Critics Wrong about Housing It’s Going to Soar

Critics Wrong about Housing It’s Going to Soar

2015 will see notable price appreciation: The housing market is going to surge in 2015, despite the bearish predictions from many critics in the housing industry recently, according to 

a report to be released. With so many fists beating on the housing-is-facing-ruin door, Altos Research is set to release data that claims all that pounding is in vain. Clients will begin receiving a report Wednesday afternoon, but HousingWire was able to get a sneak peek, and the results say that housing recovery critics are wrong about housing. "Home prices across the U.S. are poised for a fifth consecutive year of recovery." The market is still faced with low inventory and demand, buoyed by an expanding economy, which, among other factors, remains healthy, According to Altos, it's going to soar in 2015.

Provo/Salt Lake Make Best Cities for Career Growth

Provo/Salt Lake Make Best Cities for Career Growth

Forbes analyzed metros to compile a list of the best and worst business climates for its 16th annual look at the Best Places for Business and Careers.  Provo, Utah, ranks third overall this year and leads a trio of Utah places near the top with Salt Lake City at No. 8 and Ogden ranked No. 11. Brigham Young University brings a stabilizing presence to the $19 billion Provo economy. Job growth for Provo was tops in the country last year, and it ranks seventh best over the past five years, Learn more about Utah Career Growth.

Increase in FHA Fees Challenges Housing Market

Increase in FHA Fees Challenges Housing Market

Federal Housing Administration’s rate increases in mortgage insurance have caused buyers to walk away and transactions to fall through, according to the National Association of REALTORS®. "Higher fees at the FHA have had an impact on affordability," writes Ken Fears, NAR director of regional economics and housing finance. "While some buyers were able to shift to other more affordable programs, many consumers were shut out of the market for ownership."  NAR recommends that the FHA reduce high annual mortgage insurance premiums and eliminate the insurance requirement for the life of the loan, On a positive note See Why the Second Half of 2014 Will Be Better Than the First, read more.

Residential Recycled Buildings 'Enjoy New Life'

Residential Recycled Buildings 'Enjoy New Life'

Making the Old New Again: Architectural styles that have 

withstood the test of time continue to appeal to buyers, as they discover that a piece of history can add some extra charm to even a newer home. The idea is to 'recycle' old, defunct property and offer buyers something beyond a cookie-cutter house. See
some ways the 'new' is borrowing from the 'old' in home design today.

Do They Impact a Property’s Desirability?

Do They Impact a Property’s Desirability?

Cell Towers, Antennas Problematic for Buyers: An overwhelming 94 percent of home buyers and renters surveyed by the National Institute for Science, Law & Public Policy say they are less interested and would pay less for a property located near a cell tower or antenna.  'The Impact of Cell Phone Towers on House Prices in Residential Neighborhoods,' which was published in The Appraisal Journal in 2006, found that buyers would pay as much as 20 percent less for a property near a cell tower or antenna. Read What's more, of the 1,000 survey respondents.

Utah Best Purchase Market for Millennial Homebuyer

Utah Best Purchase Market for Millennial Homebuyer

While first-time home buyers’ presence in the housing market has been subdued in recent years, some metro areas are poised to soon see an increase in home buying from the millennial generation. "Limited job prospects, student debt, and flat wage growth have combined with tight credit conditions and low inventory to price millennials out of some of the top cities such as New York and San Francisco." "However, NAR research finds that there are other metro areas millennials are moving to where job growth is strong and home ownership is more attainable. 

 See the 10 metro areas were in the Midwest and West.

Real Reason for an Inventory Shortage?

Real Reason for an Inventory Shortage?

Un-advertised listings distort housing inventory: The number of homes listed for sale nationally is finally beginning to rise, but ask anyone looking to buy a home and the majority will complain there is nothing out there. While the number of homes for sale nationwide is showing signs of inching up, inventories still remain constrained in many housing markets across the country. Could "pocket listings" - for-sale properties that aren't marketed widely or postedon the MLS - be the real culprit?  This usually happens when the market is very tight, and buyers are willing to make larger offers up front to negate the risk of a bidding war, Read more

Threat to Quit FHA Seen as Pressure Move on Rules

Threat to Quit FHA Seen as Pressure Move on Rules

JPMorgan Chase & Co., one of the nation's largest mortgage lenders, is threatening to stop originating mortgages insured by the Federal Housing Administration.

The bank's CEO, is asking FHA to issue clearer rules of when the government will hand down such penalties. Without such rules in place, JPMorgan would consider getting out of the FHA mortgage originating business altogether. Without getting that balance back into play, we're going to be continuing to face an overly tight credit market,' Read more.

Home Sales are Catching Up to 2013's Highs

Home Sales are Catching Up to 2013's Highs

Even though the first half of 2014 didn't live up to the hope and hype,

 industry insiders are still calling for better days in the housing market for the rest of this year. On Friday, released its latest market summary, which sees the combination of sales, prices, foot traffic, and inventory as positive signs heading into the fall. Though it won’t be a seamless transition, we believe the housing market is positioning itself for a stronger finish in the second half of the year. SeeToday's Median Sale Prices

Housing Starts Sink to Slowest in 9 Months

Housing Starts Sink to Slowest in 9 Months
Dip in Housing Starts: Blame It On the South: Housing production fell 9.3 percent nationwide in June, with indications that the South is the main culprit.Housing starts dropped sharply — by nearly 30 percent — in the South, pushing overall nationwide housing production down. Other regions posted gains in June. But Sixty-seven percent of consumers say they're planning a home renovation within the next  six months, according to the Home Improvement Survey of more than 1,500 home owners. They're planning to spend more money on their renovations than last year, the survey found. By considering these kinds of homes, buyers open themselves up to more affordable options and the ability to renovate their homes to fit their specific needs and tastes. See what they are Renovating

Rates May Rise Sooner Than Expected

Rates May Rise Sooner Than Expected

Federal Reserve Chairwoman Janet Yellen said that the Fed may need to raise interest rates sooner than expected, but it all will hinge on the labor market. “While this sector has recovered notably from its earlier trough, housing activity leveled off in the wake of last year's increase in mortgage rates, and readings this year have, overall, continued to be disappointing. The recent flattening out in housing activity could prove more protracted than currently expected rather than resuming its earlier pace of recovery. Monetary Policy Report and made the case that while the economy has seen improvement the economic recovery is still too fragile to deviate from the present course, read more.

Homeowner May Decide to keep their Home-Rent it

Homeowner May Decide to keep their Home-Rent it

As such, many home owners may be more inclined to stay put, unwilling to swap out a low mortgage rate for a new mortgage that could carry a rate up to one percentage point higher or more in the coming months. Those who can't stay put may decide to keep their home and rent it out. In any case, the number of homes for-sale could continue to be low and contribute to slower home sales, housing analysts note. Low Interest rates could slow the 'Selling Activity': Low Rates Aren't Always Good for Housing, Mortgage rates are near historic lows, which is great news for home owners and buyers. They got the deal of the century, 'I don't think in 100 years anyone will be lending money at 3.5 percent. How do you walk away from a deal like that?

Mortgage Rates Post Slight Bump Up

Mortgage Rates Post Slight Bump Up

Mortgage rates this week ticked up only slightly, Freddie Mac reports in its weekly mortgage market survey. Still, mortgage rates remain below last year at this time. 

Mortgage rates increased for the week: Freddie Mac reports the following national averages with mortgage rates for the week ending July 10. 

• 30-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.7 point, rising from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.51 percent.

 Here are 4 Reasons Why Buyers Should Be Happy: Home shoppers may find there’s good reason to breathe a sigh of relief this summer. They pointed to higher inventories, fewer bidding wars, and slowing home prices as welcoming signs for home buyers this year, read more.

Foreign Buyers Up in U.S. Housing, Who's Coming?

Foreign Buyers Up in U.S. Housing, Who's Coming?

International buyers continue to flock to the U.S. to purchase and invest in properties. Favorable exchange rates, affordable home prices, and rising affluence abroad is driving interest, according to the 2014 Profile of International Home Buying Activity conducted by the National Association of REALTORS®. From April 2013 through March 2014, total international sales are estimated at $92.2 billion, a rise from $68.2 billion from the previous period. “We live in an international marketplace; so while all real estate is local, that does not mean that all property buyers are. “Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future.” See Top Destinations for Foreign Buyers

Tiny Houses Offer Potential Sparking Big Movement

Tiny Houses Offer Potential Sparking Big Movement

A 164-square-foot home may sound like a squeeze to most Americans, but to some home buyers, it may very well be the perfect fit. "Dramatic downsizing is gaining interest among Americans, gauging by increased sales of plans and ready-made homes and growing audiences for websites related to the (tiny home) niche. National interest in the search term "tiny house" has been soaring since May, according to Google trends. A+E Networks Corp. started airing "Tiny House Nation" this week, a series that highlights the growing small-home movement. Tiny House: Women Build 11,000 Dream Home in just 195 Square Feet, read more.

Housing Recovery Downshifts From Last Year's Pace

Housing Recovery Downshifts From Last Year's Pace
As the Market Changes it Challenges Home Buyers, Sellers, the latest survey of real estate agents by national brokerage finds homebuyers and sellers are having trouble getting on the same page with each other and with the new shape of the market. Cautioning Sellers against overpricing homes in May, especially as shoppers regain leverage in the market. While slowly improving inventory levels may still push some buyers into more aggressive offers. 'The demand side of real estate is moving from 'please take my offer' to 'take it or leave it as you please.''  Read more.

States Experiencing Declines Greater than 50 %

States Experiencing Declines Greater than 50 %
Utah, Arizona, Nebraska and Minnesota experiencing declines greater than 50 percent 
Foreclosure inventory. Thirty-eight states showed declines in year-over-year foreclosure inventory of greater than 30 percent. Foreclosure inventory overall registered its 31st month of consecutive year-over-year declines.  The report stressed that the battle to return to normal levels of foreclosure inventory is far from over and that there is still much more hard work to do to clear the backlog of foreclosed properties. The Ability to Pay Rule took effect in January of 2014, read more

More Markets See Price Increases

More Markets See Price Increases

Recovery Broadens as home prices were on the rise again last month, but in a stark contrast to last year, price increases were more generalized and less concentrated to just a few metro pockets, according to May 2014 National Housing Trend Report. In May, the median list price of homes was $214,900 nationwide, an 8 percent increase year-over-year. All but eight of the 146 markets that realtor.com tracks reported year-over-year price increases in May. Home inventories in May were down 5.8 percent compared to year ago levels. A limited number of homes for-sale across the country is credited with lifting home prices. See June Salt Lake Market Trend Report First Quarter 2014.

Best Single Family Rental Markets

Best Single Family Rental Markets
Best Markets for Renting to Boomers and Millennials:  As rental prices continue to rise, investors are still hunting for the best buys for single-family rentals. RealtyTrac found the top markets for buying residential property to use as rentals by factoring in unemployment rates as well as annual gross rental yields. Home prices have increased at a faster pace than fair market rents in most counties over the past year.See the top Seven Markets and learn more about the Housing Market

'HAWK' Pilot Program for new homebuyers

'HAWK' Pilot Program for new homebuyers

FHA contends that HAWK will save the average buyer approximately $325 a year—or almost $9,800 over the life of their loan. The HAWK Pilot Program for new homebuyers provides FHA insurance pricing incentives to first-time homebuyers who participate in housing counseling that covers how to evaluate housing affordability and mortgage alternatives, financial advice, and the rights and responsibilities of home ownership. Under the program, first-time homebuyers who participate in the pilot program will benefit at closing from a 50 basis points reduction in the upfront mortgage insurance premium and a 10 basis points reduction in the annual premium. Read more and See Holiday Weekend Mortgage Rates,

Renters Feel the Pinch

Renters Feel the Pinch

As Landlords Raise Rents Again: Apartment landlords continued to push through hefty rent hikes in the second quarter, squeezing U.S. households that already are struggling financially after four years of steady increases. The average monthly rent for an apartment increased in the most recent quarter to $1,099, up 0.8 percent from the first quarter of this year and up 3.4 percent year over year, according to a real estate research firm. It marked the 18th consecutive quarter for rent rises at a time when income growth has mostly been stagnant. Some relief may be in sight for renters soon, read more.

Credit Scores May Soon Reflect Rental Payment

Credit Scores May Soon Reflect Rental Payment

Renters who have never been late with a rent payment will find that their stellar record wont do anything to lift their credit scores when it comes time to shop for a mortgage. But that may soon change: Two of the main credit reporting agencies, Experian and TransUnion, reportedly are starting to incorporate verified rental payment data into credit files and using it to compute the consumers' credit scores when they apply for a mortgage. Anybody buying a first home quickly learns how important credit scores are to mortgage lenders. See Why? Landlord, phone and cable companies, and many other creditors don’t report your payments.

Homebuyers Can Breathe a Sigh of Relief

Homebuyers Can Breathe a Sigh of Relief

There’s been a dramatic change in the housing market lately, and it’s almost all good news for home buyers. As we head into summer, here are a few thoughts to consider, home shoppers may find there’s good reason. They pointed to higher inventories, fewer bidding wars, and slowing home prices as welcoming signs for home buyers this year. 
Home buyers this summer are finding: More options: Inventories of existing-homes are 6 percent higher than year-ago levels, read more.