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Homes with Open Houses in the First Week on Market Sell Faster and for More Money than Those Not Held Open
In San Francisco and San Jose, Homes with Open Houses Sell For More than 5% More Relative to List Price Than Homes without them In Miami, homes with open houses go under contract 11 days faster than homes without them SEATTLE, April 23, 2019 -- Nationwide, homes with open houses sell for $9,046 more and spend seven fewer days on the market than homes without open houses, according to a new report from Redfin, the tech-powered real estate brokerage. The analysis looked at homes that were listed in 2018, comparing the relative selling success—measured by sale-to-list price ratios and time on market—of those that had an open house within their first week on the market with that of homes that never had an open house. The benefits associated with open houses vary by metro, and they likely have more to do with the desirability of the homes themselves than the open house itself. "Holding an open house is an efficient way for sellers to get more eyes on a home, and a bigger pool of potential buyers can help lead to a higher ultimate sale price," said Redfin chief economist Daryl Fairweather. "In many areas, homes that are already primed for competition tend to be the ones with open houses because the listing agent knows it will attract a lot of attention and wants to set up a convenient way for multiple potential buyers to pop in at once instead of making several appointments for private tours." In San Francisco, homes with an open house during week one sold for 7.9 percent more relative to their list price than homes with no open house, the biggest premium of any metro area in the U.S. In nearby San Jose, homes with open houses sold for 5.2 percent more and in Raleigh, North Carolina, homes with open houses sold for 4.6 percent more relative to their list price than those without. For a home in Raleigh listed at the metro area's median sale price of $286,000, that could mean a difference of more than $13,000 in the ultimate sale price. "San Francisco real estate culture is dominated by open houses. The majority of my clients attend open houses because they know it's their best chance to see a competitive property or multiple properties on the same day," said local Redfin agent Miriam Westberg. "If a home in the area doesn't have an open house, it's often because it's either owner-occupied or tenant-occupied. Those homes tend to sell for a bit less than comparable homes with open houses because they're difficult to show and don't get as much traffic or as many offers." In San Francisco, homes with open houses during the first week spend a full week longer on the market than homes without—but that doesn't mean the open house is harmful. "It's standard here to host two weekends of open houses before accepting offers. Listing agents usually prefer 10 to 14 days of active on-market time, particularly for homes with open houses, before they'll set an offer date," Westberg said. In the Miami area, open houses are correlated with faster sales. A home in Miami with an open house during its first week on the market typically goes under contract within 27 days, compared with 38 days for those without an open house. And homes in the Miami area with an open house during week one sold for 1.2 percent more relative to their list price than homes with no open house. "I usually list properties on a Thursday or Friday, then hold an open house on Saturday or Sunday. I also hold private showings because it's so important to get as many potential buyers into the home as possible," said Jessica Johnson, a Redfin agent in Miami. "When homebuyers see other people at an open house, it can motivate them to place an offer more quickly than they otherwise would. I had two listings go under contract last week after just one weekend on the market. In both cases, the buyers first saw the home at the open house." To view the full report, including metro-level data on the selling success of homes with and without open houses, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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BHGRE Relaunches Predictive Marketing Tool PinPoint with New Features Designed to Meet the Needs of Today's Data-Driven Real Estate Professionals
Exclusive Tool Empowers the BHGRE Network to Find the Right Clients with Rich Customer Profiles, Customizable Geo-Targeting and Predictive Analytics within a Fully Responsive, Mobile Environment ADISON, N.J., Sept. 25, 2018 -- Better Homes and Gardens Real Estate LLC, a leader in lifestyle real estate, announced today the relaunch of PinPoint, its exclusive predictive marketing tool that has been central to the brand's strategy and unique positioning since its launch a decade ago. With this relaunch, Better Homes and Gardens® Real Estate agents and brokers can more effectively target audiences amongst Meredith Corporation's more than 175 million consumers with precision thanks to enhanced targeting to brand-loyal consumers, and expanded personalization of campaigns ranging from listing-specific to broader prospecting strategies. These features are available in the tool's new fully responsive, mobile environment, which enables BHGRE® users to showcase and execute campaigns anywhere their business takes them. PinPoint capitalizes on the scale and scope of Meredith's audience and the rich understanding of consumers' life stages, interests and intent. This understanding comes from consumers' interactions with Meredith's leading lifestyle brands and publications including its flagship media brand, Better Homes & Gardens®. PinPoint offers users the ability to target consumers who are more likely to have an ongoing relationship with the Better Homes & Gardens media brand and other sister publications. Predictive attributes and proprietary research help PinPoint become a more intelligent way to target consumers who may be in the homebuying and selling market. Enhanced features include: A mobile-first design that is fully responsive for cell phones, tablets and desktops. This gives users complete freedom to use the tool on-the-go, at the listing presentation, and anywhere they need to create and demonstrate smart marketing campaigns. The flexibility to target consumers from broad to precise geographic areas. Users can select states, cities, zip codes, and specific radiuses against those selections. Users can draw on area maps to target locations as customized as housing developments, streets, portions of neighborhoods, and even specific buildings. This mirrors the way real estate professionals work as they prospect in the real world. The ability to further personalize efforts through enhanced attributes, with customer segments such as "First Time Home Buyer, No Kids," "First Time Home Buyer, With Kids," "Move-Up Buyer," "Empty Nester," "Mature Mover," "Premier Consumer," and "Second Home Buyer." Through these campaigns, users can not only identify well-matched buyers for a current listing, but can open the door to representing these buyers' homes for sale through the new relationship. The power to generate comprehensive, eye-catching market reports showcasing a campaign's reach within geographic areas and demographic segments tailored specifically for a listing, or for an agent's or team's prospecting strategy. With this announcement, agents and teams will have a new way to deliver value to their sellers, and to prospect more effectively as they build their business. Brokers will be able to showcase the tool and its flexible, effective data to help recruit new agents to their companies in a more personalized way. The redesigned PinPoint tool joins a comprehensive suite of benefits for members of the Better Homes and Gardens Real Estate network such as national advertising, digital advertising, productivity and skill learning, social media, marketing and communications resources, and content and tools to more effectively connect with consumers. "Relaunching PinPoint during a milestone year for BHGRE is fitting because it represents how our brand—and the real estate industry—have evolved," said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. "The ability to effectively target consumers beyond traditional demographics in a mobile-first, responsive tool brings our network an unparalleled advantage in marketing. We couldn't be prouder of the new Pinpoint tool, the impact it will have on our network, and of the continued innovation in its future." "PinPoint's new features have evolved a unique tool into a best-in-class offering," said Mark McDonough, president of Better Homes and Gardens Real Estate Winans. "It's empowering to be part of a brand that understands and delivers on what agents need to be successful in today's data-driven world. BHGRE's exclusive relationship with Meredith Corporation and the Better Homes & Gardens media brand help differentiate our company in the market. It's a difference that brings tremendous value to our affiliated agents—and their clients." "As a selling broker, I need to market with the confidence that I am targeting the right buyers and sellers for my business and for my listings," said Jim Starwalt, broker/owner of Better Homes and Gardens Real Estate Star Homes. "Thanks to the enhanced features of the new PinPoint tool, I can take advantage of the future of marketing in a way I could never have done on my own: using the power of predictive marketing and big data to target brand-loyal consumers in a way my competitors can't." For more information, please visit www.bhgre.com. About Better Homes and Gardens Real Estate LLC Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.
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Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency
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HOME Survey: Housing and Economic Outlook Remains Steady in Second Quarter of 2018
WASHINGTON (June 21, 2018) — New findings from the National Association of Realtors® show that a high number of Americans, 75 percent, believe that now is a good time to sell a house, while 68 percent think it is a good time to buy. That's according to NAR's second quarter Housing Opportunities and Market Experience (HOME) survey, which also found that a majority of consumers believe prices have and will continue to increase and that homeownership strengthens our nation's communities. Optimism that now is a good time to buy remains stagnant from last quarter; 39 percent strongly agree that now is a good time to buy, while 29 percent moderately agree. Among renters, however, those positive feelings have fallen significantly from 55 percent in the first quarter to 49 percent this quarter. Optimism is highest among older buyers (65 or over) and those living in the South and Midwest regions (73 and 71 percent respectively). NAR Chief Economist Lawrence Yun says affordability and low inventory are eroding buyer confidence. "Inventory remains the driving force in real estate, affecting everything for rising prices to household formation. Improving supply conditions is critical to improving buyer optimism and helping to remove some of the barriers holding back potential first-time buyers." As home prices continue to climb across the country, the number of respondents who believe now is a good time to sell remains high with 46 percent strongly agreeing (up from 42 percent last quarter) and 29 percent moderately agreeing. Twenty-nine percent believe that now is not a good time to sell a home, and that drops to 19 percent for current homeowners. "Hopefully this strong seller optimism will lead to an increase in inventory later on in the year," said Yun. Respondents were also asked about their perception of home prices in their communities. Sixty-eight percent believe that home prices have gone up in their area in the last 12 months, up from 63 percent last quarter. Fifty-five percent also believe that home prices will continue to increase in their communities in the next six months, also up from the previous quarter (53 percent). A near high of 58 percent of households believe that the economy is improving – slightly down from 60 percent last quarter but up from 54 percent last year. People in rural areas are more likely to view the economy as improving (63 percent) than in urban areas (51 percent). The HOME survey's monthly Personal Financial Outlook Index, showing respondents' confidence that their financial situation will be better in six months, dropped slightly from 63.8 in March to 62.1 in June. A year ago, the index was 57.2. Forty-six percent of those surveyed say they do not believe it would be difficult to obtain a mortgage, up from 36 percent last quarter. "This is most likely a reflection of the current positive outlook on the direction of the economy," said Yun. "Healthy job creation and faster wage growth mean that homeownership is viewed as a more attainable goal than it was a year ago." Homeownership's effect on communities, future generations In this quarter's survey, homeowners and non-homeowners were asked if a high rate of homeownership strengthens a community. Sixty-seven percent of those surveyed said that homeownership strengthens communities a great deal, and that number jumps to 76 percent for current homeowners and 77 percent for those 65 and older. "Homeowners are more likely to be involved and engaged in the issues facing their communities, since they tend to be more rooted in the area than renters," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. "This involvement – homeowners are more likely than renters to vote, volunteer their time at local charities and support neighborhood upkeep – helps shape and strengthen our nation's communities, as well as drive the national economy." Respondents were also asked if homeownership will be easier or harder to attain for future generations. Seventy-three percent believe that it will be harder for future generations to purchase a home, compared to only 11 percent who think it will be easier. Seventy-four percent of respondents 34 or under believe it will be more difficult to become homeowners. About NAR's HOME survey In April through June, a sample of U.S. households was surveyed via random-digit dial, including a mix of cell phones and land lines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report and a total of 2,707 household responses are represented. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Looking Elsewhere: External Searches in California's Hottest Markets More than Double the U.S. Average
Phoenix, Las Vegas and Prescott, Ariz. are Top Destinations for California Expats SANTA CLARA, Calif., May 31, 2018 -- California's housing affordability crisis is prompting residents to look for homes in less expensive areas or outside of the state. New research from realtor.com®, The Home of Home Search℠, reveals affordability issues are driving California residents to search for homes in Phoenix, Las Vegas and Prescott, Ariz., as well as in more affordable California counties. In 16 of California's hottest markets -- including Santa Clara, San Mateo and Los Angeles -- outbound home searches are two times greater than the U.S. average. The analysis examines realtor.com® home searches in the 16 California counties and American Community Survey migration estimates. Search data includes both outbound searches and the ratio of search traffic viewing pages outside of an area versus outside traffic coming in. The ACS data includes the domestic migration ratio, which is the ratio of net migration less international migration, relative to the population. "Our research shows many California residents may have reached their breaking point," said Danielle Hale, chief economist for realtor.com.® "Affordability is pricing them out of the California home market and many are searching for more affordable options in other areas. This exodus could help slow price appreciation in California, but potentially heat up prices and reduce inventory in surrounding markets. If this pattern continues, we could see Californians drive up home prices in parts of Phoenix, Las Vegas and Prescott, Ariz." In addition to Santa Clara, San Mateo and Los Angeles, the top California counties where residents are leaving, according to ACS migration patterns, are split between the Northern and Southern areas of the state. In rank order, they include: Napa, Monterey, Alameda, Marin, Orange, Santa Barbara, San Diego, Imperial, Ventura, San Francisco, Santa Cruz, Tulare, and Sonoma. California median list prices have increased 83 percent over the last six years, to $549,000 from $300,000, outpacing local income growth by three times. According to realtor.com®'s analysis, 52 percent of residents looking outside their county are looking to move outside California to nearby states. The top 10 out of state destinations include, in rank order, Phoenix (Maricopa County, Ariz); Las Vegas (Clark County); Prescott (Yavapai County, Ariz.); Boise (Ada County, Idaho); Reno, (Washoe County, Nev.); Lake Havasu (Mohave County, Ariz.); Pima County, Ariz.; Coeur d'Alene (Kootenai County, Idaho); Austin (Travis County, Texas); and the Big Island (Hawaii County, Hawaii). Most of the counties on this list offer California residents relatively close proximity to California, dry and sunny weather, as well as more affordable home prices. On average, those searching out of state are looking at properties that are 43 percent more affordable than their current county. Additionally, nearly half -- 48 percent -- of those searching outside their county are looking within California. The top 10 in state counties most searched by those looking to leave their county include: Riverside, San Bernardino, Los Angeles, Orange, Sacramento, San Diego, Placer, Contra Costa, El Dorado, and Ventura County. Those searching in other California counties are looking at properties that are on average 17 percent more affordable. Top Destinations by California Market 1. Santa Clara County Out of state destinations:  Arizona, Nevada, Texas and IdahoIn state destinations:  Alameda, Sacramento, San Joaquin, Santa Cruz and Placer counties When looking out of state, shoppers from Santa Clara are looking at far more affordable properties in Maricopa, Ariz.; Clark, Nev.; Washoe, Nev.; Travis, Texas; and Ada, Idaho counties that are $750,000 to $965,000 less than the typical property in Santa Clara. Within California, they are looking at properties in nearby counties of Alameda, Sacramento, San Joaquin, Santa Cruz and Placer that are $509,000 - $894,000 less than the Santa Clara median. 2. San Mateo County Out of state destinations:  Arizona, Nevada, Texas and WashingtonIn state destinations:  Alameda, Contra Costa, Santa Clara, Sacramento, and San Francisco counties San Mateo shoppers are looking at far more affordable counties when shopping out of state. The properties they look at in Maricopa, Ariz.; Clark, Nev.; Washoe, Nev.; Travis, Texas; and King, Wash. counties are $778,000 – $1.1 million less than the typical San Mateo property. Those looking in state are looking in nearby counties of Alameda, Contra Costa, Santa Clara, Sacramento, and San Francisco and considering properties $274,000 - $1.1 million less than the median price in San Mateo. 3. Los Angeles County Out of state destinations:  Nevada, Arizona, and IdahoIn state destinations:  San Bernardino, Riverside, Ventura and Kern counties Angelenos looking out of state are viewing homes priced well below the Los Angeles median. The typical home they view in Clark, Nev.; Maricopa, Ariz.; Yavapai, Ariz.; Mohave, Ariz.; and Ada, Idaho counties is $306,000 - $455,000 below the typical listing at home. Shoppers looking in state are generally looking at properties that are $22,000 - $446,000 less expensive than their current market price. However, homes viewed in nearby Orange County are $34,000 more expensive. 4. Napa County Out of state destinations:  Arizona, Idaho, Nevada, Florida and OregonIn state destinations:  Solano, Sonoma, Sacramento, Lake and El Dorado counties Napa's out of state searchers in Maricopa, Ariz; Ada, Idaho; Washoe, Nev.; Brevard, Fla.; and Deschutes, Ore. counties are looking at properties that are $170,000 to $450,000 less expensive than the market price in Napa. Those looking in nearby California counties of Solano, Sonoma, Sacramento, Lake and El Dorado counties are looking at properties priced $120,000 to $484,000 less than the market price in Napa. 5. Monterey County Out of state destinations:  Arizona, Nevada, and IdahoIn state destinations: San Luis Obispo, Fresno, Santa Cruz, Sacramento and San Diego counties Monterey out of state shoppers are viewing homes in Maricopa, Ariz; Washoe, Nev.; Yuma, Ariz.; Ada, Idaho; and Clark, Nev. that are $494,000 - $749,000 less expensive than the typical listing at home. Those looking to stay in state are looking in counties like San Luis Obispo, Fresno, Santa Cruz, Sacramento and San Diego and specifically at properties that are $314,000 - $664,000 less than the market price in Monterey. 6. Alameda County Out of state destinations: Arizona, Nevada, Idaho, and HawaiiIn state destinations: Contra Costa, San Joaquin, Sacramento, Placer, and El Dorado counties Shoppers are viewing homes in Maricopa, Ariz. and Ada, Idaho well above the local market median which is still a $300,000 - $400,000 bargain compared to Alameda. In Clark and Washoe counties in Nevada and Hawaii, they are viewing homes priced below the local median listing price and between $300,000 and $500,000 below the typical Alameda listing. Within California, they are generally shopping for a home $160,000 - $415,000 below their current median in counties such as Contra Costa, San Joaquin, Sacramento, Placer and El Dorado. 7. Marin County Out of state destinations: Nevada, Arizona, Oregon and IdahoIn state destinations: Sonoma, Contra Costa, Solano and San Francisco counties Out of state shoppers viewing homes in more affordable counties such as Washoe, Nev.; Maricopa, Ariz.; Pima, Ariz.; Deschutes, Ore.; and Ada, Idaho are looking at homes generally priced $621,000 - $1 million less than the typical listing in Marin. Shoppers looking within state are looking at properties in Sonoma, Contra Costa, Solano and San Francisco counties, priced $167,000 - $937,000 less than the market price in Marin. 8. Orange County Out of state destinations: Arizona, Nevada and IdahoIn state destinations: Riverside, Los Angeles, San Bernardino, San Diego and San Luis Obispo The typical Orange County out of state shopper is looking in Maricopa, Ariz.; Clark, Nev.; Yavapai, Ariz.; Ada, Idaho; and Mohave, Ariz. counties at properties that are $442,000 - $592,000 less than the typical property in Orange County. Those looking to stay in state are looking in nearby counties of Riverside, Los Angeles, San Bernardino, San Diego and San Luis Obispo at properties priced $192,000 - $527,000 less than the typical property in Orange County. 9. Santa Barbara County Out of state destinations: Arizona, Nevada and IdahoIn state destinations: San Luis Obispo, Ventura, Los Angeles, Riverside and Kern counties When looking out of state, shoppers from Santa Barbara are looking at far more affordable counties such as Maricopa, Ariz.; Clark, Nev; Yavapai, Ariz.; Kootenai, Idaho; and Mohave, Ariz and view properties that are $481,000 - $661,000 less than the typical property in Santa Barbara. Those looking nearby are interested in the counties of San Luis Obispo, Ventura, Los Angeles, Riverside and Kern and homes priced $47,000 - $667,000 less than the Santa Barbara median price. 10. San Diego County Out of state destinations: Arizona and NevadaIn state destinations: Riverside, San Bernardino, Imperial, Orange County and Los Angeles Out of state shoppers are looking at homes in Maricopa, Ariz.; Clark, Nev.; Yavapai, Ariz.; Mohave, Ariz.; and Pima, Ariz. counties that are priced $324,000 - $444,000 less than the typical property in San Diego. Shoppers viewing properties within state are looking at homes in Riverside, San Bernardino, Orange County, Los Angeles and Imperial counties. The properties they look at in Riverside, San Bernardino and Imperial are $289,000 - $429,000 less expensive than the typical property in San Diego, but in Orange County and Los Angeles, they are $86,000 - $106,000 more than the San Diego median list price. 11. Imperial County Out of state destinations: Arizona and IdahoIn state destinations: San Diego, Riverside, Los Angeles, San Bernardino, and Orange counties Shoppers looking outside of Imperial are viewing significantly more expensive properties than the Imperial housing market. The typical home they are looking at in counties like San Diego, Riverside, Los Angeles, San Bernardino, and Orange is $32,000 - $705,000 more than the median price in Imperial. Out of state shoppers are looking at homes in Yuma, Ariz.; Maricopa, Ariz.; Ada, Idaho; and Coconino priced $15,000 - $179,000 below the typical listing in the Imperial, although the typical home looked at in Yavapai, Ariz. is $71,000 more. 12. Ventura County Out of state destinations: Arizona, Nevada, and IdahoIn state destinations: Los Angeles, Kern, Riverside and San Bernardino counties Out of state Ventura shoppers are looking at less expensive homes in Maricopa, Ariz.; Clark, Nev.; Yavapai, Ariz.; Ada, Idaho; and Mohave, Ariz. counties that are $298,000 - $507,000 less than the typical property in Ventura. Shoppers looking in state are searching in Los Angeles, Kern, Riverside and San Bernardino counties at homes that are $2,000 - $457,000 less than the median price in Ventura, but properties they look at in Santa Barbara County are $152,000 more. 13. San Francisco County Out of state destinations: Arizona, Nevada, Illinois and OregonIn state destinations: Contra Costa, Alameda, San Mateo, Sonoma, and Sacramento When looking out of state, shoppers from San Francisco are looking at properties in Maricopa, Ariz.; Clark, Nev.; Washoe, Nev.; Cook, Ill.; and Multnomah, Ore. counties that are $841,000 - $1.0 million less than the typical property in San Francisco. Those looking in state are typically searching in Contra Costa, Alameda, San Mateo, Sonoma, and Sacramento counties for properties that are $390,000 - $940,000 less than the San Francisco median list price. 14. Santa Cruz County Out of state destinations: Nevada, Arizona, Hawaii, and OregonIn state destinations: Monterey, Placer, El Dorado and San Luis Obispo When looking out of state, shoppers from Santa Cruz are looking at properties in Washoe, Nev.; Maricopa, Ariz.; Hawaii, Hawaii; Douglas, Nev.; and Deschutes, Ore. counties that are $450,000 - $585,000 less than the typical property in Santa Cruz. Properties they look at in state in the nearby counties of Monterey, Placer, El Dorado and San Luis Obispo are typically $313,000 - $480,000 less expensive than the Santa Cruz median price. However, the properties they look at in Santa Clara are $184,000 more expensive than Santa Cruz. 15. Tulare County Out of state destinations: Nevada, Arizona, Kansas and IdahoIn state destinations: Fresno, San Luis Obispo and Los Angeles Very little of Tulare's demand flows out of state but top out of state locations include Nevada, Arizona, Kansas and Idaho. When looking out of state, shoppers from Tulare are looking at properties in Clark, Nev.; Maricopa, Ariz.; Johnson, Kan.; Ada, Idaho; and Yavapai, Ariz. counties that are $11,000 - $111,000 more expensive than the typical property in Tulare. Those looking to remain in state are viewing properties in Fresno, San Luis Obispo and Los Angeles that are $26,000 - $600,000 more expensive than Tulare, but properties in Kings and Kern County are $9,000 - $10,000 less expensive. 16. Sonoma County Out of state destinations: Arizona, Idaho, Oregon and NevadaIn state destinations: Lake, Mendocino, Placer, Sacramento and El Dorado counties When looking out of state, shoppers from Sonoma are looking in Maricopa, Ariz.; Ada, Idaho; Pima, Ariz.; Jackson, Ore.; and Washoe, Nev. counties at properties that are $176,000 - $376,000 less than the typical property in Sonoma. Shoppers looking in state are typically looking in Lake, Mendocino, Placer, Sacramento and El Dorado counties at properties that are $186,000 - $458,000 less than the Sonoma median price. For more California migration data, please visit realtor.com/research. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most comprehensive source of for-sale MLS-listed properties, among competing national sites, and access to the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Home of the Brave: A Look at Active Military and Veteran Homeownership
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Redfin Migration Report: Denver Joins Seattle and San Francisco as a Tech Hub with More People Looking to Move Out than Move In
SEATTLE, May 23, 2018 -- In the first three months of 2018, Denver posted a "net outflow" of Redfin users for the first time, meaning that more Denver-based Redfin users were searching for homes in other metro areas than Redfin users elsewhere looking to move in. This is according to the latest Migration Report by Redfin, the next-generation real estate brokerage. The analysis is based on a sample of more than 1 million Redfin.com users searching for homes across 75 metro areas from January through March. Of all Denverites using Redfin, 20 percent were searching for homes in another metro, up from 15 percent during the same time period a year earlier. Nationally, 23.9 percent of Redfin.com users looked to relocate to another metro area last quarter, up from 19.8 percent a year earlier. Seattle, which is grappling with a controversial tax related to the city's housing crisis, has posted two consecutive quarters of net outflow, based on Redfin user data. In the first quarter, 12 percent of Seattle-based Redfin users were looking in other metro areas, up from 9 percent during the same period last year. "Home searches are a forward-looking indicator of what is likely to happen to a city's population," said Taylor Marr, senior economist at Redfin. "We saw this in 2015 in the Bay Area, when more Bay Area Redfin users were searching elsewhere. By 2016, the U.S. Census Bureau showed San Francisco had lost residents. Now we see signs that Denver and Seattle, cities that once attracted those fleeing high home prices, are becoming unaffordable as well." Below are the metros with the highest net outflows of Redfin users: Census data shows that Denver peaked at 40,000 net domestic migrations in 2015, meaning that many more people moved to Denver than left. Since then, while still positive, the net migration has declined each year. Looking ahead, based on Redfin user search trends, the company expects Denver to see a negative net migration, or a loss of residents, in the 2019 Census. Meanwhile in Seattle, the Census data reveal peak net domestic migration in 2016, a year later than Denver, and the decline in 2017 was less dramatic. Redfin search data, however, shows users increasingly looking to leave the Seattle area. Since October 2017, more Seattleites are looking at homes elsewhere than the other way around. Where are they going? Residents looking to leave Seattle and Denver last quarter were mostly looking in areas that were more affordable and less competitive. Los Angeles looks like an exception on the surface, because the metro area on average is more expensive than Denver and Seattle. However, when they looked at the county level, analysts found that the most common areas homebuyers were looking at were more affordable areas of the LA market, like the Inland Empire (Riverside County, CA). Phoenix was a top destination for both Seattle and Denver last quarter, and had the largest net gain of Redfin users looking to move to the area from elsewhere. This was up significantly—34 percent—from a year ago. Phoenix is also much more affordable, with a median home sale price of $257,000 as of April, compared to $415,000 in Denver and $580,000 in Seattle. Major cities in Texas, as well as Chicago and Portland, are also attractive to those leaving Seattle and Denver. This has resulted in a disbursement of wealth throughout the country to cities that have made it easier to build new housing. Which Cities Will be Next? Below are the 10 metros that are the most likely to receive big inflows of new residents in the next year from expensive coastal markets, based on the number of users looking to relocate there versus leave. With these new residents, economic growth and rising home prices will likely follow, as we saw in Seattle and Denver. The new destinations will be at risk for becoming unaffordable over time as well, unless they build enough new homes to keep up with the influx of people. Cities like Las Vegas, Atlanta and Austin are building thousands of new housing units to accommodate this growth. Meanwhile Sacramento, Portland and San Diego are good examples of markets experiencing early signs of slowing growth, with smaller net inflows of Redfin users in the first quarter of this year than in the same time period in 2017. These metro areas have not expanded housing as rapidly to dampen growth in housing costs. To read the full report, complete with more data and interactive charts, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Nevada Leads Nation with Highest Share of Homeowners Likely to Move in Q2 2018
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Housing Economists Call for Increase in Home Construction
WASHINGTON (May 18, 2018) – An increase in housing supply is crucial to the health and sustainability of the real estate market and the economy, according to speakers at a session organized by the REALTOR® University Richard J. Rosenthal Center for Real Estate Studies during the 2018 REALTORS® Legislative Meetings & Trade Expo. The session, "Outlook for Home Prices and Residential Construction," focused on rapidly rising home prices, tight home inventories and whether or not the country is in the middle of a bubble. All three of the panelists agreed that more new home construction is necessary to meet rising demand from increasing household formation and curtail the affordability crisis. "Young adults of today are forming households at a much lower rate than previous generations, and high housing costs contribute to that," said Len Kiefer, deputy chief economist for Freddie Mac. According to Kiefer, one third to three quarters of U.S. markets have an elevated home price-to-income ratio and many major markets, such as Austin, Miami and Portland, are getting close to surpassing their 2008 ratio. "Are we in a bubble? No, not currently," said Kiefer. He outlined ways the current market is different from the one leading to the recession, such as no signs of over leveraging and the very low ratios of household income to debt. The aggregate risk of mortgages in the U.S. is also comparatively low "Those risky loans that contribute to the last bubble have largely gone away in the current market," he said. However, the panelists were quick to point out that just because we are not currently in a bubble does not mean we won't enter one. If supply and demand continues to become more and more out of balance, it could trigger a fast price growth, said NAR Chief Economist Lawrence Yun. "A best-case scenario is largely dependent on new home construction. An increase in inventory will provide some much-needed release," he said. Ken Simonson, chief economist for Associated General Contractors of America, discussed how low employment in construction is also contributing to the lag in new home construction, despite high demand. "Construction saw a 30 percent drop in employment in the previous decade, the largest drop of any industry. They also began laying people off a year before the recession began and did not start hiring again until much later than other industries," said Simonson. This has led to difficulty in bringing skilled laborers back to the industry. "Construction companies are having to hire people with no experience and spend more time and money on training," he said. Material costs have also contributed to the low rate of construction. The price of diesel fuel, which is used in earth moving vehicles and in transporting materials, has risen 42 percent since 2017. The cost of lumber and plywood has also increased 11 percent, copper and brass mill shapes have risen 10 percent and ready-mix concrete has risen 7 percent. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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List Your Home on Wednesday to Sell for the Highest Price, Thursday for the Quickest Sale, Redfin Analysis Finds
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Realtor.com Identifies Toughest Housing Markets for Millennials
List includes San Jose, Calif.; Seattle and Salt Lake City, as well as some surprises SANTA CLARA, Calif., April 26, 2018 -- This spring, the largest generation in U.S. history – millennials – is colliding with the toughest home buying season in history, and they will fare better in some markets than others. According to a new analysis released today by realtor.com®, the home of home search, the combination of low inventory, escalating home prices and high demand have made San Jose, Seattle, Salt Lake City, Minneapolis and Omaha, Neb., the toughest areas in the country for millennial buyers this spring. "Millennials want to buy, but record-low inventory is making it extremely difficult," Danielle Hale, chief economist for realtor.com®. "Our analysis shows millennials are facing challenges in both established markets such as San Jose and Seattle, as well as more recently popular areas like Omaha and Salt Lake City. Despite the difficulties, first-timers are optimistic and more than willing to weather the challenges this spring has to offer." Key Dynamics in the Top Five Markets All the markets on the list are millennial hotspots that have attracted 25- to 34-year-olds with strong economies and high-paying jobs. As a result, millennials make up a higher share of the population, at 14.6 percent, compared to 13.4 percent for the U.S. Household income among 25- to 34 year-olds in these five locations is also significantly higher, at roughly $79,000, compared to the U.S. median of $59,800. Additionally, based on realtor.com® search data, millennials in these markets are very interested in buying a home. In the first quarter, they accounted for 25 percent of views, higher than any other age group. However, low inventory levels and high prices are making it tough for these would-be buyers. Nationally, inventory is 35 percent lower than the spring of 2012 and prices have reached a new high of $280,000. The shortage is even more acute in these five metros. Compared to this time last year, active listings in these five metros remain 8 percent lower, age of inventory is 7 percent lower, and list prices are 8 percent higher. Supply is nearly three times lower than the rest of the country, at 5.7 listings versus 16.1 listings per 1,000 households. Additionally, listings in these areas are scarcer and selling faster for more money. In these five metros active listings are 9 percent lower, age of inventory is 13 percent lower, and list prices are 14 percent higher from a year ago. Toughest Housing Markets for Millennials 1. San Jose - The median list price in San Jose is $1,244,000, compared to $280,000 for the U.S. overall. On average, San Jose millennials earn $109,800 annually. Millennials make up 14.3 percent of the total population in San Jose and account for 24.1 percent of total realtor.com® page views in the area. Millennials are flocking to San Jose in hopes of earning the "tech salary" that everyone is chasing. Apple, Adobe, Intel, and NASA are just a few of the companies that call this area home. With San Jose State University and nearby Stanford University, the area is replete with young students and scholars. The inventory shortage is especially significant in the area and is pushing non-tech industry workers to the outskirts. 2. Seattle - The median list price in Seattle is $553,000. On average, millennials earn $78,300. Millennials make up 15.4 percent of the total population in Seattle and account for 24.2 percent of total realtor.com® page views in the area. Big tech employers such as Amazon, Microsoft, and Expedia are a big draw for millennial and non-millennial workers to the Seattle area. Beyond the tech scene, Seattle offers great outdoor spaces, such as Kerry Park and a thriving nightlife in Ballard and Capitol Hill. Despite Seattle's already high home prices, real estate professionals don't see any end in sight given the large amount of tech money flooding into the area. They also report many millennials are spending more than $1,000,000 on their first home due to the high salaries and home prices in the area. 3. Salt Lake City - The median list price in Salt Lake City is $394,000. On average, millennials earn $67,800 annually. Millennials make up 15.5 percent of the total population in Salt Lake City and account for 26 percent of total realtor.com® page views in the area. Salt Lake City offers the perfect blend of city life and the great outdoors for millennial professionals. Intermountain Healthcare Medical Center, University Hospital and the University of Utah are the largest employers in the area, with other notable companies such as Delta Air Lines and eBay. Located just an hour from Park City, residents can spend the morning downtown shopping one of the city's many trendy shopping areas, and be on the slopes by mid-afternoon. However, millennials are struggling to find their place in the hot housing market. Many homes under $350,000 are getting scooped up instantly by older buyers who often have more money. 4. Minneapolis - The median list price in Minneapolis is $283,000. On average, millennials earn $73,600 annually. Millennials make up 13.8 percent of the total population in Minneapolis and account for 25.9 percent of total realtor.com® page views in the area. Minneapolis is the perfect city for millennials who love a mix of natural amenities and urban living. The area is home to 17 Fortune 500 companies, including UnitedHealth Group, Target, Best Buy, and 3M. It's also home to a thriving cycling culture, with the second (only to Portland) most bike commuters of all big cities. The city is relatively affordable, but it's become more difficult for first-time buyers to find homes under $250,000. When they do, they are often outbid by cash offers from boomers. 5. Omaha - The median list price in Omaha is $283,000. On average, millennials earn $63,500 annually. Millennials make up 13.8 percent of the total population in Omaha and account for 25.9 percent of total realtor.com® page views in the area. Millennials are drawn to Omaha for its low cost of living, strong school system, and thriving job market. With schools such as Spring Ridge Elementary, Aldrich Elementary, and Hitchcock Elementary, all of which scored 9/10 by Greatschools.org, the area is great for millennials who want to start families. It offers strong financial, medical and military jobs with companies such as Nebraska Medicine, Taylor Telecommunications, and Union Pacific Railroad Co. Millennials looking to find homes under $250,000 are struggling, but boomers purchasing more expensive homes continue to have success closing. Methodology Realtor.com® analyzed the largest 60 metros in the country with large populations of older millennial markets. Markets were then ranked based on inventory availability and affordability. About realtor.com® Realtor.com® is the home of home search, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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It's Not Cheap Being Green, but Eco-Friendly Homes Do Not Always Cost More
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U.S. Property Taxes Levied on Single Family Homes in 2017 Increased 6 Percent to More Than $293 Billion
Average Property Tax Was $3,399, Up 3 Percent and Effective Tax Rate of 1.17 Percent; Highest Effective Tax Rates in New Jersey, Illinois, Vermont, Texas, New Hampshire; Average Property Taxes Nearly Twice as High in Politically Blue Counties as in Red Counties IRVINE, Calif. – April 5, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its 2017 property tax analysis for more than 86 million U.S. single family homes, which shows that property taxes levied on single family homes in 2017 totaled $293.4 billion, up 6 percent from $277.7 billion in 2016 and an average of $3,399 per home — an effective tax rate of 1.17 percent. The average property taxes of $3,399 for a single family home in 2017 was up 3 percent from the average property tax of $3,296 in 2016, and the effective property tax rate of 1.17 percent in 2017 was up from the effective property tax rate of 1.15 percent in 2016. The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single family homes calculated using an automated valuation model (AVM). The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area. New Jersey, Illinois, Vermont, Texas, New Hampshire post highest property tax rates States with the highest effective property tax rates were New Jersey (2.28 percent), Illinois (2.22 percent), Vermont (2.19 percent), Texas (2.15 percent), and New Hampshire (2.06 percent). Other states in the top 10 for highest effective property tax rates were Pennsylvania (2.02 percent), Connecticut (1.99 percent), New York (1.92 percent), Ohio (1.72 percent), and Wisconsin (1.67 percent). Among 217 metropolitan statistical areas analyzed in the report with a population of at least 200,000, those with the highest effective property tax rates were Scranton, Pennsylvania (3.93 percent); Binghamton, New York (3.14 percent); Rockford, Illinois (3.03 percent); Rochester, New York (2.93 percent); and El Paso, Texas (2.63 percent). Property taxes increase faster than national average in 58 percent of markets Out of the 217 metropolitan statistical areas analyzed in the report, 125 (58 percent) posted an increase in average property taxes above the national average of 3 percent, including Los Angeles (7 percent increase), Dallas (11 percent increase), Houston (10 percent increase), Philadelphia (4 percent increase), and Miami (5 percent increase). "Across California, it's not the percentage of property tax increase that is as concerning to consumers, as it is the net effect to cash flow, especially for an aging population on fixed incomes," said Michael Mahon, president at First Team Real Estate, covering Southern California. "This erosion of disposable income for many homeowners coupled with an aging housing inventory stock in need of repair across many areas of the state puts some homeowners in a difficult position where they have ample housing equity on paper but aren't able to realize home value gains until a future sale of the property." Other major markets posting an increase in average property taxes that was above the national average were Atlanta (up 4 percent), Boston (up 5 percent), San Francisco (up 6 percent), Riverside-San Bernardino (up 5 percent), and Seattle (up 6 percent). "The increase in property taxes in the Seattle region is not surprising given the number of voter approved measures that add to homeowners' property taxes as well as rising home values," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle housing market. "That said, this rapid rise in values of housing more than offsets this increase — therefore the relatively small effective tax rate. "Passage of the McCleary Bill (to fully fund K-12 basic education) means that 2018 property taxes are going to jump quite dramatically before dropping back in 2019 with the recently passed one-time property tax cut of 30 cents per $1,000 of assessed value," Gardner added. Hawaii, Alabama, Colorado, Tennessee, West Virginia post lowest property tax rates States with the lowest effective property tax rates were Hawaii (0.34 percent); Alabama (0.49 percent); Colorado (0.51 percent); Tennessee (0.56 percent); and West Virginia (0.57 percent). Other states in the top 10 for lowest effective property tax rates were Utah (0.58 percent), Delaware (0.61 percent), South Carolina (0.66 percent), Arkansas (0.68 percent), and Arizona (0.68 percent). Among the 217 metro areas analyzed for the report, those with the lowest effective property tax rates were Honolulu (0.33 percent); Montgomery, Alabama (0.36 percent); Tuscaloosa, Alabama (0.41 percent); Colorado Springs, Colorado (0.42 percent); and Greeley, Colorado (0.45 percent). 9 counties with average annual property taxes of more than $10,000 Among 1,414 U.S. counties with at least 10,000 single family homes, those with the highest average property taxes on single family homes were all in the greater New York metro area, led by Westchester County, New York ($17,179), Rockland County, New York ($12,924), Essex County, New Jersey ($11,878), Bergen County, New Jersey ($11,585), and Nassau County, New York ($11,415). Other counties with average property taxes of more than $10,000 — the cap on state and local tax deductions for federal income taxes under the tax reform legislation signed into law by President Donald Trump in December — on single family homes were Marin County, California ($11,295), Union County, New Jersey ($10,863), Fairfield County, Connecticut ($10,612), and Morris County, New Jersey ($10,294). Average property taxes nearly twice as high in blue counties as in red counties Among the 1,414 U.S. counties analyzed in the report, the average property tax on single family homes in the 327 "blue" counties won by Hillary Clinton in the 2016 presidential election was $4,528, nearly twice the average property tax on single family homes of $2,462 in the 1,087 "red" counties won by Donald Trump. There was not as much difference in the effective property tax rates between the blue counties and red counties because of higher average home values in the blue counties — $377,142 compared to $210,753 in the red counties. The effective property tax rate was 1.20 percent in the politically blue counties compared to a 1.17 percent effective property tax rate in the politically red counties. About ATTOM Data Solutions ATTOM Data Solutions blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties multi-sourced from more than 3,000 U.S. counties. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. With more than 29.6 billion rows of transactional-level data and more than 7,200 discrete data attributes, the 9TB ATTOM data warehouse powers real estate transparency for innovators, entrepreneurs, disrupters, developers, marketers, policymakers, and analysts through flexible delivery solutions, including bulk file licenses, APIs and customized reports.
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Homebuyers Pull Out All the Stops for Hotly Competitive Spring Market
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Redfin Survey: 15 Percent of Respondents Sold Their Home or Did Not Buy Last Year Due to Concerns about Immigration Policies
SEATTLE — Feb. 6, 2018 -- Fifteen percent of respondents to a 2017 housing market sentiment survey said they either sold their home or did not buy one last year because of concerns about how restrictive immigration policies or proposals would affect them, according to Redfin, the next-generation real estate brokerage. From November 1 to December 6, 2017, Redfin commissioned a survey of 4,270 U.S. residents in 14 metropolitan areas who bought or sold a home in the past year, attempted to do so or planned to do so soon. Asked how restrictive immigration policies or proposals affected their decision to buy or sell a home, 8 percent of respondents said they sold their home in the last year because they were worried they wouldn't be able to stay or work in the U.S. much longer. Seven percent did not purchase a home for the same reason. "I've seen buyers finally get offers accepted, only to cancel the contracts," said Gabriella Stwart, a Redfin agent in Bellevue, Washington. "We're having conversations with professionals working at large companies who are eager to sell or not buying because their visas are expiring or close to it and might not be extended." The survey results reveal that housing markets in certain parts of the country are more likely to be affected by immigration policy. Among respondents in the Los Angeles area, 32.7 percent said they sold or did not buy a home because they were worried they wouldn't be able to work or stay in the country much longer. In Baltimore, 18.5 percent said the same, as well as 16.8 percent in San Francisco. Other findings in this first in a series of three reports on this survey include: 18% of millennials who bought a home in the last year now live in the political minority in their new community. 37% of people of color felt they may have been discriminated against when trying to buy a home, down from 43% in a similar survey in May. "The two data points we have about the perception of discrimination in housing reveal just a snapshot of what amounts to a short moment in our country's long history of racial inequality in housing, and change in the actual incidence of such discrimination is likely to happen only slowly over many years," said Nela Richardson, Redfin chief economist. "It's more likely that that the trend we see in this snapshot reveals an aberration last year around the contentious Presidential election, when racial tensions and anxiety about discrimination were heightened. However, when it comes to where people can live, work and go to school, the idea that more than a third of people of color buying a home still don't believe that their money is as good as anyone else's is a massive problem." To read the full report, complete with data, charts and a full methodology, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including theRedfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Redfin Predicts the Hottest Neighborhoods of 2018
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Realtor.com® Predicts the New England Patriots to Triumph in the Super Bowl
Pick based on an analysis of the Boston and Philadelphia housing markets SANTA CLARA, Calif., Jan. 29, 2018 -- Realtor.com® today announced its prediction for a sixth NFL championship for the New England Patriots in Super Bowl LII. Its pick of the Patriots over the Philadelphia Eagles isn't based on defensive schemes or quarterback matchups, but rather a comparison of the strength of each team's respective housing markets. "Although there is no correlation between football and real estate, we made our pick based on what we know best – the housing market," said Nate Johnson, chief marketing officer for realtor.com®. "With strong home prices and fast days on market, there's no question that Boston currently has a more dynamic housing market, which in our minds make it the clear pick for the upcoming game." Both Philadelphia and Boston had strong real estate seasons this year, generating first- down payments and new home turf for thousands of buyers. But Boston showed more potent price yardage overall, with listing prices driving up 8 percent year over year, compared with Philadelphia's 6 percent gains. Boston also showed a faster running game with for sale inventory reaching the end zone and selling in 48 days versus 70 days in Philadelphia. When it comes to inventory declines, Boston dominated with inventory down 18 percent year over year, compared to Philadelphia's 15 percent decline. Realtor.com® made its pick based on a comparison of listing prices, days on market, and inventory from March 2017 through January 2018 for the Philadelphia and Boston metros. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Strong Demand, Tight Inventory and Unsatisfied Millennials Define Today's "State of the Housing Union"
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Buying a Home More Affordable Than Renting in 54 Percent of U.S. Markets
But 64 Percent of Population Live in Markets More Affordable to Rent Than Buy; Least Affordable Rental Markets Led by Counties in Northern California, DC, Brooklyn; Most Affordable Rental Markets in Alabama, Illinois, Ohio, Tennessee IRVINE, Calif. – Jan. 11, 2018 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its 2018 Rental Affordability Report, which shows that buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 U.S. counties analyzed for the report — 54 percent. The analysis incorporated recently released fair market rent data for 2018 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM Data Solutions in 447 U.S. counties with sufficient home sales data (see full methodology below). "Although buying is still more affordable than renting in the majority of U.S. housing markets, that majority is shrinking as home price appreciation continues to outpace rental growth in most areas," said Daren Blomquist, vice president at ATTOM Data Solutions. "Renting has clearly become the lesser of two housing affordability evils in many major population centers, with renting more affordable than buying in 76 percent of counties that have a population of 1 million or more. And when broken down by population rather than number of markets, this data shows that the majority of the U.S. population — 64 percent — live in markets that are more affordable to rent than to buy." Renting more affordable than buying in nation's most populated counties Counter to the overall trend, renting is more affordable than buying a home in the nation's 14 most populated counties and in 30 of 39 counties with a population of 1 million or more (76 percent) — including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. Other markets with a population of more than 1 million where it is more affordable to rent than to buy a home included counties in Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston. "The thing about this data that concerns me the most is that it is now more affordable to rent in the greater Seattle area than buy. Even with solid income growth, the rapid rise in home prices is keeping many would-be buyers out of ownership," said Matthew Gardner, chief economist with Windermere Real Estate, covering the Seattle market. "To make matters worse, rapid rental rate growth in the core King County market is forcing many renters to look farther out to find something they can afford. Seattle needs considerably more affordable housing for renters and home buyers alike. Unless something changes, the area will remain very expensive, pricing many buyers out of the market." Among the 39 U.S. counties analyzed in the report with a population of 1 million or more, the nine where it is more affordable to buy a home than rent were Tarrant County (Dallas), Texas; Broward County (Miami), Florida; Bexar County, (San Antonio) Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; Hillsborough County (Tampa-St. Petersburg), Florida; Cuyahoga County (Cleveland), Ohio; Allegheny County (Pittsburgh), Pennsylvania; and Saint Louis County, Missouri. Least affordable rental markets in Northern California, DC, Brooklyn The report shows that renting a three-bedroom property requires an average of 38.8 percent of weekly wages across the 447 counties analyzed for the report. The least affordable markets for renting were Marin County, California (79.5 percent of average wages to rent); Spotsylvania County (Washington, D.C. area), Virginia (75.5 percent); Honolulu County, Hawaii (71.9 percent); Sonoma County (Santa Rosa area), California (67.6 percent); and Kings County, New York (67.4 percent). Most affordable rental markets in Alabama, Illinois, Ohio, Tennessee The most affordable markets for renting were Madison County (Huntsville), Alabama (22.3 percent of average wages to rent); Tazewell County (Peoria), Illinois (23.6 percent); Greene County (Dayton), Ohio (24.1 percent); Sullivan County (Kingsport-Bristol), Tennessee (24.2 percent); and Cuyahoga County (Cleveland), Ohio (24.8 percent). Rents rise faster than wages in 60 percent of markets Average fair market rents rose faster than average weekly wages in 266 of the 447 counties analyzed in the report (60 percent), including Los Angeles County, California; Cook County, Illinois; Harris County, Texas; Maricopa County, Arizona; and San Diego County, California. Average weekly wages rose faster than average fair market rents in 181 of the 447 counties analyzed in the report (40 percent), including King County (Seattle), Washington; Clark County (Las Vegas), Nevada; Bexar County (San Antonio), Texas; Middlesex County (Boston), Massachusetts; and Suffolk County (Long Island), New York. Home prices rising faster than rents in 59 percent of markets Median home prices rose faster than average fair market rents in 263 of the 447 counties analyzed in the report, including Los Angeles County, California; Cook County, Illinois; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. Average fair market rents rose faster than median home prices in 184 of the 447 counties analyzed in the report (41 percent), including Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; Kings County (Brooklyn), New York; Queens County, New York; and Tarrant County, Texas in the Dallas metro area. Methodology For this report, ATTOM Data Solutions looked at 50th percentile average rental data for three-bedroom properties in 2018 from the U.S. Department of Housing and Urban Development, along with Q2 2017 average weekly wage data from the Bureau of Labor Statistics (most recent available) and Q4 2017 home price data from ATTOM Data Solutions publicly recorded sales deed data in 540 counties nationwide. Rental affordability is average fair market rent for a three-bedroom property as a percentage of the average monthly wage (based on average weekly wages). Home buying affordability is the monthly house payment for a median-priced home (based on a 3 percent down payment and including mortgage, property tax, homeowner's insurance and private mortgage insurance) as a percentage of the average monthly wage. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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Redfin Identifies 25 Neighborhoods That "Have It All": Affordable Homes, Highly Rated Schools, an Easy Commute and Plenty of Inventory
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Redfin Ranks 2017's Most Competitive Neighborhoods for Homebuyers
Nineteen of the Top 25 Most Competitive Neighborhoods Were in the Seattle Area. The Rest Were in San Jose, Boston and Denver. SEATTLE--(Dec. 21, 2017) — The 2017 housing market was the most competitive for homebuyers since 2013, according to a new analysis from Redfin, the next-generation real estate brokerage. Just over half of all offers written by Redfin agents this year encountered competition. That's up from 49 percent in 2016, but below 2013's high of 65 percent. The pace at which homes went off the market made the competition more intense this year. Homes found buyers after a median 45 days on market, six days fewer than 2016. Home-Buying Competition 2014-2017 (Graphic: Business Wire) Forty-one percent of homes that were listed in 2017 were Redfin Hot Homes, a designation earned by homes with 7/10 or higher odds of going under contract within their first 14 days on the market, as determined by Redfin's proprietary algorithm. Grass Lawn in Redmond, Washington earned the distinction of most competitive neighborhood in 2017. Nineteen of the 25 most competitive neighborhoods of 2017 were in the Seattle metro area, where 67 percent of homes listed this year were Hot Homes--the highest share of any market--and 62 percent of offers written by Redfin agents faced bidding wars. Competition was strong across the Seattle market, both in more suburban neighborhoods like Grass Lawn and Crossroads (#3) and more urban neighborhoods like Lower Queen Anne (#13). Several neighborhoods in North Seattle made the ranking, including Pinehurst (#2), Victory Heights (#10) and Licton Springs (#11). In Grass Lawn, 73 percent of homes sold for over asking price and the typical home found a buyer in just six days. The average sale-to-list price ratio was 108.4 percent, an indication that many homes were bid up well-above asking price. "Grass Lawn is so super-competitive because it's very close to the Microsoft campus, and Google is also expanding its footprint in the area. It is a suburban area with mostly older homes," said Redfin Agent Gina Madeya. "The area offers easy access to one of only two freeways that can get you across Lake Washington and into downtown Seattle and it's also a short drive from the shops and restaurants in downtown Redmond and Kirkland." Madeya helped a family purchase a home in Grass Lawn earlier this year. The home, which she says came on the market slightly underpriced at $860,000, was bid up to over $1 million. Her clients were absolutely in love with the home. Their offer wasn't the highest, but they won over the sellers by waiving all contingencies, working with a reputable lender and providing a $100,000 earnest money deposit. "This sounds extreme, but that's what it takes in some neighborhoods because demand is so high for so few homes," says Madeya. "My advice to a Seattle buyer is to get really clear about your full financial capability and your risk tolerance. Find out what you can truly afford and start looking at homes well below that amount, so that when that bidding war inevitably happens, you have some leverage to work with. Get clear early in the search so you and your agent can be more deliberate and strategic." Bidding war strategies often come with risks for the buyer, and Redfin recommends homebuyers speak to an agent to determine the appropriate strategy. A complete methodology and additional insights on 2017 competition, including rankings of major metro areas according to bidding war and Hot Homes frequency, are available here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Depleted Housing Market to See Inventory Growth in 2018
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Seriously Underwater U.S. Properties Decrease by 1.4 Million From a Year Ago in Q3 2017
Biggest Year-over-Year Drop in Number of Seriously Underwater Since Q2 2015; Share of Equity Rich Properties Increases to New High of 26 Percent IRVINE, Calif. — Nov. 16, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 U.S. Home Equity & Underwater Report, which shows that at the end of the third quarter of 2017 there were 4.6 million (4,628,408) U.S. properties that were seriously underwater (where the combined loan amount secured by the property was at least 25 percent higher than the property's estimated market value), down by more than 800,000 properties from the previous quarter and down by more than 1.4 million properties from Q3 2016 — the biggest year-over-year drop since Q2 2015. The 4.6 million seriously underwater properties at the end of Q3 2017 represented 8.7 percent of all U.S. properties with a mortgage, down from 9.5 percent in the previous quarter and down from 10.8 percent in Q3 2016. "Accelerating home price appreciation this year is increasing the velocity at which seriously underwater homeowners are recovering home equity lost during the Great Recession," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Median home prices nationwide are up 9.4 percent so far in 2017, the fastest pace of appreciation through the first three quarters of a year since 2013. Continued home price appreciation is also helping to grow the number of equity rich homeowners across the country compared to a year ago." 26 percent of U.S. properties were equity rich in Q3 2017 There were more than 14 million (14,030,394) U.S. properties that were equity rich — where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property — down slightly from the previous quarter but still up by 905,000 compared to a year ago. The 14 million equity rich U.S. properties represented 26.4 percent of all U.S. properties with a mortgage, up from 24.6 percent in the previous quarter and up from 23.4 percent in Q3 2016. Highest share of equity rich properties in Hawaii, California, New York, Oregon, Washington States with the highest share of equity rich properties were Hawaii (41.9 percent); California (41.4 percent); New York (35.7 percent); Oregon (34.0 percent) and Washington (33.6 percent). Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of equity rich properties were San Jose, California (61.0 percent); San Francisco, California (56.4 percent); Los Angeles, California (45.3 percent); Honolulu, Hawaii (43.9 percent); and Oxnard-Thousand Oaks-Ventura, California (38.7 percent). "The number of Seattle homeowners who are considered "seriously underwater" continues to drop and is now at an all-time low of 3%," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "Thanks to the strong appreciation of home prices in our area, I expect to see this number drop even further as we move into 2018. At the same time, the percentage of "equity rich" homeowners in Seattle continues to rise, reporting a remarkable 103% increase since the end of 2013." Other metros where at least 35 percent of properties were equity rich at the end of Q3 2017 were Seattle, Washington (38.7 percent); San Diego, California (38.3 percent); Portland, Oregon (36.7 percent); Austin, Texas (35.8 percent); and Stockton, California (35.2 percent). Highest share of seriously underwater properties in Baton Rouge, Scranton, Youngstown States with the highest share of seriously underwater properties were Louisiana (19.2 percent); Iowa (14.2 percent); Pennsylvania (14.0 percent); Mississippi (13.8 percent); and Alabama (13.7 percent). Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (20.5 percent); Scranton, Pennsylvania (19.5 percent); Youngstown, Ohio (18.2 percent); New Orleans, Louisiana (17.4 percent); and Dayton, Ohio (16.4 percent). About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade
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[NAR Infographic] The Anatomy of a First-time Buyer in 2017
WASHINGTON, Nov. 14, 2017 -- Prospective first-time buyers in recent years have had to navigate several obstacles on their path to homeownership, including higher rents and home prices, tight inventory conditions and repaying student loan debt. These impediments are a big reason why first-timers were only 34 percent of all transactions in the National Association of Realtors®' 2017 Profile of Home Buyers and Sellers, which is far below the long-term historical average of 39 percent since the survey debuted in 1981. Amidst these ongoing supply and affordability challenges, here is the typical makeup of a successful first-time buyer: Age – 32 years old Household income – $75,000 Cost of home purchased – $190,000 Down payment amount – 5 percent Student loan debt – $29,000 Type and location of home purchased – Single-family home in a suburban area The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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First-time Buyers Stifled by Low Supply, Affordability: 2017 Buyer and Seller Survey
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Home Affordability Improves in 60 Percent of U.S. Markets in Q3 2017 Compared to Previous Quarter
Affordability Still Worsens From a Year Ago in 79 Percent of Local Markets; Wage Growth Outpaces Home Price Growth in 48 Percent of Markets Over Past Year; U.S. Home Prices Up 73 Percent, Wages Up 13 Percent Since Q1 2012 IRVINE, Calif. – Oct. 5, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 U.S. Home Affordability Index, which shows that home affordability in the third quarter improved compared to the previous quarter in 60 percent of 406 U.S. counties analyzed in the report — although affordability was still worse off than a year ago in 79 percent of those counties. The Q3 2017 home affordability index increased compared to the previous quarter (meaning homes were more affordable) in 243 of the 406 counties analyzed in the report (60 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. The Q3 2017 home affordability index decreased compared to the previous quarter (meaning homes were less affordable) in 163 (40 percent) of the 406 counties analyzed in the report, including Wayne County (Detroit), Michigan; Middlesex County (Boston), Massachusetts; along with three counties in the New York metro area: Suffolk, Bronx and Westchester. The national home affordability index was 100 in the third quarter of 2017, the lowest national affordability index since Q3 2008, when the index was 86. An index of 100 means the share of average wages needed to buy a median-priced home nationwide in Q3 2017 is on par with historic averages (see full methodology below). "Falling interest rates in the third quarter provided enough of a cushion to counteract rising home prices in most U.S. markets and provide at least some temporary relief for the home affordability crunch," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "More sustainable relief for the affordability crunch, however, will need to be some combination of slowing home price appreciation and accelerating wage growth. Wage growth is outpacing home price growth in about half of all local markets so far this year, an indication that a more sustainable affordability pattern is taking shape in more local markets." Wage growth outpacing home price growth in 48 percent of markets Annual wage growth outpaced annual home price appreciation in 193 of the 406 counties analyzed in the third quarter (48 percent), down from 216 counties (53 percent) in Q2 2017 and down from 205 counties (50 percent) in Q1 2017 — the first time since Q1 2012 that at least half of all markets saw wage growth outpacing home price growth. Counties where wage growth outpaced home price growth in Q3 2017 included Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; Orange County, California; San Bernardino County, California; and Bexar County (San Antonio), Texas. "With Southern California boasting some of the highest average sales prices in the country, our market is a testament to the importance of local community job growth," said Michael Mahon, president at First Team Real Estate, covering Southern California. "Los Angeles County is experiencing a sluggish job creation environment, creating an even wider gap in housing affordability. But in Orange County, where we are seeing local government partnering with business owners on growth incentives and business owner recruitment, we continue to see an economic environment where wage growth is exceeding the annual cost of housing inflation." Since bottoming out nationwide in Q1 2012, median home prices have risen 73 percent while average weekly wages have increased 13 percent over the same period. Counties where home price growth in Q3 2017 outpaced annual wage growth included Los Angeles County, California; Harris County (Houston), Texas; San Diego County, California; Miami-Dade County, Florida; and Kings County (Brooklyn), New York. "Housing affordability continues to be the topic that troubles me more than just about anything else. As the data shows, housing in the Seattle region is considered unaffordable, which is not a great surprise given our robust economy and substantial population growth coming out of California," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where home price appreciation outpaced wage growth in all three counties in the metro area. "The short-term prognosis is not great. Housing starts remain well below the long-term average, and we are not seeing the level of resale home sales that one would normally expect. These factors will cause home prices to keep trending higher and, as long as the economy remains strong, demand will continue to exceed supply." Home prices less affordable than historic averages in 45 percent of markets Home prices were less affordable than their historic affordability averages in 184 out of 406 of the counties analyzed for the index (45 percent), down from 49 percent in the previous quarter but still up from 21 percent a year ago. Counties with the lowest affordability index in Q3 2017 (meaning home prices were least affordable relative to local historic averages) were Lackawanna County (Scranton), Pennsylvania (72); Genesee County (Flint), Michigan (76); Comal County (San Antonio), Texas (77); Brazoria County (Houston), Texas (77); and Parker County (Dallas), Texas (78). Among counties with at least a half-million people, those with the lowest affordability index in Q3 2017 were Montgomery County (Houston), Texas (79); Denver County, Colorado (81); Collin County (Dallas), Texas (82); Travis County (Austin), Texas (83); Wayne County (Detroit), Michigan (83); and Davidson County (Nashville), Tennessee (84). "Home prices are still increasing in Ohio, primarily due to shortage of inventory coupled with high demand, especially among first time homebuyers — mainly due to an increase in employment within the state," said Matthew Watercutter, senior regional vice president and broker of record for HER Realtors, covering the Dayton, Columbus and Cincinnati markets in Ohio, where 16 out 22 counties analyzed (73 percent) were less affordable than historic averages. "Even though the values are increasing, Ohio remains one of the most affordable states in which to live." Buying a home requires highest share of wages in Brooklyn and Bay Area Nationwide, buying a median-priced home in the third quarter of 2017 required 29.5 percent of average wages, on par with the historic average of 29.6 percent. Buying a median-priced home required the highest percentage of average wages in Kings County (Brooklyn), New York (125.8 percent), followed by Marin County (San Francisco), California (104.7 percent); Santa Cruz County, California (101.6 percent); Westchester County, New York (91.0 percent); and New York County (Manhattan), New York (90.8 percent). Buying a median-priced home required the lowest percentage of average wages in Clayton County (Atlanta), Georgia (12.0 percent); Bibb County (Macon), Georgia (12.5 percent); Wayne County (Detroit), Michigan (14.5 percent); Rock Island County, Illinois (14.8 percent); and Allen County (Lima), Ohio (15.0 percent). About ATTOM Data SolutionsATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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Realtor.com and Yelp Name the Hottest Hipster Markets in America
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Redfin Names 15 Colleges Where Students Should Buy Real Estate Instead of Rent Dorms
In Addition to Saving Monthly, Students Who Buy Can Build Equity While Earning Their Degrees SEATTLE — At 47 public U.S. colleges, it's more cost effective for a student to buy a condo than rent a dorm room on campus, according to Redfin, the next-generation real estate brokerage. Dorm rooms in the U.S. range in cost from $232 to $1,817 per month, with a median monthly rate of $705. To find out where students could save on housing costs, Redfin compared the monthly dorm rate at 195 U.S. public colleges with the median monthly mortgage on a condo in each of those cities. The top 15 list was ordered by enrollment to show the most popular schools first. Coming in at number one on the list is The University of Arizona in Tucson, which Redfin real estate agent Misty Hurley says isn't surprising. "I've had lots of parents contact me after comparing the cost of renting versus buying a home for their college student," she said. "They're often coming from places like Washington D.C., Los Angeles or Seattle, where home prices are much higher. The median sale price in Tucson is $195,000, so well below the national median sale price of $293,000 that Redfin reported in August." Rounding out the top five list were Georgia State University, the University of South Carolina, Kent State University and Louisiana State University, all of which are in cities with median home prices below the national average. In addition to saving on monthly housing costs in these cities, there are other perks to purchasing real estate. "Homeownership can be a great way to build wealth," said Hurley. "Students will build equity that they can one day use as a downpayment on a move-up home or to pay off student loans. If they choose not to sell right away, they'll have a piece of property that's ripe for renting, as there are always new college students looking for rentals." Read the full report here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Outlook Remains Bright for Commercial Real Estate Despite Price Plateau
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[Infographic] The Road to the Big Game: Where 52 Shows Up in Real Estate
WASHINGTON, Sept. 7, 2017 -- Football fans around the country will be gathering in front of a TV this week to catch their favorite team in action for the first time this season. To celebrate the start of the journey to the 52nd championship game in February, the National Association of Realtors® is throwing an accurate spiral of recent real estate facts with the number 52: 52 is the median age of repeat buyers 52 percent of renters think it's a good time to buy a home 52 percent of foreign buyers purchased a home in the suburbs 52 percent of buyers said most difficult step was finding the right property 52 percent of millennials found their real estate agent through a referral The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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Redfin Predicts the Hottest Neighborhoods to Close Out 2017
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Redfin Migration Report: Home Affordability Continued to Shape Migration Currents as Homebuyers Looked to Leave Expensive Coastal Cities in the Second Quarter
The Bay Area, New York and Los Angeles ranked highest for net outflow of home searchers SEATTLE — Twenty-one percent of Redfin.com users in the second quarter of 2017 searched mostly for homes outside the metro where they reside, slightly up from 20 percent in the first quarter, according to the latest migration report from Redfin, the next-generation real estate brokerage. The Redfin Migration Report analyzed a sample of more than one million Redfin.com users searching for homes across 75 metro areas during the peak of the homebuying season from April through June. Redfin used IP addresses to identify the metros where home searchers likely reside and compared that to where users were searching for homes. While 79 percent of Redfin.com home searchers looked to stay in their current metro, several key trends emerged among those looking to move to another metro: There continued to be significant migration within the state of California, with the most common search patterns being buyers looked to leave the Bay Area and Los Angeles, heading to Sacramento and San Diego. Several Rust Belt metros saw more than a quarter of local homebuyers looking at homes outside their metro with Chicago being the top destination. Metros in the South and the Sunbelt remained popular destinations for migrants from expensive coastal cities. Chicago, Boston and Seattle again had the highest share of residents looking to stay in their current metros. "Home searches are early indicators of home sales. The migration patterns in our report closely correlate to actual purchases made by Redfin home-buying customers within and across metros," said Taylor Marr, a Redfin data scientist who conducted the underlying research. "Buyers who can't afford a home in their current city are exploring what is available elsewhere," said Marr. "We are already seeing strong buyer demand and competition in mid-tier cities like Sacramento, Phoenix and Atlanta. As home searches evolve into purchase offers and home sales, we anticipate prices and competition will continue to grow in those markets."     To read the full report, complete with an interactive data map of metro-to-metro migration trends and full methodology, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Realtor.com® Survey Provides Insight into Underlying Causes of Inventory Shortage
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Pending Home Sales Recover in June, Grow 1.5 Percent
WASHINGTON (July 31, 2017) — After declining for three straight months, pending home sales reversed course in June as all major regions, except for the Midwest, saw an increase in contract activity, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, climbed 1.5 percent to 110.2 in June from an upwardly revised 108.6 in May. At 0.5 percent, the index last month increased annually for the first time since March. Lawrence Yun, NAR chief economist, says the bounce back in pending sales in most of the country in June is a welcoming sign. "The first half of 2017 ended with a nearly identical number of contract signings as one year ago, even as the economy added 2.2 million net new jobs," he said. "Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria." Added Yun, "Low supply is an ongoing issue holding back activity. Housing inventory declined last month and is a staggering 7.1 percent lower than a year ago." Yun does note that there could potentially be a sliver of increased hope in the months ahead for prospective first-time buyers, who continue to struggle reaching the market1. Sales to investors last month were the lowest of the year (13 percent), which helped push all cash transactions to 18 percent – the smallest share since June 2009 (13 percent). "It appears the ongoing run-up in price growth in many areas and less homes for sale at bargain prices are forcing some investors to step away from the market," said Yun. "Fewer investors paying in cash is good news as it could mean a little less competition for the homes first-time buyers can afford. However, the home search will still likely be a strenuous undertaking in coming months because supply shortages in most areas are most severe at the lower end of the market." Heading into the second half of the year, Yun expects existing-home sales to finish around 5.56 million, which is an increase of 2.6 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 5 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent. The PHSI in the Northeast inched forward 0.7 percent to 98.0 in June, and is now 2.9 percent above a year ago. In the Midwest the index decreased 0.5 percent to 104.0 in June, and is now 3.4 percent lower than June 2016. Pending home sales in the South rose 2.1 percent to an index of 126.0 in June and are now 2.6 percent above last June. The index in the West grew 2.9 percent in June to 101.5, but is still 1.1 percent below a year ago. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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Realtor.com® Names the Top 10 Affordable Towns with the Best Elementary Schools
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Realtor.com® Appoints Danielle Hale as Chief Economist
SANTA CLARA, Calif., July 25, 2017 -- Realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., today announced the appointment of veteran housing economist Danielle Hale as its chief economist. "We are incredibly proud to welcome Danielle to the realtor.com® family," said Nate Johnson, chief marketing officer for realtor.com®. "Danielle's in-depth housing market knowledge and research experience will help us hone and grow our research capabilities so we can leverage realtor.com®'s vast housing database to provide even more insights to homebuyers, sellers and dreamers, and professionals." As chief economist, Hale is responsible for developing and translating real estate trend data into consumer and industry insights. She also is tasked with leading a team of the industry's best analysts and economists with the goal of providing deeper and broader housing insights to people throughout the home journey. "Realtor.com®'s economics and research operation has emerged as a leading resource for valuable, actionable, and reliable housing market information," said Hale. "I look forward to working with the tremendously talented team to provide consumers and industry professionals with the tools and expertise they need to navigate the real estate world during this period of unprecedented competition and demand." Hale joins realtor.com® after nearly a decade as an economist and policy researcher at the National Association of REALTORS®. As managing director of housing research, Hale oversaw the production of closely followed housing market data, including NAR's monthly pending and existing home sales indices and quarterly home price reports. Hale previously served as manager of tax policy research, leading research projects on topics including how federal, state and local policies impact the real estate market. "Danielle possesses a rare talent for applying rigorous statistical analysis in all her work along with the ability to communicate the results to everyday people," said Lawrence Yun, chief economist for the National Association of REALTORS®. "She will be a valuable asset to realtor.com® and for consumers." Before joining the National Association of REALTORS® as an economist in 2008, Hale spent three years at the American Enterprise Institute, where she produced research and managed its executive office's communications. Her work during that time included research contributions to Dr. Allan Meltzer's A History of the Federal Reserve, Volume II (University of Chicago Press, 2010). Hale earned a bachelor's degree in International Affairs and Economics and a master's degree in Applied Economics from Florida State University. To read a Home Made post featuring a Q&A with Danielle Hale, click here. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Foreign U.S. Home Sales Dollar Volume Surges 49 Percent to Record $153 Billion
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84 Percent of Americans See Homeownership as Good Investment, Affordability a Growing Concern
WASHINGTON (July 12, 2017) — According to the National Association of Realtors®' 2017 National Housing Pulse Survey, concerns over housing affordability show clear demographic divides especially among unmarried and non-white Americans. More than five out of 10 unmarried and non-white Americans view the lack of available affordable housing as a big problem, compared to only 40 percent of married and white Americans. The survey, measures consumers' attitudes and concerns about housing issues in the nation's 25 largest metropolitan statistical areas and found that 84 percent of Americans now believe that purchasing a home is a good financial decision - the highest number since 2007. Yet six in 10 said that they are concerned about affordability and the rising cost of buying a home or renting in their area. Housing affordability was ranked fourth in the top-five issues Americans face in their area behind the lack of affordable health care; low wages and debt making it hard to save; and heroin and opioid drug abuse, and ahead of job layoffs and employment. Nationally, 44 percent of respondents categorized the lack of available affordable housing as a very big or fairly big problem. In the top 25 densest markets, more than half see the lack of affordable housing as a big problem, an increase of 11 percentage points from the 2015 National Housing Pulse Survey. Low-income Americans, renters and young women most acutely feel the housing pinch. There is also greater concern about affordable housing among the working class (65 percent) than for public servants such as teachers, firefighters or police (55 percent). "Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home," says NAR president William E. Brown, a second-generation Realtor® from Alamo, California and founder of Investment Properties. Eight out of 10 believe that the most important financial reason to own a home is that the money spent on housing goes towards building equity rather than to a property owner. Paying off a mortgage and owning a home by the time you retire is the next most important financial reason for buying a home followed by ownership being a good investment opportunity to build long-term wealth and increase net worth. When asked about the amount of down payment needed for a mortgage, four in 10 respondents believe that a down payment of 15 percent or more is necessary. Seventy percent feel that a reasonable down payment should be 10 percent or less, according to the survey. Misperceptions about higher down payment requirements were most prevalent in bigger cities and by older adults. Apparent confusion about down payment requirements most likely added to non-owners concerns about affordability. NAR's Profile of Home Buyers and Sellers found that the median down payment for first-time buyers has been 6 percent for three straight years and 14 percent for repeat buyers in three of the past four years. Over 50 percent of respondents strongly agree that homeownership helps build safe and secure neighborhoods and provides a stable and safe environment for children and family members. The survey also found that four in 10 Americans say paying their rent or mortgage is a strain on their budget. Those most likely to say their mortgage is a strain have incomes under $60,000, are residents of New York City or the Pacific coast, are under the age of 50 and non-white. Just over half, 51 percent, of respondents said they were willing to strain their budget for a better living environment and would pick a neighborhood with better schools and job opportunities even if housing prices are a bigger strain on their budget. Those most willing to strain their budget are disproportionately married, upper income and living in the suburbs. Overspending on homes is more prevalent in Northeastern cities (36 percent), the Mountain West (34 percent) and the Pacific coast (33 percent). The 2017 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR's Housing Opportunity Program, which aims to position, educate and help Realtors® promote housing opportunities in their community, in both the rental and homeownership sectors of the market. The telephone survey polled 1,500 adults nationwide and has a margin of error of plus or minus 2.5 percentage points. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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Survey: 1 in 3 Recent Homebuyers Made an Offer Sight-Unseen, Up From Nearly 1 in 5 a Year Ago
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NAR Midyear Forecast: Existing-Home Sales Poised to Climb 3.5 Percent in 2017
  WASHINGTON (May 18, 2017) – The multi-year stretch of robust job gains along with improving household confidence are expected to guide existing-home sales to a decade high in 2017, but supply and affordability headwinds and modest economic growth are holding back sales and threatening to keep the nation's low homeownership rate subdued. That's according to speakers at a residential real estate forum here at the 2017 REALTORS® Legislative Meetings & Trade Expo. Lawrence Yun, chief economist of the National Association of Realtors®, presented his 2017 midyear forecast and was joined onstage by Jonathan Spader, senior research associate at the Joint Center for Housing Studies at Harvard University, and Mark Calabria, chief economist and assistant to Vice President Mike Pence. Spader's presentation addressed past and projected movements in the homeownership rate, and Calabria dove into why reversing weak productivity and the low labor force participation rate are necessary to boost the economy. The first quarter was the best quarterly existing sales pace in exactly a decade (5.62 million), and Yun expects activity to stay on track and finish around 5.64 million – the best since 2006 (6.47 million) and 3.5 percent above 2016. With several metro areas seeing hefty price growth, the national median existing-home price is expected to rise around 5 percent this year. "The housing market has exceeded expectations ever since the election, despite depressed inventory and higher mortgage rates," said Yun. "The combination of the stock market being at record highs, 16 million new jobs created since 2010, pent-up household formation and rising consumer confidence are giving more households the assurance and ability to purchase a home." Although sales are currently running at a decade high, Yun believes the healthy labor market should be generating even more activity. However, listings in the lower- and mid-market price range are scant and selling fast, and homebuyers are discovering they can afford less of what's on the market based on their income. "We have been under the 50-year average of single-family housing starts for 10 years now," said Yun. "Limited lots, labor shortages, tight construction lending and higher lumber costs are impeding the building industry's ability to produce more single-family homes. There's little doubt first-time buyer participation would improve and the homeownership rate would rise if there was simply more inventory." Housing construction has been uneven so far this year, but Yun does anticipate starts to jump 8.4 percent to 1.27 million. However, this is still under the 1.5 million new homes needed to make up for the insufficient building in recent years. New single-family home sales are likely to total 620,000 this year, up 8.4 percent from 2016. Addressing the nation's low homeownership rate, Spader said substantial uncertainty exists about its future direction. He cited foreclosure-related housing exits from older adults and delayed buying from younger households as the primary causes in the downward trend since the downturn. He said the good news is that while there was growth in homeowner households in 2016, an aging population, changes in family type and increasing diversity by race and ethnicity all pose as headwinds going forward. Spader's 2025 projection puts the homeownership rate in a range of 61.0 – to – 65.1 percent. "Stagnant household incomes, rising rental costs, student loan debt and limited supply have all contributed to slower purchasing activity," said Spader. "When the homeownership rate stabilizes, there will be an increase in homeowner households. Young and minority households' ability to reach the market will play a big role in how much the actual rate can rise in coming years." Calabria's presentation focused on his thoughts of what can be done to jump-start economic growth. He attributed prolonged weak productivity and the low labor participation rate as the primary reasons why the current economic expansion is the slowest since World War II. "A strong labor market will drive a strong housing market, but you can't have a strong housing market without a strong economic foundation," said Calabria. "The recovery has been uneven with roughly 70 counties making up roughly half of all job growth. The White House's proposed plans to cut corporate and individual tax cuts will help large and small businesses grow, hire and ultimately contribute to more households buying homes as more money goes into their pockets." Although Yun said economic growth in the first quarter was "a huge disappointment" at 0.7 percent (first estimate), he anticipates that an increase in consumer spending and more homebuilding should provide enough fuel for gross domestic product to finish slightly higher, at 2.2 percent, than a year ago (1.6 percent). Yun believes the rising interest rate environment is here to stay as the Federal Reserve slowly begins unwinding its balance sheet. He foresees two more short-term rate hikes by the end of this year and for mortgage rates to average around 4.30 percent before gradually climbing towards 5.0 percent by the end of 2018. "There was a lot of uncertainty at the start of the year, but a very strong first quarter sets the stage for a modest sales increase compared to last year," said Yun. "However, prices are still rising too fast in many areas and are outpacing incomes. That is why housing starts need to rise to alleviate supply shortages. There will be more sales if there's a meaningful bump in new and existing inventory." Members of the media are invited to attend the upcoming Sustainable Homeownership Conference on June 9 at University of California's Memorial Stadium in Berkeley. In celebration of Homeownership Month, the conference brings together experts to examine housing trends and real estate's positive impacts. 2017 NAR President Bill Brown, NAR Chief Economist Dr. Lawrence Yun and Berkeley Hass Real Estate Group Chair Ken Rosen are among the prominent experts scheduled to speak. To register, click here. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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HUD and Census Bureau Announce New Residential Sales in January 2017
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NAR, Realtor.com® Identify Growing Rift Between Housing Availability and Affordability
  WASHINGTON (February 16, 2017) — Existing-home sales are forecast to expand 1.7 percent in 2017, but a new housing affordability model created jointly by the National Association of Realtors® and realtor.com®, a leading online real estate destination, operated by operated by News Corp subsidiary Move, Inc., suggests homebuyers at many income levels could see an inadequate amount of listings on the market within their price range in coming months. Using data on mortgages, state-level income and listings on realtor.com®, the Realtors® Affordability Distribution Curve and Score is NAR and realtor.com®'s new ongoing monthly research designed to examine affordability conditions at different income percentiles for all active inventory on the market. The Affordability Distribution Curve examines how many listings are affordable to those in a particular income percentile. The Affordability Score — varying between zero and two — is a calculation that is equal to twice the area below the Affordability Distribution Curve on a graph. A score of one or higher generally suggests a market where homes for sale are more affordable to households in proportion to their income distribution. Lawrence Yun, NAR chief economist, says a top complaint Realtors® have been hearing from clients is a notable imbalance between what they can afford and what is listed for sale. "Home prices have ascended far past wage growth in much of the country in recent years because not enough homeowners are selling and homebuilders have not boosted production enough to meet rising demand," he said. "NAR and realtor.com®'s new affordability measure confirms that buyers aren't exaggerating about the imbalance. Amidst higher home prices and now mortgage rates, households with lower incomes have been able to afford less of all homes on the market last year and so far in 2017." Reflecting a growing shortage of accessible inventory for most income groups, the entire Affordability Distribution Curve in January was below the equality line and the gap was generally wider at lower incomes, which indicates even tighter supply conditions. A household in the 35th percentile could afford 28 percent of all listings, a median income household (50th percentile) could afford 46 percent of listings and a household in the 75thpercentile was able to afford 74 percent of active listings. "Consistently strong job gains and a growing share of millennials entering their prime buying years is laying the foundation for robust buyer demand in 2017," said Jonathan Smoke, chief economist at realtor.com®, a leading online real estate destination. "However, buyers with a lower maximum affordable price are seeing heavy competition for the fewer listings they can afford. At a time of higher borrowing costs, this situation could affect affordability even more as buyers battle for a smaller pool of homes and bid prices upward." Calculating last month's Affordability Score — two times the area under the Affordability Distribution Curve — further highlights the disjointed rate of accessible supply on the market across the U.S. Swift price growth and higher mortgage rates caused January's Affordability Score (0.92) to shrink nationally from a year ago (0.97) and also in many states. Only 19 states had a score above one (conditions that are more favorable) and a meager three — North Dakota, Alaska and Wyoming — saw year-over-year gains in their score. "Heading into the beginning of the spring buying season, available supply is more reachable for aspiring buyers in the upper end of the market and specifically in nearly all Midwestern states," said Smoke. "Meanwhile, many states in the West and South have seen deteriorating supply levels over the past year. Buyers in these areas should know that it may take longer to find the right home at a price they can afford." The states last month with the highest Affordability Score were Indiana (1.23), Ohio (1.22), Iowa (1.18), Kansas (1.17), and Michigan and Missouri (both at 1.14). The states with the lowest Affordability Score were Hawaii (0.52), California (0.60), District of Columbia (0.65), and Montana and Oregon (both at 0.67). "This shortfall of inventory at a time of healthy job gains in most states is one of the biggest reasons for the depressed share of first-time buyers and the inability for the homeownership rate to rise above its near-record low," added Yun. "The only prescription to reversing this adverse situation is to build more entry-level and mid-market housing that aligns with current household incomes." The new Realtors® Affordability Distribution Curve and Score was created to be a valuable resource for Realtors® and consumers to assess the affordability of markets in different income groups. The research may eventually include metro-level data and will be updated on an ongoing basis at https://www.nar.realtor/topics/realtors-affordability-distribution-curve-and-score. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries. Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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U.S. Home Affordability Drops to 8-Year Low in Q4 2016
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Redfin Names the Most Competitive Neighborhoods for Homebuyers in 2016
SEATTLE — Dec. 29, 2016 — Factoria, a neighborhood in Bellevue, Washington just outside of Seattle, was the nation's most competitive neighborhood for homebuyers in 2016, according to Redfin, the next-generation real estate brokerage. In Factoria this year, the typical home went under contract in seven days and sold for 5 percent above the asking price. Home prices there grew 26 percent this year. Redfin examined neighborhoods in 27 metro areas to rank the 30 most competitive neighborhoods for homebuyers in 2016. In addition to median days on market, the average sale-to-list price ratio and home price growth, Redfin ranked the neighborhoods' competitiveness based on the percentages of homes that sold for all cash and that sold for more than their asking price. The nation's 30 most competitive neighborhoods for homebuyers in 2016 spanned just six metropolitan areas. Seattle was home to 10 of the country's 30 most competitive neighborhoods.Eight Boston-area neighborhoods ranked, led by Washington Square (Brookline) and Prospect Hill (Somerville). Denver had seven hoods in the top 30, including Lakeside and West Pleasant View (Golden). Three San Francisco neighborhoods made the list. Washington, D.C. and Los Angeles also cracked the top 30, each with one neighborhood named. To read the full report including the top 30 ranking with relevant additional data and insights, please click here. About Redfin CorporationRedfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the highly accurate automated home-value estimate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales and saved customers more than $335 million in fees through 2015.
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Redfin Predicts 2017 will be the Fastest Housing Market on Record
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CoreLogic Reports 30,000 Completed Foreclosures in October 2016
  December 13, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its  October 2016 National Foreclosure Report which shows the foreclosure inventory declined by 31.5 percent and completed foreclosures declined by 24.9 percent compared with October 2015. The number of completed foreclosures nationwide decreased year over year from 40,000 in October 2015 to 30,000 in October 2016, representing a decrease of 74.7 percent from the peak of 118,287 in September 2010. The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.5 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.5 million homes lost to foreclosure. As of October 2016, the national foreclosure inventory included approximately 328,000, or 0.8 percent, of all homes with a mortgage, compared with 479,000 homes, or 1.2 percent, in October 2015. CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 24.8 percent from October 2015 to October 2016, with 1 million mortgages, or 2.5 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with decreases in serious delinquency in 47 states and the District of Columbia. "Loan performance varies by the health of the local economy and housing market. Alaska, North Dakota and Wyoming, three states with energy-related job loss, experienced a rise in serious delinquency rates while all other states had a decline," said Dr. Frank Nothaft, chief economist for CoreLogic. "Although there were large declines in foreclosure rates in New York and New Jersey, both states experienced the highest serious delinquency rates in the nation, reflecting lagging home values in most neighborhoods and an unemployment rate above the national average." "Housing and labor markets improved over the past year, setting the stage for further declines in foreclosure rates across much of the nation," said Anand Nallathambi, president and CEO of CoreLogic. "Home values posted an annual gain of 5.8 percent through September in the CoreLogic Home Price Index, and payroll employment rose 2.4 million for the year through October." Additional October 2016 highlights: On a month-over-month basis, completed foreclosures declined by 27.5 percent to 30,000 in October 2016 from the 41,000 reported for September 2016.* As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 22,000 per month nationwide between 2000 and 2006. On a month-over-month basis, the October 2016 foreclosure inventory was down 3.6 percent compared with September 2016. The five states with the highest number of completed foreclosures in the 12 months ending in October 2016 were Florida (51,000), Michigan (29,000), Texas (26,000), Ohio (23,000) and Georgia (20,000). These five states accounted for 36 percent of completed foreclosures nationally. Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in October 2016: the District of Columbia (212), North Dakota (278), West Virginia (407), Alaska (622), and Montana (660). Four states and the District of Columbia had the highest foreclosure inventory rate in October 2016: New Jersey (2.8 percent), New York (2.7 percent), Maine (1.7 percent), Hawaii (1.7 percent) and the District of Columbia (1.6 percent). The five states with the lowest foreclosure inventory rate in October 2016 were Colorado (0.3 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Utah (0.3 percent) and Michigan (0.3 percent). *September 2016 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results. For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure activity reported through October 2016. This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics. A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate-owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction. The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is "started," and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender's REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Realtor.com Forecasts Post-Election Economy to Result in Higher Mortgage Rates While Housing Delivers Slower Gains in 2017
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Equity Rich U.S. Homeowners Increase by 2.6 Million in Q3 2016 as Average Homeownership Tenure Reaches a New High
IRVINE, CA--(November 17, 2016) - ATTOM Data Solutions, curator of the nation's largest fused property database, today released its Q3 2016 U.S. Home Equity and Underwater Report, which shows that 13,125,367 U.S. homeowners were equity rich (loan-to-value ratio of 50 percent or lower) as of the end of Q3 2016, representing 23.4 percent of all U.S. homeowners with a mortgage and an increase of more than 2.6 million from a year ago. The report also shows that 6,063,326 U.S. homeowners were seriously underwater (LTV of 125 or higher) as of the end of Q3 2016, representing 10.8 percent of all U.S. homeowners with a mortgage, and a decrease of more than 854,000 homeowners from a year ago. Since the peak in seriously underwater homeowners at 12.8 million representing 28.6 percent of all homeowners with a mortgage in Q2 2012, the number of seriously underwater homeowners has decreased by more than 6.7 million. "Close to one in every five U.S. homeowners with a mortgage is now equity rich thanks to a combination of rising home prices and lengthening homeownership tenures," said Daren Blomquist, senior vice president at ATTOM Data Solutions, the new parent company of RealtyTrac. "Median home prices increased on a year-over-year basis for the 18th consecutive quarter in Q3 2016, and homeowners who sold in the third quarter had owned their home an average of 7.94 years - a new high in our data and substantially higher than the average homeownership tenure of 4.26 years pre-recession. As homeowners stay in their homes longer before moving up, they are amassing more home equity wealth." Historical Seriously Underwater & Equity Rich Trends San Jose, San Francisco, Honolulu with highest share of equity rich homeowners Among 88 metropolitan statistical areas with a population of at least 500,000 or more, those with the highest share of equity rich homeowners were San Jose (55.7 percent); San Francisco (49.8 percent); Honolulu (39.3 percent); Los Angeles (38.2 percent); and Pittsburgh (34.5 percent). Other metro areas in the top 10 for highest share of equity rich homeowners were Portland (33.1 percent), San Diego (33.0 percent); Oxnard-Thousand Oaks-Ventura, California (32.7 percent); Seattle (31.5 percent); and Austin, Texas (31.0 percent). There were seven metro areas where the share of equity rich homeowners increased by more than 10 percentage points from a year ago in Q3 2016: San Francisco (up 11.9 percentage points); San Jose (up 11.9 percentage points); Cape Coral-Fort Myers, Florida (up 11.5 percentage points); Portland, Oregon (up 11.2 percentage points); Denver (up 11.2 percentage points); Austin, Texas (up 10.8 percentage points); and Seattle (up 10.8 percentage points). "The percentage of equity rich households in the Seattle area took off at the end of last year and has been rising at an impressive rate ever since then, especially when compared to the country as a whole - which has seen a far more modest increase than we have locally," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "This growth in home equity wealth will likely lead to an increase in cash-out refinancing in our market, but more importantly, it will serve to protect Seattle homeowners from any unforeseeable shocks that might arise in the future." More than 20 percent of homeowners underwater in Las Vegas, Cleveland, Detroit The share of seriously underwater homeowners was 20 percent or higher in seven of the 88 metro areas analyzed in the report: Las Vegas (25.0 percent); Akron, Ohio (24.2 percent); Cleveland, Ohio (22.8 percent); Toledo, Ohio (21.7 percent); Dayton, Ohio (20.2 percent); Detroit (20.0 percent); and Lakeland-Winter Haven, Florida (20.0 percent). Other markets in the top 10 for highest share of seriously underwater homeowners were Chicago (19.5 percent); Kansas City (18.4 percent); and Memphis (18.3 percent). Counter to the national trend, the share of seriously underwater homeowners increased from a year ago in 21 of the 88 metro areas analyzed, including Akron, Ohio; McAllen-Edinburg-Mission, Texas; Baton Rouge, Louisiana; Scranton-Wilkes-Barre-Hazleton, Pennsylvania; and Little Rock, Arkansas. 17 ZIP codes with two-thirds of homeowners underwater Among 6,911 U.S. ZIP codes analyzed in report, 17 posted seriously underwater rates of 66 percent or higher, including ZIP codes in the following metro areas: Chicago, St. Louis, Detroit, Columbus, Ohio; East Stroudsburg, Pennsylvania; Trenton, New Jersey; Cleveland, and Milwaukee. Top 17 ZIP Seriously Underwater ZIP Codes Report methodology The ATTOM Data Solutions U.S. Home Equity & Underwater report provides counts of properties based on categories of equity -- or loan to value (LTV) -- at the state, metro, county and zip code level, along with the percentage of total residential properties with a mortgage that each equity category represents. The equity/LTV calculation is derived from a combination of record-level open loan data and record-level estimated property value data, and is also matched against record-level foreclosure data to determine foreclosure status for each equity/LTV category. Definitions Seriously underwater: Loan to value ratio of 125 percent or above, meaning the homeowner owed at least 25 percent more than the estimated market value of the property. Equity rich: Loan to value ratio of 50 percent or lower, meaning the homeowner had at least 50 percent equity. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports. ATTOM Data Solutions also powers consumer websites designed to promote real estate transparency: RealtyTrac.com is a property search and research portal for foreclosures and other off-market properties; Homefacts.com is a neighborhood research portal providing hyperlocal risks and amenities information; HomeDisclosure.com produces detailed property pre-diligence reports. ATTOM Data and its associated brands are cited by thousands of media outlets each month, including frequent mentions on CBS Evening News, The Today Show, CNBC, CNN, FOX News, PBS NewsHour and in The New York Times, Wall Street Journal, Washington Post, and USA TODAY.
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89% of U.S. Investors Interested in Putting Their Money into Real Estate
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CoreLogic Analysis Shows Between $4 Billion and $6 Billion in Insured Property Loss from Hurricane Matthew
  October 08, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, has conducted an analysis showing that insured property losses for both residential and commercial properties from Hurricane Matthew are estimated to be between $4 billion and $6 billion from wind and storm surge damage. This does not include insured losses related to additional flooding, business interruption or contents. Of this $4-6 billion, 90 percent of the insurance claims are expected to be related to wind and 10 percent is expected to be related to storm surge. Figure 1 shows the insured property loss estimates for Hurricane Matthew compared with previous storms, including Hurricanes Katrina, Sandy, Floyd and David. As the data indicates, the insured loss estimate from Hurricane Matthew is well above Hurricanes Floyd and David, but well below Hurricanes Katrina and Sandy. Figure 1: Insured Property Loss Estimates for Hurricanes Matthew, Sandy, Katrina, David and Floyd In addition, CoreLogic estimates about 1.5 million residential and commercial properties are expected to be impacted from wind and storm surge from Hurricane Matthew. The fact that structures in the region are comprised primarily of masonry, wood and veneers, coupled with the stringent Florida building codes, helps reduce total insured property losses compared with other memorable storms. Figure 2 shows the estimated insured property loss estimates by county in Florida, Georgia and South Carolina. Figure 2: Hurricane Matthew Loss Contribution by County in Florida, Georgia and South Carolina For more information on CoreLogic storm surge methodology, data and analysis, download a copy of the more in-depth 2016 CoreLogic Storm Surge report at http://www.corelogic.com/landing-pages/2016-corelogic-storm-surge-risk-report.aspx. Methodology The CoreLogic North Atlantic Hurricane Model was used to create wind and storm surge damage footprints for Hurricane Matthew using the track forecast data from the October 6, 5:00 pm EDT advisory issued by the National Hurricane Center. The insured loss data was analyzed in the North Atlantic Hurricane Model to ascertain the expected loss range from the Hurricane Matthew event footprint in the model. The model provides a granular, up-to-date, detailed risk assessment for the combined perils of hurricane winds and coastal storm surge flooding. The model has been certified by the Florida Commission Hurricane Loss Projection Methodology (FCHLPM) since the inception of the process in 1997. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Homes in Democratic Districts Have Gained Twice as Much Value as Those in Republican Districts Over Last 8 Years
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NAR Identifies Top 10 Markets in Dire Need of More Single-family Housing Starts
  WASHINGTON (September 19, 2016) – Single-family home construction is currently lacking in 80 percent of measured metro areas despite steady job creation and the low activity is creating a housing shortage crisis that is curtailing affordability and threatening to hold back prospective buyers in many of the largest cities in the country, according to new research from the National Association of Realtors®. NAR's study reviewed new home construction relative to job gains over a three-year period (2013-2015) in 171 metropolitan statistical areas (MSAs) throughout the U.S. to determine the markets with the greatest shortage of single-family housing starts. The findings reveal that single-family construction is startlingly underperforming in most of the U.S., with markets in the West making up half of the top ten areas with the largest deficit of newly built homes. Lawrence Yun, NAR chief economist, says a large swath of the country continues to be plagued by inventory shortages exasperated by critically low homebuilding activity. "Inadequate single-family home construction since the Great Recession has had a detrimental impact on the housing market by accelerating price growth and making it very difficult for prospective buyers to find an affordable home – especially young adults," he said. "Without the expected pick-up in building as job gains rose in recent years, new and existing inventory has shrunk, prices have shot up and affordability has eroded despite mortgage rates at or near historic lows." NAR analyzed employment growth in relation to single-family housing starts in the three-year period from 2012 through 2015. Historically, the average ratio for the annual change in total jobs to permits is 1.6 for single-family homes. The research found that 80 percent of measured markets had a ratio above 1.6, which indicates inadequate new construction in most of the country. The average ratio for areas examined was 3.4. Using each metro area's jobs-to-permits ratio, NAR then calculated the amount of permits needed in each metro area to balance the ratio back to its historical average of 1.6. The higher the number of permits required, the more severe the shortage was in each market. The top 10 metro areas with the biggest need for more single-family housing starts to get back to the historical average ratio are: New York (218,541 permits required) Dallas (132,482 permits required) San Francisco (127,412 permits required) Miami (118,937 permits required) Chicago (94,457 permits required) Atlanta (93,627 permits required) Seattle (73,135 permits required) San Jose, California (69,042 permits required) Denver (67,403 permits required) San Diego (55,825 permits required) According to Yun, most of the metro areas with the biggest need for increased construction have strong appetites for buying, home-price growth that outpaces incomes and common instances where homes sell very quickly. Their healthy job markets continue to attract an influx of potential homeowners, only fueling the need for more housing. "Although a few small cities with high ratios did not make the national rank for absolute permit shortages, their supply shortages are still meaningful at the local level and could become a bigger issue if job gains hold steady and the current pace of construction remains at its nearly non-existent level," adds Yun. Single-family housing starts are seen as adequate to local job growth (at a ratio of 1.6) in Pensacola, Florida; Huntsville, Alabama; Columbia, South Carolina; and Virginia Beach, Virginia. "The limited number of listings in several markets means that many available homes are receiving multiple offers and going under contract rather quickly," says NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. "It's important in this situation to remain patient and not get caught up offering more than your budget allows. Find a Realtor® with experience serving clients in your desired area and rely on them to deploy a negotiation strategy that ensures success while sticking within budget." Looking ahead, Yun says the good news is that the ratio in many areas slightly moved downward in 2015 compared to 2014 as builders started to respond accordingly to local supply shortages. However, it'll likely be multiple years before inventory rebounds in many of the markets because homebuilders continue to face a plethora of hurdles, including permit delays, higher construction, regulatory and labor costs, difficulty finding skilled workers and the exhausting process many smaller builders go through to obtain financing. "Recent NAR survey data show an overwhelming consumer preference towards single-family homes, including among millennials, who are increasingly buying them in suburban areas," concludes Yun. "A mix of new starter-homes for first-time buyers and larger homes for families looking to trade up is needed at this moment to ensure homeownership opportunities remain in reach to qualified prospective buyers at all ages and income levels." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing over 1.1 million members involved in all aspects of the residential and commercial real estate industries.
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Homeownership More Profitable for Single Men Than Single Women According to New RealtyTrac Analysis
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Millennials Changing Face of America, Heavily Impacting Homeownership, Say Experts
  WASHINGTON (May 13, 2016) — Millennials are bucking trends, changing the landscape of America, and sharply different from previous generations in many different ways. One of the most visible and consequential ways is through millennial homeownership numbers, according to experts on generational trends and homeownership presenting at the 2016 REALTORS® Legislative Meetings & Trade Expo. While all generations have their own hardships, opportunities and defining features, millennials are coming of age in a time of deep demographic transformation, experts say. In a session titled "The Minds of Millennials—Motivation, Mobility and Making  Home," moderated by National Association of Realtors® Chief Economist Lawrence Yun, panelists discussed what the shift means for the American way of life. "America in the near future will look nothing like the America of the past," said Paul Taylor, executive vice president of the Pew Research Center and author of the book "The Next America: Boomers, Millennials, and the Looming Generational Showdown". "These shifts are creating big generation gaps that will put stress on our families, our politics, our pocketbooks, our entitlements programs and perhaps our social cohesion." Millennials, Taylor said, are different from their parents and grandparents in ways that are already impacting all aspects of life. For example, he noted that millennials (those born after 1980) are less religiously affiliated and slow to marry and have kids. They grew up with cell phones and on social networking sites while also obtaining a high level of education, but are still struggling financially because of the economy. Politically, half of the generation identifies as independent, more than ever have before. While seemingly small differences, these characteristics have very real effects on homeownership. After all, he noted, 39 percent of millennials are still living with a parent or relative, citing the record share of young households holding student debt. Jessica Lautz, managing director of survey research at NAR, agreed that homeownership among millennials is taking a hit. Student loan debt, flat wages, rising home prices (making it harder to get into the homeownership game) and rising rents (complicating the saving process), are delaying milestones such as marrying and having children - major events in life that often cause young people to buy a home. The real estate industry is already feeling the impact of these factors on millennials in regards to home buying.  First-time buyers have in the past accounted for about 40 percent of homebuyers; however, NAR data show that number has trended downward since 2011 and currently sits at 32 percent. And while married couples are the largest group of buyers (currently 67 percent of all buyers), single females make up the second largest group of buyers, and that share has also dropped from 22 percent in 2006 to 15 percent in 2015. Still, one big thing hasn't changed, according to Lautz. "Even with all these statistics showing how things have changed for millennials and the fact that they are worse off financially than previous generations had been, the median age of first-time buyers has stayed relatively unchanged at 31," Lautz said. "This means that they are ready and willing to buy if they can in fact break into the market. It's getting more difficult to get to that point, but the desire to do so hasn't changed." And while the path to homeownership is harder now for millennials carrying student debt, dealing with rising rents, and experiencing stagnant wages, NAR research shows that millennials still see the value in owning and home and once they are ready, they are looking to a real estate agent in higher numbers than ever before. "We are seeing that millennials are using agents at much higher rates," Lautz said. "You might assume that they would prefer to take on a purchase or sell on their own, being raised in the digital age, but instead, we have found that these buyers and sellers want someone to help them through the process, not unlike the way their parents have helped them through their young adult life. Not having been through the process before, they rely on real estate agents to get them through the competitive market and to the finish line." 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.
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RealtyTrac and RE/MAX Sign Deal to Offer HomeDisclosure.com Property Reports to 60,000 RE/MAX Agents Nationwide
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Realtor.com® Identifies America's Boom Towns
  SANTA CLARA, Calif., April 18, 2016 -- Realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., today released its list of America's Top 'Boom Towns'. Led by Gilbert, Ariz. (85297); Los Angeles (90012), and Dallas (75201), these neighborhoods are striking it rich when it comes to new home construction, job creation and an increasing number of households – the gold mine for housing market growth. "The strength of the residential real estate market is closely correlated to growth in jobs and households," said Jonathan Smoke, chief economist for realtor.com®. "The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start to see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next." America's Top Boom Towns are demonstrating some of the strongest growth in jobs, household formation, and housing starts across the country. Every market on the list has experienced between one and five times the average job growth of the top 100 counties in the country. Household growth in each of these areas is between one and seven times the average growth of the top 100 areas. New home starts are between one and six times the average growth in the top 100 counties. Most importantly, each individual ZIP code is projected to see a growth in households of between nine and 19 percent over the next five years. Methodology: Realtor.com® combined projected measures of job creation, household formation and new construction for 2016 to identify the top growth counties. Based on this information, the top ZIP code for each county was identified based on its five year projected household growth. Boom Towns 1. 85297 Gilbert, Ariz.Largest Neighborhood: Power Ranch Part of the Phoenix metropolitan area, Gilbert is located just over 30 miles east of downtownPhoenix in close proximity to where GoDaddy and PetSmart® have significant operations. The sunny neighborhood of 85297 is highly sought after by both snowbirds and locals for its close proximity to golf courses and country clubs. The biggest draw for locals is the strong school district, Higley Unified School District, that's home to Centennial Elementary, which was ranked No. 1 in the state in 2014. ZIP code 85297 is expected to see households grow by 15.9 percent over the next five years, 4.2 times faster than the rest of Maricopa County, where more than 25,000 new housing starts and in excess of 53,000 new jobs are forecast for 2016 – that's 5.7 and 5.8 times more than the average of the top 100 counties in the country, respectively. 2. 90012 Los AngelesLargest Neighborhoods: Historic, Cultural, Elysian Park, Mission Junction Los Angeles is the second-largest city in the U.S. The 90012 ZIP code is located in central Los Angeles and encompasses several neighborhoods, including Elysian Park, Mission Junction, Little Tokyo and Chinatown. In recent years, the area has seen a surge in interest among higher income residents, driven by vibrant cultural offerings – such as the Walt Disney Concert Hill and Dorothy Chandler Pavilion – restaurants and nightlife, as well as new residential development. ZIP code 90012 is expected to experience household growth of 8.8 percent over the next five years. Los Angeles County is expected to see more than 22,000 new housing starts and 65,000 new jobs created in 2016, five times and 7.2 times more than the average of the top 100 counties in the country, respectively. 3. 75201 DallasLargest Neighborhoods: Downtown, Arts District, Uptown, Farmers Market Located in downtown Dallas, the 75201 zip code is home to the Dallas Museum of Art, American Airlines Center—where the city's National Basketball Association and National Hockey League teams play – and is just steps away from Baylor University Medical Center. This neighborhood has undergone a dramatic transformation since the early 2000s when the "Dallas Trinity River Project" began bringing parks, trails, and nature centers in the area. Its close proximity to major employers, shopping, restaurants and Klyde Warren Park make this neighborhood highly sought after by millennials. Urban condos, lofts, and townhomes are popping up everywhere. Households in 75201 are forecast to grow by 14.9 percent over the next five years. Dallas County is expected to see more than 16,000 new housing starts and 40,000 new jobs created in 2016, 3.8 times and 4.5 times more, respectively, than the average of the top 100 counties in the country. 4. 33132 MiamiLargest Neighborhoods: Downtown, Midtown, Seaport Famous for its beaches and warm climate, Miami is also a hub for finance, commerce, culture, media, entertainment and the arts. Traditionally, downtown Miami was a bustling business center by day that became a ghost town by night, but urban development with projects such as Miami Worldcenter have brought tens of thousands of new residents to the area, many of whom are millennial professionals attracted to the shopping and nightlife as well as their ability to walk to work. ZIP code 33132 is expected to see households grow by 14.9 percent over the next five years. The forecast calls for more than 13,000 new housing starts and 44,000 new jobs created in 2016 in Miami-Dade County. This is three times the housing growth and 4.8 times the jobs anticipated on average in the top 100 counties in the country, respectively. 5. 89179 Las VegasLargest Neighborhoods: Mountain's Edge Las Vegas is the most populous city in the state of Nevada and is internationally known as a resort destination. Located roughly 14 miles from the Las Vegas strip, the 89179 zip code primarily encompasses part of a planned community known as Mountain's Edge. Since the development of Mountain's Edge began in 2004, it has ranked among the top-selling master planned communities in the U.S. due to its extensive outdoor amenities such as its large scale community parks, trails and open spaces. Two elementary schools – William V. Wright Elementary School and Carolyn S. Reedom Elementary School – are located within the community itself and in close proximity to ZIP code 89179. Households in ZIP code 89179 are expected to grow by 19.4 percent over the next five years. Clark County is anticipated to see more than 14,000 new housing starts and 23,000 new jobs created in 2016 which is 3.3 times housing growth and 2.5 times the job growth anticipated on average in the top 100 counties in the country, respectively. 6. 98121 SeattleLargest Neighborhood: Belltown The 98121 zip code is home to the largest proportion of residents in downtown Seattle, as well as the largest retail area. Ten percent of Seattle residents now live downtown, representing a 12 percent growth in population since 2010. New residential developments like the 707-unit Insignia Towers and the area's wide variety of restaurants, bars, and cultural offerings, have made Belltown a major draw in recent years. This is especially true for employees of the area's major employers like Amazon, Microsoft, and Starbucks, who are looking for close proximity to work. ZIP code 98121 is expected to see households grow by 11.9 percent over the next five years. King County is expected to see more than 13,000 new housing starts and 21,000 new jobs formed in 2016; that's 3.1 times more new homes and 2.3 times more jobs than the average of the top 100 counties in the country, respectively. 7. 27571 Rolesville, N.C.Largest Neighborhoods: Villages of Rolesville, Carlton Pointe, Cedar Lakes Thirty minutes from Raleigh, N.C., Rolesville is a suburb situated along U.S. Highway 401 in northeastern Wake County and is only 30 minutes from 'Research Triangle Park,' the largest research park in the country with more than 150 companies. Rolesville is known for its strong regional economy and prime positioning, with North Carolina State University, Duke University, and The University of North Carolina all less than an hour away. The realtor.com® Boom Town list isn't the first honor for Rolesville, which has ranked as the Fastest Growing North American City (Forbes.com), Top Housing Market for Investors (Forbes), and Top Public Schools in the U.S. (Greatschools.org). People come here for the jobs, schools and nice weather. Households in ZIP code 27571 are forecast to grow by 12.1 percent over the next five years. Wake County is expected to see more than 10,000 new housing starts and 12,000 new jobs in 2016, that's 2.4 times more new homes and 1.3 times more jobs than the average of the top 100 counties in the country, respectively. 8. 11249 BrooklynLargest Neighborhood: Williamsburg ZIP code 11249 encompasses the Williamsburg neighborhood. Over the past 15 years, the neighborhood has become known as a "hipster" hotspot because of the many artists and creative-minded millennials who have moved there. It is filled with restaurants, bars, art galleries, shops and music venues. Housing developments are popping up throughout this region, including several new residential towers, including Rocket Factory Lofts, distributed throughout Williamsburg. ZIP code 11249 is expected to see households grow by 9.2 percent over the next five years. Kings County is expected to see more than 8,000 new housing starts and 18,000 new jobs created in 2016; that's 1.9 times more new homes and two times more jobs than the average of the top 100 counties in the country, respectively. 9. 60603 ChicagoLargest Neighborhoods: The Loop, downtown Chicago Chicago is the economic heart of the Midwest, and third most populous city in the U.S. Its metropolitan area includes prominent businesses such as United Airlines, Boeing, and Kraft, universities like Northwestern, the University of Chicago, DePaul and Loyola and cultural institutions such as the Art Institute of Chicago. The 60603 zip code extends from Lake Michiganto South Wells Street and West Madison to the North and West Adams to the South and is in proximity to businesses and public transportation. In addition to the West Loop's thriving social scene of popular restaurants and bars, Google, Uber and Twitter all have offices nearby. ZIP code 60603 is expected to see households grow by 18.9 percent over the next five years. More than 6,000 new housing starts and over 38,000 more jobs are forecast for Cook County in 2016. This translates to 1.4 times more new homes and 4.2 times more jobs than the average of the top 100 counties in the country, respectively. 10. 30363 AtlantaLargest Neighborhood: Atlantic Station The Atlanta metropolitan area is home to 5.5 million people and is the 10th-largest metropolitan area in the nation. The 30363 zip code of Atlantic Station is located on the site of the former Atlantic Steel Mill, now a thriving urban community. The neighborhood's luxury condos, such as The Atlantic, as well as its shopping, restaurants and entertainment options, are attracting an influx of young professionals to the neighborhood. ZIP code 30363 is expected to see households grow by 15.7 percent over the next five years. Fulton County is projected to have more than 10,000 new housing starts and 12,000 new jobs created in 2016; that's 2.3 times more new homes and 1.4 times more jobs than the average of the top 100 counties in the country, respectively. About Move, Inc. and realtor.com® Move, Inc. operates the realtor.com® website and mobile experiences, which provide buyers, sellers and renters of homes with the information, tools and professional expertise they need to discover and create their perfect home. News Corp acquired Move in November 2014, and realtor.com® quickly established itself as the fastest growing online real estate service provider as measured by comScore. As the official website of the National Association of REALTORS®, consumers know they can look to realtor.com® for the most comprehensive and accurate information anytime, anywhere. With relationships with nearly 800 multiple listing services (MLS), realtor.com® has more than 3 million for-sale listings, which account for more than 97 percent of all MLS-listed for-sale properties. More than 90 percent of the listings are updated every 15 minutes. Move's network of websites provides consumers a wealth of innovative tools, including Doorsteps®, Moving.com™, SeniorHousingNet and others. Move supports real estate professionals by providing many services to grow their businesses in an increasing digital, on-demand world, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreet and Reesio as well as many free services.
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Where's America Moving? Oregon Named Top Moving Destination of 2015
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There Goes the Neighborhood: Tech Workers' Silicon Valley Home Values Are Outpacing Neighbors'
  SEATTLE, October 26, 2015 — Workers at Google, Facebook and Apple live in pricier homes than other Bay Area workers and have faster home value growth than other workers. The average Apple worker now lives in a home that is more than five times more valuable than the average U.S. home. The gap has widened in the last five years. In 2010, the average Apple worker's home was worth three times as much as a typical U.S. home. Bay Area home values are soaring, driven by a flood of well-paying jobs at technology companies. But Zillow found home-value appreciation for tech workers from these three companies outpaced that of their neighbors in Silicon Valley. To do the comparison, Zillow looked at census datai to see where employees at the tech companies' Silicon Valley headquarters live, and then compared their home values to those nearby. "This analysis highlights the widening wealth gap between tech company employees and other U.S. workers – a gap that is putting increasing pressure on housing markets where tech companies are booming," said Zillow Chief Economist Dr. Svenja Gudell. The analysis found: The typical worker at Apple's Cupertino, Calif. headquarters lives in a home that is worth about $1.14 millionii, about $241,000 (27 percent) more than the median home in the already-pricey San Jose metro area and $380,000 (50 percent) above the median home value in the San Francisco metro area. Workers at Google and Facebook headquarters – in Palo Alto and Menlo Park, Calif., respectively – lived in even more valuable homes. The median home value among Facebook workers is $1.25 million, and the median home value among Google workers is $1.28 million. The value gap between Silicon Valley techies' homes and their neighbors' homes has been widening recently, especially for Apple workers. Apple workers' home values took off after the first iPhone was released in June 2007, when Apple's stock price rose, increasing the wealth of many employees. Prior to summer 2007, the typical Google employee lived in a home that was 37 percent more expensive than the average San Jose home; since summer 2007, that gap has widened to 39 percent. Similarly, prior to summer 2007, the typical Facebook worker lived in a home that was 31 percent more expensive than the typical San Jose home; since summer 2007, that gap has widened to 33 percent. Prior to summer 2007, the typical Apple worker lived in a home that was 13 percent more expensive than the typical San Jose home; since summer 2007 that gap has widened by 6.4 percentage points to 20 percent. Zillow used data from the U.S. Census Bureau on where workers live and work across California's Bay Area, and combined it with Zillow's Living Database of All Homes to compute a median home value for workers who work at the Apple, Google, and Facebook campuses in the Silicon Valley. Zillow Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group, and headquartered in Seattle.
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HUD Secretary Julián Castro to Join Realtor.com® Chief Economist Jonathan Smoke to Discuss Millennial Housing in Online Town Hall
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Today's First-Time Homebuyers Older, More Often Single
  SEATTLE, Aug. 17, 2015 -- Today's first-time homebuyer is older and more likely to be single than first-time homebuyers in the 1970s and 1980s, according to a new Zillow® analysis. Zillow's study found that Americans are renting for an average of six years before buying their first homes. In the 1970s, they rented for an average of 2.6 years. They're also spending a bigger chunk of their incomes to buy: In the 1970s, first-time homebuyers bought homes that cost about 1.7 times their annual income. Now they're buying homes that cost 2.6 times their annual income. Part of that can be attributed to the housing markets where millennials are moving: more expensive cities on the coasts, where there are growing job markets. The average first-time homebuyer is about 33, at the front end of the millennial generation. Their median income is $54,340, which is about the same as what first-time homebuyers made in the 1970s, when adjusted for inflation. In the late 1980s, 52 percent of first-time homebuyers were married. Today, only 40% were married. "Millennials are delaying all kinds of major life decisions, like getting married and having kids, so it makes sense that they would also delay buying a home," said Zillow Chief Economist Dr. Svenja Gudell. "We know millennials value home-ownership and want to buy. The next challenge will be figuring out how they can save for a down payment and qualify for a mortgage, especially while the rental market is so unaffordable all over the country. The last hurdle will be finding a home they like amidst very tight inventory, especially among starter homes."   About Zillow Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z), and headquartered in Seattle.
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10 ZIP Codes Rise Above 32,000 to Create Realtor.com®'s 2015 List of Hottest U.S. Housing Locales
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Millennial Sentiment Trending More Positively About Purchasing Homes
MIAMI, June 25, 2015 — Realtor.com®, a leading provider of online real estate services operated by News Corp [Nasdaq: NWS, NWSA] subsidiary Move, Inc., today revealed that millennials have become more positive when it comes to taking the plunge into home ownership and are primed to gain market share in the second half of the year, based on the results of its consumer behavior survey of more than 12,000 respondents conducted from Jan. 1, 2015 to June 15, 2015. Jonathan Smoke, chief economist for realtor.com®, revealed an in-depth analysis of these survey findings during Wednesday's Mortgage Availability for Millennials and Other First-Time Buyers panel discussion at the National Association of Real Estate Editors conference in Miami. "Despite the slow indicators we saw earlier this year, 2015 is on pace to be one of the best years for housing since 2006 due to strong sales and higher than predicted home prices," said Smoke. "Additionally, we're observing an uptick in millennial traffic and sentiment that we expect will result in more first-time home buyer sales in the later part of the year." Smoke went on to explain that first-timers are especially critical when it comes to the health of the market. "Historically, they're the largest demographic of home buyers and can have a dramatic impact on housing," he said. Since the beginning of the year, realtor.com® has observed a slight increase in older millennials – between the ages of 25 and 34 years old – visiting its website and mobile applications with the goal of buying a home. In the first half of June, realtor.com® saw its share of traffic represented by older millennials looking for a home to purchase increase to 23 percent, as compared to 21 percent in January. In mid-June, it also observed its share of those looking for property to rent decrease to 20 percent, from 26 percent in January. Another revealing metric is the number of millennials who intend to buy a home within the next three months. In mid-June, 65 percent of 25-34 year olds responding to the survey indicated that they intend to buy a home within three months, up from 54 percent in January. Additionally, older millennials and first-time buyers are very optimistic about buying. Both groups are slightly more likely than the average buyer to say that they are "very likely to purchase within the next 12 months." "Last year, first-time buyer market share decreased as the year progressed and dropped all the way to 27 percent in the summer, according to data from the National Association of Realtors," stated Smoke. "This year, we're seeing an increase in millennial demand that points to a strengthening first-time buyer demographic. As the economy continues to grow over the next few years, we can expect first-timers to return to a healthy level of 40 percent of the market. A return to that level would add approximately 15 percent to the number of total homes sold." In the first part of the year, millennials were held back by some significant market challenges and were especially impacted by the lack of affordable inventory. Forty-one percent of older millennial home buyers cited that they "have not yet found a house that meets their needs" as the biggest factor holding them back from a purchase. Other reasons included difficulty finding a good house within budget, not spending enough time looking, needing to improve credit score, lacking a down payment, and currently being in a lease. Realtor.com® survey data is based on a daily representative sample of site visitors. This analysis is based on responses from Jan. 1, 2015 through June 15, 2015, which totaled over 12,000. About Move, Inc. and realtor.com® Move, Inc., a subsidiary of News Corp, is a leading provider of online real estate services. Move operates the realtor.com® website and mobile experiences, which connect people to the most important and accurate information they need to find their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website of the National Association of REALTORS®, realtor.com® empowers consumers to make smart home-buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smartphones. In addition to the industry's most comprehensive and accurate information, Move's network of websites provides consumers a wealth of innovative tools, including Doorsteps®, Moving.com™, SeniorHousingNetSM and others. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreetSM; as well as many free services. Move is based in the heart of Silicon Valley – in San Jose, Calif.
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Rise in Bank Repossessions Fuels 1 Percent Increase in Foreclosure Activity to 19-Month High in May
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More than Half of Underwater Homeowners Are Nowhere Near Re-Surfacing
SEATTLE, June 12, 2015 -- The U.S. negative equity rate is dropping, but more than 4 million U.S. homeowners owed the bank at least 20 percent more than their homes were worth, according to the first quarter Zillow® Negative Equity Reporti. That means those homes would have to appreciate at least 20 percent for their owners to have any chance of breaking even on a sale. Home values are forecast to continue rising, but at a slower pace than recent years. The national negative equity rate dropped to 15.4 percent in the first quarter. A year ago, the rate was 18.8 percent. The rate of negative equity improved in all of the 35 largest housing markets in the first quarter of 2015, a sign that, metro-by-metro and home-by-home, the country is continuing to recover from the lax lending rules and subsequent housing market bust of the last decade. At the peak of the real estate crisis, more than 15 million homeowners owed more on their mortgages than their homes were worth, putting them in negative equity. Foreclosures, short sales and rapidly rising home values freed nearly half of those homeowners, leaving 7.9 million homeowners upside down at the end of Q1 2015. Homeowners who remain underwater will likely be the toughest to free from negative equity. Spring and summer are the busiest buying and selling seasons, and this year, there is high demand for homes in the bottom third of the market. However, a disproportionate number of those homeowners are simply stuck in their homes and can't afford to sell to buyers looking for homes in their price range. The rate of underwater homeowners was much higher among the homes with the least valueii. More than 25 percent of those who own the least valuable third of homes were upside down, compared to about 8 percent of the most valuable third of homes. The imbalance was even more pronounced in some markets. In Atlanta, for example, 46 percent of low-end homeowners were underwater, compared with 10 percent of high-end homeowners. In Baltimore, 32 percent of low-end homeowners were in negative equity, compared to 9 percent of those who own the highest-value homes. "It's great news that the level of negative equity is falling, but what really worries me is the depth of negative equity. Millions of Americans are so far underwater, it's likely they may not re-gain equity for up to a decade or more at these rates," said Zillow Chief Economist Dr. Stan Humphries. "And because negative equity is concentrated so heavily at the lower end, it throws a real wrench in the traditional housing market conveyor belt. Potential first-time buyers have difficulty finding affordable homes for sale because those homes are stuck in negative equity. And owners of those homes can't move up the chain because they're stuck underwater in the entry-level home they bought years ago. The logjam at the bottom is having ripple effects throughout the market, and as home value growth slows, it will be years before it gets cleared up. In the meantime, we'll be left with volatile prices, limited inventory, tepid demand, elevated foreclosures and a whole lot of frustration." Among the 35 largest housing markets, Las Vegas, Chicago and Atlanta had the highest rates of homeowners in negative equity. A smaller share of homeowners were upside down in Miami and Detroit, but homeowners there were more deeply underwater. In both places, over 60 percent of homeowners in negative equity were more than 20 percent underwater. About Zillow Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. In 2015, Dr. Humphries co-wrote and published the New York Times' bestselling "Zillow Talk: The New Rules of Real Estate." Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z), and headquartered in Seattle.
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CoreLogic Reports National Homes Prices Rose by 6.8 Percent
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New Report Finds Waiting to Buy a Home Could Cost Thousands
SAN JOSE, Calif., May 28, 2015 -- With interest rates and home prices expected to climb in the next year, the financial penalties of delaying or forgoing a home purchase in today's market have become very steep, according to the inaugural Opportunity Cost Report released today by realtor.com®, a leading provider of online real estate services operated by News Corp subsidiary Move, Inc. The proprietary report examines a wide range of factors, including the long-term financial impact of owning versus renting a home, the likely monetary gain renters forego in waiting to buy and the financial benefits of homeownership by market. "Current market conditions give buyers the opportunity to build substantial wealth in the long-term, compared with renters and later buyers, in advance of the projected increase in mortgage rates and continuing price appreciation," said Jonathan Smoke, chief economist for realtor.com®. "The problem is inventory is low, which has many would-be home buyers – especially first timers – standing on the sidelines and missing out on potentially material financial gains." Nationally, the estimated wealth an average buyer would accumulate over a 30-year period based on today's dollars totals $217,726. Although some markets are more buyer-friendly than others, national data shows homeowners see significant financial benefits as compared to lifetime renters. In 88 percent of MSAs, buying a home produces a financial benefit of at least $100,000 over 30 years. Ten markets offer an especially considerable upside to owning, with estimated 30-year financial gains above $500,000, and opportunity costs of waiting three years as high as $200,000. These MSAs, in California and other Western states, are relatively expensive markets with strong housing demand and limited supply. The potential long-term wealth in these areas is the greatest nationwide, and likewise, the long-term financial penalty for delaying ownership is substantial, due to price appreciation, escalating rents, and higher mortgage rates on the horizon. (An analysis of the Top 100 MSAs follows.) "This analysis looks solely at the financial reasons to buy a home, based on assumptions about rising mortgage rates and changes in home values," Smoke said. "It's important to remember that a home purchase decision is deeply personal. Potential buyers need to consider factors such as upcoming life events, job security and potential relocation, in addition to financial benefits, because they too can have a significant impact on ownership." About the realtor.com® Opportunity Cost Report Realtor.com® analyzed the 382 largest markets in the U.S. using data on current median existing home prices, rents, local mortgage rates and estimates of property tax and insurance rates, and factored in maintenance costs, costs of selling, and forecasts for mortgage rates, home prices and rents over a 30-year time horizon. About Move, Inc. and realtor.com® Move, Inc., a subsidiary of News Corp, is a leading provider of online real estate services. Move operates the realtor.com® website and mobile experiences, which connect people to the most important and accurate information they need to find their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website of the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smartphones. In addition to the industry's most comprehensive and accurate information, Move's network of websites provides consumers a wealth of innovative tools, including Doorsteps®, Moving.com™, SeniorHousingNet and others. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreet; as well as many free services. Move is based in the heart of Silicon Valley – in San Jose, Calif.
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Lowest Earners in 1/3 of U.S. Housing Markets Can't Afford Even the Least Expensive Homes
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House Payments More Affordable Than Fair Market Rents in 76 Percent of U.S. Housing Markets in County-Level Analysis
IRVINE, CA--(April 09, 2015) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released a Residential Rental Property Analysis for properties purchased in the first quarter of 2015, which found that the monthly house payment on a median-priced home is more affordable than the monthly fair market rent on a three-bedroom property in 76 percent of the U.S. counties included in the analysis. The report also ranked the markets with the best -- and worst -- potential returns on residential rental properties from a real estate investor perspective along with the most affordable -- and least affordable -- markets for renting from a renter perspective. The analysis included 461 counties nationwide with a population of at least 100,000 and sufficient home price, income and rental data. The combined population in the 461 counties analyzed was 217 million. On average across all 461 counties, fair market rents as set by the U.S. Department of Housing and Urban Development represented 28 percent of the estimated median household income, while monthly house payments on a median-priced home -- with a 10 percent down payment and including property taxes, home insurance and mortgage insurance -- represented 24 percent of the estimated median income. "From a pure affordability standpoint, renters who have saved enough to make a 10 percent down payment are better off buying in the majority of markets across the country," said Daren Blomquist, vice president at RealtyTrac. "But factors other than affordability are keeping many renters from becoming buyers, a reality that means real estate investors buying residential properties as rentals still have the opportunity to make strong returns in many markets. "Also, keep in mind that in some markets buying may be more affordable than renting, but that doesn't mean buying is truly affordable by traditional standards," Blomquist added. "In those markets renters are stuck between a rock and hard place when it comes to deciding whether to buy or continue renting."   56 markets where conditions favor buying rather than renting There were 351 counties out of the 461 analyzed (76 percent) where house payments on a median-priced home in the first quarter of 2015 were lower than fair market rents on three-bedroom homes. Among these 351 counties, there were 56 counties where home prices rose at least 7 percent compared to a year ago and wages rose at least 3 percent annually -- additional factors that could make owning a home more attractive than renting. Wages were from the most recent weekly wage data available from the Bureau of Labor Statistics, the third quarter of 2014. Out of the 56 counties where conditions favor buying over renting, the most affordable for buying were Bay County, Michigan in the Bay City metro area (11 percent of median income to make house payments on a median priced-home), Fayette County, Pennsylvania (11 percent) and Beaver County, Pennsylvania (14 percent), both in the Pittsburgh metro area, Tazewell County, Illinois in the Peoria metro area (14 percent), and Butler County, Ohio in the Cincinnati metro area (14 percent). "When considering the financial aspects of renting versus owning within the majority of the Ohio markets, the better financial opportunity is in ownership," said Michael Mahon, executive vice president at HER Realtors, covering the Ohio housing markets of Cincinnati, Dayton and Columbus. "With many markets in Ohio seeing double-digit appreciation year over year, the cost of homeownership and renting will only go up in future years, while purchasing options offer attractive low interest rates for homeowners to stabilize monthly household expenses, while equally building equity within their household investments. "As wage growth continues to stagnate, those consumers choosing to rent will see more and more of their net wages being devoted to increased housing costs in the future," Mahon added. Other counties among the 56 where conditions favor buying were Harris County, Texas in the Houston metro area, Tarrant County, Texas in the Dallas metro area, Fulton County, Georgia in the Atlanta metro area, Fresno County, California, and Prince George's County, Maryland in the Washington, D.C., metro area. Most affordable rental markets Markets where the fair market rent on a three-bedroom property represented the smallest share of median household income were Delaware County, Ohio in the Columbus metro area (14 percent), Williamson County, Tennessee in the Nashville metro area (14 percent), Hamilton County, Indiana in the Indianapolis metro area (15 percent), Fort Bend County, Texas in the Houston metro area (16 percent), and Howard County, Maryland, in the Baltimore metro area (17 percent). Least affordable rental markets Markets where the fair market rent on a three-bedroom property represented the biggest share of median household income were Bronx County, New York (69 percent), Baltimore City, Maryland (49 percent), Philadelphia County, Pennsylvania (48 percent), Kings County/Brooklyn, New York (48 percent), and Miami-Dade County, Florida (45 percent). "As wages continue to lag home price appreciation in Southern California, and a significant percentage of buyers still coming from outside and internationally, the need for rental units will continue to grow," said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market, where the fair market rent on a three-bedroom home in Los Angeles County requires 42 percent of the median household income and where house payments on a median priced home require 61 percent of the median household income. "The inequity between service wages and property costs in our region lends itself to a high rental population of folks that may have been priced out of buying. I recommend that renters who are able to purchase do so with a four- to five-year ownership horizon." Markets with the highest returns on residential rental properties Among all 461 counties analyzed the average potential annual gross rental yield for homes purchased in February 2015 was 9.34 percent. The annual gross rental yield is calculated by annualizing the rental income and dividing that amount into the purchase price of the property. Markets with the highest potential annual gross rental yields for homes purchased in February 2015 were Baltimore City, Maryland (24.82 percent), Clayton County, Georgia in the Atlanta metro area (24.26 percent), Wayne County, Michigan in the Detroit metro area (21.08 percent), Pasco County, Florida in the Tampa-St. Petersburg metro area (19.20 percent), and Trumbull County, Ohio in the Youngstown metro area (18.36 percent). Markets with lowest returns on residential rental properties Markets with the lowest potential annual gross rental yields for homes purchased in February 2015 were New York County/Manhattan, New York (2.34 percent), San Francisco County, California (3.20 percent), Kings County/Brooklyn, New York (3.63 percent), Marin County, California in the San Francisco metro area (3.84 percent), and Williamson County, Tennessee in the Nashville metro area (3.89 percent). 58 emerging rental markets on the rise Among the 461 counties analyzed nationwide, the average potential annual gross rental yield was down 42 basis points for properties purchased in February 2015 compared to properties purchased a year ago. There were still 115 counties where potential annual gross rental yields increased compared to a year ago, and among those there were 58 counties that also saw rising rental rates, rising home prices and rising average weekly wages. Among the 58 counties with the combination of rising rental returns, rising rental rates, rising home prices and rising wages, those with the biggest increase in rental returns were Douglas County, Oregon in the Roseburg metro area (potential rental returns increased 119 basis points from a year ago), Linn County, Iowa in the Cedar Rapids metro area (109 basis point increase), Henderson County, North Carolina in the Asheville metro area (109 basis point increase), Kendall County, Illinois in the Chicago metro area (89 basis point increase), and Sussex County, Delaware in the Seaford metro area (80 basis point increase). Other markets among the 58 counties included Cook County, Illinois in the Chicago metro area (43 basis points increase), King County, Washington in the Seattle metro area (12 basis point increase), the Long Island, New York counties of Suffolk (49 basis point increase) and Nassau (24 basis point increase) and Wake County, North Carolina in the Raleigh metro area (30 basis point increase). "With the economic boom that Seattle is experiencing right now -- especially in the tech sector - this is a great time for rental investors. Our advice to them is to purchase properties that are in proximity to some of our more successful businesses, like Amazon and Microsoft, and the extensive tech hub in downtown Seattle where companies like Facebook, Apple, and Google have all set up offices," said OB Jacobi, president of Windermere Real Estate, covering the Seattle market, where annual gross yields on rentals range from 6 percent to 10 percent. "With record numbers of people expected to relocate to Seattle over the next five years, it stands to reason that rental properties will continue to be a sound choice for investors." "Buying single family homes as rental properties in Southern California is reserved for those that have a very specific investment strategy," said Chris Pollinger, senior vice president of sales with First Team Real Estate, covering the Southern California market, where annual gross yields on rentals range from less than 5 percent in Orange County to nearly 9 percent in the inland San Bernardino County. Methodology For this report, RealtyTrac looked at all U.S. counties with a population of 100,000 or more and with sufficient home price and rental rate data. Rental returns were calculated using annual gross rental yields: the 2015 average fair market rent of three-bedroom homes in each county from the U.S. Department of Housing and Urban Development (HUD), annualized, and divided by the median sales price of residential properties in each county. RealtyTrac also incorporated average weekly wage data and unemployment rates from the Bureau of Labor Statistics and demographic data from the U.S. Census into the report. Estimated home payment amount was made assuming a 10 percent down payment, an interest rate of 3.7 percent on a 30-year fixed loan, and property tax and insurance totaling 1.39 percent of the total median sales price. An additional 1 percent of total loan amount was assumed for private mortgage insurance. About RealtyTrac RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 130 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, default, foreclosure, auction, and Automated Valuation Models (AVMs) along with more than 45 key local and neighborhood dynamics for residential properties nationwide via its subsidiary, Homefacts.com. RealtyTrac's housing data is relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
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Home Buying Pays Off Fast, but Hurdles Remain For Renters
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New Home Source Professional Launches New Home Data for NORMLS Customers
Austin, TX (April 03, 2015)--Builders Digital Experience, Inc. (BDX) announced that customers of Cleveland, OH-based Northern Ohio Regional Multiple Listing Service (NORMLS), now have access to new home construction data. The new home data is compiled solely from real estate agent-friendly builders and is available via a new integration agreement with New Home Source Professional, the largest searchable collection of new homes available anywhere, including plans, builder promotions and community-level data. NORMLS is part of a growing list of MLS organizations across the country that are working with Builders Digital Experience to bring this new home data to MLS customers. As part of the partnerships, MLSs have a turnkey, branded "new home channel" accessible through their MLS interface. MLS customers can search and view builders' new home inventory from within their MLS systems through a customized version of NewHomeSourceProfessional.com. This access to new home information allows agents to serve buyers in an increasingly competitive digital landscape. MLS integrations are already active and available for customers of the following MLSs: Northern Ohio Regional Multiple Listing Service (NORMLS) in Cleveland, OH; Metropolitan Regional Information Systems (MRIS) in the Mid-Atlantic area, including Maryland, Washington, D.C., Northern Virginia and parts of West Virginia, Pennsylvania and Delaware; Midwest Real Estate Data (MRED) in Chicago, IL; California Regional Multiple Listing Service (CRMLS) in Los Angeles and Orange County; MLSListings in the Greater San Francisco Bay Area; Austin Board of REALTORS® (ABOR) in Austin, TX; Greater Las Vegas Association of REALTORS® (GLVAR) in Las Vegas, NV. East Bay Regional Data Inc. (EBRDI) in Concord, CA Contra Costa Association of REALTORS® (CCAR) in Walnut Creek, CA; Bay East Association of REALTORS® in Pleasanton, CA; Arizona Regional MLS (ARMLS) in Phoenix, AZ; Northeast Florida Multiple Listing Service (RealtyWeb) in Jacksonville, FL; Jupiter Tequesta Hobe Sound Association of REALTORS® (JTHS MLS) in Jupiter, FL; San Diego County Regional Multiple Listing Service (Sandicor) in San Diego, CA; Regional MLS (RMLS) in Portland, OR; Tucson Association of REALTORS® MLS (TAR/MLS) in Tucson, AZ; Information and Real Estate Services (IRES), in Loveland, CO; Greater Albuquerque Association of REALTORS® (GAAR) in Albuquerque, NM; and Montgomery Area Association of REALTORS® (MAAR) in Montgomery, AL. "New Home Source Professional features thousands of new home plans, specs, communities and builders," said Tim Costello, Builders Digital Experience CEO. "This information is updated daily directly from builders and available to agents through an easy-to-use online interface." "According to a recent study, 56% of home shoppers may consider buying a new construction home," Costello added. "It's important for agents to have access to this inventory within the MLS. New Home Source Professional puts agents in direct contact with builders to facilitate that process." MLSs interested in adding new home community and plan listings to their member dashboard should contact Bill Barnes at BBarnes(at)theBDX(dot)com or 954-661-5301. About Builders Digital Experience Builders Digital Experience, LLC (BDX) was founded to combine the industry's leading new home resources under one roof and offer builders innovative online marketing options, streamlined customer service and support, and greater value. Capitalizing on over 14 years of building industry experience, BDX operates http://www.NewHomeSourceProfessional.com, the leading new home website for real estate agents, while also providing other services to builders, including advertising and online listings, video production, rich media rendering, mobile search, custom website production and more. For more information, visit http://www.thebdx.com. About NORMLS The Northern Ohio Regional Listing Service (NORMLS) is a service organization that facilitates over 550 member real estate companies, and their 6000+ agents, in cooperatively marketing properties for sale. The Service publishes the compensation those real estate firms offer each other when completing a real estate transaction. NORMLS is owned by four REALTOR® associations and serves seven: Ashtabula Board of REALTORS®, Cambridge Board of REALTORS®, Akron Cleveland Association of REALTORS®, Lake Geauga Area Association of REALTORS®, Lorain County Association of REALTORS®, Medina County Board of REALTORS®, and the Zanesville Board of REALTORS®.
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CoreLogic Reports 1.2 Million US Borrowers Regained Equity in 2014
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Home-Price Growth Slightly Accelerates in Fourth Quarter of 2014
  WASHINGTON (February 11, 2015) – The majority of metropolitan areas experienced steady but slightly stronger price growth in the fourth quarter of 2014, behind a decline in housing supply and an uptick in demand fueled by lower interest rates and a stronger job market, according to the latest quarterly report by the National Association of Realtors®. The median existing single-family home price increased in 86 percent of measured markets, with 150 out of 175 metropolitan statistical areas (MSAs) showing gains based on closings in the fourth quarter compared with the fourth quarter of 2013. Twenty-four areas (14 percent) recorded lower median prices from a year earlier. There were more rising markets in the fourth quarter compared to the third quarter, when price increases were recorded in 73 percent of metro areas. Twenty-four areas in the fourth quarter (14 percent) had double-digit increases – a rise from 16 metro areas in the third quarter of 2014. Forty-two metro areas (26 percent) experienced double-digit increases in the fourth quarter of 2013. Lawrence Yun, NAR chief economist, says improved sales activity compared to a year ago and tightening supply contributed to faster price appreciation in the final quarter of 2014. "Home prices in metro areas throughout the country continue to show solid price growth, up 25 percent over the past three years on average," he said. "This is good news for current homeowners but remains a challenge for buyers who are seeing home prices continue to outpace their wages. Low interest rates helped preserve affordability last quarter, but it'll take stronger income gains and more housing supply to help meet the pent-up demand for buying." The national median existing single-family home price in the fourth quarter was $208,700, up 6.0 percent from the fourth quarter of 2013 ($196,900). For all of 2014, the median price increased 4.8 percent in the third quarter from a year earlier; 4.2 percent in the second quarter from a year earlier; and 8.3 percent in the first quarter from a year earlier. Total existing-home sales, including single family and condo, declined 1.0 percent to a seasonally adjusted annual rate of 5.07 million in the fourth quarter from 5.12 million in the third quarter, but are 2.6 percent higher than the 4.94 million pace during the fourth quarter of 2013. At the end of the fourth quarter, there were 1.85 million existing homes available for sale, slightly below the 2.01 million homes for sale during the fourth quarter of 2013. The average supply during the fourth quarter was 4.9 months – unchanged from a year ago. A supply of 6 to 7 months represents a healthy balance of supply between buyers and sellers. "Despite affordable housing conditions in most of the country, an upward pressure on home prices still persists in some metro areas – particularly in the West – where the current supply of new and existing-homes for sale is failing to keep pace with overall demand and growing populations," says Yun. "Unless homebuilders significantly boost construction, housing supply shortages could develop and lead to further price acceleration this spring." Metro area condominium and cooperative prices – covering changes in 61 metro areas – showed the national median existing-condo price was $203,300 in the fourth quarter, up 3.3 percent from the fourth quarter of 2013 ($196,900). Forty-six metro areas (75 percent) showed increases in their median condo price from a year ago; 14 areas had declines. The five most expensive housing markets in the fourth quarter were the San Jose, Calif., metro area, where the median existing single-family price was $855,000; San Francisco, $742,900; Honolulu, $701,300; Anaheim-Santa Ana, Calif., $688,500; and San Diego, $493,100. The five lowest-cost metro areas in the fourth quarter were Youngstown-Warren-Boardman, Ohio, where the median single-family home price was $78,000; Rockford, Ill., $86,800; Toledo, Ohio, $87,100; Decatur, Ill., $90,400; and Cumberland, Md., $90,500. According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell below 4 percent during the fourth quarter to an overall average rate of 3.97 percent, down from 4.14 percent during the third quarter of 2014. They were 4.30 percent in the fourth quarter of 2013. NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says sparked by an improving economy, Realtors® throughout the country are reporting slightly improved buyer demand compared to a year ago. "Interest rates below 4 percent, rising rents and healthier local job markets are convincing more consumers to consider homeownership," he said. "For those entering the market in the months ahead, working with a Realtor® will make the complex buying process easier to navigate as buyers review their options, secure financing and ultimately close on a home." Lower interest rates and an uptick in the national family median income ($65,782) slightly improved affordability in the fourth quarter compared to the third quarter. To purchase a single-family home at the national median price, a buyer making a 5 percent downpayment would need an income of $45,863, a 10 percent downpayment would require an income of $43,449, and $38,621 would be needed for a 20 percent downpayment. Regional Breakdown Total existing-home sales in the Northeast rose 2.5 percent in the fourth quarter and are 4.1 percent below the fourth quarter of 2013. The median existing single-family home price in the Northeast was $246,300 in the fourth quarter, up 2.2 percent from a year ago. In the Midwest, existing-home sales declined 4.7 percent in the fourth quarter and are 0.6 percent below a year ago. The median existing single-family home price in the Midwest increased 6.2 percent to $162,000 in the fourth quarter from the same quarter a year ago. Existing-home sales in the South climbed 2.7 percent in the fourth quarter and are 5.8 percent above the fourth quarter of 2013. The median existing single-family home price in the South was $183,500 in the fourth quarter, 6.2 percent above a year earlier. In the West, existing-home sales fell 6.0 percent in the fourth quarter and are 0.9 percent below a year ago. The median existing single-family home price in the West jumped 4.8 percent to $299,500 in the fourth quarter from the fourth quarter of 2013. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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87 Percent of U.S. Homes Qualify for Down Payment Help According to RealtyTrac and Down Payment Resource Analysis
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As Millennials Delay First-Time Home Purchases, National Homeownership Rate will Continue to Fall
SEATTLE, August, 1, 2014 -- The national homeownership rate fell in the second quarter, and a majority of experts said they expect it to fall further in coming years as the Millennial generation delays home purchases and the age of typical first-time homebuyers rises, according to the latest Zillow® Home Price Expectations Survey. The panel also said they expect U.S. median home values to end 2014 up 4.6 percent, on average, and to exceed their 2007 peak levels by the end of 2017, roughly a decade after the housing bust and ensuing recession began. The survey of 104 economists, real estate experts and investment and market strategists asked panelists to predict the path of the U.S. Zillow Home Value Index through 2018, and solicited opinions on the age of homeowners, the homeownership rate and the impact of rising mortgage interest rates on home sales volume. The survey was sponsored by leading real estate information marketplace Zillow, Inc. and is conducted quarterly by Pulsenomics LLC. In 2013, the typical first-time homebuyer was 31 years old, according to the National Association of Realtorsi. Panelists were asked for their expectations regarding the median first-time homebuyer age over the next decade as Millennials reach their prime home-buying years. Among those expressing an opinion, 61 percent said they thought the median first-time homebuyer age would rise marginally, to 32 or 33, with another 24 percent saying they expected the median age would rise to 34 or older. "Because of its huge size and great diversity of housing preferences and opinions, the Millennial generation will have enormous influence in coming years, especially as they hold off on getting married and having children, the two biggest reasons for first-time home purchases," said Zillow Chief Economist Dr. Stan Humphries. "A lower homeownership rate because of these demographic shifts will have a ripple effect, keeping rents high and potentially impacting the broader economy if substantially fewer people pay property taxes and buy fewer home goods. But while the age of first-time homebuyers may rise, it is dangerous to assume Millennials don't want to buy at all. Recent Zillow research concluded that millions of current renters do want to buy soon, despite headwinds that may end up delaying their purchase. And when they do, policymakers, planners and developers will need to ensure that housing is accessible, affordable and desirable to this new generation of homeowners." Panelists were asked what they thought the homeownership rate would be in five years. Among those expressing an opinion, 57 percent said they thought the rate would be lower than the first quarter 2014 seasonally adjusted rate of 64.8 percent. After the survey was completed, the U.S. Census Bureau reported that the seasonally adjusted U.S. homeownership rate fell to 64.7 percent in the second quarter, the lowest rate since the second quarter of 1995ii. Impact of Rising Mortgage Rates Panelists were also asked what impact rising mortgage rates would have on home sales volume over the next two years, as higher rates impact mobility and home affordability. Among those with an opinion, 62 percent said they expected rising rates to have a somewhat negative or significantly negative impactiii on the number of sales going forward. On average, panelists said they expected interest rates on a 30-year, fixed-rate mortgage to reach 5.28 percent by July 2016. Panelists predicted the U.S. Zillow Home Value Indexiv would rise 4.6 percent year-over-year by the end of 2014, to $177,895, and expected the pace to slow in each of the next four years. The most optimistic groupv of panelists predicted a 5.6 percent annual increase in home values this year, on average, while the most pessimisticvi predicted an average increase of 3.7 percent. "The dispersion of the experts' home value projections has diminished to the lowest level in the history of this survey, and for the second consecutive quarter, the expected five-year average annual growth rate in U.S. home values is the same as that experienced during the pre-bubble era," said Terry Loebs, founder of Pulsenomics. "Although one would expect to observe trends like this in a calming housing market, it's way too soon to conclude that the market has healed and returned to the old normal." About Zillow Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle. Zillow.com, Zillow, Postlets, Mortech, Diverse Solutions, StreetEasy, Agentfolio and Digs are registered trademarks of Zillow, Inc. HotPads and Retsly are trademarks of Zillow, Inc. About Pulsenomics Pulsenomics LLC is an independent research and consulting firm that specializes in data analytics, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health. Pulsenomics LLC is the author of The Home Price Expectations Survey™, The U.S. Housing Confidence Survey, and The U.S. Housing Confidence Index. Pulsenomics®, The Housing Confidence Index™, and The Housing Confidence Survey™ are trademarks of Pulsenomics LLC.
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Pending Home Sales Slip in June
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NAR Identifies Best Purchase Markets for Aspiring Millennial Homebuyers
  WASHINGTON, DC, July 24, 2014 -- First-time homebuyers have been largely absent from the housing market in the current economic recovery, but some metropolitan areas -- particularly in the Midwest and West -- are well positioned to see increases in home-buying from the Millennial generation in upcoming years, according to new research by the National Association of Realtors®. NAR analyzed current housing conditions, job creation and population trends in metropolitan statistical areas across the U.S. to determine the best markets for aspiring, leading edge Millennial homebuyers. Austin, Texas and Salt Lake City were identified as top standouts for Millennials for having a young adult population with solid job growth rates and still relatively affordable home prices. Seven of the 10 metro areas recognized are in the Midwest and West. Lawrence Yun, NAR chief economist, says the homeownership rate for young adults under the age of 35 peaked in 2005 (43 percent) and fell to 36 percent in the first quarter of 2014. "Limited job prospects, student debt and flat wage growth have combined with tight credit conditions and low inventory to price Millennials out of some of the top cities such as New York and San Francisco," he said. "However, NAR research finds that there are other metro areas Millennials are moving to where job growth is strong and homeownership is more attainable. These markets are well-positioned to soon experience a rise in first-time buyers as the economy improves." NAR analyzed 100 metro areas that have a large Millennial presence, solid local job market conditions and strong migration patterns of young adults moving to that particular area to determine the best purchase prospects for young buyers. Housing affordability and inventory availability were also considered. The best purchase markets for aspiring Millennial homebuyers are (listed alphabetically): Austin, Texas Dallas Denver Des Moines, Iowa Grand Rapids, Michigan Minneapolis New Orleans Ogden, Utah Salt Lake City Seattle Other markets with strong potential for attracting Millennial homebuyers include: Madison, Wisconsin Nashville, Tennessee Omaha, Nebraska Raleigh, North Carolina Washington, D.C. NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, said favorable affordability in these markets will ultimately be met with inevitable life milestones to increase homebuying activity. "Millennials will eventually settle down, trade their roommates for spouses and want to raise a family," he said. "As long as median income continues to support purchasing power in most areas, the demand and opportunity will be there for Millennials to purchase their first home with guidance and insights from a Realtor®." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.
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CRS Data Extends Contract with Tucson Association of REALTORS®
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WalkScore Launches Commute Comparisons Feature
Commuting is expensive and nobody likes to be stuck in traffic. Most of us want to live close to the people and places we love. So today we're launching a feature that lets you compare commute and travel times for any property. Let's say you're looking for an apartment where you can drive to school and your roommate can take public transit downtown. Just add those commutes to your Favorites and you'll see something like this: Or let's say you're looking at homes for sale on any of the 30,000 real estate sites that use Walk Score. You can click on the score to visit Walk Score and start comparing the homes you're considering. To get started comparing commutes, click here. You can compare travel times with and without rush hour traffic, by public transit, walking and biking. How much does your commute matter? Here are some of our favorite commuting facts: Commuting by car is expensive. Be sure to consider the cost of your car, gas and parking when deciding where to live. The average American spends over $9,000 per year on their car. That's the second largest expense for most households — and a lot of coin! U.S. commuters waste over 4 billion hours per year in traffic. Commuting 10 extra minutes per day adds up to a full day over the course of a year! Imagine spending that time with your friends and family, working on your favorite hobby or volunteering in your community instead. There's even evidence that short commutes make you happier. How do you calculate travel times? Good question! Our rush hour drive times give you an accurate picture of travel times during peak commute hours. Rush hour drive times are based on average traffic in your city. The rush hour times we show give you a 90% probability of arriving on time. In other words, there's a 10% chance you'll have a longer commute due to an accident, snow storm, Super Bowl parade, etc. We've also collected transit data from over 300 transit agencies to calculate public transit times and we use road network data from Open Street Map to compute walk and bike times. Read more about our Travel Time API. We look forward to helping you find a better commute! To view the original article, visit the WalkScore blog.
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Homes.com Local Market Index and Rebound Reports Show Continuing Recovery for Seventh Consecutive Month
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Pending Home Sales Edge Up in November
  WASHINGTON (December 30, 2013) – Pending home sales stabilized in November with a slight gain, according to the National Association of Realtors®. Monthly increases in the South and West offset declines in the Northeast and Midwest. The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings. Lawrence Yun, NAR chief economist, said the market is flattening. "We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014," he said. "Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years." Yun said the market still favors buyers in most of the country, but higher mortgage interest rates in combination with strong price gains mean a more modest growth in values is expected in 2014. The PHSI in the Northeast declined 2.7 percent to 82.6 in November, but is 1.9 percent above a year ago. In the Midwest the index fell 3.1 percent to 100.6 in November, but is 0.4 percent higher than November 2012. Pending home sales in the South rose 2.3 percent to an index of 116.1 in November, and are 0.1 percent above a year ago. The index in the West increased 1.8 percent in November to 95.0, but is 8.7 percent below November 2012, in part from inventory constraints. Total existing-home sales this year are expected to reach 5.1 million, a gain of almost 10 percent over 2012, but should stay at that level in 2014, and then rise to 5.3 million in 2015. The national median existing-home price for all of this year will be close to $197,300, up nearly 12 percent from 2012, but is projected to rise at a more moderate pace of 5 to 5.5 percent in 2014, and grow another 4 percent in 2015. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com.
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Foreclosure Auction Sales and Bank-Owned Sales Increase from Year Ago in October even as Short Sales Decline
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Realtor.com® Issues Winter Home Buyer Report
SAN JOSE, Calif., Nov. 20, 2013 -- Today, realtor.com®, the leader in online real estate, operated by Move, Inc., released the results of its Winter Home Buyer Report, which ran on realtor.com® from Nov. 7-16 and explored sentiments of home buyers looking to buy a house during the winter months. Survey results from more than 1,300 respondents reveal that lingering conditions of this past home buying season are setting the tone for winter home buyers including inventory challenges and all-cash offers. While the majority of winter home buyers describe themselves as relocation buyers, downsizers are also a large portion of those looking to buy a house in the next four months. "This summer and spring home buying season was particularly challenging for buyers, especially first-time home buyers trying to compete with all-cash offers and bidding wars because of reduced inventory. In fact, a quarter of the winter home buyers revealed they are in the market now because they were unable to find a home during this last home buying season," said Alison Schwartz, vice president of corporate communications at realtor.com®. "While buyers are still experiencing challenges with inventory and approximately one in five buyers plan to put down all cash, there are advantages to looking for a home in the winter. Motivated sellers, better prices and less competition between buyers are some of the top reasons winter home buyers are interested in purchasing a home during the colder months of the year." Biggest challenges when searching for a home during winter: 45 percent of respondents indicated that there is not enough inventory within price range; 34 percent shared that there is not enough inventory on the market; 29 percent believe that winter weather makes house hunting unpleasant; 7 percent indicated that there are too many buyers in the market. Top reasons consumers are looking to buy a home in winter: 26 percent of respondents believe that sellers are more motivated to sell and willing to negotiate; 24 percent indicated that they think home prices will be better; 24 percent revealed that they were unable to buy a house during spring or summer; 20 percent shared that they think there will be less competition between buyers. The current purchase status of those surveyed includes the following: 28 percent of respondents reported that they are relocation buyers; 19 percent shared that they are existing homeowners downsizing to a smaller or less expensive home; 19 percent indicated that they are first-time home buyers; 15 percent revealed that they are current homeowners moving up to a bigger or more expensive home. Amount of cash winter home buyers are planning to use for their down payment: 13 percent of buyers are planning to put down 3.5 percent cash (United States Federal Housing Administration loan); 23 percent are planning to put down 10 to 20 percent cash; 22 percent are planning to put down 21 to 99 percent cash; 19 percent are planning to put down 100 percent cash. Of those planning to use all cash, the respondents fall into the following categories: 29 percent of respondents are downsizing to a smaller or less expensive home; 26 percent are relocation buyers; 11 percent are moving up to a bigger or more expensive home; 11 percent are buying a vacation home. Please contact Lexie Puckett at [email protected] for a full breakdown of survey results. About realtor.com® Operated by Move, Inc., realtor.com® helps connect people with the content, tools and expertise they need to find their perfect home. As the official website of the National Association of REALTORS®, realtor.com® empowers consumers to make the smartest decisions when it comes to finding a home by leveraging direct connections with more than 800 MLSs to deliver the most accurate and up-to-date listing information in neighborhoods across the country, and by making timely and meaningful connections between consumers and REALTORS®. Whether through desktop, mobile, or tablet versions, realtor.com® is where home happens. About Move, Inc. Move, Inc. (MOVE), the leader in online real estate, operates realtor.com®, the official website of the National Association of REALTORS®; Move.com, a leading destination for new homes and rental listings, moving, home and garden, and home finance; ListHub™, the leading syndicator of real estate listings; Moving.com™; SeniorHousingNet; SocialBios; Doorsteps®, TigerLead®; and Top Producer® Systems. Move is based in San Jose, Calif.
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Realtor.com® October Housing Data Reveals Home Buying Season Isn't Over Yet
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Housing Market Pushing Further Toward Healthy Equilibrium at Opening of Fourth Quarter of 2013
SAN JOSE, Calif., Oct. 16, 2013 -- Realtor.com®, the leader in online real estate operated by Move, Inc. (NASDAQ: MOVE), today released the realtor.com® National Housing Trend Report for September 2013. The proprietary report is aggregated from real-time listing counts through direct relationships with more than 800 multiple listing services (MLSs) around the country, representing 98 percent of all for-sale properties in the U.S. The report highlights a strong continuation of equilibrium-oriented trends identified last month. While key indicators show a relatively consistent pace with August figures, the year-over-year perspective shows a strong performance in median list price and decline in days on market, which signal a dramatic rebalancing compared to the beginning of this year. A return to year-ago inventory levels, though steadying, still implies broad housing shortage conditions. "Our September data on inventory counts, median list prices, and median time on market has shown another month of steady leveling, but the recovery certainly remains uneven in some pockets," said Errol Samuelson, president of realtor.com®. "Some of the more industrial-based markets clearly continue to struggle, yet others are showing significant price gains over this time last year. While we are pleased to see a continued trend toward a healthy market balance, imminent economic factors could pose a significant threat to these improvements." Key Market Indicators for September 2013 National Perspective: The total U.S. for-sale inventory of single-family homes, condos, townhomes and co-ops declined slightly in September to a total of 1,944,018 units, down 1.68 percent from August. However, after six consecutive months of steady growth, inventories are now just 2.04 percent lower than they were one year ago—a dramatic turnaround compared to earlier this year that signals a greater balance between demand and supply. The median age of inventory rose slightly in September from 92 to 93 days, but is down by 10.58 percent on a year-over-year basis, suggesting that properties continue to turn over quickly, despite the end of the traditional home buying season. The median list price fell slightly in September, but remains 6.40 percent higher than it was one year ago. Market Highlights: Of particular note in September's figures are a handful of markets showing very fast-paced sales cycles, some at roughly half of the national median "days on market" figure of 93 days, with Oakland the stand-alone at just 28 days. Many of these markets are seated in the hot "sand state" regions, with a few outliers such as Denver, Detroit, Seattle and Washington, DC. Median Age of Inventory 10 MSAs with the Shortest Median Days on Market This month's figures also paint a picture of three primary sectors of individual market health: Stabilizing Hot Markets. Many markets in California, Arizona and Nevada that were spotlights of the housing crisis have been on the road to recovery. More than 20 percent of the 146 markets covered by realtor.com® reported exceptionally large year-over-year list price gains of 12 percent or more, many with year-over-year inventory declines still in the double digits. Struggling Sector. The recovery has yet to make an impact on markets where prices are the same or lower than they were last year at this time. Also representing just over 20 percent the 146 markets tracked by realtor.com®, many of these are located in the Midwest, South and Northeast -- including Cleveland, Trenton, N.J., Hartford, Conn., Cincinnati and Buffalo, N.Y. While the economy continues to take its toll in many of these markets, most are displaying small but promising signs with both inventories and age of inventories down compared to one year ago. Responsive Heartland. A number of major heartland markets that were spared the full force of the housing crisis, in large part due to local economic strength, had a strong buying season throughout the summer. Chicago, Boise, Idaho, Minneapolis-St. Paul, Minn., Ann Arbor, Mich., Nashville, Tenn. and Denver all have achieved price appreciation of 12 percent or higher over last year. Realtor.com® regularly tracks real estate data and develops monthly reports featuring the number of listings, median age of inventory and median list price across the U.S. and in specific markets, as well as provides year-over-year and month-over-month changes. These reports are the only ones pulled directly from the realtor.com® database, where 90 percent of listings are updated every 15 minutes from more than 800 MLSs. For more information on Move, please visit www.move.com or one of its many online real estate properties including realtor.com®. ABOUT realtor.com® Operated by Move, Inc., realtor.com® helps connect people with the content, tools and expertise they need to find their perfect home. As the official website of the National Association of REALTORS®, realtor.com® empowers consumers to make the smartest decisions when it comes to finding a home by leveraging direct connections with more than 800 MLSs to deliver the most accurate and up-to-date listing information in neighborhoods across the country, and by making timely and meaningful connections between consumers and REALTORS®. Whether through desktop, mobile, or tablet versions, realtor.com® is where home happens. ABOUT MOVE, INC. Move, Inc., the leader in online real estate, operates: realtor.com®, the official website of the National Association of REALTORS®; Move.com, a leading destination for new homes and rental listings, moving, home and garden, and home finance; ListHub™, the leading syndicator of real estate listings; Moving.com™; SeniorHousingNet; SocialBios; Doorsteps, TigerLead®; and TOP PRODUCER® Systems. Move, Inc. is based in San Jose, California.
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Home Prices Pick Up Steam in Most Metro Areas during Second Quarter
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CoreLogic Reports June Home Prices Rise by 11.9 Percent Year Over Year
  August 06, 2013, Irvine, Calif. – CoreLogic®, a leading residential property information, analytics and services provider, today released its June CoreLogic Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased 11.9 percent on a year-over-year basis in June 2013 compared to June 2012. This change represents the 16th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in June 2013 compared to May 2013*. Excluding distressed sales, home prices increased on a year-over-year basis by 11 percent in June 2013 compared to June 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in June 2013 compared to May 2013. Distressed sales include short sales and real estate owned (REO) transactions. The CoreLogic Pending HPI indicates that July 2013 home prices, including distressed sales, are expected to rise by 12.5 percent on a year-over-year basis from July 2012 and rise by 1.8 percent on a month-over-month basis from June 2013. Excluding distressed sales, July 2013 home prices are poised to rise 11.4 percent year over year from July 2012 and by 1.3 percent month over month from June 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month. "In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent," said Dr. Mark Fleming, chief economist for CoreLogic. "This trend in home price gains is moving at the fastest pace since 1977." "The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July," said Anand Nallathambi, president and CEO of CoreLogic. "Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels." Highlights as of June 2013: Including distressed sales, the five states with the highest home price appreciation were: Nevada (+26.5 percent), California (+21.4 percent), Wyoming (+16.7 percent), Arizona (+16.2 percent) and Georgia (+14.3 percent). Including distressed sales, this month only two states posted home price depreciation: Mississippi (-2.1 percent) and Delaware (-1.1 percent). Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.6 percent), California (+18.7 percent), Arizona (+14.1 percent), Utah (+13.8 percent) and Florida (+12.7 percent). Excluding distressed sales, no states posted home price depreciation in June. Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to June 2013) was -19 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -14 percent. The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-44.3 percent), Florida (-38.6 percent), Arizona (-33.9 percent), Rhode Island (-31.7 percent), and Michigan (-31.1 percent). Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 99 were showing year-over-year increases in June, up from 98 in May 2013. *May data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results. Full-month June 2013 national data can be found at the Home Price Index Report page. About CoreLogic CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company's combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
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Better to Buy Bank Owned or Short Sale?
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U.S. Foreclosure Starts Fall to Six-Year Low in January
IRVINE, Calif. — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties and real estate data, today released its U.S. Foreclosure Market Report™ for January 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 150,864 U.S. properties in January, a decrease of 7 percent from the previous month and down 28 percent from January 2012. The report also shows one in every 869 U.S. housing units with a foreclosure filing during the month "The U.S. foreclosure landscape in January was profoundly altered by the effects of new legislation that took effect in California on the first of the year," said Daren Blomquist, vice president at RealtyTrac. "Dubbed the Homeowners Bill of Rights, this legislation extends many of the principles in the national mortgage settlement — including a prohibition on so-called dual tracking and requiring a single point of contact for borrowers facing foreclosure — to all mortgage servicers operating in California. In addition the new law imposes fines of up to $7,500 per loan for filing of multiple unverified foreclosure documents. As a result, the downward foreclosure trend in California accelerated into hyper speed in January, decisively shifting the balance of power when it comes to the nation's foreclosure activity. "For the first time since January 2007 California did not have the most properties with foreclosure filings of any state. Instead that dubious distinction went to Florida, where January foreclosure activity increased on an annual basis for the 11th time in the last 13 months." High-level findings from the report: U.S. foreclosure starts were down 11 percent from the previous month and down 28 percent from a year ago to the lowest level since June 2006 — a 79-month low. U.S. bank repossessions (REO) decreased 5 percent from the previous month and were down 24 percent from January 2012 to the lowest level since February 2008. The national decrease in foreclosure starts was caused in large part by a sharp drop in California notices of default (NOD) in January, down 62 percent from December and down 75 percent from January 2012 to the lowest level since October 2005. Scheduled foreclosure auctions increased from the previous month in 26 states and the District of Columbia, hitting 12-month or more highs in several key judicial foreclosure states, including Florida, Illinois, Pennsylvania, and New Jersey, although foreclosure starts were down on a year-over-year basis in Florida, Illinois and Pennsylvania. Some of the biggest year-over-year increases in foreclosure starts came in non-judicial foreclosure states where legislation or court rulings stalled foreclosure actions last year: Arkansas (539 percent increase), Washington (179 percent increase), and Nevada (87 percent increase). Florida posted the nation's highest state foreclosure rate for the fifth month in a row in January, and also had the highest number of properties with foreclosure filings for the month, marking the first month since January 2007 that California has not had the highest number of properties with foreclosure filings. Florida, Nevada, Illinois post highest state foreclosure rates The Florida foreclosure rate ranked highest among the states for the fifth month in a row. One in every 300 Florida housing units had a foreclosure filing in January — more than twice the national average. A total of 29,800 Florida properties had a foreclosure filing during the month, up 12 percent from the previous month and up 20 percent from January 2012. With one in every 344 housing units with a foreclosure filing in January, Nevada posted the nation's second highest foreclosure rate for the fourth consecutive month. Overall Nevada foreclosure activity decreased 43 percent from a year ago, but foreclosure starts (NODs) increased 19 percent from the previous month and were up 87 percent from January 2012 to a 16-month high. A 32 percent month-over-month jump in scheduled foreclosure auctions helped the Illinois foreclosure rate rise to third highest among the states in January. One in every 375 Illinois housing units had a foreclosure filing during the month. Other states with foreclosure rates among the nation's 10 highest were Arizona (one in 501 housing units with a foreclosure filing), Georgia (one in 513 housing units), Ohio (one in 612 housing units), Washington (one in 674 housing units), California (one in 753 housing units), Indiana (one in 784 housing units), and Michigan (one in every 837 housing units). Florida cities account for six of top 10 metro foreclosure rates With one in every 223 housing units with a foreclosure filing in January, the Ocala, Fla., metro area posted the nation's highest foreclosure rate in January among metropolitan statistical areas with a population of 200,000 or more. Five other Florida metro areas documented foreclosure rates in the top 10: Miami at No. 2 (one in 228 housing units with a foreclosure filing); Orlando at No. 3 (one in 241 housing units); Jacksonville at No. 8 (one in 301 housing units); Tampa at No. 9 (one in 307 housing units); and Lakeland at No. 10 (one in 332 housing units). Other cities with foreclosure rates in the top 10 were Rockford, Ill., at No. 4 (one in every 265 housing units with a foreclosure filing); Stockton, Calif., at No. 5 (one in every 277 housing units); Las Vegas at No. 6 (one in 283 housing units); and Chicago at No. 7 (one in 293 housing units). About RealtyTrac Inc. RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate. To view the original post, visit RealtyTrac.
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Pending Home Sales Rose in November
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Economists Expect 2012 Housing Momentum To Carry Into 2013
SEATTLE, Dec. 26, 2012 -- A nationwide panel of more than 100 professional forecasters expects home prices to rise 3.1 percent in 2013 after finishing 2012 up more than 4.6 percent, reflecting growing optimism in the housing market, according to the December 2012 Zillow® Home Price Expectations Survey. The survey of 105 economists, real estate experts and investment and market strategists was sponsored by leading real estate information marketplace Zillow, Inc. and conducted by Pulsenomics LLC. It is based on the projected path of the S&P/Case-Shiller® U.S. National Home Price Index during the coming five years. Survey respondents said they expect home prices to increase in full-year 2012 by 4.6 percent, up from their more modest forecast of 2.3 percent in the September 2012 survey. Respondents also indicated they expect home prices to rise 3.1 percent in 2013, up from an expectation of 2.4 percent in September, and by more than 3 percent annually through 2017. "An organic recovery in the housing market really took hold in the latter half of 2012, and this improvement is echoed in some of the most optimistic price projections we've seen in years from this group," said Zillow Chief Economist Dr. Stan Humphries. "Record levels of affordability and an improving overall economic picture have really helped buoy the market and have us well positioned for continued growth, albeit slightly slower, in 2013 and beyond." The most optimistic quartile of panelists predicts a 6.3 percent increase in 2012, on average, while the most pessimistic predicts an average increase of 3 percent. For 2013, price change projections range from 4.9 percent among the most optimistic quartile to 0.8 percent among the most pessimistic, on average. Mortgage Interest Deduction Would Negatively Impact High-End Home Prices Changes to the mortgage interest deduction (MID) may be a key element of a fiscal cliff "grand bargain," so the panel was asked to gauge how certain proposed MID changes would impact home prices in both the near and long term. The survey examined three scenarios: Reducing the maximum MID-eligible mortgage amount to $500,000 and eliminating the allowance for second homes; capping all itemized deductions, including the MID, at $25,000 per year; and eliminating the MID over a multi-year period. There was only one instance in which a majority of respondents indicated prices would not be negatively affected - 55 percent of respondents said the first scenario outlined above would have little to no near-term impact on overall home prices. Eliminating the MID entirely over a period of several years was expected to have the biggest negative impact on high-end home prices over the long-term, with 70 percent of respondents saying they expected such prices to fall moderately or significantly under such a scenario. "If adopted, any measure to limit or repeal the MID will result in distinct price impacts over time and by market segment, and our survey data are consistent with this view," said Pulsenomics Founder Terry Loebs. "For example, in the event that the maximum MID-eligible mortgage amount is reduced from $1 million to $500,000 and the deduction allowance for second homes is eliminated - an ingredient of the Simpson-Bowles proposal - the majority of respondents expect high-end home prices to fall while U.S. home prices overall experience little or no price impact." Additional details regarding this portion of the survey are available at www.pulsenomics.com. This is the 15th edition of the Home Price Expectations Survey. It was conducted from Nov. 30, 2012 through Dec. 12, 2012 by Pulsenomics LLC on behalf of Zillow, Inc. For full survey results and graphics, please visit Zillow Real Estate Research at www.zillow.com/blog/research, or www.pulsenomics.com. About Zillow Zillow (NASDAQ: Z) is the leading real estate information marketplace, providing vital information about homes, real estate listings and mortgages through its website and mobile applications, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals best suited to meet their needs. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 350 markets at Zillow Real Estate Research. Zillow, Inc. operates Zillow.com®, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Mobile, Postlets®, Diverse Solutions®, Buyfolio(TM), Mortech(TM) and HotPads(TM). The company is headquartered in Seattle. About Pulsenomics Pulsenomics LLC is an independent research and consulting firm that specializes in data analytics, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health.
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Existing-Home Sales Continue to Improve
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Foreclosure Starts at 71-Month Low, Bank Repossessions Increase
IRVINE, Calif. – Dec. 13, 2012 — RealtyTrac®, the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for November 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,817 U.S. properties in November, a decrease of 3 percent from October and down 19 percent from November 2011 — marking the 26th consecutive month with an annual decrease in foreclosure activity. The report also shows one in every 728 U.S. housing units with a foreclosure filing during the month. "The drop in overall foreclosure activity in November was caused largely by a 71-month low in foreclosure starts for the month, more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago," said Daren Blomquist, vice president at RealtyTrac. "But foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases. We're likely not completely out of the woods when it comes to foreclosure starts, either, as lenders are still adjusting to new foreclosure ground rules set forth in the National Mortgage Settlement along with various state laws and court rulings." High-level findings from the report: U.S. foreclosure starts were down 13 percent from the previous month and down 28 percent from a year ago to the lowest level since December 2006 — a 71-month low. U.S. bank repossessions (REO) increased 11 percent from the previous month and were up 5 percent from November 2011, a nine-month high and the first year-over-year increase in REOs since October 2010. Despite the national decrease in foreclosure activity — driven largely by big year-over-year drops in California, Georgia, Michigan, Texas and Arizona — foreclosure activity increased from a year ago in 23 states and the District of Columbia. Nine states posted 12-month highs in foreclosure activity in November, including Florida, New Jersey, New York, Ohio and South Carolina. Florida posted the nation's highest state foreclosure rate for the third month in a row, with one in every 304 housing units with a foreclosure filing in November, followed by Nevada, Illinois, California and South Carolina. Seven of the top 10 highest metro foreclosure rates nationwide were in Florida, led by Palm Bay-Melbourne-Titusville. The other three metros in the top 10 were in California. Among the five lenders involved in the National Mortgage Settlement — Bank of America, Wells Fargo, JPMorgan Chase, Citi and Ally/GMAC — non-judicial pre-foreclosure activity (NOD, NTS) decreased 41 percent in November compared to a year ago, led by Bank of America with a 63 percent decrease and Citi with a 40 percent decrease. Meanwhile judicial pre-foreclosure activity (LIS, NFS) for the five lenders combined increased 26 percent from a year ago, led by Chase with a 114 percent increase and Wells Fargo with a 37 percent increase. Foreclosure starts drop to 71-month low in November Foreclosure starts — default notices or scheduled foreclosure auctions, depending on the state — were filed for the first time on 77,494 U.S. properties in November, down 13 percent from the previous month and down 28 percent from November 2011. November's foreclosure starts were at the lowest level since December 2006. Foreclosure starts decreased from a year ago in 28 states, including Oregon (84 percent), Pennsylvania (67 percent), California (63 percent), Arizona (59 percent), and Georgia (51 percent). Foreclosure starts increased from a year ago in 18 states, including New Jersey (538 percent), Arkansas (455 percent), New York (209 percent), Washington (97 percent), and Connecticut (95 percent). Bank repossessions increase annually for the first time in 25 months Lenders completed the foreclosure process on 59,134 U.S. properties in November, an 11 percent increase from the previous month and a 5 percent increase from November 2011 — the first year-over-year increase in bank repossessions since October 2010, when the practice of robo-signing foreclosure documents came to light and caused a sharp slowdown in foreclosure activity in the following months. REO activity increased annually in 29 states and the District of Columbia. Some of the biggest increases were in Indiana (96 percent), Arkansas (88 percent), Missouri (87 percent), New Jersey (84 percent), and Connecticut (60 percent). REO activity decreased annually in 21 states, including Nevada (64 percent), Oregon (58 percent), Massachusetts (49 percent), Utah (47 percent), and Tennessee (22 percent). Florida, Nevada, Illinois post highest state foreclosure rates The Florida foreclosure rate ranked highest among the states for the third month in a row. One in every 304 Florida housing units had a foreclosure filing in November — more than twice the national average. A total of 29,612 Florida properties had a foreclosure filing in November, up 3 percent from the previous month and up 20 percent from November 2011. Despite a 54 percent year-over-year decrease in foreclosure activity, Nevada posted the nation's second highest state foreclosure rate for the second month in a row in November. One in every 390 Nevada housing units had a foreclosure filing during the month. One in every 392 Illinois housing units had a foreclosure filing in November, the nation's third highest state foreclosure rate. A total of 13,520 Illinois properties had a foreclosure filing during the month, down 9 percent from the previous month to a seven-month low, but still up 9 percent from November 2011 — the 11th straight month where Illinois foreclosure activity has increased on a year-over-year basis. Other states with foreclosure rates among the nation's 10 highest were California (one in 430 housing units with a foreclosure filing), South Carolina (one in 455 housing units), Ohio (one in 458 housing units), Arizona (one in 468 housing units), Georgia (one in 494 housing units), Michigan (one in 621 housing units), and Indiana (one in every 684 housing units). Florida cities account for seven of top 10 metro foreclosure rates Florida cities accounted for seven of the top 10 foreclosure rates among metropolitan statistical areas with a population of 200,000 or more. The Florida metro of Palm Bay-Melbourne-Titusville led the way, with one in every 158 housing units with a foreclosure filing in November — more than four times the national average. Other Florida cities with top 10 metro foreclosure rates were Ocala at No. 2 (one in 210 housing units with a foreclosure filing); Jacksonville at No. 4 (one in 253 housing units); Miami-Fort Lauderdale-Pompano Beach at No. 5 (one in 260 housing units); Sarasota-Bradenton-Venice at No. 8 (one in 277 housing units); Port St. Lucie at No. 9 (one in 278 housing units); and Gainesville at No. 10 (one in 283 housing units). The remaining three cities with top 10 metro foreclosure rates were in California: Riverside-San Bernardino-Ontario at No. 3 (one in 248 housing units with a foreclosure filing); Stockton at No. 6 (one in every 265 housing units); and Modesto at No. 7 (one in every 270 housing units). The three California metro areas in the top 10 all posted annual decreases in foreclosure activity while the seven Florida metro areas in the top 10 all posted annual increases in foreclosure activity. Florida and California metro areas accounted for 16 of the top 20 highest metro foreclosure rates. Other cities with foreclosure rates in the top 20 were Rockford, Ill., at No. 11 (one in 290 housing units with a foreclosure filing); Chicago at No. 13 (one in 306 housing units); Las Vegas at No. 16 (one in 336 housing units); and Dayton, Ohio, at No. 18 (one in 338 housing units). Report methodology The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee's Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located. About RealtyTrac Inc. RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate. To view the original article, visit the RealtyTrac website.
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CoreLogic® Home Price Index Rises 6.3%: Eighth Consecutive Monthly Year-Over-Year Increase
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RPR is now available to all 1 Million REALTORS®
  We are pleased to announce that beginning today, November 1, Realtors Property Resource® (RPR®) becomes available to all REALTORS® across the country. Creating your account is simple. Make sure you have your NRDS ID handy, and then visit: www.narrpr.com. Once there, click the “Create New Account” link. You’ll enter your NRDS ID and your last name. Once verified, you’ll complete each step of the sign up wizard. Once complete, you’ll have access to the system, and access to valuable information on over 147 million parcels of property in the United States. Here is a quick video review of what you’ll find in RPR:
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New Survey Shows Local Real Estate Markets Heat Up With Investors
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Idaho Data Providers Market Report Shows Latest Trends in Idaho
Guest contributor Charlie Nate released the following report: Idaho Data Providers Market Report – March 2011 Don’t let the early drop in foreclosure filings in 2011 fool you!  Last month the foreclosure arena continued with more paperwork issues affecting the filing of the notice of default which is the first step in foreclosing on a home.   Many major banks have halted their filings until their processes are reviewed.  This had a major impact locally on treasure valley filings as February had the lowest number of new foreclosure filings in over two years! “As February was very slow in the beginning defaults started picking up in the last week of the month and I expect filings in March to increase significantly over February and continue an upward trend through the coming months,” said Charlie Nate president of IdahoDataProviders.com. Ada & Canyon County Notice of Default Statistics Ada County Filings down 17% from January with 271 Notices of Default filed in February Ada county new default filings have started off very slow in 2011.  January had 328 filings which was lower than any monthly total in 2010.  Filings dropped another 17% in February with 271 filings.   As document procedures are cleaned up and banks start to release backlogs look for filings to rapidly increase in March and the coming months. Canyon County Foreclosures down 26% with 178 Notices of Default filed in February! February filings were down significantly in Canyon County with only 178 Notices.  To find a lower monthly total of Notice of Default filings for Canyon County one would have to go all the way back to June of 2009 when 165 notices were filed.   No doubt that paperwork procedure reviews impacted Canyon County filings in February as well.  However look for Canyon County to follow the same trend as Ada County in the coming months with default filings increasing greatly. Short Sales down 1.0% from January with 2,128 Short Sales Listed in February With the recent major downturn in home values almost all new foreclosures are short sale opportunities.  The listed number of short sales has followed the trend line of new filings of notices of default respectively.  As foreclosure starts increase in the coming months look for short sale listings to also increase as homeowners take this route to get out from under their underwater mortgage. REO Listings Up 3.0% over January. Banks continue to take back properties at foreclosure auction as bank’s opening bids do not come in low enough for investors to make a profit.   REO listings are on a two month increase with 1,899 REO’s listed in January and February up another 3% with 1,956 REO listings.  Slowly but surely these properties are being funneled through the process which looks to be here for years to come. Total Distressed Listings Increase 1% with 4,084 Total Distressed Listings. REO listings made up for the slight decline in Short Sale listings increasing the total number of distressed properties listed in the IMLS.  With paperwork issues being resolved on both ends of the foreclosure process and plenty more foreclosures on the way look for an increase in both these categories in the coming months.  
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