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| 30-yr fixed |
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5.45%
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0.15 |
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5.06% |
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4.54% |
0.17 |
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Market for Vacation Homes Improving posted by Chris Sato on 3/9/2010
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Vacation Home Interest Is on the Rise
The market for second homes is improving, but prices are still as much as 40 percent off the peak, Barron’s magazine observes.
Potential buyers include not only families but also investors, says Jan Reuter, who heads residential real estate at U.S. Trust Bank of America Private Wealth Management.
To entice its readers, Barron’s identified 10 locales with beautiful views, challenging golf, good fishing, fine restaurants and lots of good shopping.
Barron’s editors did warn its readers not to count on a quick flip. “Serious appreciation will require a better economy and, quite possibly, another big rally in stocks,” the magazine said.
Here are their favorites:
- Maui
- Kiawah Island, S.C.
- The Hamptons
- Park City, Utah
- Aspen, Colo.
- Pebble Beach, Calif.
- Palm Beach
- Captiva/Sanibel Island, Fla.
- Asheville, N.C.
- Gasparilla Island, Fla.
Source: Barron’s, Steven M. Sears (03/08/2010)
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Increase in Mortgage Fraud Investigations posted by Chris Sato on 3/9/2010
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Mortgage Fraud Investigations Are Climbing
State and federal investigators are cracking down on mortgage scammers, pushing arrests and civil actions to record levels.
MortgageDaily.comtracked 134 mortgage-related lawsuits in the fourth quarter of 2009, an increase of 76 cases compared to the third quarter. There were 46 cases in fourth quarter 2008.
"The upward trend in related fraud litigation is likely to continue," predicted Patrick McManemin, a partner in Patton Boggs, a law firm that specializes in mortgage litigation, because more states are aggressively enforcing related laws.
Source: MortgageDaily.com (03/08/2010)
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Fewer Seller's Lowering Prices posted by Chris Sato on 3/9/2010
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Fewer Sellers Are Cutting Prices
The prices on 19 percent of homes for sale as of March 1st have been reduced at least once, the lowest percentage in the last year, according to Trulia.com.
In October and November, when the market was feeling the effect of the tax credit, 26 percent of sellers cut their asking prices.
“Better pricing is leading to less time on the market, less price reduction, and in a lot of markets we're starting to see bidding wars on lower end properties," said Ken Shuman, spokesperson for Trulia.
Trulia calculates that these U.S. cities experienced the biggest decline in price reductions from Feb. 1, 2010 to March 1, 2010:
- Charlotte, N.C.
- Colorado Springs, Colo.
- Houston
- Raleigh, N.C.
- Jacksonville, Fla.
- Albuquerque, N.M.
- Tucson
- Omaha, Neb.
- San Antonio, Texas
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Source: Trulia.com (03/09/2010)
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Forbes: Austin Best Economic Recovery in U.S. posted by Chris Sato on 3/8/2010
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Monday, March 8, 2010, 10:20am CST
Forbes: Austin best economic recovery in U.S.
Austin Business Journal
The Austin-Round Rock area tied for first on a list of large metros
where the recession is easing.
Central Texas tied Washington D.C. in the Forbes.com ranking that
compiles job growth and real estate industry improvement, among other
indicators. Washington has one of the lowest unemployment rates in
the nation, 6.2 percent, and the city produced more goods and
services than another other in 2008.
Austin has also maintained relatively lower jobless rates, though the
number increased to 7.6 percent last month from 7 percent, according
to the Texas Workforce Commission. Statewide, the rate was unchanged
at 8.2 percent from December to January, compared to 9.7 percent
nationally.
Austin and Washington D.C. also benefit from their high government
job generation, according to Forbes. The number of Central Texas jobs
increased just shy of 1 percent between 2007 and 2009, more than any
other city included in the research.
Dallas came in second on the ranking behind Austin. The number of
jobs there are expected to increase more than 7 percent in the next
three years. San Antonio and Houston also made the top 10 list.
Job growth projections were based on information from Moody's. The
listing also considered median home sale price changes and
Metropolitan Gross Domestic Product.
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Mortgage Applications Rise as Interest Rates Fall posted by Chris Sato on 3/7/2010
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Mortgage applications rise as interest rates fall
According to the Mortgage Bankers Association (MBA), its seasonally adjusted
index of mortgage applications, which includes both purchase and refinance
loans, rose 14.6% for the week ended February 26, from the earlier week. The
Refinance Index rose 17.2% from the previous week while the seasonally adjusted
Purchase Index increased 9.0% from one week earlier. The increase was due to a
drop in loan rates -- the rate on 30-year fixed-rate mortgages dropped to 4.95%.
"Mortgage applications rebounded last week, particularly refis, as rates dropped
back below 5 percent," said Michael Fratantoni, vice president of research and
economics at MBA. "Purchase activity remains subdued, with application volumes
remaining within the narrow range seen in the last few months." Analysts say the
surge in mortgage applications is not an indication of long-term recovery, given
the current levels of foreclosure and unemployment. "We are seeing positive
signs of some form of life, but it is not insignificant and the recuperation period is going to be significant because these are dramatic declines" in housing, said Vickie Lester, president of mortgage servicing at RoundPoint Financial Group.
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Austin Area Home Sales Up 5% Last Month posted by Chris Sato on 3/6/2010
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Austin area home sales up 5 percent last month
According to the Multiple Listing Service report by the Austin Board of Realtors, the volume of Austin area home sales in January 2010 was 884, up five percent from the same month in 2009. The median price of real estate in the Austin area remained stable in the same time period, up one percent to $179,250.
"At this point, we can look back and see that January 2009 was the low point of this cycle. With steady improvement throughout 2009 that continued in January 2010, we can see that we're one year into the recovery in Austin," said John Horton, Chairman of the Austin Board of Realtors. "What's most important about this is that it's the kind of recovery we want: one that is steady, stable and consistent."
Throughout 2009, the volume of single-family home sales in Austin improved steadily. In the first half the year, the gap in year-over-year sales volume closed consistently, reaching levels similar to 2008 during the summer peak, with the exception of a dip in August. In the fall of 2009, sales volume began outperforming 2008 and surged in October and November, spurred by the original deadline for the first-time homebuyer tax credit. In December 2009, sales volume returned to a modest increase of five percent when compared to December 2008, a growth rate which was maintained in January 2010.
Mr. Horton continued, "We're already seeing positive signs in sales volume and price appreciation. Those factors, combined with the population growth and additional jobs economists expect for our area in 2010, bode well for the long-term value of Austin real estate."
Source: Austin Board of Realtors
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Income Limits on Home Buyer Tax Credit Ending Apri posted by Chris Sato on 3/6/2010
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Income limits on home buyer tax credit ending April 30
Under the Extended Home Buyer Tax Credit, which became effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 — are able to receive the maximum tax credits of $8,000 for first time buyers and $6,500 for repeat buyers.
But, if a buyer's income exceeds those limits he/she can still get a credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit.
Home buyers earning more than the maximum qualifying income — over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at (800) 829-1040.
If you qualify for a tax credit, you must be under contract before April 30 on the purchase of a home in order to receive your $8,000 (for first-time buyers) or $6,500 (for repeat buyers) benefit. Contact your Realtor immediately if you plan to take advantage of this tax credit. With two months left, the time in which to start looking for that home and to have time in which to make steady, informed, non-pressured decisions is rapidly running out.
Source: National Association of Realtors
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Pending Home Sales Have Slight Drop in the South posted by Chris Sato on 3/6/2010
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Pending home sales drop 7.6%
According to the National Association of Realtors (NAR), its Pending Home Sales
Index, a forward-looking indicator based on contracts signed in January, dropped
7.6% to 90.4 from a reading of 97.8 in December, and is 12.3% higher than
January 2009 when it was 80.5. NAR said the harsh winter hampered home sales.
“January pending sales, though still higher than one year ago, remain much lower
than expected given that a large number of potential buyers are eligible for the
expanded home buyer tax credit,” said NAR chief economist Lawrence Yun.
“Moreover, the abnormally severe and prolonged winter weather, which affected
large regions of the US, hampered shopping activity in February.” Analysts say
extension of tax credit is doing little to boost pending home sales, and given
that the Federal Reserve will end purchase of mortgage backed securities this
month, the housing recovery is going to take time. “When you take away all the
support from the housing market, the underlying demand for housing is a lot weaker than we thought,” said Mark Vitner, an economist at Wells Fargo Securities. “We clearly pushed some demand forward,
and there wasn’t that much demand to pull forward anyway. The housing recovery
is going to be very, very slow.” On a regional basis, the pending home sales
index dropped 8.7% to 71.3 in the Northeast, dropped 13.2% to 102.9 in the West,
dropped 8.9% to 81.2 in the Midwest, and dropped 2.1% to 98.1 in the South.
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Home Sales Down, Prices Steady posted by Chris Sato on 2/26/2010
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Daily Real Estate News | February 26, 2010 |
 Share
Existing-Home Sales Down, Prices Steady
Existing-home sales fell in January but are above year-ago levels, according to the National Association of REALTORS®.
Existing-home sales — including single-family, townhomes, condominiums, and co-ops — dropped 7.2 percent to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.
Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”
Inventory Levels
Total housing inventory at the end of January fell 0.5 percent to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6 percent below a year ago, and is at the lowest level since March 2006.
“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”
Median Home Prices
The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38 percent of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.
A parallel NAR practitioner survey shows first-time buyers purchased 40 percent of homes in January, down from 43 percent in December. Investors accounted for 17 percent of transactions in January, up from 15 percent in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4 percent in January.
NAR President Vicki Cox Golder said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said.
“Inventory conditions vary by price range, and of course there are major differences depending on location. REALTORS® are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03 percent in January from 4.93 percent in December; the rate was 5.05 percent in January 2009.
Single-Family Homes and Condos
Single-family home sales fell 6.9 percent to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6 percent above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4 percent from a year ago.
Existing condominium and co-op sales dropped 8.1 percent to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1 percent above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 percent higher than January 2009.
Regional Performance
- Existing-home sales in the Northeast fell 10.9 percent to an annual pace of 820,000 in January but are 22.4 percent above a year ago. The median price in the Northeast was $245,300, a gain of 8.8 percent from January 2009.
- Existing-home sales in the Midwest declined 6.9 percent in January to a level of 1.08 million but are 8.0 percent higher than January 2009. The median price in the Midwest was $130,300, which is 1.0 percent below a year ago.
- In the South, existing-home sales dropped 7.4 percent to an annual pace of 1.87 million in January but are 12.0 percent above a year ago. The median price in the South was $140,200, down 2.0 percent from January 2009.
- Existing-home sales in the West declined 5.2 percent to an annual rate of 1.28 million in January but are 7.6 percent higher than January 2009. The median price in the West was $203,400, down 5.8 percent from a year ago.
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Top 10 Cities with Rising Home Prices posted by Chris Sato on 2/25/2010
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Top 10 Cities with Climbing Home Prices
Home prices aren’t tanking everywhere. In some cities they have bounced pretty high off the bottom, according to a report in Forbes magazine.
Altos Research examined data for every U.S. city with at least 100 homes on the market – about 8,000 cities. It identified these 10 cities as having the biggest price increases from the previous year.
1. Lexington, Mass., +36 percent
2. Bay Village, Ohio, +32 percent
3. Sunnyvale, Calif., +32 percent
4. Poway, Calif., +27 percent
5. University City, Mo., +28 percent
6. Ambler, Pa., +26 percent
7. Allison Park, Pa. , +25 percent
8. New Braunfels, Texas, +25 percent
9. Kemp, Texas, +24 percent
10. Arcadia, Calif., +24 percent
Source: Forbes, Francesca Levy (02/24/2010)
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