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By Dennis Norman, on June 18th, 2013  New home construction in Mary rose slightly in May with construction commencing on new homes at a seasonally adjusted, annual, rate of 599,000 homes, up slightly (0.3 percent) from April when the rate was 597,000 homes, according to the latest report from HUD.
Building permits for new homes were issued in May at the annual rate of 622,000 homes, an increase of 1.3 percent from April’s rate of 614,000. There were new homes completed in May at the annual rate of 546,000 homes, an increase of 4.2 percent from April’s rate of 524,000 homes.
By Dennis Norman, on June 14th, 2013  If you remove the home sales resulting from investor purchases over the past year, then there would be no increase in home sales in the past year for the 25 major metro areas covered by a report issued by RadarLogic.
According to the report, Institutional Investors accounted for about 12 percent of all home sales as of March 2013, a 33 percent increase from a year ago when it just accounted for 9 percent of home sales.
RadarLogic cautions that this investor activity can have an “outsized” impact on home prices noting that “investor purchases accounted for the entire year-on-year gain in aggregate transaction activity across the 25 MSAs”. If the institutional investor activity is removed from the market, home purchases actually declined year over year according to the report. Continue reading Report Says Investors Are Fueling The Housing Market and Home Prices
By Dennis Norman, on June 13th, 2013 Foreclosure activity is declining as the housing market recovers from the worst market we’ve seen in decades. In May, there were 148,054 homeowners in the U.S. that received some sort of foreclosure filing (default notices, foreclosure auctions and bank repossessions), which is an increase of 2 percent from April (although April saw the lowest amount of foreclosure filings in 75 months) but a decrease of 28 percent from a year ago.
Highlights from the May 2013 Foreclosure Report: Continue reading Foreclosures on the decline as housing market recovers
By Dennis Norman, on June 12th, 2013 There were 9.7 million homeowners in the first quarter of this year that were in a negative equity (or underwater) position on their home, meaning their current mortgage balance exceeded the value of their home, according to a report by CoreLogic. This means 19.8 percent of all homeowners with a mortgage were in a negative equity position, which is an improvement from 21.7 percent the prior quarter.
In addition, there were another 11.2 million homeowners with less than 20 percent equity and 2.1 million of them in a “near negative equity” position with less than 5 percent equity.
According to the report, the average homeowner with a mortgage has average equity of 32.8 percent.
Continue reading Homeowners In Negative Equity Position Falls Below 10 Million Mark
By Dennis Norman, on June 11th, 2013 Consumers are continuing to feel more optimistic about the housing market, home prices and the availability of financing according to Fannie Mae’s National Housing Survey for May. Survey results show that 76 percent of Americans think now is a good time to buy a house and 40 percent of those surveyed say now is a good time to sell a home.
Potential home buyers are also feeling better about obtaining a mortgage to buy a home with 46 percent saying it would be easy to get a home loan today, however 50 percent believe it would be difficult to obtain a mortgage.
SURVEY HIGHLIGHTS: Continue reading Consumers’ Optimism About Housing Market On The Rise
By Dennis Norman, on June 7th, 2013  A survey by Fannie Mae of current renters revealed that 90 percent of current tenants expect to buy a home in the future. Almost half, 42 percent, of those tenants that plan to buy say it it may be 5 years or more before they are able to buy.
With so many first-time homebuyers planning to enter the market, PulteGroup offers the following tips to them to help find the right housing match: Continue reading Tips For First-Time Homebuyers
By Dennis Norman, on June 6th, 2013 
15 Best Cities To Buy Bargain Homes
Many of the best cities to buy bargain homes and fixer-upper homes in the U.S. can be found in the middle of the country, according to a list released today by RealtyTrac. According RealtyTrac, Detroit Michigan is the best city in the U.S. to buy fixer-upper bargain homes, followed by Chicago, Cleveland and St. Louis. In compiling the list, RealtyTrac considered the number of homes each city had that were bank owned homes (REO’s), built before 1960 (indicating the opportunity to increase value by updating and/or improving) and had an estimated value below $100,000. The complete list of the top 15 cities is below as well as an interactive info-graphic.
Continue reading Best Cities To Buy Bargain Homes
By Dennis Norman, on June 5th, 2013 The average down payment on a home loan today is 16.1 percent, down 9.4 percent from two years ago when down payments averaged 17.8 percent, according to LendingTree.com. The current national loan amount is $221,694.76. Mississippi, with an average down payment of 11.9 percent is the lowest in the nation, with New Jersey’s average down payment of 20.5 percent, the highest in the nation. Continue reading Home Loan Average Down Payments Drop to 16 Percent
By Dennis Norman, on June 4th, 2013
Home prices are on the rise in many parts of the U.S. according to the Highest Performing Major Metro Markets list for May 2013 just released by Clear Capital. Las Vegas was at the top of the list of the top 15 performing housing markets and Cleveland Ohio was at the top of the list of the 15 worst performing housing markets in the U.S. during the month of May 2013. Las Vegas home prices increased 4.5 percent from the month before and were up a staggering 27 percent from a year ago. Cleveland, on the other hand, saw a 4.3 percent decrease in home prices from the prior quarter.
See both lists below: Continue reading Home Prices On The Rise In Many Places But Not All
By Dennis Norman, on May 31st, 2013 A report released today by Radar Logic says that the home price increases we have seen over the past year are “driven by unsustainable forces” and that “weakness persists in the housing market“. The report says that a combination of low inventory, cheap interest rates and high investor demand have fueled the home price increases over the past year and that this is probably not sustainable going forward.
The inventory of homes for sale has no doubt declined significantly over the past 5 years, from 3.4 million homes for sale in July 2007 to just 1.9 million homes last month. The inventory of homes for sale in the past year has declined 11.9 percent while home prices have increased 13.1 percent in the 25 metro areas that make up the RPX composite.
Market Issues That Make Home Price Increases Unsustainable:
Continue reading Report Says Home Price Increases May Not Be Sustainable
By Dennis Norman, on May 30th, 2013 Home sales rose slightly in April, according to the Pending Home Sales Index report released today by the National Association of REALTORS (NAR). According to NAR, the pending home sales index rose 0.3 percent in April to 106.0 from 105.7 in March and is 10.3 percent highter than it was a year ago.
The current index level is the highest we have seen since April 2010 when the index hit 110.0. This marks the 24th consecutive month that the index has shown a year-over-year increase. Continue reading Home sales rise slightly in April
By Dennis Norman, on May 30th, 2013 One of every 5 residential sales in the U.S. during the 1st quarter of 2013 were foreclosures, according to a report just released by RealtyTrac. Conditions are improving however as a year ago one in 4 sales were foreclosures and, at the peak of the foreclosure market in the 1st quarter of 2009, foreclosures accounted for 45 percent of all residential sales.
Continue reading One In Five Home Sales Are Foreclosures
By Dennis Norman, on May 29th, 2013 What is the most expensive home in the U.S.? Well, according to the “Ultimate Homes” list featured in next months Unique Homes magazine, tops in the list of the ultimate luxury homes for sale in the U.S. is a $190 million one in Connecticut. Yes, for just $190 million you can buy Copper Beech Farm in Greenwich, Connecticut or, if that is out of your price range, next on the list is the $135 million Crespi-Hicks Estate in Dallas.
“This year’s Ultimate Homes list reveals just how much the highest end of the luxury real estate market has changed,” said Rick Goodwin, Publisher of Unique Homes. “The most expensive listing now nears the $200 million mark. Seven new estates debut on the Top 11 Ultimate Homes list. The Beverly House in Beverly Hills increased its price tag by $20 million to tie for the no. 5 spot. Also, less inventory at this spectrum of the market, along with an influx of foreign buyers, all point to a positive outlook for the highest end of the luxury real estate market.”
Other highlights from the 2013 Ultimate Homes list include:
- The Top 11 Ultimate Homes comprise the most expensive collection of properties in history, totaling $1.25 billion.
- Nine of the Top 11 properties are priced at or above $95 million, while the lowest price, $75 million, is well above the last two years.
- Eight properties top the list with 9-figure price tags of $100+ million.
- Nineteen states are represented, with Florida, New York and California having the most homes on the list.
- City with the most Ultimate Homes: New York City
Complete list of the Top 11 most expensive homes on the market in the U.S.:
| Copper Beech Farm* |
Greenwich, CT |
$190 million |
| The Crespi-Hicks Estate* |
Dallas, TX |
$135 million |
| Fleur de Lys |
Holmby Hills, CA |
$125 million |
| Penthouse at The Pierre* |
New York, NY |
$125 million |
| The Beverly House |
Beverly Hills, CA |
$115 million |
| Beacon Court Duplex* |
New York, NY |
$115 million |
| de Guigne Estate* |
Hillsborough, CA |
$100 million |
| Casa Casuarina* |
Miami Beach, FL |
$100 million |
| At The Sherry-Netherland* |
New York, NY |
$ 95 million |
| Tranquility |
Zephyr Cove, NV |
$ 75 million |
| Four Peaks Ranch |
Snowmass, CO |
$ 75 million |
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| * Debuts on the 2013 Ultimate Homes list |
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By Dennis Norman, on May 28th, 2013 The number of homebuyers that have expressed their concern about rising home prices has doubled in the past year, according to the results of a survey by Redfin. The survey shows, however, that homebuyers are accepting the fact that the current seller’s market is requiring them to pay more for a home.
Highlights of the survey:
Continue reading Number of Homebuyers Concerned About Rising Prices Doubled In Past Year
By Dennis Norman, on May 24th, 2013 The fastest selling housing market in the U.S. in April was San Jose, CA where nearly two-thirds of the homes for sale went under contract in the first two weeks and the supply of homes for sale is under one month, according to a report just released by Redfin. Throughout the country homes were selling quicker in April with the number of homes that went under contract within two weeks increasing by 39 percent from April 2013.
Highlights from the fastest selling housing markets report: Continue reading The Fastest Selling Housing Markets In The U.S.
By News Desk, on May 23rd, 2013
Sales of new single-family houses in April 2013 were 29.0 percent higher than a year ago, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. New homes sold at a seasonally adjusted annual rate of 454,000 homes in April which is 2.3 percent (±12.8%)* above the revised March rate of 444,000 and is 29.0 percent (±20.7%) above the April 2012 estimate of 352,000.
The median sales price of new houses sold in April 2013 was $271,600; the average sales price was $330,800. The seasonally adjusted estimate of new houses for sale at the end of April was 156,000. This represents a supply of 4.1 months at the current sales rate.
By Dennis Norman, on May 23rd, 2013 There were 13 million underwater homeowners (meaning they owe more on their mortgage than their homes are currently worth) during the first quarter of this year, according to a report just released by Zillow. While this is an improvement, it still means slightly more than 1 of every 4 (25.4 percent) homeowners in the U.S. with a mortgage are underwater. In addition, the report says another 9 million homeowners have less than 20 percent equity meaning they may not have enough equity to afford to sell and have an adequate downpayment to buy a new home.
Of the 30 metro areas covered in the report, Las Vegas was in the worst condition with underwater homeowners equaling over 50 percent (54.3%) of the homeowners with a mortgage, followed by Atalanta at 47.6 percent. The complete table listing all metro areas covered in the report is below:
Continue reading Number of Underwater Homeowners Improves But Still Over 25 Percent
By Dennis Norman, on May 22nd, 2013  Texas seems to be appealing to more people than ever with the Lone Star state being home to eight of the 15 fastest growing large cities in the U.S., according to information just released by the U.S. Census Bureau.
Texas is also home to five of the 10 cities in the U.S. that added the most people to it’s population in the past year. Continue reading More People Moving To Texas Than Anywhere Else
By Dennis Norman, on May 22nd, 2013 Home prices in April were on the rise, with the median price of existing homes sold coming in at $192,800, an increase of 4.8 percent from the month before and an increase of 11.0 percent from a year ago when the median sales price of existing homes sold was $173,700, according to the National Association of REALTORS (NAR).
The sale of homes in April was at a seasonally adjusted rate of 4.97 million homes, a slight increase (0.6 percent) from the month before and an increase of 9.7 percent from April of 2012 when home sales were at the annual rate of 4.53 million homes.
Highlights from the report: Continue reading Existing Home Prices Up 11 Percent From a Year Ago
By Dennis Norman, on May 21st, 2013 Almost all of the homes (97.5 percent) in Mansfield Ohio are affordable to families with a median income, making it the most affordable place to own a home in the U.S., according to a report just released by the National Association of Home Builders. Coming in #2 on the list was Cumberland, Maryland followed by Fairbanks, Alaska.
San Francisco, with only 28.9 percent of its homes affordable to a family with a median income was at the top of the least affordable places to own a home. See the tables below for the complete top 10 list in each category.
Continue reading Top 10 List of Most and Least Affordable Housing Markets
By Dennis Norman, on May 20th, 2013 Buying a home is a better financial decision than renting a home in almost two-thirds (64 percent) of the metro areas in the U.S., according to a report just released by Zillow. Zillow looked at all the costs associated with buying a home as well as renting a home, including upfront payments, fees, closing costs, insurance, payments, etc and then factored in historic home price appreciation rates and rent increase rates over a 3 year period to determine whether it is smarter to buy a home or rent a home. The report results show, in 64 percent of the metro’s covered, buying a home made more financial sense than renting a home.
The table below shows all metro areas covered by the report as well as the time (in years) that it would take to “break-even” in terms of buying a home versus renting a home.
Continue reading Buying A Home Beats Renting A Home In 2 out of 3 Metro Areas
By Tyler Frank NMLS#942420, on May 19th, 2013  Tyler Frank,
Paramount Mortgage
NMLS ID 942420 Unfortunately, as a result of the housing market crash 5 years ago, it has caused many former homeowners to have to ask the question “if I had A foreclosure, short sale or bankruptcy, when wan I get another home loan?”
Fortunately, it is possible for former homeowners who have faced financial hardships to obtain a home loan again, but it does take time and effort on their part. Before obtaining a home loan after a foreclosure, short-sale or bankruptcy, the borrower will have to reestablish credit and establish a stable income that will support the home loan they wish to obtain. In addition, time will have to pass as (see the chart below), no matter how well the borrowers situation has improved, there are still some minimum timeframes that will have had to pass in order to be eligible for most types of home loans. There is no “one size fits all” answer though, so I highly suggest if you are in this situation and want to know what your options are, to use the form below to contact me, I’ll be happy to help. Continue reading If I Had A Foreclosure, Short Sale or Bankruptcy, When Can I Get Another Home Loan?
By Dennis Norman, on May 16th, 2013 Building permits for new homes in April were issued at a rate equal to 617,000 homes a year, according to the latest report from the Census Bureau and HUD. April’s permit activity is 3 percent higher than March and is an increase of 27.5 percent from a year ago. In April work began on new homes at an annual rate of 610,000 homes, a slight decrease from March but an increase of over 20 percent (20.8) from a year ago.
To view the complete report, [wpsharely] click here.[/wpsharely]
By Dennis Norman, on May 16th, 2013 As the housing market improves, foreclosures are declining and in fact foreclosure starts for the first quarter of 2013 were down 27 percent from the first quarter of 2012, according to a report just released by RealtyTrac. The report also took an in depth look at the new home market and found that new homes appear to be filling the void in the market left by foreclosures with permits for new homes increase 27 percent the first quarter of 2013 from a year ago. Continue reading New Homes Replacing Foreclosures In The Housing Market
By Dennis Norman, on May 14th, 2013 Four cities in California were at the top of the list of top markets for luxury home sales ($1 million+) just released by Redfin. San Francisco, with 474 sales at $1 million or more, during 14 month period ended March 31, 2013, topped the list with the most sales, folloed by Los Angeles, Silicon Valley and San Diego.
The complete list of the top 22 luxury home markets in the U.S. is below:
Continue reading Four California Cities Top The List of Luxury Home Sales
By Dennis Norman, on May 14th, 2013 During the first quarter of 2013, median home prices rose in 133 out of 150 metro areas, according to the National Association of REALTORS (NAR). On a national level, the median home price during first quarter of this year was $176,600, an increased of 11.3 percent from $158,600 in the first quarter of 2012 and was the largest year-over-year gain in home prices since the fourth quarter of 2005.
Continue reading Year over year home price increase at highest level in over 7 years
By Dennis Norman, on May 14th, 2013 Remodeling projects and other home improvements by homeowners has declined in each of the last 5 months, according to a newly released report by the National Association of Home Builders (NAHB).
The NAHB has a Remodeling Market Index (RMI) which fell six points to 49 for the first quarter of 2013 however, despite its drop, the RMI was still at the third-highest level since the first quarter of 2006. Continue reading Remodeling Projects By Homeowners Down This Year
By Dennis Norman, on May 13th, 2013 Bank of the West has published an informative infographic that presents the steps to buying a home as well as many facts and figures homebuyers may find useful. In addition, you will find median home prices for various parts of the country, average cost of upgrades as well as information on down payments, all in the infogrpahic below. Continue reading Steps to buying a new home
By Dennis Norman, on May 9th, 2013 In April foreclosure filings (default notices, scheduled foreclosure auctions and bank repossessions) were reported on 144,790 properties in the U.S., the lowest number since February 2007, according to a report just released by RealtyTrac, a company that tracks and reports foreclosure activity throughout the U.S.
Continue reading Foreclosures Fall To Six Year Low In U.S.
By Dennis Norman, on May 8th, 2013 Las Vegas was the top performing housing market in April according to the May 2013 Clear Capital Market Report. According to the report, home prices in Las Vegas increased 4.2 percent for the 3 month period ending in April and increased 24.3 percent from a year ago. On a National level, home prices increase 7.2 percent in the past year.
Clear Capital’s forecast calls for home prices to “moderate” and stabilize, describing stable home prices as the “new normal”.
Other Highlights include:
Continue reading Las Vegas Is Top Performing Metro Housing Market In US
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