US Property Inventories Improve Author: Property Wire
Zillow reports that residential property inventories are improving in many of the 99 metro areas it surveys and have seen a 5.3% overall increase from January to June. Some 30 metros experienced significant inventory improvement, the biggest of which occurred in Phoenix, San Diego and Minneapolis. Some areas are getting worse, however, and the hardest hit among them are Las Vegas, Chicago and Washington, D.C. Experts note that tight inventory has played a role in boosting home prices during the recovery and the new homes coming on to the market are expect to slow price growth moving forward. For more on this continue reading the following article from Property Wire.
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Banks Boost Foreclosures Author: Shanthi Bharatwaj
RealtyTrac reported a small spike in foreclosures in May, but analysts say it will not amount to a detrimental impact on the recovery or on price growth. Experts believe the 2% jump was caused by an increase in bank foreclosure filings. Many banks have attempted to avoid the foreclosure process by executing short sales and allowing loan modifications, but there remain many delinquent loans that will not be solved by those remedies. Market observers believe random spikes in foreclosures will continue to occur as the banking industry adjusts to new regulations and attempts to find the most profitable way to handle the delinquent properties they continue to carry on their books. For more on this continue reading the following article from TheStreet.
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Many Underwater Homeowners Now Buoyed Author: Shanthi Bharatwaj
The U.S. housing market recovery is helping to bring more underwater borrowers up for air as their home values improve. The latest study from CoreLogic shows that some 850,000 homeowners have shifted out of negative equity on their home loans since the beginning of 2013, although nearly 20% of mortgage holders still owe more on their homes than what they’re currently worth. Experts believe the shift will result in fewer people defaulting on their mortgages as well as more people putting their homes on the market, both of which are expected to help further fuel the recovery. For more on this continue reading the following article from TheStreet.
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Higher Interest Rates Spook Buyers Author: Shanthi Bharatwaj
Analysts at Bank of America Merrill Lynch believe the recent jump in home mortgage interest rates will put the brakes on some homebuyers’ plans, but will not create enough backlash to slow the momentum of the wider housing recovery. Rates on many types of mortgages, including the popular 30-year fixed-rate mortgage, jumped to over 4% in recent weeks and the higher rate combined with rising home prices will mean a significant difference in monthly payments for many people. Experts estimate the home affordability index may slip back to 2011 levels if the higher interest rates persist. For more on this continue reading the following article from TheStreet.
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Reports Show No Phoenix Housing Bubble Author: Shanthi Bharatwaj
The U.S. housing market’s ever-increasing strength and momentum has many real estate experts worried that bubbles may start forming in areas that are performing particularly well, but one report from Arizona State University claims that, at least in the Phoenix’s case, the worries are overblown. Analysts say home prices are unlikely to drop in the Phoenix area and instead will probably continue to rise for some time to come because demand is now outstripping supply. The area’s population is now growing faster than available home inventory, largely because many people still can’t afford to sell and construction has not caught up with the recovery. For more on this continue reading the following article from TheStreet.
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Fannie Mae Prefers Individual Homebuyers Author: Shanthi Bharatwaj
Fannie Mae, a government-sponsored entity (GSE) responsible for buying up a large swath of foreclosed homes in the U.S., has announced its preference for selling distressed homes to individual buyers as opposed to institutional investors. The reason is far from altruistic however; Fannie Mae reps say individual buyers pay higher prices because they want the home for the long haul rather than as a quick way to turn a buck. The GSE ensures small-time buyers get first dibs through its “First Look” program, and sells about 60% of its inventory to owner-occupants in the process. For more on this continue reading the following article from TheStreet.
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Mortgage Rates Increasing Author: Brian O'Connell
Most experts believed the time would come when “historically low interest rates” would fade into history themselves and new studies show that the time may have arrived. The BankingMyWay.com Weekly Mortgage Tracker is measuring increases in several types of mortgages, including the popular 30-year fixed mortgage, although no one can say whether the trend is around to stay. Analysts believe the primary reason for the increase is the improving economy, but may also be because the Federal Reserve has begun to lessen its support of the U.S. housing market. For more on this continue reading the following article from TheStreet.
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Top 15 US Cities To Score Real Estate Deals Author: Shanthi Bharatwaj
Things are heating up in the U.S. property market as the recovery takes hold in more and more of the country. Less than a year ago it would be too early to talk about the best bargains, because everything was on sale, but now real estate research firms like RealtyTrac are back to compiling lists of the best cities for finding good deals, here defined as foreclosure fixer-uppers with room for equitable growth. For anyone looking for such a home, data show that Detroit is the best place to look followed by Chicago, Cleveland, Cincinnati and St. Louis. For more on this continue reading the following article from TheStreet.
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US Housing Market Recovery Marches On Author: Property Wire
Clear Capital reports that the U.S. real estate market is maturing and that continued growth can now be seen at the regional and national levels. Even so, metropolitan areas and many localities are still showing mixed results and some areas of the country are doing markedly better than others. While many areas like Las Vegas and Phoenix have made tremendous leaps in price growth, experts note it bears remembering that property values there are still far from pre-crisis peak levels. Analysts expect gains to level out in the short term as the market continues to right itself. For more on this continue reading the following article from Property Wire.
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South, Southwest Leading Real Estate Recovery Author: Brian O'Connell
The U.S. housing market recovery is touching parts of every region in the country, but none so much as the South and Southwest, according to recent data. The S&P/Case Shiller National Home Price Index shows a 10.2% gain in house prices between the first quarter of 2012 and 2013, and a great deal of that growth is being driven by the turnaround seen in regions and cities in Texas, Oklahoma and Arkansas. Some areas have even seen a complete pre-crisis recovery in value, and Florida and Las Vegas are projected to follow suit. On the down side, some in places like Rhode Island and Connecticut are not faring as well. For more on this continue reading the following article from TheStreet.
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