Top 5 Reasons people buy. Looking at both Financial and Non-Financial concerns. 73% believe now is a good time to buy.
Data on Homeownership from Gallup [INFOGRAPHIC]
May 6, 2013 By Leave a Comment
House Prices Are Back To Late 2003 Levels
May 1, 2013 By Leave a Comment
Case-Shiller housing report came in stronger than expected, with average home prices across 20 metropolitan areas rising 9.3% from last year. That’s better than the 9% gain that had been expected.
Housing has a way to go in the recovery.
With the current reading, house prices are now just back to Autumn 2003 levels.
HARP 2.0 more effective than previous version
April 30, 2013 By Leave a Comment
The Home Affordable Refinance Program (HARP) underwent some significant changes in 2012, evolving into HARP 2.0 and spurring a surge in refinances under the government-run program. Based on the Federal Housing Finance Agency’s (FHFA) 2012 report, HARP volume represented 22 percent of the total refinance volume in the fourth quarter. Additionally, 1,074,755 refinances were completed through HARP in 2012, bringing the total number of HARP refinances to over 2.1 million since the program’s inception.
So what specific changes attributed to the growth in HARP refinances? HARP 2.0 gives better access to borrowers who are at risk of losing their homes, particularly those who are severely underwater, reports Ilyce Glink of CBS MoneyWatch. Meg Burns, senior associate director for housing and regulatory policy for the FHFA, wrote in an email that “removing the 125 percent loan-to-value ceiling, waiving certain representations and warranties for lenders, eliminating the need for a new property appraisal and eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages has proven successful.”
According to CBS MoneyWatch, HARP 2.0 appeals to more lenders in part because the program does not hold the new originator responsible for anything that occurred with the first loan. “The limited success of HARP 1.0 can be attributed to a lack of lenders that embraced the program,” said Spencer Llewellyn, executive director of Loans 101, a company that provides data to the public about the mortgage industry.
As a result of the revamp, the market has seen a 600 percent annual increase in the number of underwater homeowners who received HARP loans.To find out what HARP 2.0 can do for you, check outwww.makinghomeaffordable.gov.
From House Hunter to Homeowner
April 30, 2013 By Leave a Comment
It’s true that buying your first home can seem like an overwhelming process, but you can help make your journey from house hunter to homeowner a little easier by having the proper documents in order. Take a walk through this first time home buyer flowchart that can help answer questions about the kind of documents you need to have prepared before you apply for a mortgage.
Pending Home Sales Index Up 7% Over 2012
April 29, 2013 By Leave a Comment
Pending home sales increased in March and remain above year-ago levels. However, contract activity in recent months shows only modest movement, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.5 percent in March, over a downwardly revised figure in February. The index is 7 percent above year-ago numbers, reflecting the fact that pending sales have been above year-ago levels for the past 23 months.
“Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply. Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses,” says Lawrence Yun, NAR chief economist. “Job additions and rising household wealth will continue to support housing demand.”
In the Northeast, the index was unchanged in March, but is 6.3 percent higher than in March 2012. In the Midwest the index increased 0.3 percent, 13.7 percent above a year ago. Pending home sales in the South rose 2.7 percent, which is 10.4 percent higher than March 2012. In the West the index increased 1.5 percent, but is 4.3 percent below a year ago.
HOME BUYING: You VS. Your Parents
April 16, 2013 By Leave a Comment
I often hear from young adults today that they are finding it difficult to establish themselves in the housing market. Owning your own home is a central part of the American dream, and a pretty important milestone in any person’s life, so it’s bad news if young people today are having a tougher go at it than we did. But are they really?
I decided to dig up the statistics all the way back to 1979 to find out how affordable a home has been for the average American over that time period, based on median home price, median family income, interest rates, debt levels, and more. The results were both surprising and complicated, so I decided to present them in infographic form to make it easier for my readers to make sense of all the data I looked at.
Whether you’re a young professional eager to buy your first home, a parent who’s about to send their first child off to a college, or a real estate professional trying to make sense of current trends, pay close attention because it’s time to take an honest look at how the average family has fared over the past three decades.
source: www.alohatony.com
Maximize your home mortgage deductions
April 15, 2013 By Leave a Comment
Use your mortgage deduction for a maximum tax refund. Watch this H&R Block tutorial for more info.
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3 Reasons to Sell Your House Today! (Part I)
April 8, 2013 By Leave a Comment
by THE KCM CREW
This week, we are going to look at three reasons to sell your house now instead of waiting: demand is strong, supply is low and new construction will soon be your competition. – The KCM Crew
Part I – Demand for Real Estate is Much Stronger This Year
When selling anything, owners can only hope there is a strong demand for that which they are selling. The great news for today’s home sellers is that the current housing market is experiencing a stronger demand than we have seen in some time.
The spring housing market of 2013 is projected to be one of the best in years.
Home Sales
The National Association of Realtors(NAR) reports monthly on both pending sales (houses going into contract) andexisting home sales (actual closed sales).
In the first quarter of 2013, pending sales have consistently outperformed the numbers reported in 2012. Contract activity has been above year-ago levels for the past 22 months. Before this year, the last time the index showed a higher reading was in April 2010, shortly before the deadline for the home buyer tax credit.
NAR also revealed that closed home sales have been above year-ago levels for 20 consecutive months and sales are at the highest level since the tax credit period of 2009-2010.
Impact on Sellers
This increase in demand has created bidding wars for properly priced homes across the country. This has resulted in two favorable changes for home sellers:
- They are receiving offers closer to (if not greater than) the list price.
- The average days it takes to sell a home has dropped by over 20% from last year.
If you are thinking about selling your home, don’t miss out on the strong demand that exists in the current spring market.
Tomorrow, we will look at the supply of housing inventory that is available.