The latest report from the California Association of Realtors, shows that closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 420,100 units in January 2017. That is an impressive up of 2.1% from the 411,430 level in December 2016, and up 4.4% when compared with home sales in January last year of a revised 402,220.
California home sales start 2017 on a strong note
According to the CAR report, the median price of an existing, single-family detached California home fell 3.8% from a revised $508,870 in December to $489,580 in January. That also marked the first time in since March 2016 that California’s median sales price fell below half a million dollars. But as CAR’s report notes, the decline from December to January is smaller than normal, which indicates health… Read more at HousingWire
The index rate, plummeted a full month to 3 months in March from 4 months in February. And added to that perspective, the index stood at 3.6 months in March 2016. Meanwhile, the median price of an existing, single-family detached California home increased to more than $500,000 in March, rising to $517,020.
Despite adverse conditions, California home-buying season off to a good start
While low housing inventory and slow wage growth are par for the course in California, the state pushed past those roadblocks to record a strong start to the year, according to the California Association of Realtors’ latest report, which collects data from more than 90 local Realtor associations and MLSs statewide. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of… Read more at HousingWire
How NIMBYs drive up housing prices in California
Carson Bruno explains how NIMBYs are making California’s affordable housing crisis even worse by blocking much needed, high-density urban development projects… Watch here
When mortgage rates move a quarter percent in any direction, that is a big deal. But waiting in the background are fees for homeowners associations or HOA dues. It’s advised to never ever overlook them. HOA dues are an expense that can sink many loan applications and can create some personal financial isssues. This is very true for first-time home buyers and those with marginal finances.
Are HOA Dues Making Real Estate Unaffordable?
With HOAs, the situation is not so simple. Some 68 million people live in communities governed by homeowner associations, a form of community government created by developers as they build-out their projects. Designed to help manage anywhere from a few homes to thousands of properties, HOA dues and… Read more at The Mortgage Reports
A couple of hundred dollars in a transaction typically dealing with hundreds of thousands of dollars might not seem like a big deal. But for Stan Hrincevich, a resident of Highlands Ranch, the scenario is an injustice that bilks Colorado homeowners out of millions of dollars.
Highlands Ranch resident crusading against HOA transfer fees
You are about to sell your house in a local planned community. All the paperwork is ready. You notice a single line item charging you $350, labeled as a transfer fee for “unreimbursed expenses” incurred — usually by your homeowners association’s property management company — during the transfer of the home to a new owner. You don’t get a receipt and you cannot finalize sale of your home if you don’t pay it… Read more at The Denver Post
Credit Reporting HOA Dues “A Better Way”: How to Safely Credit Report HOA Dues.
Some firms offer to report HOA dues as a monthly trade line; which is how credit card payments are reported. So you’d have to report every homeowner, every month — whether they pay their dues on time, or not. Reporting every homeowner, every month, can be a great burden on your Board… Watch here
President-elect Donald Trump is making waves in the real estate market as his election affects not only the stock markets, which reached record highs late last week, but also caused mortgage rates to shoot up.
According to data provided by Zillow, the 30-year fixed mortgage interest rate spiked in the aftermath of Trump’s election, rising from 3.38% on Tuesday to 3.8% on Monday morning. So what does that mean for the real estate market in New York? At first, many buyers began canceling their views and delaying contracts, according to an article by Ronda Kaysen for The New York Times. As it turns out, it didn’t take long for this uneasiness to subside.
But even a few days can make a difference. By the end of the week, potential buyers were rescheduling appointments they had canceled on Wednesday, Mr. Kliegerman [president of Halstead Property Development Marketing] said. Others who had spent the summer cautiously eyeing apartments were finally signing contracts, relieved that the election was over. “The phone has been ringing a lot this week,” Mr. Debbas [partner at the boutique law firm Romer Debbas] said. “People are realizing that the world’s not ending.”
The number of homes in the market with negative equity fell to 10.9% of total homes in the third quarter of 2016, down from last year’s 13.4% and from 12.1% in the second quarter of 2016. Negative equity continues to go down as home valuation goes up.
Equity gap between top and bottom of housing market starts to narrow
The U.S. negative equity rate is the share of all homeowners with a mortgage that is underwater, owing more on their home than it is worth. When home values fall, as they did dramatically between mid-2007 and late 2011, negative equity rises. When home values rise, negative equity recedes. Home values at the low end of the market are rising much faster than those at the… Read more at HousingWire.com
A lot of governments as well as some private developers and non-profits offers options to give a helping hand to struggling first-time home buyers who’s about to get into the housing market. Below are some programs that can really help.
Finding help in this crazy housing market
the dream of owning a home while earning a modest income just keeps getting harder and harder to achieve. But various governments as well as some non-profits and some private developers offer options to help struggling first-time home buyers get into the market… Read more at MoneySense.ca
Homeowners got a step closer when it comes to estimating their home’s value.
In fact, they are now only 1% off from appraised values. Quicken Loans’ chief economist expressed his hope that with this information the only surprises this holiday season are the ones wrapped under the tree.
Homeowners nearly hit the mark on estimating home prices
Though this year had its ups and downs, the overall trend showed an increasing home price, according to Quicken’s National Home Value Index. “Home values pushed higher throughout 2016, largely driven by lack of supply in the hottest markets,” Walters said. “It’s yet to be seen if these increases will continue or… Read more at HousingWire
Several residents in Clarence Avenue South are cooling to plans to build a firehall across the street from their homes as they are worried that it will reduce their property valuation, creating a lot of traffic congestion and noise problems in the area.
Residents worried relocation of firehall will chill home values
Dustin Briere, whose family owns a house across from the Clarence site, said he’s concerned it will create problems for his family as traffic congestion is already a problem in the area. It’s one he’s worried will worsen with the addition of firehall traffic and restrictions. “We’re used to the traffic volumes and busses — the stuff that shakes the mirrors and all that — but now we’re going to… Read more at TheStarPhoenix.com
It’s starting to really pay off for homeowners who are choosing to stay in their houses and not move. With home prices steadily rising, homeowners are able to build more equity and become equity rich, meaning their home is worth more than 50% of what they owe.
The number of homeowners who are seriously underwater (have an LTV of 125 or higher) decreased from last year by 854,000 homeowners to more than 6 million this year. This represents 10.8% of all homeowners with a mortgage.
“Median home prices increased on a year-over-year basis for the 18th consecutive quarter in Q3 2016, and homeowners who sold in the third quarter had owned their home an average of 7.94 years — a new high in our data and substantially higher than the average homeownership tenure of 4.26 years pre-recession,” Blomquist said. “As homeowners stay in their homes longer before moving up, they are amassing more home equity wealth.”
Many homeowners are becoming equity rich because they’re staying in their homes longer, according to the Q3 2016 U.S. Home Equity and Underwater report from ATTOM Data Solutions, a fused property database. To be equity rich, homeowners must have a loan-to-value ratio of at least 50%