by Gagner | Sep 5, 2013 | Real Estate News
The results are in! According to S&P/Case-ShillerHome Price Indexes, the leading measure of U.S. home prices, home prices continued to increase in June 2013. Specifically, the National index grew 7.1 percent in the second quarter and 10.1 percent over the last four quarters. The 10-city and 20-city composites posted returns of 2.2 percent for June and 11.9 percent and 12.1 percent over 12 months, respectively. Needless to say, things continue to look up for the housing market, specifically in California, namely San Francisco. ‘The Southwest and California have consistently led the recovery with Las Vegas, Los Angeles, Phoenix and San Francisco posting at least 15 months of gains’ says David M. Blitzer, Chairman of the Index Committee at S&P Down Jones Indices. According to the reports, ‘Year-over-year, Las Vegas and San Francisco were the only two MSAs to post gains of over 20%.’ For the full report visit: S&P Dow Indices. ...
by Gagner | Aug 22, 2013 | Buyers, Real Estate News
Good news for many that are still trying to recover from personal financial crisis due to the housing market crash—the FHA is reducing the amount of time a borrower must wait in order to receive an FHA-insured mortgage. According to a new mortgagee letter from the Dept. of Housing and Urban Development, eligible borrowers (including those who experienced unemployment or other economic setbacks and lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure) can now receive an FHA-insured loan in as little in one year as opposed to the previous three. FHA is now considering borrowers who have experienced significant economic set backs and can document that: Certain credit impairments were the result of a loss of employment or a significant loss of Household Income beyond the borrower’s control; The borrower has demonstrated full recovery from the event; and, The borrower has completed housing counseling. The guidance in the mortgagee letter is applicable to purchase money mortgages in all FHA programs, with the exception of Home Equity Conversion Mortgages. The guidance in the mortgagee letter is applicable to purchase money mortgages in all FHA programs, with the exception of Home Equity Conversion Mortgages For Borrowers who are still ineligible for an FHA-insured mortgage due to FHA’s waiting period for bankruptcies, foreclosures, deeds-in-lieu, and short sales, as well as bad credit (including collections and judgments) may still be eligible for an FHA-insured mortgage if the borrower: Can document that the delinquencies and/or indications of derogatory credit are the result of an economic event as defined in the mortgagee letter, Has completed satisfactory housing counseling, as described in this ML,...
by Gagner | Aug 17, 2013 | Real Estate News
According to an article from ABC News published Tuesday July 30, the Bay Area Real Estate market is currently booming. This bold claim was backed by the astounding figures published by the S&P/Case-Shiller index that ranks home prices in metropolitan cities. In the report, San Francisco home prices were cited as growing 25% in the last year; the biggest increase in seven years. That’s more than double the nationwide average of major cities. Read the full story...
by Gagner | Aug 14, 2013 | Real Estate News, Sellers
Asking Home Prices Cool Most in Hottest Housing Markets: Las Vegas, Oakland, and San Francisco SAN FRANCISCO, August 6, 2013 – Trulia, a leading online marketplace for home buyers, sellers, renters, and real estate professionals, today released the latest findings from the Trulia Price Monitor and the Trulia Rent Monitor. Based on the for-sale homes and rentals listed on Trulia, these monitors take into account changes in the mix of listed homes and reflect trends in prices and rents for similar homes in similar neighborhoods through July 31, 2013. Asking Home Prices Fall 0.3 Percent Month-Over-Month Asking home prices are now starting to lose steam as mortgage rates rise, inventory expands, and investor demand declines. Nationally, asking prices dropped 0.3 percent in July – the first month-over-month (M-o-M) decline since November 2012. Seasonally adjusted, prices rose 3.3 percent quarter-over quarter (Q-o-Q), down from a peak of 4.2 percent in April. Year-over-year (Y-o-Y), prices are up 11 percent nationally; however, this change is an average over the past 12 months and is therefore slower to show changes than monthly and quarterly numbers. Asking Home Prices Now Slowing Down in the West In 64 out of 100 U.S. metros, the quarterly asking home price gain was lower than in the previous quarter. This slowdown was most apparent in the West Coast where prices have rebounded strongly already. Among housing markets where asking prices rose sharply Y-o-Y, price gains dipped the most Q-o-Q in Las Vegas, Oakland, and San Francisco. Other California metros, including Sacramento, Ventura County, San Jose, and Fresno, saw Q-o-Q gains drop by at least two percentage points between April and July. Meanwhile, many metros in the South and Midwest are seeing price...
by Gagner | Aug 14, 2013 | Real Estate News
Just 44% of California residents could afford the median-priced home in the first quarter, a real estate group’s index says. The chance of finding affordable housing in California is dwindling as median home prices and interests rates continue to rise—fast. According to a study published by the California Assn. of realtors, only 44% of residents could afford the average priced home in California. This is compared to 56% during the same period as last year. Many would-be first time buyers are having their home owning dreams crushed, especially considering this time last year home affordability hit its highest level since the California Assn. or Realtors began publishing affordability statistics in 1988. The percentage is expected to decline even further as home prices and interest rates continue to sharply rise. In June, the average home price hovered around $428,510, a big jump from the $378,960 average in March. According to Freddie Mac, interest rates rose from 4.37% in July and from 3.41% in March. Read the full article at Los Angeles Times...
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