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Freddie Mac: Nearly 80 Percent of Top 100 Housing Markets in the U.S. Improving

portland

On Wednesday, Freddie Mac released some good news for individuals and families living in some of the country’s most popular metro markets.

According to the mortgage company, the U.S. housing market is continuing to stabilize nationwide, and nearly 80 percent of the top 100 housing markets in the country – including Portland, San Jose and Nashville, among others – are steadily improving.

“The West and Southwest areas of the country are showing some of the strongest housing activity, especially markets like Portland, Denver, Dallas, San Jose and Los Angeles,” said Feddie Mac deputy chief economist Len Kiefer. “Many markets in the South and Midwest, while improving, are still plagued by high rates of mortgage delinquencies, which are holding back these markets from recovering faster. The exception to this would be the Nashville-area market. It more closely resembles the housing markets in the West, such as those in Utah. These markets are experiencing double-digit annual growth rates in purchase applications and showing some of the strongest homebuying demand in the country.”

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Midwest Seeing Largest Gains as Home Sales on the Rise Again

housing market

CNBC reported on Tuesday that home sales are on the rise nationwide once again, with the number of new homes sold in April up seven percent from the numbers we saw in March.

Additionally, the Midwest has experienced the biggest growth recently, with a 37 percent surge in sales.

And finally, housing supply is so tight in some markets that we’re now seeing an 8 percent increase in home prices across the board, with the median new home price clocking in at $297,000.

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Fannie Mae: Housing Market Faring Better Than Economy

housing market

According to a new report published by Fannie Mae late last week, the housing market in the United States is currently faring better than the economy as a whole.

Although the GDP grew by just 0.2 percent in the first quarter of 2015, the housing market did a bit better, with March existing home sales at their highest level in two years.

Still, the numbers call for cautious optimism. As Mortgage News Daily points out, “Even though March sales were up, the first quarter fell short of fourth quarter 2014 numbers. New home sales retreated in March but the first quarter overall was the best for that sector since 2008 and pending home sales and purchase mortgage applications both portend a strong spring buying season.”

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Denver Housing Market Getting Hot, Sparking Bidding Wars

denver

Potential homebuyers in the Denver, Colorado, area should be ready for a bidding war, as the real estate market continues to boom in the Mile High City.

According to CNBC, demand for homes is currently outpacing supply, and prices are skyrocketing.

“Apple and Google are bringing jobs here, home construction is very weak, and real estate experts tell me millennials love this market,” Diana Olick reported. “So what’s the result? Homes are flying off the shelves, and bidding wars are the new normal.”

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First-Time Homebuyers Returning to New Home Market

new house

Builders are starting to see more first-time homebuyers entering the new home market, J.P. Morgan Chase & Co. revealed in a conference in New York City on Wednesday.

According to The Wall Street Journal, just over 15 percent of new homes were sold to first-time homebuyers in 2014, but so far this year, that number is up closer to 20 percent.

“We do see this as an expanding market,” said Meritage chief executive Steven Hilton. “We saw strong demand in that segment in the last quarter and even more so over the last two months.”

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McMansions Making Their Way Back Into the Market

mcmansion

From each quarter to the next in 2014, the median size of newly built homes in the U.S. dropped steadily.

But now, in the first quarter of 2015, that number is up significantly.

According to The Wall Street Journal, the median home size in 2015 Q1 shot up to 2,521 square feet, up 3 percent from 2014 Q4.

Steven Hilton, Meritage CEO, these numbers could suggest the return of the McMansion to the new homes market.

“We do see this as an expanding market,” he said. “We saw very strong demand in that segment in the last quarter and even more so over the last two months.”

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Ocwen Financial Corp. in Negotiations to Refinance Debt

dice

In an attempt to avoid a cash crisis, Ocwen Financial Corp. disclosed on Monday that it is currently negotiating with lenders to extend and refinance some of its debt.

If the company is unable to change some of its debt arrangements – particularly ones that are set to amortize this year – it could face a liquidity crunch.

“Due to the significant level of cash requirements related to servicing advances, we may not have sufficient levels of liquidity to fund the operations without our advance financing facilities,” Ocwen said in the filing.

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Portland Housing Market Driven by Water, Millennials

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Portland, Oregon, has recently become one of the hottest spots for millennials on the West Coast. But according to real estate experts, it has nothing to do with jobs and everything to do with water.

“We’re on the West Coast, and we have water,” said Brian Ramsay, a real estate agent with Hasson Company Realtors. “They’re moving here in preparation for lack of water.”

And, unlike California and Seattle, home prices still remain relatively low – which means the market in Portland is currently red hot.

“You’re lucky if you can be one of the first 15 offers in 24 hours,” Ramsay added. “That’s how hard it is for buyers to get a house now.”

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Existing Home Sales Expected to Hit Highest Level Since 2006

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The National Association of Realtors announced on Thursday that the total number of existing home sales in 2015 is expected to reach the highest level we’ve seen since 2006.

“There is a sizeable pent up demand,” said Lawrence Yun, the NAR’s chief economist.

According to Yun, we should expect to see approximately 5.3 million existing homes sold by the end of this year, which would be a significant jump from 4.9 million in 2014. Additionally, it would be the first time in nearly a decade that the number has surpassed 5.0 million.

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Experts Suggest Using Your Home to Fund Retirement Plans

retirement

For many retirees, the idea of giving up their family home is a tough proposition to accept. But according to Steven Sass, a research economist at the Center for Retirement Research at Boston College, that’s exactly what’s needed for many individuals to afford retirement.

“People have a serious behavioral resistance to touching their savings or home equity in retirement,” Sass told CNBC. “We think a lot more retirees need to think about using their house for income.”

According to the latest University of Michigan Health and Retirement study – conducted in 2010 – the average household entering retirement has a net worth of just over $300,000, including their home.

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