Housing is adding more vigor to the recovery, report says

The U.S. housing market is becoming the leading source of strength for the long-sluggish American economic recovery, outpacing both business investment and exports. But even with the return of that crucial linchpin, job growth is expected to remain weak next year, a new report by UCLA says.


Full Story: http://www2.realtoractioncenter.com/site/R?i=ECYw0FQ_NoT2ez0XpogVLA

“Boomerang” home buyers bounce back from foreclosure

The number of boomerang buyers – locals who lost their home to foreclosure or short sale, but are jumping back into the market just two to three years after default – are small now, but real estate agents and home builders say that while these buyers don't currently make up a big share of their clients, there's evidence that their ranks are set to rise noticeably, and that could have implications for local home sales and neighborhood vitality.


Full Story: http://www2.realtoractioncenter.com/site/R?i=oB598rlfu7D7K7a80Vtulw

Should you buy a home during the holidays?

Once Thanksgiving is over, the real estate world typically starts to wind down for the holidays and doesn’t usually reawaken until after New Year’s.  But potential home buyers who are prepared to close in today’s competitive market may want to keep house hunting while everyone else is waiting for spring.
Making sense of the story

• REALTORS® especially recommend that serious home buyers continue shopping if they have repeatedly lost out on deals because of a limited and continually decreasing supply of homes.  Buying intensity typically cools down at the start of fall through early January, which could increase the odds for those with more patience.

• Would-be buyers historically have bowed out during the winter season because they are overwhelmed by holiday spending and commitments.  There’s also the aversion of moving in the middle of a school year.  Consumer interest typically picks back up again in the New Year and peaks in the spring.

• Certain buyers may be well-served to buy during the winter because of sellers who must move for various reasons including a job change or transfer or the possible sunsetting of the Mortgage Forgiveness Debt Relief Act, which lets certain home sellers get tax relief on mortgage debt forgiven by lenders.  The possible expiration has pushed home sellers to list and short sell their homes before year’s end.

Full Story: http://www2.realtoractioncenter.com/site/R?i=VhqlQyOCfsipK-_TY2irvg

Home prices show biggest jump in 6 years in October

Home prices increased 6.3 percent in October from a year earlier, the biggest year-over-year gain since 2006, according to CoreLogic.


Full Story: http://www2.realtoractioncenter.com/site/R?i=UIMLlPHkfhgvALzUpO6vdg

FHA is tweaking programs to improve revenue and cut losses

There is a strong possibility that the FHA will not require any money transfer from the Treasury, which in any event would not occur until September. Meanwhile, the FHA is making tweaks to its program rules that could affect some loan applicants in the months ahead, and which are designed to improve revenue flows to the agency and cut back on losses.

Among the most immediate changes, new borrowers early next year are likely to be charged slightly higher annual mortgage insurance premiums — 1.35% of the loan balance rather than 1.25% at present.

To increase revenue streams long term, the FHA also is abandoning its practice of allowing borrowers to cancel their annual mortgage insurance premium payments when their loan balance drops to 78% of the property value. In effect, this will mean that borrowers who obtain 30-year FHA loans could be paying premiums for decades.


Full Story: http://www2.realtoractioncenter.com/site/R?i=wpm8DmpcEer3GaqcT2QtBg

Home prices rise 1.1 percent in Q3

U.S. house prices rose 1.1 percent in the third quarter compared with the second quarter, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI).   Full Story: http://www2.realtoractioncenter.com/site/R?i=pQYxzL7BWu8xknC8ZCiYlQ

Deals on foreclosed homes dwindling

A new look at foreclosure discounts by Zillow found that the price difference between a foreclosed house and one sold outside of foreclosure was 7.7 percent nationally in September.

Full Story: http://www2.realtoractioncenter.com/site/R?i=Zy2gkZZd5SpLt-XqaRIyZQ

Higher home prices reduce California housing affordability.

Rising home prices offset lower interest rates, reducing housing affordability in California during the third quarter of 2012, C.A.R. reported Monday.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California fell to 49 percent in the third quarter of 2012, down from 51 percent in second-quarter 2012 and from 51 percent in third-quarter 2011, according to C.A.R.’s Traditional Housing Affordability Index (HAI).

Full Story: http://www2.realtoractioncenter.com/site/R?i=oBg0YSlmr99HzXxNI9er8A

OCTOBER ASKING PRICES RISE 2.9% YEAR-OVER-YEAR, BUT RENTS RISE FASTER AT 5.1%

Trulia today released the latest findings from the Trulia Price Monitor and the Trulia Rent Monitor, the earliest leading indicators available of trends in home prices and rents. 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 October 31, 2012.
 

Asking Prices Rise 0.7% Month-over-Month for Largest Year-over-Year Gain to Date

Full Story: http://info.trulia.com/trulia-price-and-rent-monitors-oct-2012

Foreclosure victims buying homes again

Fannie Mae and Freddie Mac make people wait seven years after a foreclosure to approve a new home loan, but the Federal Housing Administration will approve loans after three years, providing the buyer has established good credit and the ability to pay the mortgage.

Full Story:  http://www2.realtoractioncenter.com/site/R?i=-vX0VLfcSskC8LVPjjMCsg

Home prices rise for fifth month in a row

The housing market picked up more momentum in August, as the average home price for 20 major cities jump 0.9 percent, according to the S&P/Case-Shiller home price index.

Full Story: http://www2.realtoractioncenter.com/site/R?i=QvhS8CGkXu8vSVTOJaM1qw

Interest Rates.....Historic low!!!

California home prices rise in September; sales fall

A continued shortage of available homes for sale lowered California home sales in September, while the median price reached the highest level in more than four years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week.

Full Story:  http://www2.realtoractioncenter.com/site/R?i=6sMgvn29NIPcc7GNE2CCxg

Asking prices up year over year in six out of seven swing states

Asking prices on for-sale homes increased 2.5 percent in September, according to the latest findings in the Trulia Price Monitor. Excluding foreclosures, year-over-year asking prices rose 3.5 percent. Meanwhile, asking prices rose 1.6 percent nationally quarter-over-quarter, seasonally adjusted, and 0.5 percent month over month, seasonally adjusted.

Full Story: http://www2.realtoractioncenter.com/site/R?i=sk-sGMC36wc9g7RsmFGt2A

C.A.R. releases 2013 California housing market forecast

California’s housing market will continue to recover in 2013, as home sales are forecast to increase for the third consecutive year and the median price to rise for the second straight year, according to C.A.R.’s “2013 California Housing Market Forecast,” released Tuesday.

The statewide median home price is forecast to increase a moderate 5.7 percent to $335,000 in 2013. Following a decrease in 2011, the California median home price will climb a projected 10.9 percent in 2012 to $317,000.

Full Story: http://www2.realtoractioncenter.com/site/R?i=ueb89iVr80mFRk1BP_MeBw