Realty Associated: August 2015

Thursday, August 27, 2015

US economy much stronger than believed

There are many headwinds keeping U.S. growth more moderate than in the past–including leverage levels and an aging population—and the latest gross domestic product (GDP) revisions testified to this.

However, while the corridor for U.S. growth is likely to remain lower than in the past, I believe the persistent hand-wringing and skepticism regarding the U.S. economy is grossly overstated, especially when you consider the technology renaissance occurring around us today.

Wednesday, August 26, 2015

Single-Family Property Renters May Be More Likely to Buy a Home Than Those in Apartments

New research conducted by Freddie Mac released Tuesday indicates that people living in single-family rental (SFR) properties (a house, townhouse, or condo) may be more likely to buy a home than those living in apartments.

Freddie Mac's latest survey, conducted in June, found that overall, about 55 percent of renters in both single- and multifamily properties intend to continue renting in the next three years. When dividing up the two categories, however, the data indicated that 53 percent of renters in SFR properties intend to buy a house in the next three years compared to just 36 percent of multifamily renters who plan to buy in that period.

New Home Sales Regain Momentum

While the disappointing new home sales reported last month for June were revised even lower today July sales redeemed at least some of the loss. The Census Bureau and the Department of Housing and Urban Development said that sales of newly constructed homes were at a seasonally adjusted annual rate of 507,000, a 5.4 percent increase from the revised June level of 481,000. Last month the report had put new home sales at 482,000 units, a drop of 6.8 percent from May.

Friday, August 21, 2015

Manufactured home industry pushes for GSE-backed loan programs

The manufactured-housing industry wants Fannie Mae and Freddie Mac to be required to fund higher-risk loans most commonly used to purchase mobile homes.

Industry representatives said this week that the Federal Housing Finance Agency (FHFA), the agency that oversees the government-sponsored enterprises, has been too slow to adopt a mandate in the 2008 Housing and Economic Recovery Act (HERA) that required additional financing for the industry.

REOs Are Back on the Rise

Foreclosure filings were on the rise in July, as bank repossessions rapidly began to tick up, according to RealtyTrac's July 2015 U.S. Foreclosure Market Report.

Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – were up 7 percent in July month-over-month and are up 14 percent from a year ago, according to RealtyTrac.

Home Sales Rise, Along With Bank Repossessions

The latest industry data finds more people purchasing existing homes and more lenders repossessing homes that fell into foreclosure.

The National Association of Realtors (NAR) reported that existing-home sales in July increased two percent to a seasonally adjusted annual rate of 5.59 million in July from a downwardly revised 5.48 million in June. The level of sales activity last month remained at the highest pace since February 2007 (5.79 million) and represents the tenth consecutive months of year-over-year sales.

Sunday, August 9, 2015

Want to catch a Millennial homebuyer? Make ‘em laugh

If the only visitor to an open house is the cat from next door, then the real estate agent needs a new social media and marketing approach.

That was part of the advice Millennial real estate agent Wes Pinkston of Los Angeles gave to thousands of real estate executives, agents and entrepreneurs last week at Inman Connect in San Francisco. His comment drew laughs ... and nodding heads.

Technology making it easier to submit mortgage documents, close on loans

Doug Johnson serves as the chief financial officer of two hospitals in the Wisconsin-Minnesota border area but doesn't consider himself to be especially tech-savvy.

Nevertheless, he was able to complete the entire mortgage-application process entirely online for an Arizona vacation home that he and his wife wanted to buy. That included shopping for interest rates and terms, inputting personal information and uploading the required supporting documents including copies of income-tax returns, pay stubs, bank statements and more.

Saturday, August 8, 2015

Chinese buyers feed new energy into Texas real estate

With investors nervously watching the Shanghai stock market, Chinese are the now biggest foreign buyers of American real estate, and they are setting their sights on the biggest state in the Lower 48.

Wednesday, August 5, 2015

The Housing Market Is On Fire

We just got another sign the housing market is on fire.

On Wednesday, we learned that existing home sales jumped to the fastest pace since February 2007.

Sales rose 3.2% month-over-month to an annualized pace of 5.49 million.

Economists had forecast a rise of 0.9% to an annualized pace of 5.40 million.

Sunday, August 2, 2015

Owners turning to auctions to sell their high-end properties

EDWARDS, Colo. (AP) — Bob and Karin Weber built their dream home 14 years ago, creating an 11,000-square-foot mountaintop oasis. Now that the couple is in their 70s, they're ready to downsize and possibly move to nearby Vail.

After trying the traditional list-and-wait method of selling the 35-acre Elk Ridge Ranch, the Webers are putting their estate up for auction, hoping for a streamlined process and a more lucrative result.

Seniors’ Skyscraper on Tempe Town Lake

Plans are now moving forward for a high-rise senior-living complex and two high-end apartment buildings on some of Tempe's last remaining lakefront real estate.

Southbank is on the north side of Rio Salado Parkway about one-half mile east of Rural Road, flanked on two sides by Arizona State University's Karsten Golf Course. Eventually, the complex could include offices, hotels, shops and restaurants.

Down Payment Programs Not a Scam, FHA to Tell Watchdog

WASHINGTON -- The Federal Housing Administration is expected to rebuff a government watchdog report that criticized down payment assistance programs, questioning why low-income borrowers are charged nominally higher mortgage rates for such programs.

The Department of Housing and Urban Development's Office of Inspector General took issue in a report earlier this month with the so-called "premium pricing" of two down payment assistance programs in Arizona.

5 reasons to consider working with international buyers [feedly]

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5 reasons to consider working with international buyers
// Inman » Next

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Takeaways:

The number of agents working with international clients rose by 7 percent from March 2014 to March 2015.

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