The Kallhoff Team

Wednesday, May 22, 2013

Top Housing Markets for the Next 5 Years

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 22, 2013

Business Insider recently ranked 15 cities by their projected annualize change in home prices between the fourth quarter of 2012 and the fourth quarter of 2017. Many of these cities have seen large declines in home prices over the last few years, but are expected to post major gains and strong rebounds in the coming years.

According to Business Insider, these housing markets will likely reign for the next five years:

Medford, Ore.
- Annualized expected price growth (from Q4 2012 to Q4 2017): 9.5%
Santa Fe, New Mexico
- Annualized expected price growth: 9%
Panama City-Lynn Haven-Panama City Beach, Fla.
- Annualized expected price growth: 8.9%
Gulfort-Biloxi, Miss.
- Annualized expected price growth: 8%
Glens Falls, N.Y.
- Annualized expected price growth: 7.9%
Reno-Sparks, Nev.
- Annualized expected price growth: 7.7%
Yuma, Ariz. (tied with Poughkeepsie-Newburgh-Middletown, N.Y.)
- Both have an annualized expected price growth of 7.4%

Source: “The 14 Best Housing Markets For The Next Five Years,” Business Insider (May 20, 2013)

http://realtormag.realtor.org/daily-news/2013/05/22/top-housing-markets-for-next-5-years

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Friday, May 17, 2013

Survey Finds Mortgage Credit Starting to Ease

DAILY REAL ESTATE NEWS | FRIDAY, MAY 17, 2013

Stringent mortgage standards have kept many potential home buyers on the sidelines the last few years. But 8 percent of banks say they’ve loosened up their mortgage standards in the last three months, according to the Federal Reserve’s latest Senior Loan Officer Survey. The survey shows that credit conditions have either held steady or loosened for eight of the past nine quarters.

Banks also reported they may be more open to increasing their mortgage business soon. Twenty-seven percent of the banks surveyed say they plan to shore up their residential mortgage assets within the next year, according to the survey.

Nearly 40 percent of banks also reported they’ve seen a rise in mortgage demand in the last three months.

Ellie Mae recently reported that 60 percent of home purchase applications in March were approved—up from 55 percent year-over-year.

Still, despite progress, mortgage conditions remain tight and applicants must still meet high standards—such as 20 percent down payment or high credit score requirements.

“Fear Fannie Mae and Freddie Mac will force lenders to take back risky mortgages continues to be the primary condition constraining lending,” RealtyTrac reports. “Other conditions that have lenders holding tight to mortgage purse strings include obtaining insurance, slow economic growth, concerns about securitization, and processing capacity.”

Source: “Mortgage Squeeze Loosens, Somewhat,” RealtyTimes (May 16, 2013)

http://realtormag.realtor.org/daily-news/2013/05/17/survey-finds-mortgage-credit-starting-ease

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Wednesday, May 15, 2013

Inventories, Asking Prices Get a Boost

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 15, 2013

Inventories of homes for sale nationwide increased 4 percent in April, but remain 13.5 percent lower than last year’s inventory levels, according to realtor.com^®’s latest report.

The number of homes for sale remains particularly tight out West. Inventories have dropped the most -- more than 52 percent compared to a year ago -- in Orange County, Calif. In Oakland, San Jose, Los Angeles, and Stockton, Calif., inventories of for-sale homes were down more than 40 percent year-over-year in April, according to the report, which reflects listings from more than 800 multiple listing services nationwide.

With tight inventories, asking prices are on the rise across the country. Nationwide median asking prices rose 2.6 percent in April, and were 3.1 percent higher than last year’s levels.

California posted some of the largest jumps in asking prices too. Oakland, for example, had the largest median asking price increase in April, climbing 47 percent over a year ago. Other big gainers for asking prices also include: Santa Barbara (+47%), Sacramento (+40%), San Jose (+35%), and Los Angeles (+34%).

Buyer demand remains strong and homes are spending less time on the market. On average, homes were on the market in April for at least 81 days, down 2.4 percent from March and a drop of 11 percent from a year ago.

Source: “Housing Inventories Rose in April,” The Wall Street Journal (May 14, 2013)

http://realtormag.realtor.org/daily-news/2013/05/15/inventories-asking-prices-get-boost

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Tuesday, May 14, 2013

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Rising Housing Market Likely to Lift Job Mobility

DAILY REAL ESTATE NEWS | TUESDAY, MAY 14, 2013

Home owners are starting to feel freer to move where the jobs are, Reuters reports, as worries about homes that won't sell or will sell at a loss begin to fade.

Since early 2012, home prices in the major metro areas have been rising. Homes are also selling faster: It took 62 days, on average, to sell a home, compared with 91 days one year prior, according to March data from the National Association of REALTORS®.

The increase in mobility from the recovering housing market is expected to have a hand in lowering the jobless rate.

"Until the real estate market picked up, people wouldn't even consider a move without the certainty that they could sell their homes," Jerry Funaro, vice president of global marketing for TRC Global Solutions, a Milwaukee-based relocation service, told Reuters. "Companies are now more inclined to make offers since we're seeing real estate markets across the country coming back.”

The number of people who moved last year increased to 35.6 million, with the mover rate climbing to 12 percent, according to the U.S. Census Bureau. That marked an increase over the 11.6 percent low set in 2011.

"It's not a huge gain, but when you consider that for two years, we've had the lowest migration rates since World War II, any move up is good news," William Frey, a demographer at the Brookings Institution in Washington, told Reuters.

Meanwhile, in April, the jobless rate dropped to its lowest point in more than four years, reaching 7.5 percent, due to an increase in hiring among employers.

Source: “Insight: Housing improvement may herald return of U.S. workforce mobility,” Reuters (May 13, 2013)

Read More

7 Top Markets for Job Seekers

http://realtormag.realtor.org/daily-news/2013/05/14/rising-housing-market-likely-lift-job-mobility

Monday, May 13, 2013

Mortgage Fraud Activity Posts First Drop in 16 Years

DAILY REAL ESTATE NEWS | MONDAY, MAY 13, 2013

Reports filed by banks flagging suspicious activity in mortgage loans dropped for the first time in 16 years, falling nearly 30 percent last year, the Financial Crimes Enforcement Network reports.

Beginning in 1996, mortgage loan fraud had been the only suspicious activity report that saw rises each year. According to the Financial Crimes Enforcement Network, nearly 46 percent of all cases of potential mortgage fraud in the past decade have occurred in just the last three years alone.

The numbers are finally falling, due to greater detection. But banks also suffer from fraud perpetuated from within their institutions.

“The Federal Bureau of Investigation said while a majority of bank failures in recent years resulted from declining market conditions, insider abuse caused by bank officers and directors remains a factor in many loan fraud activities recorded in the past decade,” HousingWire reports. “Some of the activities that raised red flags include engaging in mortgage loan fraud by submitting misrepresentations of borrowers’ income, employment, credit, occupancy, and other requirements.”

Source: “Suspicious loan activity reports shrink first time in a decade,” HousingWire (May 8, 2013)

Read more

5 States With the Most Mortgage Fraud

http://realtormag.realtor.org/daily-news/2013/05/13/mortgage-fraud-activity-posts-first-drop-in-16-years