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Consumer Housing Outlook on the Rise

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With the recent improvement in employment statistics, potential homebuyers are beginning to view the housing market with a more positive outlook.

As reported by Mortgage News Daily on Tuesday, average hourly earnings and personal income are on the rise, with nearly 28 percent of respondents in Fannie Mae’s May National Housing Survey reporting a significant increasing in their household income in the last months.

As a result, the number of respondents who feel it is now a good time to buy a home jumped to 66 percent this month, up from 63 percent in April. In addition, 49 percent believe it is a good time to sell, up from 46 percent last month.

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Tips & Advice

CNN Reveals Top 10 Markets with Overpriced Homes

denver

Potential homebuyers, beware!

On Monday, CNN Money released the list of the top 10 markets in the U.S. with overpriced homes, and yours just may be on the list.

According to the site, Denver tops the list, while Boston, Washington, D.C., Pittsburgh, San Francisco, Honolulu, San Jose, Louisville, Colorado Springs and San Diego follow closely behind.

“Housing prices have moved up so fast in the last few years, especially those priced just above the median,” said James Paine, managing partner at West Realty Advisors, of Pittsburgh in particular. As for San Fran, “It has the highest median home price in the entire country and the lowest affordability.”

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News

Down Payment Percentages on the Decline

down payment

First-time homebuyers are making their mark on the housing market, and that has become particularly evident in the decline of down payment percentages.

According to Mortgage News Daily, the first quarter of 2015 saw the lowest average percentage for down payments that we’ve seen in three years.

“Down payment trends in the first quarter indicate that first-time homebuyers are finally starting to come out of the woodwork, albeit it gradually,” said Daren Blomquist, vice president at RealtyTrac. “New low down payment loan programs recently introduced by Fannie Mae and Freddie Mac, along with the lower insurance premiums for FHA loans that took effect at the end of January are helping, given that first time homebuyers typically aren’t able to pony up large down payments. Also helping tilt the balances toward first time homebuyers in the first quarter is less competition from the large institutional investors that have been buying up starter home inventory as rentals.”

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Auto Insurance

Allstate Now Offering Auto Insurance for Uber Drivers

allstate

Allstate announced on Wednesday that it will now be offering auto insurance plans for drivers who pick up passengers via apps like Uber and Lyft.

According to Chicago Business, the brand new Ride for Hire policy will come with a price tag of about $15 to $20 per month and will “provide coverage for drivers who get into accidents while they are on the way to pick up new fares.”

To start, the policy will only be available in Illinois, Colorado, Texas and Virginia, though Allstate hopes to expand into more states in 2016.

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News

Report: House Prices Up 6.8% Year-Over-Year in April

money

CoreLogic announced earlier this week that home prices were up 6.8 percent year-over-year in April.

Additionally, the average home price in the United State was up 2.7 percent in April from the month before.

“For the first four months of 2015, home sales were up 9 percent compared to the same period a year ago,” Frank Nothaft, chief economist for CoreLogic, explained. “One byproduct of the increased sales activity is rising house prices, and, as a result, month-over-month home prices are up almost 3 percent for April 2015 and up more than 6 percent from a year ago.”

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Tips & Advice

Experts Warn: Don’t Overestimate What You Can Afford

money

Now that the housing market is gaining steam, especially among millennials, experts are throwing out a bit of caution to potential first-time home buyers, urging them not to make one very common mistake.

According to a new report by CNBC, it’s fairly common for first-timers to overestimate what they can afford in a mortgage, forgetting to take into consideration interest, taxes and insurance – and that mistake can be very costly.

“It’s a good idea to get pre-approved for a mortgage loan so you know how much a bank is willing to lend you before you make an offer on a home,” suggest reporter Landon Dowdy. “But keep in mind that the amount you’re pre-approved to borrow from a mortgage lender may be more than you can actually afford once you factor in taxes, insurance and other costs like condo or homeowners’ association fees and maintenance. As a general guideline, your total monthly payment (including mortgage principal, interest, real estate taxes and homeowners insurance) shouldn’t exceed 28 percent of your gross, or pretax, income.”

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Auto Insurance

Experts Suggest Driverless Cars Could Slash Auto Insurance Rates

car insurance

As driverless cars continue to become more and more of a reality, experts suggest that we could eventually see auto insurance rates begin to drop.

A recent study by RAND Corp. found that the increased safety benefits from self-driving cars – which promise to come with a reduced risk of accidents – are likely to lead to “a significant reduction in insurance premiums” down the road.

“So many accidents are caused by human error, if you reduce the human factor, it should cut down on accidents,” analyst Laura Adams of Insurancequotes.com told CBS News. “That will mean fewer claims and should reduce rates.”

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News

Michael Jackson’s Neverland Ranch on the Market for $100 Million

neverland

Michael Jackson’s infamous Neverland Ranch has just hit the market in Los Olivos, Calif., for an asking price of $100 million.

The 2,700-acre estate – now known as Sycamore Valley Ranch – has 22 different structures built on it, including the main house, which boasts six bedrooms and has an attached staff quarters.

Some of the features that Neverland was known for – like the Neverland clock and train station – remain on the property. But the amusement park rides and animals are all gone.

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News

Renting Becoming Harder Than Ever in Major Cities

for rent

It’s been pretty well documented in recent months that rents are rising steadily nationwide.

But in a new video report by CNBC, the network revealed on Thursday just how quickly prices are skyrocketing in some of the country’s most popular metro areas.

“At least six out of 10 people in Boston, L.A., New York and Miami now rent instead of own, and more than half of all tenants pay what experts consider unaffordable rents,” says Diana Olick. “The bottom line: To save money, stay put. The more recently a place came on the market, the less affordable it’s likely to be.”

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Tips & Advice

Experts Suggest: Homes Should No Longer Be Viewed as an Investment

investment

In a new report published by MarketWatch on Thursday, experts are cautioning homeowners to no longer view their properties as an investment.

“If you’re going to live in a home for many years, it generally beats renting as a financial proposition (especially since rents have been skyrocketing), but don’t expect the house to produce significant appreciation relative to inflation,” reporter John Coumarianos suggested.

As an example, Coumarianos then went on to explain that a home purchased for $180,000 30 years ago, which may sell for as much as $780,000 today, has only risen in value by a 5% compounded annual gain after taking inflation into account.

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