New Construction of Single Family Homes is on the Rise

New-Home Construction Ramps Up in Midwest, Northeast

New Construction of Single Family Homes is on the Rise Here in the North East.

Groundbreaking on new single-family homes posted a 6 percent rise in March, showing a gradual strengthening in the sector — particularly in the Northeast and Midwest — according to new figures by the Commerce Department.  

Banks are Starting to Loosen Up a Little.

Mortgage Availability Hits 3-Year High

Access to mortgage credit is at its highest level in at least three years, and credit standards are expected to loosen even more this year, according to a newly-released index by the Mortgage Bankers Association.

MBA’s index, which tracks mortgage credit availability, shows that in March the gauge rose to 114 – the highest reading in the gauge’s three-year history.

Where have all the Builders Gone!

Retail Rents Rise as Construction Stays Flat

For the 12th consecutive quarter, rents for stores in shopping centers and malls were on the rise in the first quarter of 2014, a sign that retail landlords may be growing more confident in the economic recovery. But new construction remains slow to catch up with the rise in demand.   

Good News for First Time Home Buyers.

More Banks Lower FICO Score Requirements

More banks are lowering minimum FICO score requirements in an attempt to shore up lending for underserved borrowers.
Carrington Mortgage Services is the latest company to announce that it has lowered its minimum FICO score to 550. It also has expanded guidelines on several FHA, VA, and USDA loan programs to aid those with FICO scores below 640.

President Obama Signs Flood Insurance Relief Bill into Law

Obama Signs Flood Insurance Relief Into Law

 

President Barack Obama signed into law a bipartisan bill that will delay flood insurance rate hikes for property owners nationwide.The Homeowner Flood Insurance Affordability Act repeals the Federal Emergency Management Agency’s authority to increase premium rates when a property is sold. It also refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18 percent annually on newer properties and 25 percent for some older ones. The senate approved the bill on March 13, and the House of Representatives March 4.

Flood Insurance Bill moves on to the President.

Senate Passes Flood Insurance Bill

The U.S. Senate voted 72-22 yesterday to approve the bipartisan Homeowner Flood Insurance Affordability Act with amendments made by the House. The bill curtails flood insurance rate increases that property owners are facing across the country.

This Bill will Limit or Eliminate Tax Deductions Earned from Interest Paid and Property Taxs Paid.

Tax Reform Proposal Would Dramatically Alter Housing Landscape

The comprehensive tax reform discussion draft that House Ways & Means Committee Chairman Dave Camp, R-Mich., released yesterday envisions a very different picture for home owners than what’s in place today. In a statement about the plan, NAR President Steve Brown says the association is concerned with many of the proposals.

Investors are Coming Back!

Investors Getting Back Into the Game

   Many housing experts have predicted a slowdown in investor activity this year, but investors don’t appear to be fading away from the market. They might just be shifting their focus to different types of properties, as distressed inventories dry up in many markets.

Flood Insurance Is up to the House of Representatives!

Senate Passes Flood Insurance Bill

   On Jan. 30, 2014, the United States Senate voted 67-32 to approve the Homeowner Flood Insurance Affordability Act (S. 1926), sponsored by Senators Menendez (D-NJ) and Isakson (R-GA).
 This bipartisan legislation, an NAR member priority, calls for a 4-year timeout on rate increases triggered either by a property’s sale or a flood map update for a property with previously grandfathered rates.

The Housing Market Continues to Heal.

Foreclosure Pipeline Gradually Being Cleaned Out

As the foreclosure crisis continues to recede, some parts of the country remain at elevated levels. Five states now account for nearly half of all the completed foreclosures in the nation —Florida, Michigan, California, Texas, and Georgia, according to CoreLogic’s latest foreclosure report.

Healthy Recovery for the Housing Market

Home Sales in 2013 Rise to Strongest Level in 7 Years

The housing market has been experiencing a “healthy recovery” over the past two years, with home sales last year rising to the highest level since 2006, according to the National Association of REALTORS®' latest housing report. 
“Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates, and a large pent-up demand driving the market,” says Lawrence Yun, NAR’s chief economist. “We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population.”

More Buyers will be Coming to Market

Foreclosed Home Owners Return to Market

According to a poll of 140,000 LoanSafe.org members, boomerang buyers – who were ousted from the housing market due to foreclosures or short sales, spent years renting to rebuild their credit, and have saved enough to buy again – are now expected to help turn the real estate market around.

Boston Bucks the Trend ... I'm Just Sayin

Zillow: U.S. Home Values Fall In October, But Boston Bucks The Trend 

National home values fell for the second month in a row in October according to a new report from real estate portal Zillow. U.S. prices fell to $162,800 in October from $162,900 in September, a decline of 0.1 percent, according to Zillow's Home Value Index. The last time home prices fell two months in a row was October 2011.

New Flood Bill calls for a Four Year Delay on Biggert and Waters

Flood Insurance Affordability Bill Introduced
On October 29, 2013, Senators Robert Menendez (D-NJ) and Johnny Isakson (R-GA) introduced the NAR-supported “Homeowner Flood Insurance Affordability Act” (S. 1610), to delay unintended rate increases under the Biggert-Waters law and its implementation.

Why Arn't Builders Building Anymore!!!

Builders' Confidence Wanes in October

 

Daily Real Estate News | Thursday, October 17, 2013

Builder confidence in the market for newly-built, single-family homes dropped in October as concerns mounted over rising mortgage rates and uncertainty sparked by the government shutdown, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

Flood Insurance Rates Could Kill Property Values

You Could Be  Underwater ..... No, Really!

Federal flood insurance rates are on the rise, and the sharp increases from New England to Hawaii are hurting property values, residents and legislators say.

The law, known as the Biggert-Waters Flood Insurance Reform Act, is rolling out in stages. A part of the law that went into effect Oct. 1 removed flood-insurance subsidies for more than a million home owners nationwide. The subsidies applied to properties that existed before the drawing of flood insurance rate maps, The New York Times reports.

Attention First Time Home Buyers

Here is a great article posted by Bank of America.

Great information if your getting ready to buy. Especially point number one....it can save a lot of time, and save you from disappointment. Buying your first home is an emotional roller coaster. And in todays market it is extremely competitive. You need to do know what you can afford before you start looking.

Homebuilding Plagued by Shortages ... Where have all the builders gone?

 

Great Article and Food for Thought.

As you read this article posted in the Daily Real Estate News put out by the National Association of Realtors. Read between the lines. What they are also telling us is that there is a shortage of men and women coming into the construction trade. The numbers for the next generation of builders / contractors are dwindling. Skilled labor seems to be falling by the wayside as the newer generation is looking for careers in different fields. Could be great opportunities for anyone willing to do the work.

Home Prices on the Rise

Yes Home Prices are on the Rise.

     Do the shortage of homes to sell, prices are creeping up. It's all about supply and demand. There are more buyers then sellers... so multiple offers for the same home has become the norm. Buyers assuming the highest price is going to win (which sometimes is the case) will offer asking price or higher than asking price in hopes of getting the home of their dreams. That raises the bar for the next comparable home going on the market. But wait there's more. Interest rates are starting to climb. This is creating an even greater rush to purchase. So all in all ..... it should be a pretty busy summer in the real estate market. Below I've posted an article from the National Association of Realtors on line magazine. Anyway ..... Happy Fourth of July to all. Hope it's a great and safe one.

Mortgage Rates Take Big Leap

Latest info on Mortgage Rates!

     Here is a copy of what was published in Real Estate News put out daily by the National Association of Realtors. This is good info to know for all who might of been pre-approved at an earlier rate....you might no longer qualify for the same amount if you just squeaked by. check with your lender. Also for those who have been sitting on the fence, the rumor mill has been saying 5% for 30 year fixed by the end of the year. Not the end of the world for sure...but still something to keep in mind.