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California Experiencing Hot Housing Boom

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Million Dollar Listing star Josh Flagg joined a panel of CNBC reporters on Squawk Box on Thursday and revealed that California is currently experiencing a housing boom – particularly in the million dollar housing market.

According to Flagg, large home sales have continued to increase by three percent month-over-month for the last several months, making the Golden State an even hotter area to buy right now than New York City.

“I think people in Los Angeles in specific have come to the conclusion that we have 365 days of sunshine a year, you don’t have to drain your pool because it’s going to crack in the winter like in the Hamptons, and you’re not paying $3,000 or $4,000 a square foot,” Flagg said.

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Zillow Reveals Cities with Fastest Growing Rent

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With rent prices increasing by leaps and bounds nationwide, you may – understandably – assume that cities like New York and San Francisco are getting hit the hardest.

But as it turns out, it’s smaller metro areas like Portland, Maine, and Jackson, Mississippi, that are getting the brunt of the hit.

In all, rent prices in Jackson have spiked 22.7 percent to a $1,196 monthly average over the past year, while Portland has seen a 17.4 percent increase in rental prices.

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Overseas Buyers Account for $1B Worth of Real Estate Sales in Past Year

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CNBC reporter Robert Frank revealed on Monday that overseas buyers have purchased more than $1 billion worth of American real estate in the last year.

Frank cited the National Association of Realtors’ latest data, which found that a record $104 billion worth of property – or 8 percent of total home sales nationwide – went to foreign buyers between April 2014 and March 2015.

Buyers from China were the most prevalent, with many of them purchasing properties in Los Angeles, San Francisco, Seattle and New York.

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News

‘Boomerang Buyers’ Ready to Re-Enter Housing Market

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Nearly 8 million borrowers have lost their homes to foreclosure or short sale since 2004, and now, a large portion of those former homeowners are ready to reenter the housing market.

“Lenders require seven years after a foreclosure and four years after a short sale for buyers to be potentially eligible for credit again,” CNBC reporter Diana Olick explains. “Now, about 700,000 borrowers are eligible for credit again this year and up to 2.2 million over the next five years.”

Approximately 1.3 million so-called “boomerang buyers” have already become re-eligible to buy, and of those, approximately 42 percent have done so.

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News

Home Buying Season Officially ‘In Full Swing’

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Ellie Mae released its latest Origination Insight Report on Thursday and revealed that “home buying season is in full swing.”

According to the newest data from May, purchase volume took a 58 percent share of all mortgage originations, which was up from 52 percent in April.

Of note, however, is that May’s share fell far below the 66 percent share seen in May 2014, which Ellie Mae president and CEO Jonathan Corr attributes to the lower mortgage rates leading to higher refinancing volumes.

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News

Rent Inflation Continues, No Relief in Sight

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As rent prices continue to skyrocket, there appears to be no relief in sight.

According to the most recent data released on Thursday, consumer housing costs are far outpacing price growth elsewhere in the economy, and landlords don’t seem to want to let up any time soon.

The good news for renters, however, is that we are also starting to see some signs that wage growth is beginning to pick up, which should help offset the rising cost of housing.

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News

Consumer Debt Defaults Hit New Lows

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Good news for consumers: Households nationwide are getting better at keeping their debts in check.

According to the latest S&P/Experian Consumer Credit Default Indices – which track the rate at which consumers fall behind on their debt – Americans are now defaulting less and less on their loan commitments than ever before.

“The drop in defaults comes as a strong job market has helped boost incomes, helping consumers better manage monthly debt payments,” CNBC reporter John W. Schoen explained. “Historically low interest rates have also helped keep the cost of those monthly payments relatively manageable.”

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All About Insurance, Homeowners Insurance, News

NJ Senator Menendez Proposes Bill to Help Homeowners Nationwide Avoid Foreclosure

New Jersey Senator Robert Menendez proposed a brand new bill on Tuesday that would aim to help homeowners nationwide avoid going into foreclosure.

Specifically aimed at individuals and families across the country who owe more than their house is worth, the bill seeks to create a program in which banks would reduce the mortgage principal for eligible homeowners.

“My bill aims to give homeowners the break they need by working with banks to find acceptable solutions for everyone,” Menendez said. “Not only can we help families stay in their homes, we can mitigate the impact zombie foreclosures have on our communities and our economy.”

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CNBC: The ‘Great Rotation’ Has Hit Wall Street

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CNBC reported over the weekend that the highly anticipated “Great Rotation” may finally have hit Wall Street.

According to the news site, the “rotation” phenomenon is marked by a “massive shift of money out of bonds and into stocks.”

In 2014, the S&P 500 index rose right alongside bond prices, but last week alone, investors removed nearly $6 billion out of global funds – marking the largest outflow in nearly two years.

According to Jim Iuorio, a Chicago-based trader with TJM Institutional Services, the bond and equity markets are now taking on “a whole new personality completely.”

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News

Housing Market on Track for Best Year Since 2006

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According to a new report published by Realtor.com on Thursday, the housing market is currently on track to have its best year since 2006.

As we reach the midpoint of 2015, the site credits job growth for “powering the surge in demand for homes,” as more than 1 million jobs have been created over the last 12 months for 25- to 34-year-olds alone. And that age group, of course, is when most Americans buy their first home.

Unlike 2006, however, reporter Jonathan Smoke predicts that this year’s peak is not a bubble – and that’s a good thing.

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