The Kallhoff Team

Monday, May 6, 2013

Squatters Cite Laws to Stay in Homes for Free

DAILY REAL ESTATE NEWS | MONDAY, MAY 06, 2013

With the number of vacant homes dwindling, house squatters are getting bolder. They're moving into homes and staying for free, citing adverse possession law in some states, which allows a person to claim title to an abandoned property after occupying it for a certain amount of time.

The law has become “an excuse for squatting in foreclosed homes,” AOL Real Estate reports. And squatters are moving into homes and citing the law more frequently. For example, in Miami-Dade County in Florida, adverse possession claims are on the rise, increasing from 30 in 2011 to 70 in 2012. In the first three months of 2013, squatters had already filed 52 applications.

But not all squatters are winning rights to these homes.

For example, Cherie Fields, 25, and her husband Owen Fields, 27, moved into a foreclosed home worth $160,000 in Florida, expecting to stay for free. They even changed the home’s locks, turned on the home’s utilities, and moved in their belongings, AOL Real Estate reports.

The couple filed for “adverse possession,” but they weren’t so lucky: A judge ordered them out and charged them with burglary of a residence, grand theft, and scheming to defraud. The couple’s attempt at citing adverse possession failed because they hadn’t occupied the home for the required seven years.

“Entire communities have been taken over by squatters who claim they're acting under rights of adverse possession,” AOL Real Estate reports. “In Tarrant County, Texas, squatters have been claiming and looting vacant homes in Fort Worth and nearby suburbs—properties with a total value exceeding $8 million. The properties that have been left by owners who recently died, or by owners absent because of job duties or illness, appear to be most at risk of squatters, and some property owners have returned home to find their houses trashed or looted.”

Source: “Squatting in Foreclosed Homes on the Rise?” AOL Real Estate (May 3, 2013)

http://realtormag.realtor.org/daily-news/2013/05/06/squatters-cite-laws-stay-in-homes-for-free

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Friday, May 3, 2013

Millennials Poised to Put Their Mark on Housing

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 01, 2013

Sixty-five percent of the millennial generation, ranging in age roughly from 18 to 34, say that their intention to purchase a house has significantly increased in the past year, according to a survey from PulteGroup.

“As the economy continues to stabilize, more young adults will wean off of mom and dad and start to live on their own, spurring added economic growth,” HousingWire reports.

Nearly 20 percent of men ages 25 to 34 reportedly live with their parents, while 9.7 percent of women that age still live at home.

As this generation gains greater financial security, more millennials will begin to embark on their own.

A recent article from Barron’s notes that Generation Y could surprise the nation in upcoming years with their spending power and economic growth. The generation is 7 percent larger than the baby boom generation.

"Millennials have witnessed the housing boom and bust, but still believe home ownership is a good investment," says Fred Ehle, vice president for PulteGroup.

Source: “Millennials Rightly Positioned to Boost Economy,” HousingWire (April 29, 2013)

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Thursday, May 2, 2013

Loan Demand Rises as Rates Fall

DAILY REAL ESTATE NEWS | THURSDAY, MAY 02, 2013

Mortgage applications climbed 2 percent last week as several key interest rates dropped, the Mortgage Bankers Association reports.

Mortgage applications for refinancings, which make up the biggest bulk of MBA’s index, rose 3 percent for the week ending April 26, reaching its highest level since January. Meanwhile, mortgage applications for home purchases fell last week by 1.4 percent compared to a week earlier.

“Low interest rates have attracted new buyers and persuaded many home owners to refinance their mortgages,” Dow Jones reports. “However, tightened credit restrictions still bar many borrowers from filing loan applications.”

The 30-year fixed-rate mortgage averaged 3.6 percent last week, its lowest rate since December, MBA reports.

Source: “U.S. Mortgage Applications Up 2%,” Dow Jones Newswires (May 1, 2013)

http://realtormag.realtor.org/daily-news/2013/05/02/loan-demand-rises-rates-fall

Wednesday, May 1, 2013

Home Ownership Rate Drops to Lowest Point in 18 Years

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 01, 2013

The U.S. home ownership rate has fallen to its lowest point since 1995, the Census Bureau reports.

The home ownership rate dropped to 65 percent in the first quarter, down slightly from 65.4 percent a year earlier.

Housing analysts say tight credit conditions, constrained inventories of for-sale homes, and an increase in single-family rental homes have caused the home ownership rate to fall.

Paul Diggle, a property economist for Capital Economics, says he predicts the home ownership rate will likely fall for the remainder of the year.

The home ownership rate peaked in June 2004 when it stood at 69.2 percent.

Source: “U.S. Homeownership Rate Falls to Lowest Since 1995,” Bloomberg News (April 30, 2013)

http://realtormag.realtor.org/daily-news/2013/05/01/home-ownership-rate-drops-lowest-point-in-18-years

Friday, April 26, 2013

Best Time to Sell? More Americans Say 'Yes'

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 26, 2013

Seller confidence is surging: The number of home sellers who say now is a good time to sell doubled in the second quarter, according to a new survey of nearly 2,000 owners conducted by real estate brokerage Redfin. In the first quarter of 2013, 22 percent surveyed said it was a good time to sell compared to 45 percent in the second quarter.

The percentage of respondents who say now is a good time to buy dropped by 10 percent in that time frame. Forty-four percent of home owners say it's a good time to buy, compared to 54 percent in the first quarter.

"More folks who bought before the bubble burst are now above water and listing their homes," says Chad Dierickx, a real estate practitioner with Redfin. "When sellers see their neighbors' homes selling quickly and for prices they never would have imagined a couple of years ago, they can't help but be optimistic about the market."

Nearly 32 percent of home owners surveyed said they have no concerns about selling right now. Eighty-five percent of sellers say they believe home prices will rise in their area for the next year — up from 81 percent in the first quarter, according to the survey.

Source: Redfin

http://realtormag.realtor.org/daily-news/2013/04/26/best-time-sell-more-americans-say-yes

Thursday, April 25, 2013

Tight Housing Supplies Plague Spring Market

DAILY REAL ESTATE NEWS | THURSDAY, APRIL 25, 2013

Home sales are “stuck” this spring due to the limited number of homes available to buy, says Lawrence Yun, chief economist for the National Association of REALTORS®.

The supply of homes for sale is 17 percent below year-ago levels, according to NAR data.

For-sale inventories are most constrained on the low-end of the housing market, where investors had moved in floods to purchase distressed homes and hold them as single-family rentals, housing experts note. About a four-month supply of homes is available under $100,000. As such, sales of low-end homes have dropped 16 percent from year ago because there just isn’t enough inventory, according to NAR.

Some home owners are still hesitant to sell, noticing the recent price increases and hoping for more, notes Richard Smith, CEO of Realogy Holdings. "If I am underwater in my equity and now suddenly I'm not, but I'm up 5 percent and the market around me is appreciating 6,7,8,9, 10 percent, why don't I wait and perhaps get a 10 percent return on my investment, not a 5 percent return?" Smith explains.

"The housing shortage is going to continue," Yun told CNBC. He says that home builders will need to ramp up their housing starts by 50 percent to help meet demand, but he says that is unlikely due to constraints such as land and labor shortages.

Source: “Housing's Spring Bloom 'Stuck' Due to Short Supply,” CNBC (April 22, 2013)

http://realtormag.realtor.org/daily-news/2013/04/25/tight-housing-supplies-plague-spring-market

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