The Kallhoff Team

Monday, July 15, 2013

5 Cities Where Salaries Are Rising Most

DAILY REAL ESTATE NEWS | MONDAY, JULY 15, 2013

On average, U.S. employees saw a 2.5 percent rise in their wages in the past year. But in some places of the country, workers are seeing even larger increases to their pay. These are the five cities seeing the largest pay hikes:

San Francisco: a 4.3 percent pay increase in one year

San Francisco is known for its high-salary tech jobs. And those high salaries are needed: The city is among one of the most expensive in the nation in terms of cost of living—about 70 percent higher than a city such as Indianapolis, according to PayScale.

Baltimore: +3.5%

The area has added 1,600 financial services jobs in the last year and it’s known as a hub for health care jobs—being the home to Johns Hopkins and other research hotspots.

Chicago: +3.1%

Chicago offers lots of jobs centered around the financial markets, since it’s the home to the Chicago Mercantile Exchange, Chicago Board of Trade, and the Chicago Board Options Exchange.

Phoenix: +3.1%

The pick-up in the housing market has led to a big increase in construction jobs in Phoenix—more pronounced here than in other parts of the country. Phoenix is attracting more residents from California; the cost of housing there is nearly 70 percent lower than in San Francisco and 56 percent lower than in Los Angeles.

Atlanta: +3%

Atlanta serves as the headquarters for many major companies, such as Coca-Cola and Home Depot, but it also has a bustling healthcare information industry that has helped salaries grow.

Source: “Cities with the Biggest Pay Hikes,” CNNMoney (July 2013)

Read more

7 Best Midsize Cities for Job Growth

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Friday, July 12, 2013

Mortgage Rates Continue to Rise, Fed Eases Fears

DAILY REAL ESTATE NEWS | FRIDAY, JULY 12, 2013

Mortgage rates moved higher again this week as speculation continued about whether the Federal Reserve will end its future bond purchases, which have kept rates at historical lows, Freddie Mac reports in its weekly mortgage market survey. But remarks by Federal Reserve Chairman Ben Bernanke on Wednesday may indicate that the Fed won’t be ending its program immediately.

On Wednesday, Bernanke said that unemployment is still high and inflation too low. He said the Fed would not raise short-term rates until the unemployment rate reaches 6.5 percent. The jobless rate is currently 7.6 percent. The Fed has been buying $86 billion a month in government bonds to hold down long-term interest rates, which have helped mortgage rates in recent months reach all-time lows.

Freddie Mac reported the following national averages with mortgage rates for the week ending July 11:

30-year fixed-rate mortgages: averaged 4.51 percent, with an average 0.8 point, rising from last week’s 4.29 percent average. A year ago at this time, 30-year rates averaged 3.56 percent.
15-year fixed-rate mortgages: averaged 3.53 percent, with an average 0.8 point, increasing from last week’s 3.39 percent average. Last year at this time, 15-year rates averaged 2.86 percent.
5-year adjustable-rate mortgages: averaged 3.26 percent, with an average 0.7 point, up from 3.10 percent last week. Last year at this time, 5-year ARMs averaged 2.74 percent.
1-year ARMs: averaged 2.66 percent, with an average 0.5 point, holding steady from last week’s average. A year ago at this time, 1-year ARMs averaged 2.69 percent.

Source: Freddie Mac and “Bernanke: Economy still needs Fed stimulus,” The Associated Press (July 10, 2013)

http://realtormag.realtor.org/daily-news/2013/07/12/mortgage-rates-continue-rise-fed-eases-fears

Thursday, July 11, 2013

Soaring Insurance Rates Shock Home Owners

DAILY REAL ESTATE NEWS | THURSDAY, JULY 11, 2013

Home owners who live near areas where disasters have struck, but have not been directly impacted by them are still seeing dramatic increases in their insurance premiums.

For example, in the wake of Hurricane Sandy, unaffected residents living near the disaster zone still saw big spikes in flood insurance premiums. FEMA has reclassified the area as a high-risk flood zone. As such, some residents in the Valley Stream, Long Island area of New York are seeing their flood insurance rates soar from $400 per year to $3,400.

Home owners living out West are also reporting rising insurance premiums due to recent threats of wildfires. The rise has prompted some home owners to go without coverage.

For example, a 63-year-old Las Vegas man is refusing to evacuate his property near growing wildfires. He’s remaining in his cabin, spraying water to keep the fires from his home, which have come within about 300 feet of the property. The man says he cannot afford homeowner’s insurance because the last wildfire ended up doubling his payments.

Source: “New Flood Insurance Rates Leave Homeowners With Sticker Shock,” AOL Real Estate (July 10, 2013) and “Man Refuses to Evacuate Home on Mount Charleston,” ABC 13 News (Las Vegas) (July 10, 2013)

http://realtormag.realtor.org/daily-news/2013/07/11/soaring-insurance-rates-shock-home-owners

Tuesday, July 9, 2013

Survey: Americans Upbeat About Home Prices

DAILY REAL ESTATE NEWS | TUESDAY, JULY 09, 2013

Fifty-seven percent of Americans believe home prices will increase within the next year, an all-time high for Fannie Mae’s National Housing Survey, which was created in 2010. Meanwhile, 7 percent of those surveyed say they believe home prices will drop.

The majority of Americans — also 57 percent — believe that mortgage rates will increase as well, reaching the highest level since the survey was created.

"The spike in mortgage rate expectations this month seems to have had an impact on a number of the survey’s indicators and may increase housing activity in the near term by driving urgency to buy," says Doug Duncan, senior vice president and chief economist at Fannie Mae. "Consumers may recognize that today’s still favorable mortgage rates and home ownership affordability levels will recede over time. Given rising home and rental price expectations and improving personal financial attitudes, more prospective homebuyers may be deciding that now is the time to get off the fence."

Seventy-two percent of Americans say now is a good time to purchase a home, according to the survey. The survey also found that 37 percent of Americans say now is a good time to sell, a slight fall from 40 percent in May.

Source: “Majority of Americans expect housing fundamentals to rise,” HousingWire (July 8, 2013)

Read More

5 Ways to Keep a Positive Outlook

http://realtormag.realtor.org/daily-news/2013/07/09/survey-americans-upbeat-about-home-prices

Monday, July 8, 2013

Where Cost Per Square Foot is Skyrocketing

DAILY REAL ESTATE NEWS | MONDAY, JULY 08, 2013

The list price per square foot is gaining in many areas, rising to $181 in June, according to real estate brokerage Movoto’s national housing report.

The increase in list price per square foot was the most dramatic in Sacramento, where it rose from $91 per square foot in June 2012 to $153 per square foot last month—about a 68 percent increase.

The following cities have seen the largest year-over-year increases (June 2012 to June 2013) in price per square footage:

Sacramento: $153 (a 68.1 percent year-over-year increase)
Phoenix: $126 (+44.8% year-over-year)
Oakland, Calif.: $304 (+37.6% year-over-year)
Mesa, Ariz.: $118 (+37.2% year-over-year)
Los Angeles: $435 (+28.3% year-over-year)
Long Beach, Calif.: $342 (+26.2% year-over-year)
Las Vegas: $105 (+22.1% year-over-year)
San Diego: $359 (+20.1% year-over-year)
Boston: $468 (+19.1% year-over-year)
Jacksonville, Fla.: $90 (+18.4% year-over-year)
Atlanta: $148 (+18.4% year-over-year)

The only two cities to see a decrease in price per square foot were Chicago and New Orleans, according to Movoto.

Source: “Increased inventory raises price per square foot,” HousingWire (July 2, 2013)

http://realtormag.realtor.org/daily-news/2013/07/08/where-cost-square-foot-skyrocketing

Wednesday, July 3, 2013

Home Prices Post Biggest Jump in 7 Years

DAILY REAL ESTATE NEWS | WEDNESDAY, JULY 03, 2013

Home prices are moving up at a quicker pace, rising in May by their largest annual amount in more than seven years with more to come, according to the latest report released by CoreLogic.

Home prices increased 2.6 percent in May over April and have shot up 12.2 percent compared to last year’s prices. CoreLogic economists are predicting that home prices will rise by another 2.9 percent in June, making the yearly price gain 13.2 percent year-over-year.

Tight inventories of homes for sale across the nation have pushed home prices higher, according to CoreLogic.

“Home price appreciation, particularly in much of the western half of the U.S., is increasing at a torrid pace,” says Anand Nallathambi, president and CEO of CoreLogic. “Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.”

When including distressed sales, the following five states have seen the highest home appreciation in the past year, according to CoreLogic:

Nevada: +26%
California: +20.2%
Arizona: +16.9%
Hawaii: +16.1%
Oregon: +15.5%

Source: CoreLogic and “Home prices rise by most in seven years in May: CoreLogic,” Reuters (July 2, 2013)

http://realtormag.realtor.org/daily-news/2013/07/03/home-prices-post-biggest-jump-in-7-years