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August 21st, 2016 3:13 PM

Preparing Your Yard Before Selling

The garden is an integral part of the property, so it plays an active role in the renting out or selling of the property in question. When you want to sell your house, every small element in it plays a role, and everything needs to be in a perfect condition when potential buyers start coming around. Having a well maintained garden will not only make you feel better about yourself and your skills, but it will also increase the overall value of the property, and you can get a better profit when selling it. If your garden or backyard are still not ready for the selling, then check out these 5 landscaping tips, which will help you prepare it in no time.

Solve all your problems with plants. Every property's garden has some downsides, the most common from which are neighbours overlooking and busy roads full of cars and unpleasant noise all day. By planting trees, various shrubs, and flowers you can easily solve that problem. Plant barriers are becoming more common than fences, because they not only stop people from peeking, but they also provide a natural barrier from all the noise and pollution on the street. Plants also produce the so much needed oxygen, so you can never plant too many. Well, your plant barrier won't grow in a couple days, but its presence will definitely make potential buyers think twice before making a decision.

Mulching and weeding. By mulching and weeding your plant beds, you will not only take a great care of your garden, but you will also make sure that your garden looks well kept and it will seem that the place is low-maintenance to potential buyers. Your choice of mulch is also very important for the value of your property. I would recommend choosing a utility mulch, like pine bark for instance, instead of the products usually recommended by gardeners, like sugarcane or lucerne. Utility mulches look very neat, and when you're trying to sell your property neat is more important than the fancy appearance.

Limit the number of plants you grow. We all want to grow as much plants as possible, so we can have our nice outdoor paradise. But when you're trying to sell your property, you should aim for a more simple and neat outlook for everything. Just as your house needs to be tidy and well organised, your garden needs it too. By minimising the number of plants and their types, your garden will appear easy to maintain, which is what almost everybody wants. But don't overdo it. Plant diversity encourages biodiversity in your area, which is good for the local ecology, the pest impact is a lot smaller, and everything looks more interesting. I guess you'll have to find the perfect middle ground.

Define the lawn edges. The least you can do to make your home more appealing to potential buyers, is to mow and edge your lawn. Why you should edge your lawn? Because by edging your lawn you will make it look tamed and restrained, which again creates an easy-to-maintain look, which turns out to be a very important selling point for properties with gardens. It's very easy to create an edge to your lawn, you just need to get a sharp spade and cut a separation line between your lawn and the other elements of the garden. And if you don't like digging, you can just create a physical barrier between the your lawn and the rest of the garden – just lay some stones or timber around the edges.

Add some colour and form. Colour and shape are very important for your garden and your property's appearance. If you place some nice planters near the front door and add some bright flowers in pots around the house, you will create a very welcoming and colourful atmosphere in the property. And once you sell the property, you can always take the potted plants with you to your new home.


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Posted by Carla Harden on August 21st, 2016 3:13 PMLeave a Comment

June 26th, 2016 1:39 PM

Getting a loan comes with closing costs. But VA buyers are tapping into a benefit program, and that includes advantages when it comes to closing costs.  Here’s a look at three essential facts about closing costs for active-duty and veteran service members looking to buy a home.

The VA limits what buyers can pay

If the option to buy with 0% down wasn’t incentive enough for eligible buyers to use the, this one certainly sweetens the pot.

The Department of Veterans Affairs has a list of “non-allowable” fees—loan fees that the veteran or active-duty member isn’t allowed to pay. That means these loan costs will need to be covered by the seller, the lender, or the real estate agent.

Those non-allowable costs and fees include:

  • Pest inspections on purchase transactions
  • Broker fees or real estate agent commissions
  • Penalties for loan prepayment
  • Non-title-related attorney fees
  • Excessive recording fees

In addition, the VA limits what lenders can charge to cover their origination and administrative costs.

Sellers can contribute a lot

Sellers in a VA purchase transaction can cover all of a buyer’s mortgage-related closing costs and contribute up to 4% as “concessions.” Mortgage-related closing costs include things like origination fees, appraisal, title work, and more. Concessions can go toward a host of other expenses that often come with buying a home, from prepaid taxes and homeowners insurance to even paying off collections or judgments for the buyer.

Many VA buyers will come to the home-buying journey needing help with closing costs. But it’s important to note that sellers aren’t required to pay a dime toward a buyer’s closing costs. Every transaction is different, and it’s ultimately more about what it takes to get a mutually beneficial deal to the closing table.

Buyers can finance the VA Funding Fee

The VA home loan program is funded in part by the VA funding fee which varies based on a buyer’s service history, disability status, and any previous use of their VA loan benefit.

About a third of VA buyers are exempt because they receive compensation for a service-connected disability. Buyers who aren’t exempt don’t have to pay the VA Funding Fee upfront. Most choose to finance the cost on top of their loan, and it’s even possible to have a seller pay the fee as part of his or her concessions.

When it comes to closing costs, the VA loan program aims to make it easier for veterans and military families to land their dream home. It also gives home sellers a lot of leeway to help would-be buyers lock down the last financial piece of the home-buying journey.

by Chris Birk, Director of Education at Veterans United Home Loans


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Posted by Carla Harden on June 26th, 2016 1:39 PMLeave a Comment

May 14th, 2016 8:51 PM

For many home buyers, closing day is daunting, and coping with last-minute surprises can be tricky. Some problems are minor and easy to solve; others can wreck a deal. So which are which? Let’s take a look.

Ugly walk-through revelations

The dreaded walk-through is the top reason for surprises on closing day, and for good reason: This final inspection of the home happens the day before your settlement—or even the morning of—so there’s little time to prepare for whatever problems might pop up.Who knows? A sudden storm could have poured water into the basement, or now that the furniture is all gone, cracks in walls or other flaws may be exposed.

How bad is it? If the problem is serious, like flooding, you should definitely proceed with caution. To avoid this snafu, make sure to inspect a home as thoroughly as possible before your final walk-through to avoid last-minute surprises.

Don’t be shy about asking for another look-see after a big storm to vet for dampness or flooding. But a last-minute discovery of a problem is not necessarily a deal breaker. Just ask the seller to cover the cost of those repairs, and put the funds in escrow. Be sure to come with estimates from professionals on how much those fix-its will cost.

What stays, what goes

Another common issue that crops up during the walk-through is misunderstandings about which items get transferred with the sale. For instance, maybe you loved the seller’s antique stove, ceiling fan, or other household item and assumed it would stay—but you find out the sellers took it with them.

How bad is it? Unless you’re really attached to the item, you may want to let this one slide if you want this deal to go through. The easiest way to avoid these misunderstandings is to delineate in a contract what remains in the house or must be moved out, says Ben Niernberg, executive vice president of business development at Northbrook, IL.

“Be very detailed on what’s staying and going,” he says. “Washer, dryer, ceiling fans, fixtures, appliances—be diligent during your initial inspection.” Also, make sure the contract reflects your expectations.

Credit challenges

Even though you were probably approved for a mortgage a month or so earlier, even small changes in your financial picture since then can affect your credit score and create problems up to the moment you close on the property. Changing jobs, applying for a credit card, falling behind in paying bills, even sudden infusions of cash can red-flag your deal.

How bad is it? Pretty bad. If a lender withdraws the offer, you won’t be able to close until you secure another mortgage, which could take weeks. Or, if the lender wants to increase your interest rate, as it usually does in these situations, then you’ll have to decide if you can still afford the purchase.

To head this issue off at the pass, contact your lender the day before closing to discuss and solve any issues that may have turned up. Also, try to avoid making any sudden financial moves in the weeks leading up to the close, like quitting your job or receiving a $10,000 “gift” from a family member to help out with home buying—that could, ironically, throw a wrench into the process.

Money transfer misunderstandings

On closing day, the chief order of business is to transfer funds. Some financial institutions and title companies prefer cashier’s or certified checks; others want funds to be transferred electronically. Show up with the wrong paperwork or account numbers, and you’ll be left scrambling.

How bad is it? This misunderstanding should be nothing more than a speed bump. To avoid it, ask your agent and lender before closing what form of payment is required. Also bring your checkbook to pay for small items that might crop up, like an unpaid electric bill.

Title trouble

A title company—which confirms details about your property such as past ownership, liens, and the aforementioned covenants—could bring up issues on closing day. If that happens to you, don’t be afraid to step back and insist on taking time to digest any details, problems, or stipulations attached to the property.

How bad is it? It depends on what the search turns up. Some problems, like tax liens or a claim on the property from a relative or co-owner, can postpone a closing. Other things, like the covenants I mentioned above, or unpaid HOA dues, may be surprises but not deal breakers. But any and all title defects must be fixed before you can close on the property. It may be frustrating, but when you leap into home ownership, it’s always better to be safe than sorry.

By Lisa Kaplan Gordon is an award-winning freelancer who's written about real estate and home improvement for realtor.com, 


Posted in:General
Posted by Carla Harden on May 14th, 2016 8:51 PMLeave a Comment

April 18th, 2016 11:41 AM

Look out, first-time buyers. Your biggest competition is not other real estate newbies like yourselves, but mom and pop investors looking to establish a stream of rental income. Darn you, mom and pop! A recent report shows that these deep-pocketed investors are focusing on the most affordable segments of the market: smaller homes in both suburban and urban areas.

The National Association of Realtors® released the 2016 Investment and Vacation Home Buyers Report last week, providing insight into consumer-driven home purchases. The report, which has been conducted annually since 2003, is based on a survey of U.S. consumers who purchased a residential property in 2015—whether it’s their primary residence, an investment home, or a vacation home.

Not surprisingly, investor buyers have substantially higher incomes than both median-income households and primary residence buyers: The typical buyer of an investment home in 2015 had a median household income of $95,800. So part of the secret of their success is simple: They have the cash and credit to make it happen. Investment home buyers are less likely to finance their purchase with a mortgage. Furthermore, when they do, the vast majority put down more than 20%.

In fact, the average investor mortgage had a down payment of 26% compared with an average of 11% for an owner-occupier, according to our analysis of 2015 purchase mortgage activity from Optimal Blue (an enterprise lending software company whose platform handles more than 25% of mortgages in the U.S.). Likewise, an investor has a qualification advantage of a lower debt-to-income ratio as well as much higher credit scores.

Unfortunately, it’s quite tough for the ordinary buyer—and especially a first-time buyer—to compete with that.

The only advantage the investor doesn’t have in the mortgage market is in their interest rate—owner-occupiers have an advantage of 50 basis points, on average. (A basis point is0.01%.) Investors pay a higher mortgage rate because of the fact that they do not live in the home as a primary residence.

So, even though investors are generally more attractive to lenders-lower risk through higher down payments, lower DTIs, and higher FICO scores-they are still paying higher rates (and thus making lenders more money with less risk).  It's no wonder that these folks were less likely to report difficulty in the mortgage application and approval process. 

And some investor buyers don’t have to deal with the mortgage process at all. Buyers who can pay cash have a big-time advantage in our limited inventory market, since they can make offers without a financing contingency. And no-contingency offers can close more rapidly.

Most owners of single-family rental housing in the country are like the mom and pop investors described in this report. Their primary motivation: to get rental income from the property. Given the near-zero interest rates, few investments can offer the type of income that rental properties can. And the U.S. had a record number of renting households in 2015.

Demand for rental properties is likely to remain strong for some time as the largest generation in history (millennials) slowly ages into prime home-buying years amid our tight supply and tight credit environment. Meanwhile, older households continue to recover from the foreclosure crisis, which explains why the homeownership rate today is near a 48-year low.

The ability to avoid financing or put down substantially more than a typical buyer who would use the home for a primary residence gives the investor the upper hand when competing for the limited supply of smaller and lower-priced homes. At the same time, this is also the segment of the market that we are not seeing homebuilders address. The stock of smaller and lower-priced homes is not growing, and with every investment purchase, there are fewer homes available to sell.

Looking forward, this year is likely to see a similar pattern of buyers against the backdrop of growth in sales. All buyers who are financing purchases with a mortgage have the added advantage of lower rates compared with last year, yet credit remains very tight. Each step of buying a home today is more difficult: qualifying for a mortgage, finding a home, and successfully bidding to get a contract.

The biggest challenges will remain the limited supply and tight credit conditions that tilt the balance toward households with higher income and exceptional credit—these households are the most likely to buy a vacation or investment home.

Reprint from Realtor.com by Jonathan Smoke

Posted in:General
Posted by Carla Harden on April 18th, 2016 11:41 AMLeave a Comment

March 16th, 2016 9:02 PM

Here’s a closer look at the trends that will have the greatest impact on the housing market in 2016.

1. We’ll return to normal (Anyone remember normal?)

The year ahead will see healthy growth in home sales and prices, but at a slower pace than in 2015. This slowdown is not an indication of a problem—it’s just a return to normalcy. We’ve lived through 15 years of truly abnormal trends, and after working off the devastating effects of the housing bust, we’re finally seeing signs of more normal conditions. Distress sales will no longer be playing an outsized role, new construction is returning to more traditional levels, and prices rise at more normal rates consistent with a more balanced market.

2. Generational shuffle will make 2016 the best year to sell in the near future

Millennials emerged as a dominant force in 2015, representing almost 2 million sales, which is more than one-third of the total. This pattern will continue in 2016 as their large numbers combined with improving personal financial conditions will enable enough buyers between ages 25 and 34 to move the market—again. The majority of those buyers will be first-timers, but that will require other generations to also play larger roles.  

Two other generations will also affect the market in 2016: financially recovering Gen Xers and older boomers thinking about or entering retirement. Since most of these people are already homeowners, they’ll play a double role, boosting the market as both sellers and buyers. Gen Xers are in their prime earning years and thus able to relocate to better neighborhoods for their families. Older boomers are approaching (or already in) retirement and seeking to downsize and lock in a lower cost of living. Together, these two generations will provide much of the suburban inventory that millennials desire to start their own families.

Assuming that most of these households will both sell and buy, it is important to recognize that 2016 is shaping up to be the best year in recent memory to sell. Supply remains very tight, so inventory is moving faster. Given the forecast that price appreciation will slow in 2016 to a more normal rate of growth, delaying will not produce substantially higher values, and will also see higher mortgage rates on any new purchase.

3. Builders will focus on more affordable price points

One aspect of housing that has not recovered yet has been single-family construction. Facing higher land costs, limited labor, and worries about depth of demand in the entry-level market, builders have shifted to producing more higher-priced housing units for a reliable pool of customers. That focus caused new-home prices to rise much faster than existing-home prices. Builders were able to be profitable and grow by following this move-up and luxury strategy, but their growth potential was limited by avoiding the entry level. That should begin to change in 2016.

We are already seeing a decline in new-home prices for new contracts signed this fall. In addition, credit access is improving enough to make the first-time buyer segment more attractive to builders. We’re looking for the strong growth in new-home sales and single-family construction as builders offer more affordable product in the year ahead. Consumers of all types should consider new homes, but availability will be highly dependent on location.

4. Higher mortgage rates will affect high-cost markets the most

We told you mortgage rates would go up in 2015, and they did—but they also went back down. We expect similar volatility in 2016, but the move by the Federal Reserve to guide interest rates higher should result in a more reliable upward trend in mortgage rates.

Thirty-year fixed rates will likely end 2016 about 60 basis points higher than they are today. That level of increase is manageable, as consumers will have multiple tactics to mitigate some of that increase. However, higher rates will drive monthly payments higher, and, along with that, debt-to-income ratios will also go higher. Markets with the highest prices will see that higher rates will result in fewer sales; however, across the U.S., the effect will be minimal as the move to higher rates will spur more existing homeowners to sell and buy before rates go even higher.

5. Already unaffordable rents will go up more than home prices

The housing crisis that politicians are ignoring is that the cost of rental housing has become crushing in most of the country. More than 85% of U.S. markets have rents that exceed 30% of the income of renting households. Furthermore, rents are accelerating at a more rapid pace than home prices, which are moderating. We’ve been seeing asking rents on vacant units increase at a double-digit pace in the second half of this year.

Because of this, it is more affordable to buy in more than three-quarters of the U.S. However, for the majority of renting households, buying is not a near-term option due to poor household credit scores, limited savings, and lack of documentable stable income of the kind necessary to qualify for a mortgage today.

This trend does not bode well for the health of the housing market in the future. It will only improve if we see more construction of affordable rental housing as well as more of a pathway for renters to become homeowners.

Reprint from Realtor.com

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Posted in:General
Posted by Carla Harden on March 16th, 2016 9:02 PMLeave a Comment

MADISON, N.J. (August 6, 2014) – CENTURY 21 Real Estate, the iconic brand with the world’s largest real estate franchise sales organization, announced that it has been ranked highest in overall customer satisfaction by the J.D. Power 2014 Home Buyer/Seller Satisfaction StudySM, released today. Specifically, CENTURY 21® Real Estate swept the awards by receiving the highest ranking among national real estate companies across all four customer satisfaction segments in the study, including: First-Time Home-Buyer Satisfaction, Repeat Home-Buyer Satisfaction, First-Time Home-Seller Satisfaction and Repeat Home-Seller Satisfaction.

 

“CENTURY 21 sales professionals understand that real estate is about developing relationships and building trust with their customers. Customer satisfaction is at the core of everything that they do each and every day,” said Rick Davidson, president and chief executive officer, Century 21 Real Estate LLC. “Our brand reputation is earned and measured with every customer interaction, and these J.D. Power results showcase the quality of our franchise broker network and their affiliated sales professionals.”

The study, now in its seventh year, measures customer satisfaction among first-time and repeat home buyers and sellers with the nation’s largest real estate companies. Overall satisfaction is measured across four factors of the home-buying experience: agent/salesperson; real estate office; closing process; and variety of additional services. For satisfaction in the home-selling experience, the same four factors are evaluated plus a fifth factor, marketing. 

 

“The feedback from thousands of home buyers and sellers in this study shows that the dedication and commitment of the C21® System to caring about the consumer, delivering excellent service and establishing trust as a differentiator in the market,” said Bev Thorne, chief marketing officer, Century 21 Real Estate LLC. “This study comes at the culmination of three years of hard work and dedication to a strategic roadmap that our brokers have embraced since 2011. By focusing on the quality of their affiliated sales professionals, they have raised the bar for customer service.”

 

The 2014 Home Buyer/Seller Satisfaction Study includes 5,810 evaluations from 4,868 customers who bought and/or sold a home between March 2013 and April 2014. The study was fielded between March 2014 and May 2014.

 

Headquartered in Westlake Village, Calif., J.D. Power is a global marketing information services company providing performance improvement, social media and customer satisfaction insights and solutions. The company’s quality and satisfaction measurements are based on responses from millions of consumers annually. For more information, visit jdpower.com. J.D. Power is a business unit of The McGraw-Hill Companies.


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Posted by Carla Harden on August 6th, 2014 11:50 AMLeave a Comment

August 19th, 2013 6:25 AM

How much your home is worth to you and how much it is considered to be worth in the real estate market can be two very different numbers.  If you're planning to put your home up for sale, one of the most important factors in making a quick sale is pricing the property correctly. Your real estate agent can be your guide in making this all-important decision, but there are a few important guidelines for you to remember so that you understand how to put a price tag on your home without letting sentiment get in the way of sense.

Pricing your home too high for its value or your neighborhood can mean it might end up sitting on the market. Pricing it too low means that you're losing potential revenue.  By pricing your home right, you will not only ensure that it will appraise for approximately the same value, but you will likely see an offer or two.  What is the best way to determine how you should price your home?   Look at recent, comparable sales, or "comps" in your neighborhood or surrounding area.  

To determine which homes you should compare against your own, select those in the same community.   It helps if the homes you research are in the same school district as yours and the neighborhood complexion is generally the same as your own.  You'll want to focus on homes with approximately the same square footage and number of bedrooms that are a similar age, condition and style home with comparable features and upgrades.

Once you have a sense of things in your area, your agent can help you decide how your home stacks up.  Using his or her expertise can be helpful if you don't have a lot of specifics about how your home compares against others in terms of features and upgrades, additions, or renovations. Your agent will be able to tell you about market conditions and may point out any special features or deficits that might affect your listing price.  Your agent will also be more objective about whether the unique aspects of your home that you may love will hold the same appeal for buyers when you try to sell.

With the market in better shape now than in recent years and inventory levels low, your chances of selling your home quickly are good, but this still depends greatly on pricing.  With a little research and the expert advice of your agent, you'll be able to price your home just right to make that sale.

 

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Posted by Carla Harden on August 19th, 2013 6:25 AMLeave a Comment

It seems many buyers who've been sitting on the sidelines may finally get in the game, according to Fannie Mae's June 2013 National Housing Survey. The reason?  The fear and expectation of both mortgage interest rates and housing prices going up.The agency posted this on its website.According to Doug Duncan, senior vice president and chief economist at Fannie Mae.  "Consumers may recognize that today's still favorable mortgage rates and homeownership 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."

If you're shopping for a home here are a few things to help you decide if now is the right time to buy.  A home is likely the largest purchase you'll ever make so understanding what's involved is vital. Low interest rates, markets filled with short sales, foreclosures, and high inventory could make this the optimal time to buy. However, it's important to know exactly what you'll need when closing escrow. Sometimes buyers don't consider all the fees and are shocked when it's time to pay. Here are some of the costs involved with buying a home.

Representation:  You'll want to hire a qualified real estate agent.  Some states may require real estate attorneys to help with the transaction.  An agent can provide excellent expertise and knowledge, so it's wise to enlist the help of a professional who knows the ins and outs of the business and will help you avoid what could be very costly mistakes.

Inspection:  A home inspection is another fee that you'll pay once you have decided on a home you want to buy.This could cost several hundred dollars. If there are negative items found about the home and you can't arrive at an agreement for either a credit or having the sellers fix the problems, then you may consider not buying the home.

Closing costs:  Other fees that will come up include title search and insurance, recording fee, and transfer tax.  Some of these fees can be negotiated and, perhaps, paid for by the seller. Talk it over with your agent.  How much a seller is willing to pay for will depend on many factors including how quickly the home must be sold and how close your offer is to the listing price.

Reserve Fund:  Make sure you have a reserve so that you can pay for any unexpected changes in your income or any maintenance issues that come up later with your home.  Often things come due all at once, so be sure to calculate a good amount of money to keep in an account that you will save for your home. When the time comes and the money is needed, you'll give a huge sigh of relief and be glad you have this safety account.


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Posted by Carla Harden on July 25th, 2013 7:29 AMLeave a Comment

June 23rd, 2013 9:22 AM

The U.S. may be well into a prolonged period of steady economic growth, but it hasn’t yet reached its full potential, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research Group. Fiscal headwinds are expected to keep growth to below 2.0 percent for the first half of the year, with gradual strengthening in the second half of 2013 and into 2014. However, as fiscal drags wane, growth should continue to move in the positive direction amid an ongoing recovery in housing, rising household wealth, and expanded energy production.

“At the outset of the year, we forecasted that 2013 would witness sustainable but below-par growth as the economy begins its transition to more normal levels. Halfway through the year, our view is little changed,” says Fannie Mae Chief Economist Doug Duncan. “We expect approximately 2.1 percent growth over the course of 2013, up from the anemic pace of 1.7 percent in 2012. This is consistent with the incremental improvement seen over the past few years but still below the economy’s potential. Our forecast calls for growth to push past 2.5 percent in 2014, boosted largely by tailwinds from the strengthening housing market.”

Housing was largely positive entering the spring/summer season, with various indicators such as home prices, home sales, and homebuilding activity showing signs of long-term improvement toward normal levels. Despite rising mortgage rates during the past month, which have affected refinance originations, affordability conditions remain high and should not present a significant obstacle to potential homebuyers.

Information from Pete Bakel


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Posted by Carla Harden on June 23rd, 2013 9:22 AMLeave a Comment

Each month, Trulia charts how quickly the housing market is moving back to “normal.” They summarize three key housing market indicators: construction starts, existing home sales, and the delinquency-plus-foreclosure rate. Here they compare each indicator with the numbers at their worst at their pre-bubble levels. In March 2013, construction starts and the delinquency rate improved:
  • Construction starts rocketed to a new post-bubble high. Starts were at a 1,036,000 seasonally adjusted annualized rate – up 7% month-over-month and 47% year-over-year – which is the highest level since June 2008. In March, 38% of new starts were in multi-unit buildings, compared with the typical level of 20%. Construction starts are now 55% of the way back to the normal level of 1.5 million from their low during the bust.
  • Existing home sales went down a bit. Sales fell 0.6% in March to a seasonally adjusted annualized rate of 4.92 million homes. That’s a 10% increase over one year ago. Excluding distressed sales, conventional home sales were up 23% year-over-year in March. Also, inventory rose even on a seasonally adjusted basis for the second month in a row. Overall, existing home sales are 66% back to normal.
  • The delinquency + foreclosure rate dropped yet again. The share of mortgages in delinquency or foreclosure dropped to 9.96% in March, down from 10.18% in February and 10.98% in March 2012. The combined delinquency + foreclosure rate is 48% back to normal and at its lowest level since October 2008.

Averaging these three back-to-normal percentages together, the housing market is now 56% of the way back to normal, up from 54% in February and 43% six months ago in September. One year ago, the market was only 33% back to normal, so the last year has been a significant recovery. Furthermore, this month’s improvement is even better than it looks with the shift of sales from distressed to conventional.


Posted in:General
Posted by Carla Harden on April 27th, 2013 8:29 AMLeave a Comment

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