Real Estate Updates

Where Foreclosures Are Still the Biggest Problem

September 4, 2012 By EmmanuelFonte Leave a Comment

The states with the highest percentages of foreclosures are seeing a drop, but distressed sales still remain high. Georgia and Nevada had the biggest bulk of foreclosure sales in the second quarter, RealtyTrac reports.

The greater Seattle area, while having some inventory sold at auction, the percentage of the volume relative to new construction and resale, is relatively small.

The states with the highest percentage of foreclosure sales in the second quarter — in which foreclosure-related sales account for at least one in five sales — were:

Georgia: 43 percent of all residential sales
Nevada: 43 percent
California: 40 percent
Michigan: 35 percent
Arizona: 33 percent
Illinois: 27 percent
New Hampshire: 24 percent
Colorado: 22 percent
Wisconsin: 22 percent
Minnesota: 22 percent
Oregon: 21 percent
Florida: 21 percent

When broken down by city, California metros occupied seven of the top 10 spots for the highest percentage of foreclosure-related sales. Modesto, Calif., had the highest percentage of any metro area in the country, with 57 percent of all residential sales being foreclosures. Other California metro areas with a high percentage of foreclosure sales included: Stockton (54 percent); Riverside-San Bernardino-Ontario (47 percent), Bakersfield (46 percent), Sacramento (45 percent), Fresno (44 percent), and Oxnard-Thousand Oaks-Ventura (39 percent).

Source: RealtyTrac

Filed Under: Blog, Economy, real estate financing, Real Estate Investment, Real Estate Updates

Buyers Worried They’re Losing Bargaining Power

August 30, 2012 By EmmanuelFonte Leave a Comment

While home buyers have been holding a lot of bargaining power in the housing market the last few years, more of them say they are now feeling the market shift against them, according to a new survey.

Seven in 10 home buyers say they’ve faced competition on a home for at least one offer, according to a recent survey of 982 buyers in 19 markets conducted by Redfin. Of those surveyed, 46 percent say now is a good time to purchase a home — that’s down from 56 percent in the first quarter. On the other hand, the number of those who are saying it’s a good time to sell grew by 13 percent in that period. Thirty-two percent now say it’s a good time to sell.

“Many buyers who emerged from hibernation this spring eager to take advantage of low rates and near-bottom prices now seem to have become demoralized by the intense competition for a limited selection of homes for sale,” Redfin said in a public statement about the survey results.

Home buyers may feel more urgency too. The survey found the number of buyers expecting home prices to rise drastically grew — 61 percent say prices will rise compared to 32 percent during the first quarter. However, they are reluctant to get in a multiple-offer situation. Thirty-one percent of those surveyed said that if they faced a multiple-offer situation, they would back off.

Source: “Survey: Buyers Think Market Is Shifting Against Them,” Inman News

Filed Under: Blog, real estate financing, Real Estate Updates

State of the US Housing Market [Interactive]

August 29, 2012 By EmmanuelFonte Leave a Comment

Click to interact with the chart

Filed Under: Blog, Economy, Real Estate Updates Tagged With: housing market, State of the US Housing Market

Survey: Housing is Part of the American Dream

August 28, 2012 By EmmanuelFonte Leave a Comment

Americans are getting more optimistic about their financial future, and they believe housing still plays an important part in that, according to a poll of 1,000 to 2,000 people conducted by FTI Strategic Communications.

Sixty-two percent of Americans say they expect the economy to improve within the next year. What’s more, 73 percent of those surveyed say home ownership is part of achieving the American Dream.

According to the survey, Americans believe they increasingly hold their financial fate, with 60 percent saying that they can be comfortable financially by working hard and being savvy with their investing.

What’s more, 44 percent say they believe they’ve had more opportunities than their parents.

The survey found that the chief worries among the public is paying for health care, losing a job, and the high costs of education.

Source: “Consumer Corner: Americans Still Optimists,” Bloomberg Businessweek

Filed Under: Blog, Economy, real estate financing, Real Estate Updates Tagged With: american dream, home-ownership

Is Today The Day That Case-Shiller Finally Goes Positive?

August 28, 2012 By EmmanuelFonte Leave a Comment

The above chart shows the year-over-year change in the Case-Shiller House Price index — usually considered the gold standard of home price indices.

On a year over year basis, analysts expect it to come in down 0.05% when it comes out later today. Even a modest beat could see house prices rise on a year-over-year basis. Note that there was growth in early 2010, but that was only off the epic collapse of 2008-2009… house prices quickly resumed their fall that year.

CAVEAT: Here in “Seattle”, this report uses King, Snohomish and Pierce Counties to represent “Seattle”.

Filed Under: Blog, Economy, Real Estate Updates

Housing Market Shows ‘Sustainable’ Improvement

August 27, 2012 By EmmanuelFonte Leave a Comment

Home sales and prices are ticking up, despite a sluggish economy. In fact, the rebound has economists predicting that housing will likely add to economic growth this year for the first time in seven years.

Existing-home sales increased 2.3 percent in July and are up more than 10 percent compared to year-ago levels, the National Association of REALTORS® reported last week. What’s more, home prices soared 9.4 percent in July compared to last year at that time—to $187,300—marking the largest price gain in six-and-a-half years.

New-home sales also have been inching up, rising 3.6 percent in July and up more than 25 percent compared to last July, the Commerce Department recently reported.

The "evidence that the housing market is recovering…is fairly clear across a wide range of reports," John Ryding, an economist at RDQ Economics, told the Associated Press. "[Housing] is now becoming a small positive for the economic outlook."

Economists say the rebounds appear to be sustainable and will likely climb even higher, particularly with modest economic growth, future job gains, ultra low mortgage rates, and housing affordability hovering near record highs.

Source: “Rise in U.S. Home Sales Reflects Steady Improvement,” The Associated Press

Filed Under: Blog, Real Estate Updates

Housing Market Year-Over-Year [Infographic]

August 19, 2012 By EmmanuelFonte Leave a Comment

source

Filed Under: Blog, Economy, real estate financing, Real Estate Updates

Inventories Hover at Historic Lows

August 16, 2012 By EmmanuelFonte Leave a Comment

While buyer demand is picking up, many consumers increasingly are finding fewer choices in housing these days. The number of homes for sale continues to remain at record lows with the nationwide inventory of for-sale single-family homes, condos, townhomes, and co-ops is about 19 percent below inventory levels from a year ago, Realtor.com reports in its analysis of July housing data of 146 markets.

“Low inventories, combined with rising list prices and lower times on market, are positive signs that the overall market is in a stabilization mode,” Realtor.com reports.

Median asking prices were 2.63 percent above list prices in July, and the median age of the housing inventory has fallen about 9 percent in that time period, Realtor.com reports.

California cities have seen some of the largest drops in inventory levels in the past year, as well as some of the largest price increases.

13 Metros With Largest Inventory Drops

The following metro areas have seen the largest drops in inventories of for-sale homes in the past year (July 2012 compared to July 2011):

1. Oakland, Calif.: -59.30 percent

2. Fresno, Calif.: -47.81 percent

3. Bakersfield, Calif: -44.71 percent

4. Seattle-Bellevue-Everett, Wash.: -42.23 percent

5. San Jose, Calif.: -41.76 percent

6. San Francisco, Calif.: -40.26 percent

7. Stockton-Lodi, Calif.: -40.24 percent

8. Riverside-San Bernardino, Calif.: -40.03 percent

9. Atlanta, Ga.: -38.27 percent

10. Sacramento, Calif: -36.43 percent

11. Santa Barbara-Santa Maria-Lompoc, Calif.: -34.89 percent

12. San Diego, Calif.: -34.55 percent

13. Phoenix-Mesa, Ariz.: -34.37 percent

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Filed Under: Blog, Real Estate Updates Tagged With: real estate inventories Low. low Inventories

Home builder accommodates multi-generational living

August 15, 2012 By EmmanuelFonte Leave a Comment

Families are joining forces to cut down costs by living together, and builders are coming up with creative ways to accommodate their needs.

The rise of multi-generational living

Due primarily to the recession, families are joining forces and living together to save money on child care costs and grandparents care for the children, and college students are living at home rather than getting their own apartment, along with a host of other reasons. Many studies have revealed that this is becoming increasingly common, and builders have had the challenge to accommodate this living style by altering floorplans and adjusting their options. Builders and renovators can no longer simply assume two master suites will suffice, rather private entrances and the like need to be part of the package as if adding another house onto the same structure.

Lennar tackles the multi-generational puzzle

So what exactly does this house look like that has multiple generations living under one roof? How does a floor plan lay out when a graduate student is still living at home at age 23 or when your 81 year old mother has come to live with you because she’s alone, and she’s way too vibrant and healthy for a home?

Enter Lennar’s “NEXT GEN” home, the “home within a home,” which the builder calls a great solution for long-term guests, family members or anyone else who can utilize this innovative space. It’s a complete suite with bedroom, eat-in kitchenette and living room. It can be integrated into a home’s living space or kept as a private residence.”

Lennar is currently offering NEXT GEN homes in Arizona, California, Florida, Nevada, and South Carolina. Below is one of the available floorplans with the additional space highlighted in blue, which includes a private entrance, private garage, bedroom, bathroom, walk-in closet, kitchenette, living room, and even a private washer/dryer room. Also below is a sample elevation of the style of home offered:

Lennar claims to be the first, but will not be the last builder to embark upon multi-generational housing, as our nation becomes more practical and sheds some of the excess of decades past.

source

Filed Under: Architecture, Blog, Real Estate Updates Tagged With: multi-generational living