CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire foreclosure crisis.Dr. Frank Nothaft, Chief Economist for CoreLogic, had this to say,“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the … [Read more...]
What Are the Experts Saying about Mortgage Rates?
Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is what the experts are saying:Laurie Goodman, Co-director of the Urban Institute’s Housing Finance Policy Center:“In 1984, 1994, 2000, and 2013, every time we have rate increases, we have increases in nominal home prices. We expect this to be more pronounced, as there is a big demand-and-supply gap at the present … [Read more...]
Which Homes Have Appreciated the Most?
Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year.The CoreLogic report broke down appreciation even further into four different price categories:Lower Priced Homes: priced at 75% or less of the medianLow-to-Middle Priced … [Read more...]
A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture
The inventory of existing homes for sale in today’s market was recently reported to be at a 3.6-month supply according to the National Association of Realtors latest Existing Home Sales Report. Inventory is now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops.Historically, inventory must reach a 6-month supply for a normal market where home prices appreciate with inflation. Anything less than a 6-month supply is a sellers’ market, where the demand for … [Read more...]
Spring Forward: The Difference An Hour Makes [INFOGRAPHIC]
Some Highlights:Don’t forget to set your clocks forward this Sunday, March 12th at 2:00 AM EST in observance of Daylight Savings Time.Unless of course, you are a resident of Arizona or Hawaii!Every hour in the United States: 649 homes are sold, 177 homes regain equity (meaning they are no longer underwater on their mortgage), and the median home price rises $1.86! … [Read more...]
Thinking of Selling? Do it TODAY!!
That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said:“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have … [Read more...]
How Long Do Most Families Stay in Their Home?
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.Why the dramatic increase?The reasons for this change are plentiful!The fall in home prices during the housing crisis … [Read more...]
Existing Home Sales Reach Highest Mark Since 2007 [INFOGRAPHIC]
Highlights:Sales of existing homes reached the highest pace in a decade at a seasonally adjusted annual rate of 5.69 million.January marked the 59th consecutive month of year-over-year price gains as the median home price rose 7.1% to $228,900.NAR’s Chief Economist, Lawrence Yun had this to say, “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home." … [Read more...]
Buyers Are Searching For Your House
The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the … [Read more...]
Lack of Homes for Sale Slowing Down the Housing Market
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping … [Read more...]
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