Tuesday, December 31, 2013

As Mortgage Rates Climb, Home Sales Slip

As Mortgage Rates Climb, Home Sales Slip
Rising mortgage rates are biting into home sales. The Wall Street Journal reports that this will likely continue as interest rates readjust in the new year and as the Federal Reserve winds down its bond-buying stimulus program.
The relationship between rates and home sales is most evident so far with new homes: As interest rates have risen, demand for new homes has also fallen. Housing's Best Buys for 2014: Home prices and mortgage rates are on the rise, and some investors are retreating from the market. However, Forbes believes there are still plenty of housing deals left for home buyers in the new year, and with possibly less competition.

Monday, December 30, 2013

Where to Invest in Housing 2014 'Salt Lake City'

Where to Invest in Housing 2014 'Salt Lake City'
Best Buy Cities: Buying a home can be a great investment, as investors gobbling up properties over the last few years–when prices and mortgage rates were at the bottom–well know. Now, with homes prices and rates ticking steadily back up, investors are backing away from the market, leaving more room for the rest of us. Perhaps you fear you’ve missed the best time for buying housing. Prices were low last year, but there are still deals to be had. The good news is that less competition for housing and an overall less-crazed market than in 2013. Best Buy Cities–the top 20 housing markets to invest in for 2014. This makes them fairly low-risk investment opportunities for buyers who are smart and know not to overpay. Read more...

Saturday, December 28, 2013

Ring in the New Year at EVE, Salt Lake City's

Ring in the New Year at EVE, Salt Lake City's
Salt Lake City's three day celebration: Catch live music by beyond5 and Smallpools, DJs, performances, museums, and a Jazz game – nine downtown venues are included! Jump in bounce town and play in the ballroom at the Salt Palace. Don't miss fire dancers, a Native American PowWow and of course – fireworks! See What's in Store for #Housing in 2014. Watch video to see the events schedule....

Friday, December 27, 2013

Fannie, Freddie Fee Hikes Delayed for Review

Fannie, Freddie Fee Hikes Delayed for Review
The incoming director of the Federal Housing Finance Agency says that he will delay Fannie Mae and Freddie Mac's planned increases on mortgage fees until he has time to review the reasoning behind it.
Fannie Mae and Freddie Mac said earlier this month that they intend to charge more to lenders who guarantee loans for borrowers with mid-range-or-below credit scores, as well as borrowers who don't meet certain down payment guidelines. 
#Mortgage fees were set to take effect in March & April on #Home borrowers. Fannie Mae and Freddie Mac said earlier this month that they intend to charge more to lenders who guarantee loans for borrowers with mid-range-or-below credit scores, as well as borrowers who don't meet certain down payment guidelines. Watch our video to lean more.

Thursday, December 26, 2013

Equity Has Returned

Equity Has Returned
For Those Who Held On: Home prices surged 11.3 percent this year compared to 2012, the latest housing data shows. 
A rise in home prices has pulled more home owners out from underwater with the return of equity this year, NAR notes.
 
On NAR’s Economists’ Outlook blog, researchers explain that a borrower who bought a median-priced home in 2004 and held it for nine years – the average tenure in a home – would now have $28,114 in equity (includes combined price appreciation and paying down mortgage principle). read more at Affordable Utah Housing...

Tuesday, December 24, 2013

“How Will Housing Recovery Fare In 2014?”

“How Will Housing Recovery Fare In 2014?”
In fact, job growth likely will be one key to driving housing growth in the new year. 
As employment picks up, greater demand for housing is expected to occur and a surge in homebuilding activity. Celia Chen, housing economist at Moody's Analytic, predicts a “homebuilding boom” in 2014.The housing recovery is expected to continue on its path in the new year with home prices continuing to rise (although at a slower pace); sales to rise slightly; and the foreclosure crisis expected to finally draw to an end. 

Monday, December 23, 2013

10 States Facing the Highest Foreclosure Rates

10 States Facing the Highest Foreclosure Rates
The industry’s foreclosure inventory contracted again in November upon continued improvements on the housing and economic fronts.
Although on a monthly basis, the inventory of homes in foreclosure fell slightly by 1.72 percent, year-over-year, it was down 28.81 percent.
The data and analytics firm released a preview of its November 2013 month-end mortgage performance statistics, showing there are now 1,256,000 mortgage loans in foreclosure, or 2.5 percent of all outstanding mortgages nationwide. Foreclosures are falling, but they still remain a problem in some pockets across the country. #Home Foreclosure activity in November was found to be the highest in the following states. See states

Saturday, December 21, 2013

New-Home Construction Hits Fastest Pace in 5 Years

New-Home Construction Hits Fastest Pace in 5 Years
Homebuilders are ramping up new-home construction at the fastest pace in more than five years, the Commerce Department reported Wednesday. 
Construction of single-family homes and apartments in November rose to a seasonally adjusted annual rate of 1.09 million, a 23 percent increase over October’s pace. It marks the fastest pace since February 2008. Housing inventories remain tight, with inventories of homes under construction hovering at a four-and-a-half-year low.  See Housing Now 

Friday, December 20, 2013

Rents rising an average of 3.3% in 2014

Rents rising an average of 3.3% in 2014
Tight supply and rising demand are still the key drivers. 
Higher rents are ahead next year for the nation's apartment dwellers, but some cities will see smaller bumps than in recent years, market researchers say.
Rents will increase 3.1% nationally next year, about the same as this year, apartment market researcher says. 
Meanwhile, researcher Reis sees rents rising an average of 3.3% in 2014. Any slowdown in rent increases will be good news for renters. See Video 

Thursday, December 19, 2013

Salt Lake again among Best Performing Cities 2013

Salt Lake again among Best Performing Cities 2013
According to the Milken Institute’s 2013 rankings, the Provo-Orem area was the second best-performing city in the U.S., just behind the Austin metro area. Salt Lake City wasn’t far behind, taking the fifth spot on the list. San Francisco and San Jose round out the top five. Both of the Utah cities on the list also rose in 2013; Provo moved up an impressive five spots, while Salt Lake City jump up one spot.

Wednesday, December 18, 2013

Multigenerational Households a Lasting Trend?

Multigenerational Households a Lasting Trend?

Tuesday, December 17, 2013

Utah 3rd 'Lowest Energy Bills' in the U.S.

Utah 3rd 'Lowest Energy Bills' in the U.S.
The U.S. Energy Information Administration’s 2012 Electric Sales, Revenue, and Average Price” report brings to light (see what we did there?) the rise of average monthly electricity bills in the past 10 years. 
This increases the incentive for home buyers and renters to opt for energy-efficient options when choosing a place to live, although EcoBuilding Pulse points out that residential customers in some states are bigger targets than others.
Conversely, the places where homeowners paid the least to burn the midnight oil were the following states and in some states, homeowners are paying nearly twice as much as the national average for electricity. See which states

Monday, December 16, 2013

Utah 'Winter Wonderlands' and Healthiest State

Utah 'Winter Wonderlands' and Healthiest State
Top 10 'Winter Wonderlands': Park City, Utah With neighbors including U.S. Ski Team Olympians, Park City residents know how to take advantage of all the fun that comes with cold weather.
Park City is a winter sports enthusiast’s heaven, receiving more than 500 inches of powdery snow each winter. Adventure a bounds on over 100 slopes and trails.

Healthiest States Are ...  Americans are getting healthier, but where you live may make you even more likely to adopt healthier behaviors

Friday, December 13, 2013

Fannie Mae won’t be a Grinch over the holidays.

Fannie Mae won’t be a Grinch over the holidays.
Home for the Holidays Thanks to Fannie Mae. The company announced that it will issue an eviction moratorium for the holidays, as it has done in previous years. 
The GSE will suspend evictions of foreclosed single-family and 2-4 unit properties from December 18, 2013 through and including January 3, 2014. During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be allowed to remain in the home.Home for the Holidays Thanks to Fannie Mae. The company announced that it will issue an eviction moratorium for the holidays, as it has done in previous years. Also HUD Issues Final ‘Qualified Mortgage’ Ruling effective Jan 10, 2014 Learn more on this at our website.

Thursday, December 12, 2013

Salt Lake City Hottest Housing Markets in 2014’s

Salt Lake City Hottest Housing Markets in 2014
Salt Lake City, the burst housing bubble of yesteryear is looking more and more like a distant memory.
That’s good news for people looking to sell; it means home values should rise in 2014 as demand swells. Among other things, they also predicts home values will rise across the Nation and Mortgage rates will hit 5 percent by the end of 2014.

If that happens, it would be the first time rates went that high since 2010.

The good news for home buyers is that mortgages should be easier to get, though overall homeownership rates will sink to their lowest point in nearly two decades.The news of Salt Lake City’s booming market comes after earlier reports indicated a strong real estate recovery in the region. See more predictions for 2014 and median home prices for Salt Lake County.

Wednesday, December 11, 2013

Rents Hit 'Crisis' Levels

Rents Hit 'Crisis' Levels
U.S. in 'Worst Rental Affordability Crisis' Ever: As rental demand grows, soaring rents are taking a bigger bite out of households’ pocketbooks. 
About half of renters spend more than 30 percent of their income on rent, up from 18 percent a decade ago, according to newly released research by Harvard’s Joint Center for Housing Studies. Twenty-seven percent of renters are paying more than half of their income on rent. 
Rising rents mixed with a stunted wage growth has created an affordability problem, the study notes. Between 2000 and 2012, real median rents rose nationwide by 6 percent.However, over that same time period, the real median income of renters fell by 13 percent. Many have plans for home ownership one day: Nineteen out of 20 people under the age of 30 say they intend to buy a home in the future.

Tuesday, December 10, 2013

New FHA loan limit Effective Jan. 1

New FHA loan limit Effective Jan. 1
The Federal Housing Administration will be reducing the amount it’ll insure on high-cost mortgages starting in the new year. 
Ceiling for loans in high-cost areas falls to $625,500
Beginning on Jan. 1, all FHA loans will be capped in high-cost areas at $625,500, reduced from the current cap of $729,750. 
FHA will keep its current loan limits in place in areas where housing costs are lower than $271,050. Watch the video at our website on Fannie, Freddie Retain Higher-Priced Mortgage Limits 

Monday, December 9, 2013

Estimated Time to Clear Distressed Inventory Rises

Estimated Time to Clear Distressed Inventory Rises
Distressed inventory is on the decline, but the number of months it will take to clear that distressed inventory from the market is on the rise.

Distressed inventory among non-agency residential mortgage-backed securities (RMBS) dropped 20 percent year-over-year and 5 percent quarter-over-quarter in the third quarter of this year.

While distressed inventory is declining, the time estimated to clear these distressed homes from the market is rising, up five months from the second quarter of this year and 11 months from September 2012,
See inventory by state...

Saturday, December 7, 2013

Real Estate Stories From 2013,Predictions for 2014

Real Estate Stories From 2013,Predictions for 2014
A Look Back and a A Look Ahead: Real estate had a big year in 2013 as the housing recovery strengthened, and the public showed an increasing appetite for real estate-related news. 
As 2013 comes to a close and real estate experts predict where the housing market is headed in 2014, a look back reveals several trends.


While no one can predict with certainty what the housing market holds in store for 2014, a constant in real estate is always that local markets vary widely in their performance. 
National numbers can tell a story about the economy in general, but home prices, inventory and foreclosure activity depend on local market conditions. Contact a Realtor® in your community for the most up-to-date  information about your market.

Friday, December 6, 2013

Built-to-Rent New Homes on the Rise

Built-to-Rent New Homes on the Rise
Thousands of single-family homes are being built to rent rather than sell. More #home builders and investors see it as an income-generating investment at a time when the pool of first-time home buyers is shrinking and #Mortgage rates see Sharp increases this week.
The percentage of homes built specifically as rentals was 6.2 percent in 2012 — a record high, according to Census Bureau figures. For example, in the Atlanta area, a five-bedroom, three-bathroom new home that may have sold for less than $200,000 can fetch $1,300 a month in rent. “New homes still command a premium with renters,”   See rates at our website

Thursday, December 5, 2013

Nearly Half of States Within Reach

Nearly Half of States Within Reach
Peak Home Prices: Twenty-three states are within 10 percent of their 2006 home price peaks,.  
Home prices have increased 12.5 percent year-over-year. However, prices had a more modest month-over-month gain of 0.2 percent from September to October. #Home prices have increased 12.5 percent year-over-year. However, prices had a more modest month-over-month gain of 0.2 percent from September to October. “The slowdown in appreciation is positive for the #housing market as almost half the states are now within 10 percent of their respective historical price peaks,” Is your state one?

Wednesday, December 4, 2013

Investors Target ‘Hipster’ ZIPs

Investors Target ‘Hipster’ ZIPs
For Rental Returns, 
The hipster lifestyle can have a “major impact on local real estate markets, and mostly in a positive way,” 

Neighborhoods that are branded as “hipster” often offer trendy restaurants, coffee shops, and other amenities — and that's likely to see property values and rental rates rise, 

Savvy real estate investors are even targeting hipster markets to purchase rental properties, betting that they will offer up steady cash flow and strong appreciation. Take a look at their effects on #housing.

Tuesday, December 3, 2013

Foreclosed Owners Get Second Chance Sooner

Foreclosed Owners Get Second Chance Sooner
Those who lost their home due to financial hardships may get another shot at being home owners again soon.
foreclosureThe Federal Housing Administration recently announced that they would shorten the waiting period for qualified borrowers who’ve had a bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale who want to buy a home again.
Those who lost their home due to financial hardships may get another shot at being #home owners again soon. The Federal Housing Administration recently announced that they would shorten the waiting period for qualified borrowers who’ve had a bankruptcy, foreclosure, deed in lieu of #foreclosure, or short sale who want to buy a home again. Under the FHA'sBack-to-Work program, learn more at our website.

Monday, December 2, 2013

Asking Prices Surging in These Markets

Asking Prices Surging in These Markets
Median list prices are up 7.57 percent over the last year, according to a Median Home Prices Report, which reflects October data for 146 metro markets. 
“Monthly prices fell slightly in October (down 0.25 percent month-over-month), but remained resilient against the usual seasonal patterns of stabilizing inventory,” noted in its report. 
 Only 19 markets posted price declines, led by Akron, Ohio, which posted a 7.93 percent year-over-year loss, and South Bend, Ind., with a 7.79 percent decrease in median asking prices Median list price at our website.