and chase the market in either direction. Come to terms with the current market, and sell your home for its current fair-market value. And when you move on, be sure to buy a house you can afford, both now and in the future! Should you sell? 5 Crucial Considerations:

Monday, April 14, 2014

Fannie Mae Selling to Investors

Fannie Mae Selling to Investors
Backpedals on Homebuyers: Fannie Mae is selling more of its foreclosed properties to investors as prices rise, limiting homebuyers' access to cheap housing.
"The first-look program almost becomes moot because the homes are priced too high right out of the gate," said Buck. "By the time the property gets reduced to what it's worth, now you are past the first-look program and owner-occupants are competing with investors." While homebuyers retreat from this market, investors are buying a greater share of the housing from the government-owned mortgage giant to rent or flip, read more.

Saturday, April 12, 2014

FHA Program Gives Distressed Homeowners 2nd Chance

FHA Program Gives Distressed Homeowners 2nd Chance

Friday, April 11, 2014

Foreclosure Up In March

Foreclosure Up In March
A rise in foreclosure starts and auctions caused an increase in U.S. foreclosure activity in March, up 4 percent from the previous month according to the U.S. Foreclosure Market.
The company reported approximately 117,000 foreclosure filings for the month of March, down 23 percent from the previous year. Foreclosure starts increased by 7 percent, and foreclosure auctions increased by 6 percent, both on a month-over-month basis. Quarterly, foreclosure activity remains down to the lowest it has been since the second quarter of 2007. 'Now that the foreclosure deluge has dried up, banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time,' Read more

Thursday, April 10, 2014

So should you buy now? Or wait?

So should you buy now? Or wait?

Wednesday, April 9, 2014

FHA may bring back 'spot' condo loans

FHA may bring back 'spot' condo loans
Good News for Buyers, Lenders and condominium unit owners who’ve been frustrated by FHA’s prohibition of “spot loans” in developments that haven’t obtained certification: 
The agency is now seriously exploring how to relax its ban and bring them back. Spot loans are important for sellers whose condo associations’ boards of directors have chosen not to apply to FHA for approval of the entire development. Spot loans also are crucial for existing unit owners who want to obtain a reverse mortgage to tap their equity. Read more

Tuesday, April 8, 2014

Landlords are Projected to Increase Rents!

Landlords are Projected to Increase Rents!
Landlords are Pushing Up Rents Again: As apartment demand continues to rise, landlords are projected to increase their rents for the fifth consecutive year. A rise in apartment construction isn’t likely to offer relief to tenants anytime soon either, USA Today reports. Between 2000 and 2012, apartment rents have risen 6 percent. 'That's what we call the affordability gap,' says John Kobs, Apartment List's chief executive. 'I don't see that improving in the near future. The vacancy rate for apartments has dropped from 8 percent to 4.1 percent from 2009 to 2013. Read more.

Monday, April 7, 2014

Freddie: No More Record-Low Mortgage Rates

Freddie: No More Record-Low Mortgage Rates
While mortgage rates have been rising the last few months, they are still historically low compared to the trend over the Apartment Rental Couplelast four decades, Freddie Mac says in a blog postBut rates as low as they were in November 2012 -when the 30-year fixed-rate mortgage reached an all-time low of 3.31 percent - aren't likely to return any time soon, the mortgage giant says. Still, Freddie assures borrowers that the all-time record high of 18.63 percent reached in October 1981 isn't on the horizon either. (At 18.63 percent, monthly mortgage payments on a $200,000 loan would be $3,117, compared to $992 a month at today’s 4.32 percent average.) Mortgage Rates on the Rise:

Saturday, April 5, 2014

Shrinking Investment Buyers

Shrinking Investment Buyers

Friday, April 4, 2014

Foreclosure and Shadow Inventory Decline

Foreclosure and Shadow Inventory Decline 
In the month of February 43,000 foreclosures were completed, according to monthly National Foreclosure Report. Completed foreclosures decreased from January by 13.1 percent, as well as falling year over year by 15 percent. Foreclosure inventory also declined, posting a monthly decrease of 3.3 percent for a total of 752,000 homes in some stage of the foreclosure process. February's drop makes 28 consecutive months inventory has declined year-over-year basis. 30 year fixed-rate mortgage came up.

Thursday, April 3, 2014

Provo-Orem, Utah One of the Happiest Communities

Provo-Orem, Utah One of the Happiest Communities
Happy Living Survey Reveals 15 Happiest Cities: 
Downtown Provo includes the Utah Valley Convention Center, a thriving historic district and several attractions.Your home is the one place in the world where you should feel content, satisfied and happy. However, if you're feeling less than elated in your current situation, it might be time for a change of scenery. Which prompts the question: Where would you go? Are you in a happy place? In the "State of American Well-Being" report, the following cities came out on top for happiness.

Wednesday, April 2, 2014

Financial Benefits of Home Ownership

Financial Benefits of Home Ownership
The financial benefits of homeownership are evident year round, but particularly around tax time -they seem to jump off the page. 
Let's examine how homeownership makes "cents" -  from the tax benefits, to good old fashioned financial stability. Homeownership Builds Wealth Over Time: We were always taught growing up that owning a home is a financially savvy move. Our parents knew it, and their parents knew it. But this past decade of real estate turbulence has shaken everyone’s confidence in homeownership. That is why it's so important that we discuss this again now that we're in a ‘new market. You Build Equity Every Month

Tuesday, April 1, 2014

96% of Markets Better Off Than in 2010

96% of Markets Better Off Than in 2010