RISMEDIA, August 26, 2010—Home sales statistics are likely to paint a picture of a weakening market through the end of 2010 and the first half of 2011. While it’s tempting to attribute the bleak numbers to a deteriorating housing market, an economist with the Real Estate Center at Texas A&M University said that doesn’t tell the whole story.
“The year-over-year decline in existing home sales will be the result of comparing months when there was no tax credit with those from a year earlier, when the tax credit was artificially increasing sales,” said Dr. Mark Dotzour, the Center’s chief economist. (More …)
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by The KCM Crew on August 3, 2010
The big question in real estate is what will happen with home prices over the next few months. The experts have already weighed-in predicting prices will probably take another dip down. The reasoning? Put simply, the inventory of homes on the market is greater than the demand for housing.
Demand will remain stable at best. No study or report is predicting a dramatic increase in demand over previous estimates. PMI, Inc. is actually cutting their forecast back. In their most recent issue of The Home and Mortgage Market Review they announced:
“We have lowered our projection of home sales for 2010 in response to the larger-than-expected decline in sales in May.” (More …) Print This Post
By Alan J. Heavens
RISMEDIA, August 3, 2010—(MCT)—The 4.5% fixed-rate mortgage is here, although more than 14 months late. That magic number, or a close approximation, was reached recently, when Freddie Mac reported a 30-year rate of 4.54%. The possibility first arose in early 2009, when the government began mass-purchasing mortgages from Fannie Mae and Freddie Mac to prop up housing. Just about everyone predicted the rates would hit what builders and real estate agents call a “sweet spot” in a few months, and the housing recovery would begin, especially if consumer confidence had recovered to prerecession levels as well.
“What gets people buying again?” asked mortgage broker Peter Buchsbaum of Arlington Capital Mortgage in Horsham, Pa. “The answer is confidence—confidence in the value not falling and confidence they’ll still have a job.” (More …) Print This Post
By Duane Marsteller
RISMEDIA, July 31, 2010—(MCT)—Local contractors say a controversial new federal safety rule will increase home-remodeling costs in Manatee County, Florida, but by how much is a matter of debate. Beginning October 1, 2010, contractors will be required to take additional precautions when renovating structures where children could be exposed to lead dust from old paint. The new “lead-safe” practices apply to work on homes, day-care centers and schools built before 1978, when lead paint was banned for residential use because of health risks.Contractors say they will comply with the new regulations but will pass the cost of compliance onto customers. (More …) Print This Post
RISMEDIA, July 29, 2010—When time and money are in short supply, it’s hard to think about big remodeling projects. Debbie Zimmer, color expert with the Paint Quality Institute shares, “With a little imagination and a small outlay for top quality 100% acrylic latex paint, you can quickly make big changes in the appearance of your home’s interior or exterior.” (More …) Print This Post
RISMEDIA, July 28, 2010—Coming off an historic low in May, sales of newly built, single-family homes rose 23.6% to a seasonally adjusted annual rate of 330,000 units in June 2010, according to U.S. Commerce Department data. (More …) Print This Post
RISMEDIA, July 19, 2010—“Homeowners and buyers who are sitting on the sidelines should get moving today, unless they want to get blindsided by the impact of a new law,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. “The massive financial reform law that just passed Congress has two main components that could very negatively impact homeowners and home buyers in the future.” (More …) Print This Post
By Gregory Karp
RISMEDIA, July 13, 2010—(MCT)—Packing your belongings and moving is often fraught with high emotions and involves a to-do list a mile long. So, it’s tempting to give only passing attention to hiring a mover and the related incidental costs. That could be a mistake—for your wallet and your peace of mind. Moving can be quite expensive. A typical full-service interstate move costs about $4,300, while the same in-state move might cost about $2,500, according to the American Moving & Storage Association. And while the moving industry has many fine companies, it is notorious for fraud and dirty tactics by so-called rogue movers.
Here are 12 tips to make your move simple and avoid the hassle.
Choose a type of move: You have three basic choices: do-it-yourself, full service and a relatively new hybrid of the two. Going it alone is the cheapest alternative, costing the rental price of a truck, gasoline, packing materials and, perhaps, pizza and beer for friends you rope into helping. With full-service moves, moving within a state is charged by the hour, while moving across state lines is charged by weight and mileage. (More …) Print This Post
RISMEDIA, May 8, 2010—Clear Capital, a provider of data and solutions for real estate asset valuation, investment and risk assessment, released its Home Data Index (HDI) Market Report. Patent pending rolling quarter technology significantly reduces the multi-month lag time associated with other indices to help investors, loan servicers and individual buyers and sellers make more informed, timely and profitable decisions.
The Clear Capital HDI Market Report offers the industry, investors and lenders a timely look at pricing conditions, not only at the national and metropolitan level, but within local markets as well. Clear Capital data is built on the most recent data available from recorder/assessor offices, and then further enhanced by adding the company’s proprietary market data for the most comprehensive geographic coverage available.
“An interesting dynamic we’re observing is the clear distinction between markets that are resilient to increased levels of bank owned properties and those which continue to be highly sensitive,” said Dr. Alex Villacorta, Senior Statistician, Clear Capital.
“For example, the highest performing metro areas have seen prices remain relatively flat over the last quarter despite REO saturation rates averaging just above 33%. Contrast this with the lowest performing areas which have seen prices drop dramatically with average declines of more than 10% and average REO saturation rates less than those in the highest performing areas.
“This paradox suggests that price trends are not wholly dependent on distressed sale volume, and re-enforces the need to understand local market trends,” added Villacorta. (More …) Print This Post
RISMEDIA, April 17, 2010—BBVA Compass recently released a new survey on first-time home buyers indicating that, prior to purchase, a vast majority of first-time home buyers (88%) believe they have accounted for all expenses related to owning a home. Seemingly contradicting that notion, amongst those who had purchased a home in the past 12 months, just over half indicate the expenses were more than they had calculated, causing a change in lifestyle. These results came from the BBVA Compass First-Time Home Buyers Online Survey which polled American consumers about the thoughts, emotions and hurdles related to owning and enjoying a first home. (More …)