Tuesday, October 8, 2013

Housing Will Strengthen in 2014

Housing Will Strengthen in 2014
As most housing metrics turned around last year, one vital statistic stayed down: the homeownership rate. However, one analyst at Fannie Mae says that low homeownership—when put in context with other data—might indicate a promising trend in sustainability.

According to recently published data from the Census Bureau’s American Community Survey (ACS), the homeownership rate was down in 2012 for the fifth consecutive year, falling to 63.9 percent—the lowest rate recorded since the survey was fully implemented in 2005 and lower than any rate recorded in any decennial census since 1970. Salt Lake City 1 of 10 Best Cities for Apartments With Luxe KitchensAs the holidays draw near, many renters may be looking for a place that will make hosting a little easier. A new study from Apartment Guide examines which cities have the best selection of apartments with excellent kitchen amenities.Apartment kitchens are notoriously skimpy, but they don't have to be.

Monday, October 7, 2013

Does the math still work on buying rentals

Does the math still work on buying rentals
Investors are starting to retreat from the single-family rental market, as the number of foreclosures dries up and projections for home appreciation expected to stay flat in 2014. 
'I think the investor market is largely past us,' Doug Lebda, chief executive of Lending Tree. 
'People were buying investment properties three, four, five years ago. What I hear is that's slowing now.' Investors cooling on 'REO-to-rent') Apartment demand keeps climbing) Watch our Video and learn more on today's market...

Saturday, October 5, 2013

Banks Scale Back on Crucial Step in Home Buying

Banks Scale Back on Crucial Step in Home Buying
Banks are reportedly losing favor of mortgage pre-approvals, which are often viewed as an important first step in the home buying process.
Mortgage preapprovals are a written commitment from lenders outlining the loan amount and interest rate that home buyers qualify for. They give buyers an indication of how much they can afford on their home purchase, as well as show sellers their commitment to purchase. 
Shutdown Pushes Mortgage Rates Down: As a result of the federal government shutdown and declining consumer confidence, fixed mortgage rates fell for the third consecutive week, Freddie Mac reports, ending at their lowest averages in nearly four months.

Friday, October 4, 2013

Rental Vacancy Rate Lowest in More Than a Decade

Rental Vacancy Rate Lowest in More Than a Decade
The U.S. apartment vacancy rate fell to its lowest level in more than a decade during the third quarter, according to a new report by real estate research.
It was down to 4.2 percent, the lowest vacancy rate since the third quarter of 2001, when it stood at 3.9 percent. 'Demand has been so strong to push vacancy rates to such a low level, yet we haven't seen rent growth of the magnitude we would normally expect, ' With such low vacancy, rents normally would grow by about 4 percent to 5 percent year-over-year, Severino says. Stagnant job and income growth are what has held rents back, he added. Will Hottest Housing Markets Cool in 2014?

Thursday, October 3, 2013

The older the home buyer, the pickier

The older the home buyer, the pickier
Older home shoppers are more picky in their home purchases than younger buyers, according to a survey of nearly 94,000 recent home buyers and sellers.
About half of the those surveyed who were age 58 and older say they made no compromises during their recent home purchase. On the other hand, only 28 percent of the youngest home buyers surveyed said they didn’t compromise, according to the survey.
For the most part, younger home buyers reported having to compromise on price, lot size, distance from job, and style of home. Home prices nationwide continue to rise, Read more..

Wednesday, October 2, 2013

Diminished Bidding Activity

Diminished Bidding Activity
Competition for homes decreased in August for the fifth month in a row according to data compiled by the Research Center.

The report concluded that the diminishing number of bidding wars indicates that the housing market is shifting away from one that favors sellers toward a more balanced environment.
“Tight inventory conditions mean that across 22 markets, most customers making offers at the end of the summer faced competing bids,” “Lower mortgage rates this month could spur a slight boost in bidding wars in October,” Read more ..

Tuesday, October 1, 2013

HUD Proposes New Definition of Qualified Mortgage

HUD Proposes New Definition of Qualified Mortgage
HUD proposed a new definition of “qualified mortgage” (QM) in a statement released Monday. 
To meet the new QM requirements, a mortgage will have to require periodic payments, have terms not exceeding 30 years, limit upfront points and fees to no more than three percent with adjustments to facilitate smaller loans, and be insured or guaranteed by FHA or HUD.
The Dodd–Frank Act required HUD to propose a QM definition that is aligned with the ability-to-repay criteria set out in the Truth-in-Lending Act (TILA) as well as the department’s historic mission to promote affordable mortgage financing options for qualified lower income borrowers. HUD said the new rules serve to provide credit access to creditworthy, but underserved borrowers.Read more ....