Selling AZ With Rebecca

Wednesday, July 24, 2013

Real Estate's New Big Buyers: Middle-Aged Women

DAILY REAL ESTATE NEWS | WEDNESDAY, JULY 24, 2013

Middle-aged women have become the fastest growing group of single female home owners, according to a new study by the real estate brokerage Redfin. The number of 45- to 54-year-old single female home owners has soared 120 percent from1982 to 2012.

“Probable causes for this phenomenon include the large baby boomer population entering this age group over the last several decades and the prevalence of divorce leading to the creation of more female-headed households,” according to Redfin.

Single females have long been big consumers of real estate. Among unmarried home owners, single women have outnumbered men since at least 1982, when the Census began collecting such data.

While middle-aged women are increasing their buying, women younger than 35 appear to be delaying home ownership until later on in life, the report shows.

The Redfin report revealed the top U.S. cities for single successful women, factoring in the percentage of women with four-year college degrees, percentage of women with a salary greater than $65,000, and the percentage of women wh oare single between 25 to 39 years old. Below are the rankings, as well as the percentage of residents who are women who are single and 25 to 39 years old:

Arlington, Va.: 24%
Alexandria, Va.: 22%
Cambridge, Mass.: 22%
Washington, D.C.: 22%
San Francisco: 21%
Seattle: 18%

Source: Redfin

http://realtormag.realtor.org/daily-news/2013/07/24/real-estates-new-big-buyers-middle-aged-women

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Tuesday, July 23, 2013

Fannie: Fast Rise in Mortgage Rates Could Hurt

DAILY REAL ESTATE NEWS | TUESDAY, JULY 23, 2013

The rise in mortgage rates over the last couple of months has been “significant” and could hamper the housing recovery, economists note in Fannie Mae’s Economic Strategic Report for July. However, home sales so far have been little affected by the spikes, they say.

The 30-year fixed-rate mortgage has risen more than 110 basis points from the first week of May to the end of June. In early July, it started to ease somewhat. Still, the report says that despite the increases, rates are still near historical lows. It’s the sudden rise in such a short time that has been alarming, the economists note.

Mortgage applications for home purchases have fallen about 9 percent since early May, when the rise in rates began. However, pending home sales during that same period rose to the highest level in more than six years. Many of those sales, though, are in cash, which means they may be less tied to the rise in mortgage rates.

Fannie Mae economists predict that mortgage rates will continue a gradual rise and average 4.7 percent in the fourth quarter. That is about 40 basis points higher than economists had predicted a month ago.

Economists predict home sales will rise about 8 percent in 2013, and the median home price will be $189,000 for existing homes and $276,000 for new homes in the fourth quarter.

Source: “Fannie Mae Expects Rates to Continue Higher,” Mortgage News Daily (July 22, 2013)

http://realtormag.realtor.org/daily-news/2013/07/23/fannie-fast-rise-in-mortgage-rates-could-hurt

Monday, July 22, 2013

Where Home Prices Are Rising by the Most

DAILY REAL ESTATE NEWS | MONDAY, JULY 22, 2013

Property values are on the rise nationally, bumping up 5.27 percent higher in June than year ago levels, according to data from realtor.com®. But some markets are seeing asking prices rise by 30 percent or more in that time.

Realtor.com® reports the following metros are seeing the largest year-over-year median list price increases:

1. Oakland, Calif.: +36.77%

Median list price: $492,250

2. Sacramento, Calif.: +34.42%

Median list price: $289,000

3. Orange County, Calif.: +31.70%

Median list price: $565,000

4. Detroit: +31.31%

Median list price: $130,000

5. Stockton-Lodi, Calif.: +31.30%

Median list price: $209,950

6. Phoenix-Mesa, Ariz.: +30.50%

Median list price: $234,900

7. Los Angeles-Long Beach, Calif.: +29.50%

Median list price: $439,000

8. Ventura, Calif.: +26.65%

Median list price: $499,900

9. San Jose, Calif.: +25%

Median list price: $675,000

10. Reno, Nev.: +24.56%

Median list price: $249,000

Source: realtor.com®

Read more

Are Home Prices Rising Too Fast?

http://realtormag.realtor.org/daily-news/2013/07/22/where-home-prices-are-rising-most

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Friday, July 19, 2013

Are Young Home Buyers Being Left Behind?

DAILY REAL ESTATE NEWS | FRIDAY, JULY 19, 2013

Young, first-time buyers are struggling to purchase a home. With low inventories of homes for sale, young first-timers are finding themselves competing against other bidders who are willing to pay cash. Meanwhile, many young buyers are having trouble qualifying for a loan, often due to high student loan debt.

Overall, young buyers have been left out of the housing recovery more than any other age group, according to a new USA Today analysis. The home ownership rate for 25 to 34 year olds has gone from 46.7 percent in 2006 to 29.7 percent in 2011 — a decline of 7 percentage points. As comparison, the 45-54 age group has seen home ownership rates fall 3.8 percent.

National home ownership rates during the same timeframe has fallen 2.7 percentage points — from 67.3 percent to 64.6 percent, USA Today reports.

"There's been no situation as devastating as this, and it's probably taken a greater toll on the younger generation," says Budge Huskey, CEO of residential brokerage Coldwell Banker. "They've seen other friends or acquaintances that may have even gone through a foreclosure. There's a psychological aspect of the impact of the recession that goes beyond the mere finances."

The median age of first-time home buyers was 31 in 2012, according to National Association of REALTORS® data. First-time home buyers are viewed as critical to a healthy housing market, allowing older Americans to purchase their next home and helping to stimulate new-home construction.

But the number of first-time home buyers has been steadily falling in recent years. In May, first-time buyers accounted for 28 percent of existing-home purchases — a drop from 34 percent a year ago, according to NAR.

"Giving people the opportunity to buy a home is a way to provide them a vehicle of accumulating wealth," says Chris Hebert, research director for the Joint Center for Housing Studies of Harvard University. "Making sure this next generation has this opportunity will be important for their well-being."

Source: “Housing recovery leaves Millennials behind,” USA Today (July 17, 2013)

Generational Home Buying Trends

http://realtormag.realtor.org/daily-news/2013/07/19/are-young-home-buyers-being-left-behind

Thursday, July 18, 2013

Fed: Housing Helping Economic Growth

DAILY REAL ESTATE NEWS | THURSDAY, JULY 18, 2013

The recovering housing market is partially responsible for spurring economic growth, according to a recent Federal Reserve report. Eleven of the 12 districts included in the Fed survey say they are experiencing “modest to moderate” economic growth, while the 12th district, Dallas, reports “strong” growth.

“Residential real estate and construction activity increased at a moderate to strong pace in all reporting districts,” the Fed said in its Beige Book, which is based on anecdotal reports from 12 regional banks. “Manufacturing expanded in most districts since the previous report.”

Housing construction and home prices have shown improvement in the past year, the Fed notes. Consumer spending also has increased, and hiring is holding steady in most areas. The housing recovery has also led to a rise in the production of lumber, materials, and construction equipment, the Fed notes.

"Housing activity and prices seem likely to continue to recover, notwithstanding the recent increases in mortgage rates, but it will be important to monitor developments in this sector carefully," said Fed Chairman Ben Bernanke in testimony Wednesday before lawmakers. The Fed has made moves in recent years through a bond purchases program that has helped to keep mortgage rates near historical lows. Rates have been rising in recent weeks as the Fed announced that it would be scaling back its program later this year.

Source: “Fed Survey Shows Growth Mostly Modest Across U.S.,” The Associated Press (July 17, 2013) and “Housing Starts Fall to 10-Month Low,” Reuters (July 17, 2013)

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