Equity home sales post higher in September

The share of equity home sales in California continued to grow in September, now making up more than eight of every 10 home sales, the highest level in nearly six years. Meanwhile, the share of short sales fell into the single digits and dropped to levels not seen since January 2009, C.A.R. reported this week.

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Home Prices Rising at Fastest Pace Since Start of Bubble

During the first seven months of 2013, home prices rose faster than any year since 2004, which is the year that marked the beginning of the home-price bubble. When examining the results of the S&P/Case-Shiller home price index for 20 major metro areas, the index had its largest June-to-July increase in the 14-year history of the 20-city index, as prices rose by 1.8% from June.

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U.S. Housing Recovery Seems Still on Track

Source: The New York Times

Analysts are worried that the housing market may slow in the months ahead, but for now it continues to gain strength despite the drag of rising mortgage rates. The New York Times notes that “Higher home prices help the economy not just by strengthening the construction and real estate industries, but by making homeowners feel wealthier and more likely to spend,” thereby a key driver of the economic recovery.

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Builder Confidence Unchanged in September

Following four consecutive months of improvement, builder confidence in the market for newly built, single-family homes held unchanged in September with a reading of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

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Key Market Indicators Shift from Supply to Demand

A new report by Realtor.com found that as the year’s peak home-buying season comes to a close, key market indicators are pointing to a shift in the dynamics of the housing market, suggesting that future home value appreciations may likely be driven by market demand, rather than inventory shortages.

Home Construction Spending at Highest Level Since 2008

The Commerce Department reported this week that private residential construction spending rose 0.6 percent to a seasonally adjusted annual rate of $334.58 billion, rising to its highest level in nearly five years. The spending levels may be an indication that builders are unconcerned with the impact of higher interest rates.

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FHA Trims Waiting Period for Borrowers Who Experienced Foreclosure

Borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale can now reenter the market in as little as 12 months under a new guideline established by the Federal Housing Administration. The more lenient approval process does have some eligibility requirements, such as documentation of “certain credit impairments” and economic hardship.

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Higher home prices drive down housing affordability during second quarter

Significantly higher home prices, particularly in the San Francisco Bay Area and coastal regions, shut out more home buyers in the state during the second quarter of 2013, C.A.R. reported this week.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California dropped to 36 percent in the second quarter of 2013, down from 44 percent in first-quarter 2013 and from 51 percent in second-quarter 2012, according to C.A.R.’s Traditional Housing Affordability Index (HAI). The second quarter 2013 figure fell below 40 percent for the first time since the third quarter of 2008.

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Millennials Increasingly Positive about Real Estate

Millennials are increasingly optimistic about residential real estate, according to the most-recent Consumer Outlook Survey by Prudential Real Estate. A full 80 percent of respondents ages 25-34 said their perception of the housing market is “favorable” or “somewhat favorable,” representing a 9 percentage point increase from the Q1 study.

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Homeownership: Where Single Women Prevail

Single women are buying at roughly twice the rate as single men, as they accounted for 16 percent of home buyers last year, while single men accounted for only 9 percent. Men haven’t caught up to women, who began to outpace men in home-buying in the late 1990s. As the primary earners in their households, women more than ever before are the breadwinners with the financial resources to plan for their future.

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Housing market has buyers willing to use 'aggressive tactics'

With inventory tight in hot markets, two-thirds of home buyers increasingly are willing to use “aggressive tactics” to secure the home of their dreams, according to a survey by Trulia. Tactics deemed “aggressive” include paying the seller’s closing costs, bidding above the asking price or borrowing money from relatives to make a down payment.

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Stanislaus County home prices jump nearly 30 percent in one year

Stanislaus County homes sold for $40,000 more last month than they did a year ago, boosting June's median price to $175,000, just-released statistics show.

That nearly 30 percent year-over-year increase shows the real estate market recovery is solidly under way. But not everything is rosy in the housing industry.

There simply are not enough Stanislaus homes on the market to meet demand, agents insist. That's causing bidding wars and houses being sold for higher than their appraised values.


Full Story: http://www.modbee.com/2013/07/22/2820283/stanislaus-conty-home-prices-jump.html

Mortgage Lending Standards Loosen Slightly in June

Mortgage lending standards loosened slightly in June, indicating that mortgage credit is more available, according to the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association. The Index increased to 109.8 in June, which is almost one percent higher than the index reading from May. Lower Index values indicate lending standards are tightening, while higher index values and increases to the index are indicative of a loosening of credit.

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Consumer Mortgage Rate Expectations Spike

Potential home buyers may enter the purchase market sooner rather than later as more Americans expect mortgage rates and home prices to climb, according to results from Fannie Mae’s June 2013 National Housing Survey.

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How Buyers Use Technology in the Home Buying Process

The internet is now a normal part of our daily routine, so it is no surprise that it was an important tool to buyers in the home buying process. Ninety-six percent of buyers used the internet during the process, a significant rise from 28 percent in 2000, and 62 percent in 2005.

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