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Archive for the ‘News -Real Estate’ Category

Signs of Sustained Recovery Abound

The various small businesses that drive the country’s housing market are reporting signs that the industry may be making a real and sustained comeback.

At the start of this year’s spring selling season, home builders and real estate professionals alike expressed optimism about the growing number of prospective buyers showing up at open houses and inquiring about current house listings. It now appears that interest has translated into sales in many markets.

Mark Prather, whose real estate agency, ERA Buy America Real Estate Services is on the border of Los Angeles and Orange counties, states, “We had a terrific March, better April, and May is going to be the best closing month since 2006.”

Other success stories are being reported across the nation, as business is being driven by pent-up demand. Many people had put off buying a home since prior to the recession, and prices are lower after plummeting during the housing crisis. In addition, rising rents are making buying more attractive, and mortgage rates are at record lows.  The National Association of Realtors states that more than 1.3 million previously occupied homes were sold from January through April—a 7 percent increase from more than 1.2 million a year ago.

Source: “Housing Market is Perking Up,”Buffalo News/Associated Press (06/11/12)

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If you are in need of an owner’s representative for building your own dream home in Aspen or Snowmass, Colorado or simply need to know how to go about building or remodeling a house as an absentee owner in the Aspen area or the surrounding communities of Snowmass, Snowmass Village, Woody Creek or Basalt, Colorado, we are happy to assist! Please give us a call today at 970.948.8258 for a FREE consultation

Copyright 2012 Information, Inc.

 

Will Housing Prices Soar By 2014?

Daily Real Estate News |      Tuesday, April 03, 2012

 

Real estate economists and analysts are increasingly optimistic that the housing market will have a dramatic recovery in the next two years, according to results of a new semi-annual survey of 38 real estate economists and analysts conducted by the Urban Land Institute’s Center for Capital Markets and Real Estate.The economists predict that the national average for home prices will stop falling by this year and a subsequent turnaround will occur. By next year, they project that home prices will begin to rise by 2 percent, and then get a larger boost of 3.5 percent by 2014. The economists also predict that housing starts will nearly double by next year.They also foresee rental prices continuing to increase for all property types, ranging from 0.8 percent to 5 percent.

The economists’ predictions were made on assumptions that the economy would continue to strengthen, including a larger drop in unemployment.

“While geopolitical and global economic events could change the forecast going forward, what we see in this survey is confidence that the U.S. real estate economy has weathered the brunt of the recent financial storm and is poised for significant improvement over the next three years,” says Patrick L. Phillips, ULI chief executive officer. “These results hold much promise for the real estate industry.”

Source: “Real Estate Will Rock in 2014,” RISMedia (March 31, 2012)

If you are in need of an owner’s representative for building your own dream home in Aspen or Snowmass, Colorado or simply need to know how to go about building or remodeling a house as an absentee owner in the Aspen area or the surrounding communities of Snowmass, Snowmass Village, Woody Creek or Basalt, Colorado, we are happy to assist! Please give us a call today at 970.948.8258

Foreclosures Pick Up Pace, Banks Work Through Glut

Foreclosures increased again in January as banks continued to work through a large backlogs of defaulting loans in their books, RealtyTrac reports. The number of foreclosure filings — including default notices, scheduled auctions, and bank repossessions — increased 3 percent from December to January.

However, the numbers were significantly down compared to one year earlier, RealtyTrac reports.

Last month, one in every 624 households received a foreclosure filing — a drop of 19 percent compared to January 2011.

Banks had slowed their pace of processing foreclosures last year following a robo-signing scandal, in which banks were accused of approving foreclosure documents without proper reviews. Banks have changed some of their methods in processing foreclosures. Also, the $25 billion foreclosure settlement, announced last week, among the nation’s five largest banks and state attorneys general is expected to lead to a pick up in the pace of foreclosures.

The “frozen up foreclosure process is beginning to thaw,” Brandon Moore, CEO of RealtyTrac, said in a statement. For example, Florida had a 14 percent increase in foreclosure filings in January compared to a year earlier.

Many housing experts view an increase in foreclosures as an important step for the housing market to recover in clearing the glut of foreclosed homes on the market. Foreclosures have hampered home prices in many markets.

 

If you are in need of an owner’s representative for building your own dream home in Aspen or Snowmass, Colorado or simply need to know how to go about building or remodeling a house as an absentee owner in the Aspen area or the surrounding communities of Snowmass, Snowmass Village, Woody Creek or Basalt, Colorado, we are happy to assist! Please give us a call today at 970.948.8258 for a FREE consultation

 

 

Will the Real Estate Market Heat Up This Spring?

The spring season usually brings an increase in buying and selling to the real estate market, and housing experts are mostly optimistic that this spring will be even better than recent years.

Some signs are already there: Housing inventories are declining, housing affordability is at record highs, mortgage rates are at all-time lows, and the job market is improving.

Existing-home sales have been edging up in recent months, and for-sale housing inventories were at nearly 2.4 million units in December, reaching its lowest point since 2005, according to National Association of REALTORS® data.

NAR’s Chief Economist Lawrence Yun says home prices are beginning to stabilize in many markets.

Also, NAR’s Housing Affordability Index is at its highest level since the 1970s, which indicates that for the average family housing is very affordable.

The National Association of Home Builders is also predicting an improvement this spring among the new-home sector. NAHB is predicting that home sales will increase 18 percent this year, that’s after facing their lowest on record in 2011.

However, threats to a housing recovery still loom this spring. Strict mortgage lending is keeping some buyers on the sidelines, and foreclosures continue to put downward pressure on overall home prices in many markets.

“The signals are a little hard to extrapolate, but ultimately by the end of this year we should see the housing market on more solid footing,” says Celia Chen, senior housing economist with Moody’s Analytics. “So an improvement but off of very, very weak activity.”

Source: “Real Estate: A Buy or Bust This Spring Selling Season?” Investor’s Business Daily

If you are in need of an owner’s representative for building your own dream home in Aspen or Snowmass, Colorado or simply need to know how to go about building or remodeling a house as an absentee owner in the Aspen  area or the surrounding communities of Snowmass, Snowmass Village, Woody Creek or Basalt, Colorado, we are happy to assist! Please give us a call today at 970.948.8258 for a FREE consultation

Pending Home Sales Jump in October

Washington, DC, November 30, 2011

Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said improved contract activity is a hopeful sign. “Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions,” he said.

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“Many consumers are recognizing that home buyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market,” Yun added.

The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.

“Although contract signings are up, not all contracts lead to closings. Many potential home buyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one,” Yun said. “Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying, or they might get a loan but with less favorable terms.”

NAR encourages consumers to be aware of their credit score and actions which could hurt or enhance it. HouseLogic.com, the association’s consumer website devoted to all aspects of homeownership, offers tips for improving credit scores at http://buyandsell.houselogic.com/articles/7-tips-improving-your-credit/.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. The previous article was furnished by The National Association of Realtors®, click her now for more.

If you are in need of an owner’s representative for building your own dream home in Aspen or Snowmass, Colorado or simply need to know how to go about building a house as an absentee owner in the Aspen  area or the surrounding communities of Snowmass, Snowmass Village, Woody Creek or Basalt, Colorado, we are happy to assist! Please give us a call today at 970.948.8258 for a FREE consultation.