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.