October 2016

Found 16 blog entries for October 2016.

Despite the troubles Florida has faced in the recovery from the housing crisis, the state leads the nation in markets for single-family homes, according to a new report by Ten-X.  The company’s fall Top Single-Family Housing Markets Report put Fort Lauderdale, Palm Beach County, Tampa, and Orlando at the top of the list for American metro areas, with Las Vegas finishing the top five.

The company said each of these markets demonstrated “a vigorous combination of consistently strong demand, home price appreciation, and economic and demographic growth.” Seattle, a fixture in the top five, was bumped by Las Vegas.

"Florida's housing market continues to set the pace for the nation, with five of the top ten metros on our report," said Ten-X executive vice

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During the financial crisis and housing burst, an unprecedented number of homeowners relinquished their homes to foreclosure or other non-foreclosure actions and thus felt the repercussions of having the mark of foreclosure, short sale, or bankruptcy on their credit report for the next seven years. Now coming into the eighth year since the peak of the crisis, 2.5 million consumers are set to potentially re-entering the market with a clean credit file and fresh perspective between June 2016 and June 2017.

In examining the consumers who foreclosed or short-sold between 2007 and 2010 and have since opened a new mortgage, it was found that these "boomerang borrowers" are showing responsible credit behaviors, have improving credit scores and are current on

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Median sales prices for investment housing and owner-occupied housing has accelerated during the month of September, according to a recent report from HomeUnion, a real estate firm that provides all the services investors need to buy, sell and manage real estate online.

According to the monthly HomeUnion Home Sales Report, median prices increased 17 percent year-over-year to $269,300, making this the 55th month of year-over-year growth in the residential real estate sector since 2012.

The report notes that all-cash buyers pushed prices up nearly 33 percent in September to $211,400. And additionally, average cap rates for both financed and non-leveraged single-family rentals dropped 90 basis points all the way down to 5.2 percent.

It was also

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The great debate has always been whether it is more financially beneficial for consumers to rent or to purchase a home. With the tide in the market shifting and homeownership levels at 50 year lows, one could assume that changing financial considerations dictate that the average consumer would have a greater incentive to rent. But that is not necessarily the case according to a recent report from Trulia Chief Economist Ralph McLaughlin. In fact, the data shows that renting is less advantageous in most situations.

Trulia compared the total monthly costs of owning and renting, including mortgage payments, maintenance, insurance, and taxes. It also factored in one-time costs and proceeds, including closing costs, down payments, sale proceeds, and security

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Mortgage delinquency rates rise for US consumers beyond a certain age, according to a recent report from analytic software firm FICO. Scott Shulz, FICO data scientist, points out that while older people have higher credit scores in general than young people, both mortgage and auto delinquencies are rising for many older Americans.

FICO's chart shows the serious delinquency rate by age over the prior two years for various credit products and the report notes that the analysis is limited to consumers with activity during the period. For 90+ delinquency rates for mortgages and other closed-end loans, the lowest points are reached for consumers in their late 60s or early 70s, before rising again. Conversely, the report says that delinquency rates for

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Women, Caucasians, and those who make less than $50,000 a year make up over half the renters in the United States. They’re also overwhelmingly under 50 years old, according to a massive new study by Zillow into housing trends.

The study found that half of all home buyers also considered renting, with about one quarter looking at the option seriously. Millennials were the most likely to consider renting, with 71 percent saying they seriously considered it. Thirty-seven percent of first-time buyers seriously consider continuing to rent, and 12 percent of repeat buyers are seriously contemplating renting their next home instead of buying it, the report found.

Almost 60 percent of renters in the market for a new rental home are also considering buying a

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The national homeownership rate has been dropping for more than a decade, and the future is not looking much brighter according to some housing insiders. The U.S. Census puts the national homeownership rate at about 63 percent, half a percent lower than it was last year and the lowest point since the Census Bureau began tracking the data in 1965. And according toHarvard’s Joint Center on Housing Studies and Urban Institute, homeownership rates below 60 percent are not out of the question.

But Freddie Mac’s October Insight report posits that such projections are overly grim and “ignore potential macroeconomic influences that might arise that are likely to have a significant impact on the homeownership rate.”

First, Freddie Mac reported, the future of

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Foreclosure timelines declined over the year in the third quarter, a first in RealtyTrac’s reporting history, according to the latest Foreclosure Market Report released Thursday by ATTOM Data Solutions, the parent company of RealtyTrac. RealtyTrac has been reporting foreclosure timelines since 2007.

It took five fewer days to foreclose a home in the third quarter of this year than in the third quarter of last year, according to RealtyTrac, which reported an average foreclosure timeline of 625 days in Q3 2016.

This momentous decline was “the final nail in the coffin of the foreclosure crisis,” according to Daren Blomquist, SVP at ATTOM Data Solutions.

“The decrease in the average foreclosure timeline indicates that banks have worked through the

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Knowing What You Shouldn't Do

Owning a home is one of the most effective wealth-building tools available to the everyday consumer.

It's no wonder that first-time home buyers are out in force. One-in-three home sales today are to first timers, and many more are queuing up to be homeowners in 2017.

But when you've never done something before, it's difficult to know what you shouldn'tdo. Sometimes, new buyers make mistakes.

Fortunately, the mistakes, even if made, don't mean disaster. But if you can avoid them, you should.

Following are five common mistakes for first-time buyers -- and experienced ones -- to skip when you buy a home.

1. Jumping The Gun

Don’t go shopping for property before getting pre-approved for your

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Low Mortgage Rates, High Demand Fueled 2016 Housing Market

The year 2016 proved to be a hot one for real estate.

Home values, prices and sales showed some of their strongest numbers since before the economic downturn a few years ago.

And mortgage rates were downright cheap.

But there’s no guarantee favorable conditions for buying and borrowing will continue in the months ahead.

Consequently, it’s fair to ask the question: Will housing prices keep climbing into 2017?

Industry experts weigh in. Though no one can tell the future, their housing market forecast can help first-time home buyers make better decisions this year and next.

Should you buy now, or wait? Here is advice from leading experts.

Home Prices Near Pre-Recession Peak

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