Real Estate Information Archive

Home markets are rebounding. That is the message that is being proclaimed all over the US. But as a cautionary note, there is still a long way to go. Freddie Mac’s 2012 Economic Outlook reports “The housing market is showing some signs of shaking off the depression-like conditions that have plagued it for much of the past few years. As if awakening from hibernation, housing starts and home sales moved to higher levels of activity.”

A primary factors helping the housing market get back on track is the drop in unemployment. Half of the recent increase is directly due to rising construction rates building rentals and multi-unit buildings. 

Source: “Freddie Mac: Economic Growth Expected to Stabilize Housing Market,” Dow Jones Newswires (March 28, 2012)

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8 Metros Where List Prices Are on the Rise

Buying Is Cheaper Than Renting in Nearly All Major Cities

What a fantastic Meadow location. Easy access to everything, upgraded lighting, open floor plan, very well loved and maintained. Bedrooms are well sized, stackable washer and dryer convey in a split bath with dual sinks. This is a must see, and the association dues are some of the lowest in Big Sky at $285 per quarter plus $175 semi annually and no Big Sky dues. Click the picture to find out more!

Gallatin County is one of the fastest growing economic areas in the northern Rocky Mountains with a vibrant economy, an educated work force, a major research university, a thriving technology and manufacturing sector, plentiful cultural and outdoor recreational amenities, and is a short drive away from Yellowstone National Park. Check out these reasons to pack up and move to Big Sky

1. Gallatin County was named as the best place in the Rockies for “healthy living and small business creation” in the recent The State of the Rockies Report Card.
2. There are over 90 high-tech companies in Gallatin County–which is often referred to as the high-tech capital of the Northern Rockies.
3. Big Sky’s Ophir school currently offers K-8. Morningstar Learning Center Preschool offers early education and the new Lone Peak High School services 9th-12th grades.
4. Big Sky boasts the Biggest Skiing in America® and is consistently ranked in the top 10 best resorts in North America and the London Sunday Times ranked Big Sky in the top 10 resorts in the world.

Despite the doom and gloom of the past few years, there is a silver lining in the housing market! The good news is that today’s market offers unprecedented opportunities for homebuyers—if you understand today’s market and the new rules. After the explosion of bad decisions, overspending, and badly structured mortgage programs, the smoke has cleared to reveal a new market of real estate standards and practices that provides a safer, more secure and healthier climate for homebuyers and homeowners.

So why should you consider buying now? Let's go over my list of five great reasons:

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Positive News, Real Estate Market is on the Mend!

99 real estate markets have made the Improving Markets Index for the month of March. See the full details of the Index HERE.

"With nearly 100 metros showing consistent improvement in local economic and housing conditions, more consumers are feeling confident enough to take advantage of the buyer's market this spring," says Kurt Pfotenhauer, vice chairman of First American Title Insurance Company. 

The 31 metro areas added to this month’s list are: 

• Anchorage, Alaska
• Little Rock, Ark.
• Bakersfield, Calif.
• Merced, Calif.
• Washington, D.C.
• Crestview, Fla.
• Orlando, Fla.
• Panama City, Fla.
• Iowa City, Iowa
• Evansville, Ind. 
• Louisville, Ky.
• Flint, Mich.
• Holland, Mich.
• Saginaw, Mich.
• Springfield, Mo.
• Jackson, Miss.
• Burlington, N.C.
• Charlotte, N.C.
• Goldsboro, N.C.
• Rocky Mount, N.C.
• Glen Falls, N.Y.
• Rochester, N.Y.
• Columbus, Ohio
• Dayton, Ohio
• Altoona, Pa.
• Charleston, S.C.
• Spartanburg, S.C.
• Sioux Falls, S.D.
• Austin, Texas
• San Antonio, Texas

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“Baby Boomers” and “Echo Boomers” are the two demographics of the population that are foreseen to have the greatest impact on real estate trends over the next 20 years. In a new report released by the Bipartisan Policy Center, “Demographic Challenges and Opportunities for U.S. Housing Markets,” researchers at the National Association of REALTORS®, The Urban Institute, and the University of Southern California analyze key demographic trends and their likely influence on housing and homeownership in the United States. 

Why you may ask? Baby Boomers are increasing the nation’s senior population by 30 million. This shift will increase the supply of housing on the market due to the elderly selling homes more than they tend to buy.

Contrasting that trend, the “Echo Boomers” include 65 million people born from 1981 to 1995 who will increase their demand for housing inversely to the “Baby Boomers” decline.

“The Northeast and Midwest are most likely to see a large number of older home owners selling their homes to younger home owners as the baby boomers age,” says NAR Chief Economist Lawrence Yun. “This increased supply could mean additional buying opportunities for Echo Boomers. That generation will absorb 75-80 percent of the available inventory of owner-occupied housing by 2020.”

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In 2011, the government cut the foreclosure inventory by half. “From the end of 2010 to 2011, Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development saw a 49 percent reduction in the number of REO properties it owns. The three government enterprises held about 150,700 properties as of Dec. 31, 2011, compared to 296,000 at the end of 2010.”

Who Decreased By How Much?

HUD: Reduced foreclosures by 32,000, a 47% decrease.

FANNIE MAE: Decreased by 118,000, 27% of its total inventory.

FREDDIE MAC: Dropped 16% of REO inventory, 60,500 compared to 72,000 in the prior year.

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NAR: REO Rental Programs Largely Unnecessary

Determining the Speed of Foreclosures

Source: “Government-held REO Halved During Robo-Signing Freeze,” HousingWire (March 9, 2012)

Fannie Mae’s National Housing Survey reports American’s concerns are subsiding. Now that the job market is on rebound, the overall feelings about the economy and transversely the housing market have more and more confidence behind them.

“The pickup in the pace of hiring over the past few months has helped soothe consumer concerns, lifting their moods regarding their personal finances, the direction of the economy, and their views on the housing market,” says Doug Duncan, chief economist of Fannie Mae. “As a result, we’ve seen more potential for economic upside, creating a more balanced near-term outlook.”

Read More:

http://realtormag.realtor.org/daily-news/2012/03/08/americans-more-optimistic-about-housing-economy

Stabilizing is a word being thrown about to describe the current housing market. CoreLogic has found the following five states to go beyond ‘stabilization’ to price appreciation:

• South Dakota: 5.7%
• North Dakota: 4%
• West Virginia: 4%
• Montana: 3.6%
• Michigan: 3%

The average price change recently recorded was a drop of 3.1% as compared to the above five markets and their price increases. In fact, Illinois’s market was down 8.7%. Blessed to be a Montanan—always. 

Source: “Home Prices at Levels of 10 Years Ago: CoreLogic,” HousingWire (March 7, 2012)

Banks are changing their attitude on the infamous distressed sales by being more willing to agree to sale at a lower cost than ahome owner’s mortgage balance. This will ultimately avoid the property from shifting to the status of foreclosure for then the property becomes more costly for the lender.  The trend banks are taking to do more short sales is likely to “show up in more local markets in 2012 as lenders recognize short sales as a better option for many of their non-performing loans," said RealtyTrac CEO Brandon Moore.

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