Thursday, July 31, 2014

Critics Wrong about Housing It’s Going to Soar

Critics Wrong about Housing It’s Going to Soar
2015 will see notable price appreciation: The housing market is going to surge in 2015, despite the bearish predictions from many critics in the housing industry recently, according to 
report to be released. With so many fists beating on the housing-is-facing-ruin doorAltos Research is set to release data that claims all that pounding is in vain. Clients will begin receiving a report Wednesday afternoon, but HousingWire was able to get a sneak peek, and the results say that housing recovery critics are wrong about housing. "Home prices across the U.S. are poised for a fifth consecutive year of recovery." The market is still faced with low inventory and demand, buoyed by an expanding economy, which, among other factors, remains healthy, According to Altos, it's going to soar in 2015.

Wednesday, July 30, 2014

Provo/Salt Lake Make Best Cities for Career Growth

Provo/Salt Lake Make Best Cities for Career Growth
Forbes analyzed metros to compile a list of the best and worst business climates for its 16th annual look at the Best Places for Business and Careers.  Provo, Utah, ranks third overall this year and leads a trio of Utah places near the top with Salt Lake City at No. 8 and Ogden ranked No. 11. Brigham Young University brings a stabilizing presence to the $19 billion Provo economy. Job growth for Provo was tops in the country last year, and it ranks seventh best over the past five years, Learn more about Utah Career Growth.

Tuesday, July 29, 2014

Increase in FHA Fees Challenges Housing Market

Increase in FHA Fees Challenges Housing Market
Federal Housing Administration’s rate increases in mortgage insurance have caused buyers to walk away and transactions to fall through, according to the National Association of REALTORS®. "Higher fees at the FHA have had an impact on affordability," writes Ken Fears, NAR director of regional economics and housing finance. "While some buyers were able to shift to other more affordable programs, many consumers were shut out of the market for ownership."  NAR recommends that the FHA reduce high annual mortgage insurance premiums and eliminate the insurance requirement for the life of the loan, On a positive note See Why the Second Half of 2014 Will Be Better Than the First, read more.

Monday, July 28, 2014

Residential Recycled Buildings 'Enjoy New Life'

Residential Recycled Buildings 'Enjoy New Life'

Making the Old New Again: Architectural styles that have 




withstood the test of time continue to appeal to buyers, as they discover that a piece of history can add some extra charm to even a newer home. The idea is to 'recycle' old, defunct property and offer buyers something beyond a cookie-cutter house. See
some ways the 'new' is borrowing from the 'old' in home design today.

Saturday, July 26, 2014

Do They Impact a Property’s Desirability?

Do They Impact a Property’s Desirability?
Cell Towers, Antennas Problematic for BuyersAn overwhelming 94 percent of home buyers and renters surveyed by the National Institute for Science, Law & Public Policy say they are less interested and would pay less for a property located near a cell tower or antenna.  'The Impact of Cell Phone Towers on House Prices in Residential Neighborhoods,' which was published in The Appraisal Journal in 2006, found that buyers would pay as much as 20 percent less for a property near a cell tower or antenna. Read What's more, of the 1,000 survey respondents.

Friday, July 25, 2014

Utah Best Purchase Market for Millennial Homebuyer

Utah Best Purchase Market for Millennial Homebuyer
While first-time home buyers’ presence in the housing market has been subdued in recent years, some metro areas are poised to soon see an increase in home buying from the millennial generation. "Limited job prospects, student debt, and flat wage growth have combined with tight credit conditions and low inventory to price millennials out of some of the top cities such as New York and San Francisco." "However, NAR research finds that there are other metro areas millennials are moving to where job growth is strong and home ownership is more attainable. 

Thursday, July 24, 2014

Real Reason for an Inventory Shortage?

Real Reason for an Inventory Shortage?
Un-advertised listings distort housing inventory: The number of homes listed for sale nationally is finally beginning to rise, but ask anyone looking to buy a home and the majority will complain there is nothing out there. While the number of homes for sale nationwide is showing signs of inching up, inventories still remain constrained in many housing markets across the country. Could "pocket listings" - for-sale properties that aren't marketed widely or postedon the MLS - be the real culprit?  This usually happens when the market is very tight, and buyers are willing to make larger offers up front to negate the risk of a bidding war, Read more

Wednesday, July 23, 2014

Threat to Quit FHA Seen as Pressure Move on Rules

Threat to Quit FHA Seen as Pressure Move on Rules
JPMorgan Chase & Co., one of the nation's largest mortgage lenders, is threatening to stop originating mortgages insured by the Federal Housing Administration.
The bank's CEO, is asking FHA to issue clearer rules of when the government will hand down such penalties. Without such rules in place, JPMorgan would consider getting out of the FHA mortgage originating business altogether. Without getting that balance back into play, we're going to be continuing to face an overly tight credit market,' Read more.

Tuesday, July 22, 2014

Home Sales are Catching Up to 2013's Highs

Home Sales are Catching Up to 2013's Highs
Even though the first half of 2014 didn't live up to the hope and hype,
 industry insiders are still calling for better days in the housing market for the rest of this year. On Friday, released its latest market summary, which sees the combination of sales, prices, foot traffic, and inventory as positive signs heading into the fall. Though it won’t be a seamless transition, we believe the housing market is positioning itself for a stronger finish in the second half of the year. SeeToday's Median Sale Prices

Monday, July 21, 2014

Housing Starts Sink to Slowest in 9 Months

Housing Starts Sink to Slowest in 9 Months
Dip in Housing Starts: Blame It On the South: Housing production fell 9.3 percent nationwide in June, with indications that the South is the main culprit.Housing starts dropped sharply — by nearly 30 percent — in the South, pushing overall nationwide housing production down. Other regions posted gains in June. But Sixty-seven percent of consumers say they're planning a home renovation within the next  six monthsaccording to the Home Improvement Survey of more than 1,500 home owners. They're planning to spend more money on their renovations than last year, the survey found. By considering these kinds of homes, buyers open themselves up to more affordable options and the ability to renovate their homes to fit their specific needs and tastes. See what they are Renovating

Wednesday, July 16, 2014

Rates May Rise Sooner Than Expected

Rates May Rise Sooner Than Expected
Federal Reserve Chairwoman Janet Yellen said that the Fed may need to raise interest rates sooner than expected, but it all will hinge on the labor market. “While this sector has recovered notably from its earlier trough, housing activity leveled off in the wake of last year's increase in mortgage rates, and readings this year have, overall, continued to be disappointing. The recent flattening out in housing activity could prove more protracted than currently expected rather than resuming its earlier pace of recovery. Monetary Policy Report and made the case that while the economy has seen improvement the economic recovery is still too fragile to deviate from the present course, read more.

Tuesday, July 15, 2014

Homeowner May Decide to keep their Home-Rent it

Homeowner May Decide to keep their Home-Rent it
As such, many home owners may be more inclined to stay put, unwilling to swap out a low mortgage rate for a new mortgage that could carry a rate up to one percentage point higher or more in the coming months. Those who can't stay put may decide to keep their home and rent it out. In any case, the number of homes for-sale could continue to be low and contribute to slower home sales, housing analysts note. Low Interest rates could slow the 'Selling Activity': Low Rates Aren't Always Good for Housing, Mortgage rates are near historic lows, which is great news for home owners and buyers. They got the deal of the century, 'I don't think in 100 years anyone will be lending money at 3.5 percent. How do you walk away from a deal like that?

Monday, July 14, 2014

Mortgage Rates Post Slight Bump Up

Mortgage Rates Post Slight Bump Up
Mortgage rates this week ticked up only slightly, Freddie Mac reports in its weekly mortgage market survey. Still, mortgage rates remain below last year at this time. 
Mortgage rates increased for the week: Freddie Mac reports the following national averages with mortgage rates for the week ending July 10. 
  • 30-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.7 point, rising from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.51 percent.
 Here are 4 Reasons Why Buyers Should Be Happy: Home shoppers may find there’s good reason to breathe a sigh of relief this summer. They pointed to higher inventories, fewer bidding wars, and slowing home prices as welcoming signs for home buyers this year, read more.

Saturday, July 12, 2014

Foreign Buyers Up in U.S. Housing, Who's Coming?

Foreign Buyers Up in U.S. Housing, Who's Coming?

Friday, July 11, 2014

Tiny Houses Offer Potential Sparking Big Movement

Tiny Houses Offer Potential Sparking Big Movement
A 164-square-foot home may sound like a squeeze to most Americans, but to some home buyers, it may very well be the perfect fit. "Dramatic downsizing is gaining interest among Americans, gauging by increased sales of plans and ready-made homes and growing audiences for websites related to the (tiny home) niche. National interest in the search term "tiny house" has been soaring since May, according to Google trends. A+E Networks Corp. started airing "Tiny House Nation" this week, a series that highlights the growing small-home movement. Tiny House: Women Build 11,000 Dream Home in just 195 Square Feet, read more.

Thursday, July 10, 2014

Housing Recovery Downshifts From Last Year's Pace

Housing Recovery Downshifts From Last Year's Pace
As the Market Changes it Challenges Home Buyers, Sellers, the latest survey of real estate agents by national brokerage finds homebuyers and sellers are having trouble getting on the same page with each other and with the new shape of the market. Cautioning Sellers against overpricing homes in May, especially as shoppers regain leverage in the market. While slowly improving inventory levels may still push some buyers into more aggressive offers. 'The demand side of real estate is moving from 'please take my offer' to 'take it or leave it as you please.''  Read more.

Wednesday, July 9, 2014

States Experiencing Declines Greater than 50 %

States Experiencing Declines Greater than 50 %
Utah, Arizona, Nebraska and Minnesota experiencing declines greater than 50 percent 
Foreclosure inventory. Thirty-eight states showed declines in year-over-year foreclosure inventory of greater than 30 percent. Foreclosure inventory overall registered its 31st month of consecutive year-over-year declines.  The report stressed that the battle to return to normal levels of foreclosure inventory is far from over and that there is still much more hard work to do to clear the backlog of foreclosed properties. The Ability to Pay Rule took effect in January of 2014, read more

Tuesday, July 8, 2014

More Markets See Price Increases

More Markets See Price Increases

Monday, July 7, 2014

Best Single Family Rental Markets

Best Single Family Rental Markets
Best Markets for Renting to Boomers and Millennials:  As rental prices continue to rise, investors are still hunting for the best buys for single-family rentals. RealtyTrac found the top markets for buying residential property to use as rentals by factoring in unemployment rates as well as annual gross rental yields. Home prices have increased at a faster pace than fair market rents in most counties over the past year.See the top Seven Markets and learn more about the Housing Market

Saturday, July 5, 2014

'HAWK' Pilot Program for new homebuyers

'HAWK' Pilot Program for new homebuyers
FHA contends that HAWK will save the average buyer approximately $325 a year—or almost $9,800 over the life of their loan. The HAWK Pilot Program for new homebuyers provides FHA insurance pricing incentives to first-time homebuyers who participate in housing counseling that covers how to evaluate housing affordability and mortgage alternatives, financial advice, and the rights and responsibilities of home ownershipUnder the program, first-time homebuyers who participate in the pilot program will benefit at closing from a 50 basis points reduction in the upfront mortgage insurance premium and a 10 basis points reduction in the annual premium. Read more and See Holiday Weekend Mortgage Rates,

Thursday, July 3, 2014

Renters Feel the Pinch

Renters Feel the Pinch
As Landlords Raise Rents Again: Apartment landlords continued to push through hefty rent hikes in the second quarter, squeezing U.S. households that already are struggling financially after four years of steady increases. The average monthly rent for an apartment increased in the most recent quarter to $1,099, up 0.8 percent from the first quarter of this year and up 3.4 percent year over year, according to a real estate research firm. It marked the 18th consecutive quarter for rent rises at a time when income growth has mostly been stagnant. Some relief may be in sight for renters soon, read more.

Wednesday, July 2, 2014

Credit Scores May Soon Reflect Rental Payment

Credit Scores May Soon Reflect Rental Payment
Renters who have never been late with a rent payment will find that their stellar record wont do anything to lift their credit scores when it comes time to shop for a mortgage. But that may soon change: Two of the main credit reporting agencies, Experian and TransUnion, reportedly are starting to incorporate verified rental payment data into credit files and using it to compute the consumers' credit scores when they apply for a mortgage. Anybody buying a first home quickly learns how important credit scores are to mortgage lenders. See Why? Landlord, phone and cable companies, and many other creditors don’t report your payments.

Tuesday, July 1, 2014

Homebuyers Can Breathe a Sigh of Relief

Homebuyers Can Breathe a Sigh of Relief

There’s been a dramatic change in the housing market lately, and it’s almost all good news for home buyers. As we head into summer, here are a few thoughts to consider, home shoppers may find there’s good reason. They pointed to higher inventories, fewer bidding wars, and slowing home prices as welcoming signs for home buyers this year. 

Home buyers this summer are finding: More options: Inventories of existing-homes are 6 percent higher than year-ago levels, read more.