Home sales are 6.5% below their potential says report
HomeMarket Update
by Steve Randall19 Nov 2018
America's housing market is booming with home prices nationwide now back to where they were a decade ago, just before the financial crisis
US home sales should be running 6.5% higher than their current pace but supply issues and interest rates are stifling the market.
That’s one of the key findings of the latest Potential Home Sales Index from First American Financial Corporation, which shows that there should be 391,600 more sales on a seasonally-adjusted annualized rate.
However, the gap in October was narrower than in the previous month by around 64,800 sales.
Why the Housing Market Is Slumping Despite a Booming Economy
Home prices are out of reach relative to incomes and mortgage rates. The big question for the economy is how the imbalance adjusts.
A sign pointed to an open house in Waukee, Iowa, earlier this year. Housing sales have slowed in recent months.
A sign pointed to an open house in Waukee, Iowa, earlier this year. Housing sales have slowed in recent months.
These should be happy times for the housing sector. The economy is booming, with more people working at higher pay, and with the sizable millennial generation reaching prime home buying age.
Instead, the housing market has gone soft, acting as a drag on the
Housing starts to decline in 2019 but demand will also ease
HomeMarket Update
by Steve Randall28 Oct 2018
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America's housing market is booming with home prices nationwide now back to where they were a decade ago, just before the financial crisis.
US housing starts are set to ease in 2019 but demand is also expected to weaken.
That’s according to Dodge Data Analytics which forecasts that single-family housing starts will be down 3% in unit terms to 815,000 (Dodge basis) but unchanged in dollar terms.
Rising mortgage rates, lower affordability, and reduced benefits from tax cuts introduced this year, will mean slightly lower demand for newly-built homes.
WASHINGTON—The number of U.S. existing homes going under contract declined in August for the fourth time in five months, reflecting what appears to be a broader slowdown in the housing market.
The National Association of Realtors on Thursday said its pending home-sales index, which tracks contract signings for purchases of previously owned homes, fell 1.8% from the prior month to 104.2 in August. Sales, unless they fall through, typically close within a month or two of signing.
Economists surveyed by The Wall Street Journal had expected a 0.4% decline in August.
Suddenly, Redfin’s Shoshana Godwin told the couple, sellers were getting jumpy, even here in the hottest of markets. Homes that should have vanished in days were sitting on the market for weeks. There was a three-bedroom fixer-upper just north of the city going
Millennials want to buy homes, but rising prices hold them back
HomeNews
by Francis Monfort14 May 2018
While it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. This misconception is perpetuated by timeshare companies and user groups that are funded, maintained and controlled by the timeshare industry.
The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.
A majority of millennials already have plans to buy a home, but they continue to face
Millenials Will Spend 45% of Income On Rent Before Age 30
As rent prices continue to rise, a new study shows Millennials are paying about 45% of their total income toward rent, and pay out close to $100,000 toward rent before they turn 30.
Analyzing U.S. Census Bureau data going back as far as 1974, a new study from RentCafé found that Millennials have been the hardest generation for those ages 22 to 30. And the future does not look bright for Generation Z.
As it turns out, Millennials pay about $92,600 in rent by the time they turn 30. While they may earn more in income compared to previous generations, they also have to spend more on rent, the study showed.
During that same age span, from 22 to 30, Gen Xers paid an average $82,200 and Baby
Sales of newly built single-family homes took an unexpected tumble last month as rising mortgage rates took a toll.
Sales of new homes fell 7.8% in January to a seasonally adjusted annual rate of 593,000 units, according the data from the Department of Housing and Urban Development and the Census Bureau.
“The moderation in new home sales may be attributable to the interest-rate environment, which could be causing short-term market volatility,” said Michael Neal, senior economist for the National Association of Home Builders. “However, the underlying economic fundamentals for housing demand remain strong, and we expect more prospective homebuyers to enter the market in 2018.”
HomeMarket Update
by Steve Randall01 Mar 2018
The spring homebuying season may be long gone but that doesn’t mean first-time buyers should wait another 6 months to start looking
The winter freeze hit the housing market in January with pending sales reversing a three-month upward trend.
The National Association of Realtors says that all major regions saw a drop in contract signings on both a monthly and annual basis.
NAR’s Pending Home Sales Index was down 4.7% in January compared to December, and at a reading of 104.6 is 3.8% below January 2017 and at its lowest level since October 2014 (104.1).
Mortgage rates rising, and the stubbornly low inventory of available homes was to
A sign pointed to an open house in Waukee, Iowa, earlier this year. Housing sales have slowed in recent months.
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Tim Boyle/Getty Images
The spring homebuying season may be long gone but that doesn’t mean first-time buyers should wait another 6 months to start looking
