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US's largest real estate companies increase market share with 6.83% over past two years
Compass, eXp World Holdings and Hanna Holdings saw biggest sales volume production increases in 2019 SAN JUAN CAPISTRANO, CALIFORNIA -- April 8, 2020. T3 Sixty, the residential real estate brokerage industry's leading management consulting and research firm, has released its 2020 ranking of the U.S.'s largest enterprise real estate companies, which include holding companies and franchisors, by 2019 sales volume, transaction sides and agent counts. The report, the fourth section of T3 Sixty's comprehensive annual Real Estate Almanac, reveals that the nation's 20 largest real estate holding companies, which represent both the company-owned brokerage and franchise divisions of a real estate company, handled 52.79 percent of existing home sales volume in 2019, up from 51.75 percent in 2018 and 49.42 percent in 2017. Transaction side market share for the 20 largest companies jumped similarly over those periods to 46.88 percent in 2019. Total market was based on total home sales counts and average home sale price as reported by NAR. With a 2019 sales volume of $504.21 billion, Realogy Holdings Corp. again ranks as the nation's largest residential real estate holding company despite seeing a 1.44 percent annual sales volume drop over the last year. Keller Williams Realty had the best performance of the five largest companies but remains a distant second behind Realogy. The following holding companies round out the top five by 2019 sales volume: Keller Williams Realty, $336.59 billion (up 4.51 percent from 2018) RE/MAX, $269.93 billion (up 2.78 percent from 2018) HomeServices of America, $206.08 billion (down 0.91 percent from 2018) Compass, $91.27 billion (up 100.40 percent from 2018, thanks to big acquisitions) The biggest year-over-year growth among holding companies came from Compass (up 100.40% due to large acquisitions folded in), eXp World Holdings (up 82.63% due largely to organic growth) and Hanna Holdings (up 35.79% due to the Allen Tate merger that officially only closed in 2019). Among the nation's 20 largest franchise brands by 2019, Keller Williams Realty, with a sales volume of $336.59 billion stands out as the nation's largest franchise brand for the second consecutive year. Under the franchisor section Realogy is broken up into the separate franchises, Coldwell Banker, Sotheby's, Century 21, ERA Real Estate, Better Homes and Gardens and Corcoran. The following franchise brands filled out the top five by 2019 sales volume: RE/MAX, $269.93 billion (up 2.78 percent from 2018) Coldwell Banker Real Estate, $240.12 billion (down 2.47 percent from 2018) Berkshire Hathaway HomeServices, $115.43 billion (up 2.69 percent from 2018) Sotheby's International Realty, $102.29 billion (up 2.24 percent from 2018) Franchise numbers include production from all franchisees, affiliates as well as company-owned stores operating under the same brand. For example franchising newcomer Corcoran Group who only started franchising in 2019 already ranks No. 15 because it had existing company-owned stores operating under the franchise brand. Realty One Group's strong 22.25 percent sales volume growth was however largely as a result of actual significant new franchise sales. Only two mega franchisors reached the coveted 1 million annual transaction count: Keller Williams Realty with 1,071,208 and RE/MAX with 1,004,318. Five other franchisors reached the impressive 100,000 transaction milestone in 2019. "The Real Estate Almanac gives the industry unprecedented insight into who is who, which companies are achieving business success and how new business models are exploding," said T3 Sixty CEO Stefan Swanepoel. "Referencing any other rankings that use less comprehensive and all-inclusive data creates a false perception of reality," he said. "Agent count is the third barometer after sales volume and transaction count and unmistakably underscores the size differences," said Michele Conn, T3 Sixty senior vice president and lead researcher. The largest real estate holding company by agent count, Realogy, ended 2019 just short of 190,000 real estate agents. In comparison 10,000+ agents will place a company at number 10 and approximately 3,300+ will bring you in at number 20. Most companies support agents who do between four and eight transaction sides per year. Among the large companies only a handful are able to empower their agents to average double-digit sides, per agent, each year. Leaders among the nation's 20 largest holding companies are: Redfin – 34.3 transaction sides per agent RE/MAX – 15.9 transaction sides per agent Windermere – 12.1 transaction sides per agent Hanna Holdings – 11.7 transaction sides per agent John L Scott – 11.6 transaction sides per agent Please visit the new Enterprise section on the 2020 Real Estate Almanac website where users can sort enterprise company data by sales volume, transaction sides and agent count. About T3 Sixty Exclusively serving the residential real estate brokerage industry, T3 Sixty provides management consulting and counseling to real estate C-level executives, organized real estate leaders, broker-owners and leaders of high-performance teams to help them grow their businesses. T3 Sixty also offers in-depth research, information and best practices with its hallmark Swanepoel Trends Report, an annual analysis of the biggest trends impacting the industry, and the Real Estate Almanac, a comprehensive examination of the U.S.'s largest brokerages, franchises, networks, associations, MLSs and technology providers. More at t360.com. About the Real Estate Almanac The Real Estate Almanac is a comprehensive compendium of information of the residential real estate brokerage industry's most powerful and influential people, largest companies and organizations and its most important technologies. The publication, which debuts in June 2020, includes five components: the SP200, a ranking of the nation's most powerful leaders (released each January); a ranking of the nation's largest MLSs and Realtor associations (released each February); the Tech 500, the nation's leading technology vendors (released each March); a ranking of the nation's largest franchisors, holding companies and enterprises (released each April); and the Mega 1000, a ranking of the nation's 1,000 largest brokerages (released each May). Together, these comprise the Real Estate Almanac. More information realestatealmanac.com.
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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
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Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency
Millennial Homebuyer Survey Shows Struggle for Affordability SEATTLE, June 28, 2018 -- The top concern among first-time millennial homebuyers is having enough money for a down payment, according to Redfin, the next-generation real estate brokerage. In March, Redfin commissioned a survey of 2,000 U.S. residents who planned to buy or sell a primary residence in the next 12 months. Redfin's latest analysis focuses on the more than 500 respondents between the agents of 24 and 38 who said they planned to buy their first home in the coming year. Fifty percent cited having enough money for a down payment as their top concern about buying a home, followed by affording a home in their preferred location (45%) and rising home prices (41%). Aside from the 69 percent who saved directly from paychecks, millennials used several tactics and sources to accumulate the money needed for a down payment on their first home. Thirty-six percent used earnings from a second job, 13 percent pulled money out of retirement funds early and 10 percent sold cryptocurrency. Some were lucky enough to have received a cash gift from their family (24%) or an inheritance (12%). When broken down by household income levels, there were some notable differences in how millennials achieved a down payment. Millennials in households earning more than $100,000 per year were less likely than those earning less to have saved directly from paychecks, with 60 percent of high-earners having done so, compared with 75 percent of those who earn less than $100,000. Millennial households earning more than $100,000 were more than three times more likely than their less-well-off peers to have sold cryptocurrency investments and twice as likely to have sold stock investments. They were also more likely to have received an inheritance or cash gift from family or to have dipped into their retirement savings. "For millennials who have launched their careers while working to pay off student loans in the last decade, having enough to set aside toward a down payment would have been a significant accomplishment," said Sheharyar Bokhari, senior economist at Redfin. "These results reveal some of the inequalities that have been exacerbated in the years following the recession, with the well-off having more flexibility and thereby ability to become homeowners and build more wealth, through advantages like financial support from family and the opportunity to invest in the stock market." To afford a mortgage, 65 percent of millennials who intend to buy their first home this year plan to take some action, aside from just paying from their regular paychecks: 32% plan to pursue additional employment 19% intend to rent out a room to someone they know 15% say they will drive for a ride-sharing service 14% plan to split ownership of the home with friends or roommates Again, there were some surprises in the responses when broken down by income. Lower-income millennials were more likely than those earning more than $100,000 per year to say they planned to pursue additional employment to cover their mortgage. Those with higher incomes were more than three times as likely to get a roommate they don't know. High-earners were also more likely to say they will split ownership with friends or drive for a ride-sharing service. To read the full report, complete with charts showing more data breakdowns, 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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HOME Survey: Housing and Economic Outlook Remains Steady in Second Quarter of 2018
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Amazon HQ2 Finalists Ranked by Housing Market Health
Raleigh, North Carolina Ranks No. 1 With Affordable Homes, Above-Average School Scores; Boston Ranks Last with Poor Home Affordability, Below-Average School Scores IRVINE, Calif. – May 31, 2018 — ATTOM Data Solutions, curator of the nation's premier multi-sourced property database, ranked the 19 U.S. finalists for Amazon's second headquarters, known as HQ2, based on seven factors impacting housing market health and quality of life for prospective homebuyers and homeowners. The seven factors analyzed in the rankings were median home prices, five-year home price appreciation, affordability, average school test scores, crime rate, property tax rate, and environmental hazard risk. Each of the 19 geographies were ranked for each of these seven categories, with a total score combining all seven rankings determining the final overall ranking. Raleigh, North Carolina ranked No. 1 on the list thanks to relatively affordable homes, above-average school scores and below-average crime rates and property taxes. Meanwhile poor home affordability and below-average school scores dropped the ranking for Boston, Massachusetts to No. 19 on the list — despite a below-average crime rate and property tax rate. "It's striking that 16 out of the 19 markets have median home prices that are lower than the city of Seattle, which our data shows was $585,000 at the end of Q4 2017," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "The only exceptions are Boston, Los Angeles and New York, indicating that Amazon is interested in markets that have relatively affordable housing for employees. At the end of the day two of the most important factors for the decision will be finding a market with an ample supply of workers with the skills Amazon is looking for along with an ample supply of relatively affordable housing for those workers to live in. A market like Raleigh certainly has the affordable housing and it also has an ample supply of skilled workers thanks to the several top-notch universities in the vicinity." About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. 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. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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Looking Elsewhere: External Searches in California's Hottest Markets More than Double the U.S. Average
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Home of the Brave: A Look at Active Military and Veteran Homeownership
WASHINGTON (May 25, 2018) – Differences in household composition and financing options incentivize homebuying demand for veteran and active military, according to the 2018 Veterans & Active Military Home Buyers Profile, which evaluated the differences of recent active-service and veteran home buyers and sellers to those who have never served. The results revealed quite a few contrasts between active-service military buyers and buyers who have never served. At a median age of 34 years old, the typical active-service buyer was a lot younger than non-military buyers (42 years old) and was more likely to be married and have multiple children living in their household. Active-service members typically bought a larger home that cost more than those purchased by both non-military buyers and veterans. Despite lower median incomes ($84,000), more stable job security and no down-payment financing options give aspiring military homeowners an advantage over their civilian peers. Fifty-six percent of active duty and 41 percent of veterans put no money down when buying a home, compared to 7 percent of non-military. Additional data from the report: Reason to move in future: 82 percent of active duty will move for their job, 33 percent to flip their home and 11 percent for a better neighborhood Household composition: 77 percent of active duty and 78 percent of veterans are married, compared to 63 percent of non-military 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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Redfin Migration Report: Denver Joins Seattle and San Francisco as a Tech Hub with More People Looking to Move Out than Move In
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Nevada Leads Nation with Highest Share of Homeowners Likely to Move in Q2 2018
Delaware, Florida, Colorado, Virginia Round Out Top Five 'Pre-Mover' States; Top Investment Property Pre-Mover Markets Led by Memphis, Santa Rosa, Indianapolis IRVINE, Calif. – May 17, 2018 — ATTOM Data Solutions, curator of the nation's premier multi-sourced property database, today released its Q1 2018 Pre-Mover Housing Index, which shows that the highest pre-mover index in the first quarter of 2018 — predictive of a high percentage of homeowners moving in the second quarter — was in Nevada (200), followed by Delaware (163), Florida (159), Colorado (154) and Virginia (149). Using data collected from purchase loan applications on residential real estate transactions, the ATTOM Data Solutions Pre-Mover Housing Index is based on the ratio of homes with a "pre-mover" flag during a quarter to total single family homes and condos in a given geography, indexed off the national average. An index above 100 is above the national average and indicates an above-average ratio of homes that will likely be sold in the next 90 days in a given market (see full methodology below). Metros with highest pre-mover index led by Colorado Springs Among 118 metropolitan statistical areas analyzed for the report, those with the highest pre-mover index were Colorado Springs, Colorado (280); Manchester-Nashua, New Hampshire (213); El Paso, Texas (213); Washington, D.C. (208); and Orlando, Florida (201). Rounding out the top 10 metro areas with the highest pre-mover indices were Tampa-St. Petersburg, Florida (200); Las Vegas, Nevada (199); Charleston, South Carolina (198); Nashville, Tennessee (185); and Jacksonville, Florida (184). "The pre-mover index provides insight into which markets are poised to see a high percentage of homeowners moving this spring and which markets are likely to see a high percentage of homeowners staying put," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Markets with a high pre-mover index tend to be in areas where homes are still somewhat reasonably priced and have a growing job market, allowing for greater upward mobility. Markets with a low pre-mover index tend to be in areas with a struggling job market or with home prices that are out of reach for the average wage earner." Metros with lowest pre-mover index led by Cleveland Among the 118 metropolitan statistical areas analyzed for the report, those with the lowest pre-mover index were Cleveland, Ohio (46); Rochester, New York (48); Boston, Massachusetts (49); Pittsburgh, Pennsylvania (51); and Providence, Rhode Island (53). Rounding out the 10 metro areas with the lowest pre-mover index were Detroit, Michigan (54); San Jose, California (60); Naples, Florida (61); Tulsa, Oklahoma (62); and Grand Rapids, Michigan (63). Counties with highest and lowest pre-mover indexes Among 314 counties analyzed for the report, those with the highest pre-mover index were Henry County, Georgia in the Atlanta metro area (313); El Paso County, Colorado, in the Colorado Springs metro area (304); Jacksonville County, North Carolina (299); Spotsylvania County, Virginia in the Washington, D.C. metro area (296); and Osceola County, Florida, in the Orlando metro area (291). Among those same 314 counties, those with the lowest pre-mover index were Erie County, New York, in the Buffalo metro area (34); Sedgwick County, Kansas, in the Wichita metro area (36); San Mateo County, California, in the San Francisco metro area (40); Wayne County, Michigan, in the Detroit metro area (40); and Queens County, New York (42). The average value of homes sought by pre-movers in the top 10 counties with the highest pre-mover index was $269,766 while the average value of homes sought by pre-movers in the top 10 counties with the lowest pre-mover index was $404,621. Highest share of investment property pre-movers in Memphis, Santa Rosa, Indianapolis Nationwide 5.3 percent of all homes with a pre-mover flag in Q1 2018 were being purchased as an investment property. Among the 118 metro areas analyzed for the report, those with the highest share of pre-mover investment properties were Memphis, Tennessee (21.4 percent); Santa Rosa, California (13.9 percent); Indianapolis, Indiana (12.7 percent); Trenton, New Jersey (12.0 percent); and Kansas City, Missouri (10.4 percent). Highest share of second home pre-movers in Salisbury, Naples, Cape Coral-Fort Myers Nationwide 3.2 percent of all homes with a pre-mover flag in Q1 2018 were being purchased as a second home. Among the 118 metro areas analyzed for the report, those with the highest share of pre-mover second homes were Salisbury, Maryland (33.3 percent second homes); Naples, Florida (30.4 percent); Cape Coral-Fort Myers (18.8 percent); Myrtle Beach, South Carolina (17.2 percent); and Sarasota, Florida (11.4 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. 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. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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Housing Economists Call for Increase in Home Construction
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List Your Home on Wednesday to Sell for the Highest Price, Thursday for the Quickest Sale, Redfin Analysis Finds
SEATTLE, May 4, 2018 -- To sell for the most money, homeowners should put their home on the market on a Wednesday, according to Redfin, the next-generation real estate brokerage. To sell the fastest, list on Thursday, Redfin says. The Redfin analysis, based on a sample of 100,000 homes that sold in 2017, found homes listed on Sunday performed the worst. Using Sunday as a baseline, Redfin calculated the relative advantage of listing on each day of the week. Homes listed on Wednesday had an advantage of $2,023 in sale price over homes listed on a Sunday, a sale-to-list premium of 0.53 percent. While Wednesday had the edge on price, Thursday-listed homes sold faster and with higher certainty. Homes listed on Thursday found buyers an average of five days sooner than homes listed on Sunday. Thursday-listed homes were also more likely to be sold within 90 and 180 days than homes listed on the other days of the week. There isn't one clear reason why Wednesday outperforms on price, while Thursday wins on speed and certainty. Possible explanations include that agents who list on Wednesdays tend to be better at pricing strategically to command the best price, or that in this fast-paced, low-inventory market, there's simply a sweet spot for garnering the maximum sense of urgency and competition among eager homebuyers. Another theory is that the advantage of Wednesday and Thursday correlates to buyers' house hunting schedules. "Serious buyers typically start making their weekend house-hunting plans late in the work week," said Redfin Denver agent Karla Kirkpatrick-Adams. "You want your home to be one of the fresh listings buyers see pop up as they decide which homes they should see over the weekend. In the competitive Denver market, many homes are listed on Wednesday and Thursday with the expectation that buyers will come through over the weekend, submit offers by a Monday afternoon deadline and the home will be under contract by Tuesday." Speed and Certainty Advantage Homes get five times more online views the day they hit the market than they do a week later, so making a positive online debut is critical. "You only get one shot at making a first impression, which is why it's so important to have the right pricing," said Kirkpatrick-Adams. "If you price too high, buyers may dismiss the property outright and never come back. It's far more effective to price right at market value or slightly below to drive buyer attention early on. It's common for well-priced homes to get multiple offers and be bid up, while overpriced homes tend to sit on the market for a while, despite the shortage of homes for sale right now." Besides pricing right, professional photography is another way to optimize a home sale. Homes with photos taken with professional cameras tend to fetch more money and sell faster. Sellers who used a high-quality camera for their listing photos got an average of $3,400 more for their homes. Read the full report and methodology 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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Realtor.com Identifies Toughest Housing Markets for Millennials
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It's Not Cheap Being Green, but Eco-Friendly Homes Do Not Always Cost More
SANTA CLARA, Calif., April 19, 2018 -- Homes with eco-friendly features do not always command a premium price tag in today's hot housing market, according to analysis from realtor.com®, a leading online real estate destination. In honor of Earth Day, realtor.com® analyzed current listings in the top 200 U.S. metros to determine the market availability of "green" homes with any of seven eco-friendly features, such as solar panels, smart thermostats or bamboo floors, and evaluated how much more – or less – these homes may cost a prospective homebuyer. "Although Southern and Western states still lead the way in green technology adoption, eco-friendly features have grown in popularity across many regions of the United States," said Javier Vivas, director of economic research for realtor.com®. "Many buyers have come to expect standard features, and homes integrating specialty green features are becoming more mainstream. However, in today's inventory-starved market, location still reigns supreme and the price of land can easily override the allure of special eco-friendly features." The "greenest" metro of them all Prospective homebuyers in the Fort Collins, Colo. metro area have the highest likelihood of finding a home with integrated "green" features, with 36 percent of its April 2018 listings noting at least one sustainable living feature. Following closely behind are the Dallas-Fort Worth-Arlington, Texas and San Jose/Sunnyvale/Santa Clara, Calif., metro areas at 35 percent of listings each. Although homes with eco-friendly features are four percent more expensive than the median home price in the Dallas metro area, there is essentially no price difference between "green" homes and the median home price in Fort Collins. Notably, homebuyers looking in Sunnyvale/San Jose/Santa Clara may find homes with sustainable living features for five percent less than the local median home price. Of the top 10 "green" metros, buyers in Tulsa, Okla., will pay the biggest premium – 19 percent – if buying a home with existing eco-friendly features is a priority. Those in Salinas, Calif., have the biggest price advantage, as "green" listings are 14 percent below the median home price. However, while three California metros show that "green" homes are less expensive relative to the median home price in their respective areas, keep in mind that the median home price in each metro is significantly higher than those in other states. Solar panels soak up the sun in California and Arizona California dominated seven of the top ten markets with the highest concentration of listings featuring solar panels, with the San Jose-Sunnyvale-Santa Clara, Calif., area leading the list at 6.1 percent of total listed homes. Salinas, Calif., and Arizona's Phoenix-Mesa-Scottsdale metro areas follow closely behind at 4.8 percent and 4.6 percent of total listings featuring solar panels, respectively. Good news for buyers who want integrated solar panels in their new home: every market aside from Prescott, Ariz., and Fresno, Calif., showed that prices of solar panel homes were the same or less than the median home price in each market. In Salinas, Calif., buyers save on average $233,850 on homes featuring solar panels when compared to the metro's median listing price of $917,050. However, in Prescott, Ariz., new homeowners will need to add $78,200 to the metro's median home price of $400,050. Programmable thermostats heat up home prices in Oklahoma, Alabama and Texas Homes featuring programmable thermostats will likely cost homebuyers more, adding up to 20 percent in Montgomery, Ala., 17 percent in Tulsa, Okla., 15 percent in the McAllen-Edinburg-Mission, Texas metro area, and 12 percent in the Oklahoma City metro area. The Tulsa metro area has the highest proportion of smart thermostat home listings at 31 percent, followed by San Antonio at 28 percent and Fort Collins, Colo. at 25 percent. Some of the price differences may be attributed to the fact that median home prices in these four metros are all below the national median price of $280,000, ranging from $176,944 for Montgomery, Ala., to $239,650 for Oklahoma City. ENERGY STAR-rated homes shine bright (and costly) in Connecticut Four Connecticut metros have the highest concentration of ENERGY STAR-rated* home listings currently on the market, but most homebuyers will need to pay between 21 to 26 percent more than the median home price per square foot. ENERGY STAR-rated homes make up four percent of current listings in each of Connecticut's Norwich-New London, Hartford, and New Haven-Milford metro areas, adding 26 percent, 21 percent and 24 percent more to the price per square foot, respectively. ENERGY STAR-rated homes in the Greensboro-High Point, N.C., metro, the fifth highest concentration market at 1 percent of total listings, will cost buyers 41 percent more per square foot. Of the top five metros, the only one that does not require a premium is the Bridgeport-Stamford-Norwalk metro area, where ENERGY STAR-rated homes account for slightly over 3 percent of active listings. While the median home price is the most expensive of the top five metros at $792,050, buyers can save $37,050 on average for a ENERGY STAR-rated home. Top Markets with Green Amenities Ranking of the top 200 largest U.S. metros with the highest percentage of active listings featuring at least one of seven "green" amenities in April 2018 Top Markets: Solar Ranking of the top 200 largest U.S. metros with the highest percentage of active listings featuring solar panels in April 2018 Top Markets: Programmable Thermostats Ranking of the top 200 largest U.S. metros with the highest percentage of active listings featuring programmable thermostats in April 2018 Top Markets: Energy Star-Rated Homes Ranking of the top 200 largest U.S. metros with the highest percentage of active listings featuring Energy Star-rated homes in April 2018 Methodology Realtor.com® looked at the active home listings in April 2018 to see which of the top 200 largest U.S. metro areas had the highest share of homes that included "green" features. To qualify for the list, the metro must have at least 30 listings that included the "green" feature. The eco-friendly features included for analysis are solar panels, bamboo flooring, smart thermostats, ENERGY STAR-rated homes, Seasonal Energy Efficiency Ratio (SEER) ventilation, dual pane windows and ENERGY STAR appliances. * ENERGY STAR  is a voluntary energy efficiency program managed by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE). New homes that earn the ENERGY STAR are at least 15 percent more efficient than those built to code. For more information: https://www.energystar.gov/about 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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U.S. Property Taxes Levied on Single Family Homes in 2017 Increased 6 Percent to More Than $293 Billion
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Homebuyers Pull Out All the Stops for Hotly Competitive Spring Market
Survey reveals most still optimistic about closing; But tight market may require top-dollar bids SANTA CLARA, Calif., March 22, 2018 -- The 2018 spring buying season is expected to be one of the most competitive seasons in years, driven by spill-over buyers from last year and record-breaking inventory lows. Despite their willingness to resort to brash tactics to get a leg up, buyers remain optimistic about closing on their dream home, according to new survey data released today by realtor.com®, a leading online real estate destination. "We're only a few weeks into March and already seeing the market heat up," said Danielle Hale, chief economist for realtor.com®. "Holdover buyers hoping for greener pastures this spring are likely to find sparse options that require them to pay top-dollar or make other concessions." Buyer demand is booming, which is reflected in today's falling inventory and fast time on market. Despite record-low levels, inventory has been declining for 42 consecutive months and is currently down 8.5 percent from a year ago, according to realtor.com® listing data. Days on market in February was at 83 days, a record for that month. A large portion of this demand is being driven by buyers who are holdovers from last summer and beyond, according to an online survey of more than 1,000 active buyers conducted in early March by Toluna Research. The survey showed 40 percent of today's buyers have been searching for more than seven months, while an additional 34 percent have been searching for four to six months. Slightly more than a quarter – 26 percent – have been in the market three months or less. More than one-third -- 35 percent -- of those surveyed indicated they anticipate "a lot of competition" this spring, while 36 percent expect some competition, which could explain why many seem to be approaching the housing market strategically. When asked about all the strategies they are using to get ahead, 42 percent revealed they are checking listing websites every day, while 40 percent of buyers plan to put more than 20 percent cash down. The survey also revealed that 33 percent are setting price alerts, 31 percent plan to put a larger earnest money deposit down, and 26 percent are willing to offer above asking price. Only 6 percent indicated they are not planning to use any tactics to cope with competition. "The majority of buyers are aware of the tough competition they're up against this spring. Having been in the market awhile, they've likely lost a few homes to better offers, which has given them more time to save and up their bidding strategies," added Hale. Despite the competition, buyers remain confident about closing on a home and are willing to stay the course. Nineteen percent of buyers expect to close in zero to three months, 34 percent of buyers expect to close in four to six months, 18 percent anticipate closing in seven to nine months, 15 percent in 10 to 12 months, and 15 percent expect it to take more than a year. 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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Redfin Survey: 15 Percent of Respondents Sold Their Home or Did Not Buy Last Year Due to Concerns about Immigration Policies
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Redfin Predicts the Hottest Neighborhoods of 2018
Redfin Identifies the Three Hottest Neighborhoods in each of 49 Major U.S. Metro Areas SEATTLE — January 29, 2018 — Redfin, the next-generation real estate brokerage, today announced its 6th annual list of neighborhoods across the country it predicts will be the year's hottest. In 2018, nine of the 10 hottest neighborhoods are in the San Jose metro area. "While the San Francisco peninsula has traditionally been the hottest of the hot places, we're seeing it become unaffordable for even the tech giants that helped create its demand in the first place," said Redfin Silicon Valley agent Kalena Masching. "The result has been a tech-worker migration to the South Bay charged by people looking for relative affordability, highly rated schools, short commutes and access to jobs." To rank the neighborhoods that are heating up the most, the brokerage analyzed hundreds of millions of pageviews to Redfin.com and homes that users favorited to monitor for price and status changes. The analysis also takes into account insights from Redfin real estate agents who specialize in neighborhoods across these 49 major U.S. metros. Hottest Neighborhoods (Neighborhood, Metro Area) To identify very hot, but relatively affordable neighborhoods in other parts of the country, this year Redfin also named the Hottest Neighborhoods Within Reach. This list identifies hot neighborhoods where median home sale prices fall below the December 2017 national median of $286,700. Topping this list are Hillcrest and Deanwood in Washington, D.C. and Seattle's Riverview, which have plenty of greenspace and easy access to job centers. This ranking also surfaced several neighborhoods across the Midwest, with hot hoods like Misty Meadows, Country Lakes, Brewer's Hill, Stevens Square and Downtown St. Louis in Columbus, Chicago, Milwaukee, Minneapolis and St. Louis cracking the top 10. Hottest Neighborhoods within Reach (Neighborhood, Metro Area) "The Hottest Neighborhoods Within Reach list has places chock-full of amenities and diverse housing types," said Redfin chief economist Nela Richardson. "Features like easy commutes, farmers markets and proximity to parks or the beach all represent livability characteristics that many people value when searching for homes. Also, these areas have a mix of single family homes, condos and townhouses, which make the neighborhoods accessible to a wide range of incomes." The full report, complete with data and agent quotes for the 10 Hottest Neighborhoods, the 10 Hottest Neighborhoods Within Reach and a list of the top three Hottest Neighborhoods for 49 metro areas can be found 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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Realtor.com® Predicts the New England Patriots to Triumph in the Super Bowl
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Strong Demand, Tight Inventory and Unsatisfied Millennials Define Today's "State of the Housing Union"
SANTA CLARA, Calif., Jan. 25, 2018 -- Ahead of next week's State of the Union address, realtor.com® today released its own "State of the Housing Union," which shows the strong U.S. economy and unprecedented housing shortage pressuring potential home buyers striving to attain the American Dream. According to the analysis, strong buyer demand, constrained inventory, and ready-to-buy first timers are the key underlying dynamics driving today's housing market. "The macro-factors that have defined real estate in recent years – strong demand and weak supply – continue to set the tone for the industry," said Joe Kirchner, senior economist for realtor.com®. "The new tax law that caps the mortgage interest deduction and the deductibility of state and local taxes can be expected to impact the upper-end market in 2018 – precisely how and the extent of which remain to be seen." A robust and growing economy Leading indicators point to a solidly upbeat U.S. economic story. Consumer confidence has spiked, according to the Conference Board's consumer confidence index, as unemployment fell to its lowest level since 2000 (4.1 percent) and the economy added jobs for a record 86th consecutive month, according to November data from the U.S. Labor Department. At the same time, the U.S. stock markets reached all-time highs over the last few months and retail sales (dollars spent in stores, in restaurants and online) capped a strong year with 2017 holiday sales that increased more than 5.5 percent year over year, according to the National Retail Federation. Home prices and sales held back by low inventory Nevertheless, sales growth of existing U.S. homes actually cooled, only increasing 1.1 percent in 2017 as compared to a 3.8 percent gain the previous year. Prices appreciated 5.8 percent on average during 2017, compared to 5.1 percent a year earlier. Inventory fell 8.8 percent nationally in the 12 months ending Dec. 31, 2017 versus a 10.7 percent dip during the comparable period a year earlier, and tight supply was the single biggest factor affecting the market. Even a sharp increase in new construction – single-family housing starts jumped 8.4 percent and 10.2 percent the previous year – couldn't offset inventory shortages. Millennial demand is strong but limited by constrained supply Realtor.com®data shows millennial aspiring first time home-buyers fell victim to the inventory pinch in the last 12 months. Spurred on by steady employment and life events, such as getting married and starting a family, many of these buyers actively pursued home purchases but hit the wall of tight inventory. With the majority of new construction in mid to upper tier price points, new homes have provided very limited relief to these would-be home owners. "Builders will need to focus more on homes geared for moderate incomes, partner with the government on initiatives to transform distressed urban neighborhoods and overcome labor shortages through a combination of workforce development training and pressure to ease artificial restrictions on the supply of labor," added Kirchner. Red vs. blue states in 2017 In a comparison of red and blue states, blue states saw higher home price growth last year, at 9.1 percent, than red states, at 5.9 percent. They also saw stronger sales growth at 1.6 percent versus 0.7 percent in red states. Blue states – California and Illinois and the tri-state region of New York, New Jersey and Connecticut, for example – skew more urban and suburban than largely rural red states. Highly developed cities, towns and neighborhoods in blue states make finding buildable property extremely challenging, especially with demand at current levels. This supply-and-demand dynamic is the principal reason price appreciation in blue states outstripped price increases in red states in 2017. Blue states also have some challenges ahead with the tax bill. Last year, 2.5 percent of all mortgages in blue states were more than $750,000 and will be directly impacted by the capping of the mortgage interest deduction in 2018. Conversely, only 0.4 percent of mortgages in red states will be impacted. Realtor.com® tracks and analyzes market trends and makes timely and insightful information available at realtor.com/research. Data snapshots, affordability distribution and market "hotness" are just some of the resources available at the portal. About realtor.com® Realtor.com® is a leading online real estate destination operated by News Corp [NASDAQ: NWS], [NASDAQ: NWSA]; [ASX: NWS]; [ASX: NWSLV] subsidiary Move, Inc. Realtor.com®, a trusted resource for home buyers, sellers and dreamers, offers 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 Move under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Buying a Home More Affordable Than Renting in 54 Percent of U.S. Markets
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Redfin Identifies 25 Neighborhoods That "Have It All": Affordable Homes, Highly Rated Schools, an Easy Commute and Plenty of Inventory
Chicago's Dunning and Ashburn Top the List, Followed By Squirrel Hill in Pittsburgh SEATTLE — January 8, 2018 — Just 25 neighborhoods have a mix of affordable homes, highly rated schools, access to public transit and plenty of inventory, according to an analysis of 80 major U.S. markets conducted by Redfin, the next-generation real estate brokerage. More than half of the neighborhoods on Redfin's list of neighborhoods that "have it all" are in the Chicago area, the rare major metro area that has remained relatively affordable and has largely bucked the severe inventory shortage trend seen across much of the country over the past few years. Neighborhoods in Pittsburgh, Cleveland, San Antonio, Dallas, Houston and Miami also made the list. These are places to watch in 2018, when we expect last year's trend in migration from expensive, high-tax coastal markets like San Francisco, Silicon Valley and New York toward smaller, more affordable cities, to intensify. Redfin identified the neighborhoods using the following criteria: Affordability: Zip codes were selected that had a median home sale price below the national median of $291,700*. Home Selling Speed: Several months of falling inventory and strong demand mean the most desirable homes go off the market within days of being listed. Selected zip codes had a median days on market of at least 46**. Highly Rated Schools: Neighborhoods with a GreatSchools rating of 5, which is considered average, or higher were chosen. Transit: Neighborhoods with a Transit Score® of at least 50, indicating many nearby public transportation options, were included. Low Crime Rates: Using crime data from BestPlaces, our ranking favored places with lower reported violent crime. The new tax bill, which caps state and local tax (SALT) deductions at $10,000, compounds affordability concerns, particularly in the high-tax state of Illinois, home to 14 of the 25 highlighted neighborhoods. Redfin agent Alex Haried in Chicago, says taxes should always be considered when analyzing affordability. "Our general rule of thumb in Chicago is to set aside about 2 percent of the sale price for local taxes each year," he said. "These are the same taxes that help the city maintain a world-class transit system and help our schools rank highly, so it's a necessary evil and a big reason why so many Chicago zip codes made the cut." Another theme for areas that ranked highly was access to job centers, which is the case for Squirrel Hill in Pittsburgh. "Relocators have really taken kindly to Squirrel Hill not only because of the affordability, but also the commute," said Redfin Pittsburgh agent Jennifer Sowers. "Google, Uber and Carnegie Mellon University are large employers in the area and a short commute away via public transit." The full report, complete with a detailed methodology, can be found 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 Ranks 2017's Most Competitive Neighborhoods for Homebuyers
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Depleted Housing Market to See Inventory Growth in 2018
Las Vegas No.1 in sales and price growth among top 100 largest metro forecasts SANTA CLARA, Calif., Nov. 29, 2017 -- Inventory constraints that have fueled a sharp rise in home prices and made it difficult for buyers to gain a foothold in the market will begin to ease next year as part of broad and continued market improvements, according to the realtor.com® 2018 National Housing Forecast released today by the online real estate information and services destination. The easing of the inventory shortage, which is expected to result in more manageable increases in home prices and a modest acceleration of home sales, is being predicted based on developments first detected by realtor.com® late this summer. The annual forecast, which is among the industry's bellwethers in tracking and analyzing major trends in the housing market, also foresees an increase in millennial mortgages and strong sales growth in Southern markets. The wildcard in 2018 will be the impact of tax reform legislation currently being debated in Congress. "Next year will set the stage for a significant inflection point in the housing shortage," said Javier Vivas, director of economic research for realtor.com®. "Inventory increases will be felt in higher priced segments after spring home buying season, which we expect to take hold and begin to provide relief for buyers and drive sales growth in 2019 and beyond." Realtor.com® Forecast for Key Housing Indicators Five Housing Trends for 2018 1. Inventory expected to begin to increase – In August, the U.S. housing market began to see a higher than normal month-over-month deceleration in inventory that has continued into fall. Based on this pattern, realtor.com® projects U.S. year-over-year inventory growth to tick up into positive territory by fall 2018, for the first time since 2015. Inventory declines are expected to decelerate slowly throughout the year, reaching a 4 percent year-over-year decline in March before increasing in early fall, after the peak home-buying months. Boston; Detroit; Kansas City, Mo.; Nashville; and Philadelphia are predicted to see inventory recover first. The majority of this growth is expected in the mid-to-upper tier price points, which includes U.S. homes priced above $350,000. Recovery for starter homes is expected to take longer because their levels were significantly depleted by first time buyers. 2. Price appreciation expected to slow – Home prices are forecasted to slow to 3.2 percent growth year-over-year nationally, from an estimated increase of 5.5 percent in 2017. Most of the slowing will be felt in the higher-priced segment as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively. Entry-level homes will continue to see price gains due to the larger number of buyers that can afford them and more limited homes available for sale in this price range. 3. Millennials anticipated to gain market share in all home price segments – Although millennials will continue to face challenges next year with rising interest rates and home prices, they are on track to gain mortgage market share in all price points, due to the sheer size of the generation. Millennials could reach 43 percent of home buyers taking out a mortgage by the end of 2018, up from an estimated 40 percent in 2017. With the largest cohort of millennial expected to turn 30 in 2020, their homeownership market share is only expected to increase. "Millennials are a driving force in today's housing market," added Vivas. "They already dominate lower price home mortgage and are getting close to overtaking older generations for mid- and upper-tier mortgages. While financially secure in general, their debt to income ratios have started to increase as they compete for higher priced homes." 4. Southern markets predicted to lead in sales growth – Southern cities are anticipated to beat the national average in home sales growth in 2018 with Tulsa, Okla.; Little Rock, Ark.; Dallas; and Charlotte, N.C. leading the pack. Sales are expected to grow by 6 percent or more in these markets, compared with 2.5 percent nationally. The majority of this growth can be attributed to healthy building levels combating the housing shortage. With inventory growth just around the corner, these areas are primed for sales gains in years to come. 5. Tax reform will be a major wildcard – At the time of this forecast, both the House and Senate had bills up for consideration, but neither had passed and their impact was not included in the forecast for 2018 sales and prices. Since then, the House has passed its tax bill and the Senate bill is likely to be voted on soon. While the ultimate impact of tax reform will depend on the details of the plan that is finally adopted, both versions include provisions that are likely to decrease incentives for mobility and reduce ownership tax benefits. On the flip side, some taxpayers, including renters, are likely to see tax cuts. While more disposable income for buyers is positive for housing, the loss of tax benefits for owners could lead to fewer sales and impact prices negatively over time with the largest impact on markets with higher prices and incomes. Next year, home prices are anticipated to increase 3.2 percent year-over-year after finishing 2017 up 5.5 percent year-over-year. Existing home sales are forecast to increase 2.5 percent to 5.60 million homes due in-part to inventory increases, compared to 2017's 0.4 percent increase or 5.47 million homes. Mortgage rates are expected to reach 5.0 percent by the end of 2018 due to stronger economic growth, inflationary pressure, and monetary policy normalization in the year ahead. Top 100 Largest U.S. Metros Ranked by Forecasted 2018 Sales and Price Growth Realtor.com's model-based forecast uses data on the housing market and overall economy to estimate values for these variables for the year ahead. The forecast result is a projection for annual total sales increase (total 2018 existing-home sales vs. 2017) and annual median price increase (2018 median existing-home sales price vs. 2017). 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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Seriously Underwater U.S. Properties Decrease by 1.4 Million From a Year Ago in Q3 2017
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CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade
November 14, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in August 2017. This represents a 0.6 percentage point year-over-year decline in the overall delinquency rate compared with August 2016 when it was 5.2 percent. As of August 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down from 0.9 percent in August 2016. This was the lowest foreclosure inventory rate for the month of August in 11 years since August 2006 when it was 0.5 percent. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies, defined as 30-59 days past due, was 2 percent in August 2017, down slightly from 2.1 percent in August 2016. The share of mortgages that were 60-89 days past due in August 2017 was 0.7 percent, unchanged from August 2016. The serious delinquency rate (90 days or more past due) declined 0.5 percentage points year over year from 2.4 percent in August 2016 to 1.9 percent in August 2017. The 1.9 percent serious delinquency rate in June, July and August of this year marks the lowest level for any month since October 2007 when it was also 1.9 percent, and is also the lowest for the month of August since 2007 when the serious delinquency rate was 1.7 percent. Alaska was the only state to experience a year-over-year increase in its serious delinquency rate in August 2017. "The effect of the drop in crude oil prices since 2014 has taken a toll on mortgage loan performance in some markets," said Dr. Frank Nothaft, chief economist for CoreLogic. "Crude oil prices this August were less than half their level three years ago. This has led to oil-related layoffs and an increase in loan delinquency rates in states like Alaska and in oil-centric metro areas like Houston." Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30-days past due was 0.9 percent in August 2017, unchanged from August 2016. By comparison, in January 2007 just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "Serious delinquency and foreclosure rates are at their lowest levels in more than a decade, signaling the final stages of recovery in the U.S. housing market," said Frank Martell, president and CEO of CoreLogic. "As the construction and mortgage industries move forward, there needs to be not only a ramp up in homebuilding, but also a focus on maintaining prudent underwriting practices to avoid repeating past mistakes." For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through August 2017. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically 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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[NAR Infographic] The Anatomy of a First-time Buyer in 2017
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First-time Buyers Stifled by Low Supply, Affordability: 2017 Buyer and Seller Survey
WASHINGTON (October 30, 2017) — Despite solid interest in buying a home – sparked by steady job gains, record low mortgage rates and higher rents – the severe drought in housing supply in much of the country over the past year accelerated price growth and kept many first-time buyers out of the market. This is according to the National Association of Realtors®' 2017 Profile of Home Buyers and Sellers, which also identified numerous current consumer and housing trends, including: mounting student debt balances and smaller down payments; increases in single female and trade-up buyers; the growing occurrence of buyers paying the list price or higher; and the fact that nearly all respondents use a real estate agent to buy or sell a home, which kept for-sale-by-owner transactions at an all-time low of 8 percent for the third straight year. In this year's survey, the share of sales to first-time home buyers inched backward to 34 percent (35 percent in 2016), which is the fourth lowest share since 1981. In the 36-year history of NAR's survey, the long-term average of first-time buyer transactions is 39 percent. "The dreams of many aspiring first-time buyers were unfortunately dimmed over the past year by persistent inventory shortages, which undercut their ability to become homeowners," said Lawrence Yun, NAR chief economist. "With the lower end of the market seeing the worst of the supply crunch, house hunters faced mounting odds in finding their first home. Multiple offers were a common occurrence, investors paying in cash had the upper hand, and prices kept climbing, which yanked homeownership out of reach for countless would-be buyers." Added Yun, "Solid economic conditions and millennials in their prime buying years should be translating to a lot more sales to first-timers, but the unfortunate reality is that the nation's homeownership rate will remain suppressed until entry-level supply conditions increase enough to improve overall affordability." Other key findings and notable trends of buyers and sellers in this year's 144-page survey include: Student debt balances continue to grow Highlighting the additional challenges imposed on consumers trying to reach the market, 41 percent of first-time buyers indicated they have student debt (40 percent in 2016). The typical debt balance also increased ($29,000 from $26,000 in 2016), and over half owe at least $25,000. Additionally, of the 25 percent who said saving for a down payment was the most difficult task in the buying process, 55 percent said student debt delayed saving for their home purchase. "NAR survey findings on student debt released earlier this fall revealed that an overwhelming majority of millennials with student debt believe it's delaying their ability to buy a home, and typically for seven years," added Yun. "Even in markets with a plethora of job opportunities and higher pay, steep rents and home prices make it extremely difficult to put savings aside for a down payment." Single females make up larger share of sales Solid job prospects, higher incomes and improving credit conditions translated to continued momentum in the growing share of single female buyers. At 18 percent (matches highest since 2011), single women were the second most common household buyer type behind married couples (65 percent). Furthermore, single women purchased slightly more expensive homes than single men despite earning less. The overall share of single male buyers (7 percent) remained below unmarried couples (8 percent) for the second straight year. Down payment amounts decrease for first-timers, rise for repeat buyers The ongoing climb in home prices pulled the typical down payment for first-timers to 5 percent this year (6 percent in 2016), which matches the lowest since 2013. Meanwhile, higher home values likely gave more sellers the wherewithal to use the cash from their recent sale to make a bigger down payment on their new home purchase (14 percent; 11 percent in 2016). Repeat buyers' sales proceeds from their previous purchase (55 percent) surpassed their own personal savings (50 percent) this year as a larger source of their down payment. Personal savings ranked first for first-time buyers as the primary source of their down payment, followed by a gift from a friend or relative (25 percent; 24 percent in 2016). Over a half of first-timers said it took a year or more to save for a down payment, and 25 percent said saving was the most difficult task in the entire buying process. Age of first-timers stays flat; climbs to new survey high for repeat buyers For the second straight year, the median age of first-time buyers was 32 years old. First-time buyers had a higher household income ($75,000) than a year ago ($72,000) and purchased a slightly smaller home (1,640-square-feet; 1,650-square-feet in 2016) that was more expensive ($190,000; $182,500 in 2016). Fewer first-time buyers purchased a home in an urban area (17 percent; 20 percent in 2016). The age of repeat buyers increased to an all-time survey high this year (54 years old; 52 years old in 2016) as older households, perhaps with plans to stay in the workforce longer but with an eye towards retirement, felt more comfortable about buying. Overall, repeat buyers had roughly the same household income than last year ($97,500; $98,000 in 2016) and purchased a 2,000-square-foot home (unchanged from last year) costing $266,500 ($250,000 in 2016). Supply scarcity leads to increase in buyers paying list price or higher Underscoring the supply and demand imbalances prevalent in many parts of the country, 42 percent of buyers paid the list price or higher for their home, which is up from a year ago (40 percent) and a new survey high since tracking began in 2007. Buyers in the West were the most likely (51 percent) to pay at or above list price. "Many of those in the market to buy a home this year had little room to negotiate," said Yun. "Listings in the affordable price range drew immediate interest, and the winning offer often times had to waive some contingencies or come in at or above asking price to close the deal." Buyers report less difficulty obtaining a mortgage The improving financial health of borrowers and a slight ease in credit standards are leading to a smoother process in obtaining a mortgage. Fewer buyers (34 percent) compared to a year ago (37 percent) indicated that the mortgage application and approval process was somewhat or much more difficult than they expected. Fifty-eight percent of buyers financed their purchase with a conventional mortgage, and 34 percent of first-time buyers took out a low-down payment Federal Housing Administration-backed mortgage, which is up from 33 percent last year but down from 46 percent five years ago. Nearly all buyers choose a single-family home in a suburban location A majority of buyers continue to choose a home in a suburb, small town or rural area (85 percent) as opposed to an urban one (13 percent; 14 percent in 2016). Eighty-three percent of buyers purchased a detached single-family home, which for the third straight year remains the highest share since 2004 (87 percent). Purchases of multi-family homes, including townhouses and condos, were at 11 percent. Most buyers search for homes online...and use a real estate agent This year's survey data continues to show that the internet (95 percent) and real estate agents (89 percent) remain the top two information sources used during buyers' home search. Overall, 87 percent of buyers ended up purchasing their home through a real estate agent (88 percent in 2016), and finding the right property to buy and help negotiating the terms of the sale were the top two things buyers wanted most from their agent. Even for those who found the home they purchased online, nearly all still closed on it with the help of an agent (88 percent). "It's no surprise a majority of first-time buyers indicated that the top benefits received from their agent were help understanding the buying process (83 percent), pointing out unnoticed property features or faults (60 percent), and negotiating better sales terms (51 percent)," said President William E. Brown, a Realtor® from Alamo, California. "Realtors® over the past year have helped buyers – and especially first-timers – navigate extremely competitive market conditions where the need to be prepared and act quickly has been paramount to the success of purchasing a home." Homeowner tenure at all-time high; equity and share of repeat buyers climbs The typical seller over the past year was 55 years old, had a higher household income ($103,300) than last year ($100,700) and was in the home for 10 years before selling – matching the all-time high set both in 2014 and a year ago. Prior to 2009, sellers consistently lived in their home for a median of six years before selling. With home values steadily rising over the past several years, sellers realized a median equity gain of $47,500 ($43,100 in 2016) – a 26 percent increase (24 percent last year) over the original purchase price. Homes sold after 21 years of ownership had the largest equity gain (104 percent), while those who purchased six or seven years ago saw a larger return (27 percent) than those who purchased between eight and 15 years ago (14 percent to 18 percent). The percent share of buyers trading up increased for the third straight year, rising to 52 percent from 46 percent in 2016. In 2014, 40 percent of buyers purchased a bigger home. "The decline in first-time buyers and uptick in repeat buyers trading up to a larger home reflects the more favorable conditions for home shoppers at the upper end of the market, where listings are more plentiful and sales have been consistently higher over the past year," said Yun. Seller use of an agent remains at all-time high; FSBOs at record low Sellers' use of a real estate agent this year remained at an all-time high of 89 percent. This in turn – for the third straight year – held for-sale-by-owner sales to their lowest share (8 percent) in the survey's history. An overwhelming majority of sellers were satisfied with the selling process (88 percent), with most also indicating that they would definitely or probably use their agent again or recommend him or her to others (85 percent). "Homeowners understand the value, and seek the expertise and guidance Realtors® bring to the table when it's time to sell their home," said Brown. "Despite incredibly favorable market conditions for sellers – where finding interested buyers was not a problem – nearly all turned to a Realtor® to help assist them through the intricacies of listing their home on the market, accepting offers, negotiating the sales price and closing the deal." NAR mailed a 131-question survey in July 2017 using a random sample weighted to be representative of sales on a geographic basis to 145,800 recent home buyers. Respondents had the option to fill out the survey via hard copy or online; the online survey was available in English and Spanish. A total of 7,866 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 5.6 percent. The sample at the 95 percent confidence level has a confidence interval of plus-or-minus 1.10 percent. The recent home buyers had to have purchased a home between July 2016 and June 2017. All information is characteristic of the 12-month period ending in June 2017 with the exception of income data, which are for 2016. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Home Affordability Improves in 60 Percent of U.S. Markets in Q3 2017 Compared to Previous Quarter
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Realtor.com and Yelp Name the Hottest Hipster Markets in America
Columbus, Ohio, Seattle, and San Diego, Calif. rank No. 1, No. 2 and No. 3 SANTA CLARA, Calif., and SAN FRANCISCO, Oct. 5, 2017 -- Can't live without your artisanal coffee, avocado toast or an indie record store? Columbus is the place for you, according to a new data collaboration from realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., and Yelp, the company that connects consumers with great local businesses. Released today, the realtor.com® Yelp Hottest Hipster Markets in America list identifies the most in-demand housing markets in the U.S. with the highest concentrations of "hipster" businesses for home buyers looking to embrace indie culture. In rank order, the Hottest Hipster Markets in America by ZIP code include: Columbus (43202), Seattle (98122), San Diego (92104), Fort Wayne, Ind. (46802), Rochester, N.Y. (14620), San Francisco (94117), Long Beach, Calif. (90814), Louisville, Ky. (40217), Grand Rapids, Mich. (49506) and Colorado Springs, Colo. (17820). "Although their opinions about their music and fashion may be out of the norm, when it comes to real estate -- hipsters have a knack for getting it right," said Javier Vivas, director of economic research for realtor.com®. "Based on our research, there's clear evidence that "hipster" popularity – in markets like Austin, Texas – has led to mainstream interest and higher home prices over time. Whether it's the farm-to-table restaurants or urban renewal projects that were already underway, a concentration of hipsters seems to be an indicator of a hot housing market." From a housing perspective, all the markets on the realtor.com® Yelp Hottest Hipster Markets in America list have strong market dynamics, showing healthy buyer demand with homes selling in an average of 30 days. Each market also has low or average unemployment rates ranging from 2.7 percent to 4.6 percent, compared to 4.4 nationally. With all the hipster businesses in town it comes as no surprise that these markets are also highly sought after by millennials. Overall, millennials -- ages 25 to 34 -- in the top ten markets make up an average of 22 percent of the population, higher than the national population share of millennials of 13 percent. Additionally, these markets are continuing to draw interest from a younger crowd, as the millennial age group is viewing property listings at a rate 1.2 times greater than the share of millennials already living in the area, indicating strong interest from other millennials wanting to move into these neighborhoods. Yelp data shows that mentions of "hipster" occur across a wide range of businesses, from music venues and dive bars, to restaurants, barbers, and vinyl record shops. While some cities and ZIP codes, like Seattle, may be more recognizable as traditional hipster havens, Yelp data shows that there are many under-the-radar locations where Yelpers have identified neighborhoods that tout cool, hipster businesses. The average star rating of businesses with mentions of hipster in the Columbus zip code is 3.8, with the top 10 ZIP codes averaging 4 stars. Beyond searching for hipster businesses, Yelp also offers tools for homeowners like Request a Quote, which allows people to send requests to up to 10 home service providers at once. "Yelpers are great at identifying up-and-coming areas and businesses, which allows us to predict trends as well as uncover detailed data on what's happening in local economies right now," said Carl Bialik, Yelp data editor. "While 'hipster' is something of a cliche, it turns out to be a useful term to uncover the types of businesses and attributes we often associate with cool hunters, such as visually appealing interiors and less touristy parts of town." The realtor.com® Yelp Hottest Hipster Markets in America list was developed by first leveraging Yelp data to rank ZIP codes by the greatest gap between the share of reviews in the ZIP containing the word "hipster" and the share in the ZIP's city. The realtor.com® Market Hotness Index was then calculated for each market (based on realtor.com® page views and days on market). Markets were then ranked based on a composite index made up of both the Yelp differential and the realtor.com® hotness index. Only one ZIP code per metropolitan area was included. The neighborhoods listed have the most businesses associated with that neighborhood within the ZIP code. To read more about the findings, please visit: realtor.com research + Yelp blogs. Facts About Realtor.com® and Yelp's Top 10 Hipster Markets 1. Columbus - ZIP 43202 (Clintonville, Ohio) The draw: Columbus features art, music, theater, museums, and culture, in addition to being home to Ohio State University. It has a strong economic ecosystem with employers like JP Morgan Chase and a thriving startup scene, with nearly 72 startups for every 1,000 businesses in the area. In addition, after New York and Los Angeles, Columbus is home to more fashion designers than any other U.S. metro area, with a pipeline of young design talent coming from the Columbus College of Art & Design. Clintonville hipster hotspot: Harvest Bar + KitchenReview highlights: Kale Caesar salad, lunch special The stats: The median listing price is $269,455. The median household earns $44,007 a year, with a low county unemployment rate of 3.8 percent. Millennials make up 28.8 percent of its population, contributed contribute to 26 percent of all page views in the area on realtor.com®, and have a median household income of $46,265. 2. Seattle - 98122 (Capitol Hill) The draw: Capitol Hill offers a strong collection of restaurants, bars, boutiques, and culture. Seattle has a booming economy, with tens of thousands of job openings pulling young technophiles into the city. Seattle-dwellers are some of the most active people in the U.S., with open spaces and parks located all around the city, and Mt. Rainier closeby for hiking in the summer and skiing in the winter. Capitol Hill hipster hotspot: Porchlight Coffee & RecordsReview highlights: Cold brew, chill vibe The stats: The median listing price is $756,653. The median household earns $65,367 a year, with a low county unemployment rate of 3.2 percent. Millennials make up 26.6 percent of the population, contribute to 23.8 percent of all page views in the area on realtor.com®, and have a median household income of $61,089. 3. San Diego - 92104 (North Park) The draw: San Diego is known for a plethora of local breweries, farmer's markets, beach eateries and nightlife for the non-mainstream crowd. Compared to California cities like Los Angeles and the San Francisco Bay Area, San Diego boasts of lower rent and mortgages on average. A concentration of top universities and a thriving startup scene bring many young buyers and renters to the area. North Park hipster hotspot: PigmentReview highlights: Air plants, terrariums The stats: The median listing price is $597,000. The median household earns $55,130 a year, with a county unemployment rate of 4.1 percent. Millennials make up 23 percent of the population, contribute to 25.4 percent of all page views in the area on realtor.com®, and have a median household income of $55,772. 4. Fort Wayne - 46802 The draw: Fort Wayne offers fun traditions like BuskerFest, an annual celebration of street performers. Fort Wayne adjusted to the shrinking manufacturing industry faster than its Rust Belt counterparts and today has a strong economy with a lower unemployment rate than other cities in the area. Hipster hotspot: Junk Ditch Brewing CompanyReview highlights: Joseph Decuis Farm Wagyu beef, brunch The stats: The median listing price is $163,925. The median household earns $29,591 a year, with a county unemployment rate of 3.3 percent. Millennials make up 19.9 percent of the population, contribute to 27 percent of all page views in the area on realtor.com®, and have a median household income of $32,243. 5. Rochester - 14620 (Highland Park) The draw: Rochester's Highland Park neighborhood is best-known for its arboretum by the same name, which hosts an annual Lilac Festival drawing in visitors from out of town. From Shakespeare in the Park to live music during the summer, Highland Park is a hotspot for local residents, helping to create the tight-knit community that Rochester residents love. Highland Park hipster hotspot: The Playhouse SwillburgerReview highlights: Pinball machine, vampire fries The stats: The median listing price is $154,925, making it an affordable place for a younger population to settle. The median household earns $43,550 a year, with a county unemployment rate of 4.58 percent. Millennials make up 23.1 percent of the population, contribute to 24 percent of all page views in the area on realtor.com®, and have a median household income of $45,871. 6. San Francisco - 94117 (The Haight) The draw: Hippie mecca Haight-Ashbury has transitioned into a hipster-friendly neighborhood. The Haight offers a plethora of restaurants and bars, and its proximity to Golden Gate Park's free events and concerts can't be beat. The Haight hipster hotspot: The AlembicReview highlights: Cocktail menu, pickled quail eggs The stats: Even San Francisco's most hipster neighborhood costs significantly more than the national average. The median home in The Haight costs $1,396,500. The median household income in this area soars above the national median at $111,817 and its county unemployment rate is well below the national average at 2.9 percent, making the high cost of living more accessible. Millennials make up 31 percent of the population, contribute to 23.8 percent of all page views in the area on realtor.com®, and have a median household income of $113,762. 7. Long Beach - 90814 The draw: Just south of Los Angeles, Long Beach is a more relaxed, cheaper and friendlier option for those drawn to Long Beach's social, tight-knit community and charming Spanish-style homes. Add in great dive bars and a vibrant art scene, and it's no surprise Long Beach is one of the most hipster towns in America. Hipster hotspot: Viento y Agua Coffeehouse & GalleryReview highlights: Open mic nights, Mexican mocha The stats: The median price to buy a home in Long Beach is $737,000. The average household earns $60,751 a year, with an unemployment rate of 4.5 percent. Millennials make up 19.2 percent of the population, contribute to 22.3 percent of all page views in the area on realtor.com, and have a median household income of $52,001. 8. Louisville - 40217 (Schnitzelburg) The draw: With a strong community and affordable local restaurant scene, Schnitzelberg has seen growing popularity over the past several years. Schnitzelberg is a quirky neighborhood with traditions like hosting the World Dainty Championship the last Monday of July. Schnitzelburg hipster hotspot: ZanzabarReview highlights: Bands, pinball machines The stats: Schnitzelberg is one of the most affordable areas on the list, with a median home price of $173,950. The average household earns $53,134 a year, with an unemployment rate of 4.6 percent. Millennials make up 19.3 percent of the population, contribute to 27.7 percent of all page views in the area on realtor.com, and have a median household income of $53,134. 9. Grand Rapids - 49506 The draw: Between the public art installations and extensive craft brewery scene, it's no wonder hipsters love Grand Rapids. It attracts artists, musicians, young families, and has a strong LGBTQ community, which puts on the highly-anticipated Grand Rapids Pride event every summer. Hipster hotspot: Brewery VivantReview highlights: Beer cheese, stained glass window The stats: The median home price in Grand Rapids is $387,000. The average household earns $63,308 a year, with an unemployment rate of 3.2 percent. Millennials make up 13.8 percent of the population, contribute to 25.4 percent of all page views in the area on realtor.com, and have a median household income of $67,680. 10. Colorado Springs - 80903 The draw: Colorado Springs offers the same natural beauty and proximity to world-class skiing and hiking that nearby Denver does, but with a lower cost of living and unemployment rate. Its quaint downtown is filled with mom and pop shops and local watering holes. Hipster hotspot: Shuga'sReview highlights: Patio, lavender lemonade The stats: The median price to buy a home in Colorado Springs is $337,000. The average household earns $37,215 a year, with an unemployment rate of 2.7 percent. Millennials make up 16.8 percent of the population, contribute to 22.5 percent of all page views in the area on realtor.com, and have a median household income of $43,841. Realtor.com® and Yelp's Hottest Hipster Markets 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®. About Yelp Yelp Inc. connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp communities have taken root in major metros across 32 countries. By the end of Q2 2017, Yelpers had written approximately 135 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. Approximately 28 million unique devices* accessed Yelp via the Yelp app, approximately 74 million unique visitors visited Yelp via mobile web** and approximately 83 million unique visitors visited Yelp via desktop*** on a monthly average basis during the Q2 2017. For more information, please visit http://www.yelp.com. * Calculated as the number of unique devices accessing the app on a monthly average basis over a given three-month period, according to internal Yelp logs.** Calculated as the number of "users," as measured by Google Analytics, accessing Yelp via mobile website on a monthly average basis over a given three-month period.*** Calculated as the number of "users," as measured by Google Analytics, accessing Yelp via desktop computer on an average monthly basis over a given three-month period.
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Redfin Names 15 Colleges Where Students Should Buy Real Estate Instead of Rent Dorms
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Outlook Remains Bright for Commercial Real Estate Despite Price Plateau
WASHINGTON (September 12, 2017) — Commercial real estate price growth in large markets is expected to flatten over the next year, but strong leasing demand and investor appetite in smaller markets should keep the sector on solid ground, according to the latest National Association of Realtors® quarterly commercial real estate forecast. Backed by the ongoing stretch of outstanding job creation in recent years, national office vacancy rates are forecast by Realtors® to retreat 1.1 percent to 11.9 percent over the coming year. The vacancy rate for industrial space is expected to decline 1.1 percent to 7.8 percent, and retail availability is to decrease 0.4 percent to 11.4 percent. Even as new apartment completions bring more supply to many markets, the multifamily sector will still likely see a vacancy rate decline from 6.6 percent to 6.1 percent. Lawrence Yun, NAR chief economist, says the U.S. economy is on stable footing and is chugging along at a decent but unspectacular pace. "A very healthy labor market and stronger confidence and spending from both consumers and businesses boosted economic expansion to a solid 3.0 percent last quarter," he said. "There's legs for more of the same growth to close out the year, which bodes well for sustained interest in all types of commercial space." According to Yun, the appetite for commercial property is high, but investment activity does appear to be entering the maturation phase of the current cycle. The investor shift away from large markets to smaller ones is creating a divergence in sales activity. In the second quarter, large markets saw a 5 percent annual decline in sales, while Realtors® reported a sales boost of 4 percent in small markets. "While inventory shortages are still driving prices higher in most markets, shrinking cap rates and the higher interest rate environment are expected to lead to a plateau in price growth over the next year, especially for Class A assets in large markets," said Yun. "As a result, investors will continue to look to small and tertiary markets for properties that have the best opportunity to provide stability and generate solid returns." Led by the industrial and multifamily sectors, Realtors® continue to report that leasing fundamentals for the four major commercial sectors are strong. Last quarter, the considerable appetite for industrial space — primarily from ecommerce and trade — resulted in distribution warehouses and logistic centers driving close to 70 percent of new construction leasing. Although 225.4 million square feet of additional space is currently in the pipeline, vacancy rates are still expected to trend downward as supply slowly catches up with demand. In the apartment sector, the pace of new construction is finally slowing in many markets after considerable building in recent years. However, rising household formation and the supply and affordability barriers to homeownership will continue to keep vacancies low and cause rents to maintain their trajectory of outpacing incomes. "The economy is healthy for the most part, but headwinds abound in the short term," said Yun. "A temporary slowdown in areas severely impacted by hurricanes Harvey and Irma, geopolitical tensions abroad and any minor correction in the financial markets could temporarily knock the economy slightly off course in coming months." NAR's latest Business Creation Index (BCI), which launched in August 2016, showed ongoing positive developments for smaller commercial businesses in local communities. Over half of Realtors® have reported an increase in business openings and fewer closings every month since December, with food and beverage and retail making up the bulk of new businesses. NAR's latest Commercial Real Estate Outlook offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. The NAR commercial community includes commercial members, real estate boards, committees, subcommittees and forums; and NAR commercial affiliate organizations — CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate. Approximately 70,000 NAR members specialize in commercial real estate brokerage and related services including property management, counseling and appraisal. In addition, more than 200,000 members are involved in commercial transactions as a secondary business. 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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[Infographic] The Road to the Big Game: Where 52 Shows Up in Real Estate
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Redfin Predicts the Hottest Neighborhoods to Close Out 2017
Seattle's First Hill Expected to be the Hottest Neighborhood in the Nation; 138 Neighborhoods in 46 Metropolitan Areas Were Ranked Based on Pageviews and Favorites on Redfin.com SEATTLE — Redfin, the next-generation real estate brokerage, today released a list of neighborhoods across the country it predicts will be the hottest to close out the year, topped by First Hill in Seattle. To rank these neighborhoods, the brokerage analyzed hundreds of millions of pageviews on Redfin.com, plus homes favorited by users. The analysis accounted for insights from Redfin real estate agents who specialize in neighborhoods across the 46 major U.S. metros that Redfin examined for the report. Proximity to downtown and high-growth job centers continued to drive this mid-year list of hottest neighborhoods; the top three hottest neighborhoods sit close to downtown Seattle, San Francisco and San Jose. Redfin real estate agents explained that these communities offer homebuyers the best balance of everything: quick access to public transit, trendy shopping and dining options, plus homes that are quickly gaining value. Each of the top three neighborhoods posted an average sale-to-list price ratio of at least 105 percent and each saw more than 70 percent of homes sell above the listing price in July 2017. "First Hill is sandwiched between the ever-popular Capitol Hill and the Yesler Terrace redevelopment, with easy access to downtown," said Seattle Redfin agent Jessie Culbert. "With Whole Foods opening in 2018 at the Danforth apartment building, the area is becoming even more desirable. Buyers tend to like the more quiet, tree-lined streets in this neighborhood and historic mansions that hearken back to Seattle's heritage. All we need is more inventory; resales at Luma condos, which sold out in 2016, have been brisk, signaling high demand for new construction." The Redfin report includes a performance review of the 10 neighborhoods Redfin predicted in January would be hot in 2017 and a new list of 10 neighborhoods that have been this year's hottest, using relative growth in off-market home values powered by the Redfin Estimate as a benchmark of "hotness." "Bushrod, the Oakland neighborhood we said in January would be hot this year, lived up to its hype with off-market home values up 9 percent so far this year, compared with 5 percent growth in the surrounding area," said Redfin chief economist Nela Richardson. "Our analysis also brought to our attention several hot neighborhoods that weren't on our radar in January, like East Lake Terrace in Atlanta and Gert Town in New Orleans, both of which posted home-value gains that were much stronger than their respective metro areas." To view the full report, complete with the list of rankings for the top three hottest neighborhoods across 46 metro areas, click the following link. Customizable data on all of the metros Redfin tracks in this report is available to view and download on Redfin's Data Center. 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. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
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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
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Realtor.com® Survey Provides Insight into Underlying Causes of Inventory Shortage
Data suggests overall satisfaction with homes and boomers' desire to stay put as top reasons for the lack of homes on the market SANTA CLARA, Calif., Aug. 10, 2017 -- The U.S. real estate market is currently experiencing the worst inventory deficiency in 20 years, which new data from the realtor.com® Housing Shortage Study, released today, suggests can be attributed to two primary reasons – boomers' reluctance to sell and homes fitting current family needs. Realtor.com® is a leading online real estate destination operated by News Corp subsidiary Move, Inc. The findings are part of an online survey of 1,054 randomly selected homeowners across the U.S. conducted on behalf of realtor.com® between July 6 and 13. The respondents were asked a series of questions aimed at examining the root causes of the current national inventory shortage. Millennials plan to sell next year According to the results, approximately 59 percent of respondents are not planning to sell their home in the next year, with nearly 35 percent planning to sell, and nearly 6 percent unsure. Taking a look at age segments of those with plans to sell next year reveals 60 percent of these potential sellers are millennials who are selling to move to a larger home (25 percent), or one with nicer features (24 percent). Millennials with plans to sell could mean good news for buyers, as starter homes remain the most sought after price point in today's market. In fact, the supply of starter homes in the market is down 17 percent year over year, as compared to medium sized home inventory which is down 10 percent, and larger size home supply which is down 5 percent year over year. "The housing shortage forced many first time home buyers to consider smaller homes and condos as a way to literally get their foot in the door," said Danielle Hale, chief economist for realtor.com.® "Our survey data reveals that we may see more of these homes hitting the market in the next year, but whether these owners actually list will depend on whether they can find another home." While baby boomers plan to stay put Breaking down those not planning to sell by age points toward one significant contributor to the housing shortage – 85 percent of baby boomers surveyed indicated they are not planning to sell their home in the next year. Homeownership among boomers, at 78 percent, is nearly twice as high as millennials, at 41 percent. As boomers decide to stay put so are approximately 33 million properties, many of which are urban condos or suburban single-family homes – the most popular choices for millennials. "Boomers indeed hold the key to those homes the market desperately needs, both in the urban condo and the detached suburban home segment," said Hale. "But with a strong economy and rising home prices, there's really no reason for established homeowners to sell in the short term. Although down-sizing might be on the minds of boomers, they face the same inventory shortages and price increases plaguing millennials." Historically, older age groups have moved about four times less than younger age groups, and while that ratio has somewhat remained stable over time, the population mix has not. The share of the population between the ages of 55 and 74 years old has increased by 30 percent in the last 30 years from 16 percent in 1985 to 21 percent in 2015. Overall top reasons for not selling When those with no plans to sell were asked why they wanted to stay put, approximately 63 percent indicated their current home meets the needs of their family. The other most popular reasons include low interest rates (16 percent), recently purchasing their home (15 percent), needing to make home improvements and low property taxes (each cited by approximately 13 percent of respondents). "Life events drive real estate transactions," added Hale. "When the majority of home owners feel their family needs are being met by their current home, there is nothing compelling them to put their home on the market." Top reasons for not selling by generation According to the survey's findings, the reasons for staying put differ significantly by age. For instance, 72 percent of baby boomers indicated their current home fits the needs of their family. This is followed by low interest rates (16 percent), concerns about financial security (13 percent), and the need to make some home improvements (12 percent). A majority of millennials, 52 percent, also indicated that their top reason for not selling is their home fits their family needs. This was followed by 27 percent recently purchasing their home and approximately 16 percent citing low interest rates. For gen Y, the top reasons not to sell include: home meeting family needs (65 percent), low interest rates (16 percent), and low property taxes (16 percent). A key reason for homeowners staying put for a longer period, according to the National Association of Realtors®, is because of inadequate levels of new home construction over the past decade. To read more about the study, please visit: https://research.realtor.com/housing-shortage-boomers/. 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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Pending Home Sales Recover in June, Grow 1.5 Percent
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Realtor.com® Names the Top 10 Affordable Towns with the Best Elementary Schools
Aurora, Ill., Stone Mountain, Ga., Hampton, N.J., top the list SANTA CLARA, Calif., July 27, 2017 -- Realtor.com®, a leading provider of online real estate services operated by News Corp subsidiary Move, Inc., today released its ranking of the 10 most affordable housing markets with top elementary schools. Led by Aurora, Ill. (60503), the list also includes towns from all over the U.S., from Royersford, Pa., to Chandler, Ariz. To create the list, realtor.com® analyzed ZIP codes within the top metropolitan areas in the country which contained at least one public school ranked eight out of 10 or higher by GreatSchools. In order, realtor.com®'s top 10 most affordable towns with great elementary schools include: Aurora, Ill.; Stone Mountain, Ga.; Hampton, N.J.; Royersford, Pa; Kingwood, Texas; Rosemount, Minn.; Bowie, Md.; Huntington Woods, Mich.; Stow, Mass.; and Chandler. "When searching for a new home, finding something affordable in a good school district with family-friendly features, such as large backyards, tops the list of homebuyer priorities," said Javier Vivas, manager of economic research for realtor.com®. "These markets offer strong public schools and affordable homes, making them a great fit for homebuyers with elementary school-age children." The monthly cost of owning a median-priced home near a top elementary school is on average only 23 percent of the median household income in the ZIP, which is on-average 41 percent less costly than their surrounding metro area. In addition to offering affordable prices, these markets are home to strong incomes as well with an average household income of $106,525, compared to the national median of $57,462. Realtor.com® also looked into the top affordable towns for middle schools and high schools, Aurora also topped the list for middle schools while Royersford -- which made the top elementary list -- was ranked No. 1 for high schools. In fact, seven of the top 10 elementary school towns also made it onto the top middle school or high school list, including: Aurora (middle school), Hampton (middle school), Royersford (middle and high schools), Kingswood (middle school), Rosemount (middle and high schools), Stow (middle school) and Chandler (middle and high schools). "Staying in your home for at least five to 10 years is one way you can ensure you receive a high return on your home investment," added Vivas. "With strong middle and high schools many of the markets on the list offer families the opportunity to put down roots while building equity in their home." In a realtor.com® survey of first-time homebuyers conducted earlier this year, younger homebuyers who are more likely to have young children in the house were particularly interested in living in a good school district. In fact, millennial home shoppers, as well as shoppers age 35-44, cited family needs as the primary reason for entering the housing market, and noted better school districts as a primary reason for purchasing a new home. Realtor.com® ranked ZIP codes according to affordability of homes within each area, determined by calculating the monthly mortgage costs and other costs to purchase the median-priced home in the ZIP code and dividing it by the ZIP code's median income. 1. Aurora, Ill. (ZIP code 60503) Schools: Homestead Elementary School (rating 10/10), The Wheatlands Elementary School (rating 8/10), and Wolfs Crossing Elementary School (rating 10/10) Housing in ZIP 60503: The 2017 median household income in Aurora is $114,118 with a 2017 median listing price of $259,900. Aurora is 45 percent more affordable compared to its surrounding metro area, and 47 percent more affordable compared to the U.S. overall. Schools: Oswego Community Unit School District 308 is home to Homestead, Wheatlands, and Wolfs Crossing. As the district's tagline, "world-class schools serving caring communities" suggests, these schools place an emphasis on partnering and engaging with students' families and their surrounding communities. It is also home to the No. 1 middle school on the list Bednarcik Junior High School. 2. Stone Mountain, Ga. (ZIP code 30087) School: Wynbrooke Elementary School (rating 9/10) Housing in ZIP 30087: The 2017 median household income in Stone Mountain is $71,678 with a 2017 median listing price of $218,950. Stone Mountain is 38 percent more affordable compared to its surrounding metro area, and compared to the U.S. overall. School: Dubbing itself a "theme school," Wynbrooke Elementary seeks to engage students through research-centered assignments and hands-on projects. Its known for its low student-to-teacher ratio, daily homework assignments, and uniform policy. 3. Hampton, N.J. (ZIP code 08827) School: Union Township Elementary School (rating 8/10) Housing in ZIP 08827: The 2017 median household income in Hampton is $118,810 with a 2017 median listing price of $297,000. Hampton is 60 percent more affordable compared to its surrounding metro area, and 37 percent more affordable compared to the U.S. overall. School: The Union Township Board of Education says it aims to build not just academic abilities, but the entire set of skills necessary to become productive members of society by encouraging their students' individual growth. Union Township Elementary students get to enjoy learning in the fresh air thanks to two recently built "outdoor classroom pavilions" that were constructed with the help of community members and the school's PTA. The school is also considering changing its current half-day Kindergarten to a more rigorous all-day program. 4. Royersford, Pa. (ZIP code 19468) Schools: Brooke Elementary School (rating 9/10), Evans Elementary School (rating 8/10), Limerick Elementary School (rating 9/10), Spring-Ford Intrmd School 5th/6th (rating 9/10), and Upper Providence Elementary School (rating 9/10) Housing in ZIP 19468: The 2017 median household income in Royersford is $83,264 with a 2017 median listing price of $246,125. Royersford is 21 percent more affordable compared to its surrounding metro area, and 32 percent more affordable compared to the U.S. overall. Schools: Brooke, Limerick, Spring-Ford and Upper Providence are all located in the Spring-Ford Area School District which places an emphasis on making school fun. It operates under the philosophy that elementary school students "should enjoy coming to school" and that creating an enjoyable environment is the best way to help students reach their full potential. 5. Kingwood, Texas (ZIP code 77345) Schools: Deerwood Elementary School (rating 9/10), Greentree Elementary School (rating 10/10), Hidden Hollow Elementary (9/10), Shadow Forest Elementary School (rating 10/10), and Willow Creek Elementary School (rating 10/10). Housing in ZIP 77345: The 2017 median household income in Kingwood is $123,201 with a 2017 median listing price of $323,750. Kingwood is 46 percent more affordable compared to its surrounding metro area, and 32 percent more affordable compared to the U.S. overall. Schools: The Humble School District, home to Deerwood, Greentree, Hidden Hollow, Shadow Forest, and Willow Creek, is one of Texas' 25 fastest-growing districts. It aims to create students who are "life-long learners, complex thinkers, responsible global citizens and effective communicators." 6. Rosemount, Minn. (ZIP code 55068) School: Shannon Park Elementary School (rating 10/10) Housing in ZIP 55068: The 2017 median household income in Rosemount is $93,743 with a 2017 median listing price of $299,900. Rosemount is 30 percent more affordable compared to its surrounding metro area, and 32 percent more affordable compared to the U.S. overall. School: Known for its academics and extracurriculars, Shannon Park students have a chance to take part in a plethora of activities, including a geography bee, math olympiad, young Authors Conference and family math night. 7. Bowie, Md. (ZIP code 20715) Schools: Whitehall Elementary School (rating 8/10) and Yorktown Elementary School (rating 8/10) Housing in ZIP 20715: The 2017 median household income in Bowie is $107,865 with a 2017 median listing price of $345,350. Bowie is 29 percent more affordable compared to its surrounding metro area, and 27 percent more affordable compared to the U.S. overall. Schools: Located just minutes away from Washington, D.C., Prince George's County Public Schools is one of the nation's 25 largest school districts. Whitehall and Yorktown are known for their academic rigor, which is demonstrated by their mission statements "to educate children beyond expectations" and "a rigorous instructional program for every student, in every classroom every day," respectively. 8. Huntington Woods, Mich. (ZIP code 48070) School: Burton Elementary School (rating 8/10) Housing in ZIP 48070: The 2017 median household income in Huntington Woods is $120,265 with a 2017 median listing price of $400,000. Huntington Woods is 15 percent more affordable compared to its surrounding metro area, and 27 percent more affordable compared to the U.S. overall. School: Burton Elementary school prides itself on its comprehensive and innovative curricula, making parents part of the education process and integrating technology into every subject. The 480 students who attend the K-5 elementary school, also benefit from "differentiated instruction" – programs that help enable the school to cater to all learning types. 9. Stow, Mass. (ZIP code 01775) School: Center School (rating 8/10) Housing in ZIP 01775: The 2017 median household income in Stow is $139,622 with a 2017 median listing price of $504,750. Stow is 45 percent more affordable compared to its surrounding metro area, and 23 percent more affordable compared to the U.S. overall. School: At Center School, educators use high expectations and cutting edge educational practices to drive students toward academic achievement. It's home to a state of the art 100,000-square-foot building equipped with iPads, Chromebooks and smartboards that give a students hands-on technology experience. 10. Chandler, Ariz. (85226) – Kyrene Elementary District and Paragon Education Corporation Schools: Kyrene De La Mirada School (rating 9/10), Kyrene De La Paloma School (rating 8/10), Kyrene De Las Brisas School (rating 9/10), Kyrene del Cielo School (rating 10/10), Kyrene Traditional - Sureno Campus (rating 9/10), and Paragon Science Academy K-12 (rating 9/10). Housing in ZIP 85226: The 2017 median household income in Chandler is $80,130 with a 2017 median listing price of $324,155. Chandler is 30 percent more affordable compared to its surrounding metro area, and 20 percent more affordable compared to the U.S. overall. School: In Arizona, students can attend any school within or outside their own districts. Kyrene and Paragon seek to attract top students with strong academics, small class sizes, lots of activities – such as technology and art – and the opportunity to use laptops every day. For more information, 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
WASHINGTON (July 18, 2017) – Fueled by a substantial increase in sales dollar volume from Canadian buyers, foreign investment in U.S. residential real estate skyrocketed to a new high, as transactions grew in each of the top five countries where buyers originated. This is according to an annual survey of residential purchases from international buyers released today by the National Association of Realtors®, which also revealed that nearly half of all foreign sales were in three states: Florida, California and Texas. NAR's 2017 Profile of International Activity in U.S. Residential Real Estate found that between April 2016 and March 2017, foreign buyers and recent immigrants purchased $153.0 billion of residential property, which is a 49 percent jump from 2016 ($102.6 billion) and surpasses 2015 ($103.9 billion) as the new survey high. Overall, 284,455 U.S. properties were bought by foreign buyers (up 32 percent from 2016), and purchases accounted for 10 percent of the dollar volume of existing-home sales (8 percent in 2016). "The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year," said Lawrence Yun, NAR chief economist. "While the strengthening of the U.S. dollar in relation to other currencies and steadfast home-price growth made buying a home more expensive in many areas, foreigners increasingly acted on their beliefs that the U.S. is a safe and secure place to live, work and invest." Although China maintained its top position in sales dollar volume for the fourth straight year, the significant rise in foreign investment in the survey came from a massive hike in activity from Canadian buyers. After dipping in the 2016 survey to $8.9 billion in sales ($11.2 billion in 2015), transactions from Canadians this year totaled $19.0 billion – a new high for Canada. Yun attributes this notable rise in activity to Canadians opting to buy property in U.S. markets that are expensive but still more affordable than in their native land. While much of the U.S. continues to see fast price growth, home price gains in many cities in Canada have been steeper, especially in Vancouver and Toronto. "Inventory shortages continue to drive up U.S. home values, but prices in five countries, including Canada, experienced even quicker appreciation," said Yun. "Some of the acceleration in foreign purchases over the past year appears to come from the combination of more affordable property choices in the U.S. and foreigners deciding to buy now knowing that any further weakening of their local currency against the dollar will make buying more expensive in the future." Foreign buyers typically paid $302,290, which was a 9.0 percent increase from the median sales price in the 2016 survey ($277,380) and above the sales price of all existing homes sold during the same period ($235,792). Approximately 10 percent of foreign buyers paid over $1 million, and 44 percent of transactions were all-cash purchases (50 percent in 2016). Foreign sales rise in top five countries; three states account for nearly half of all purchases Buyers from China exceeded all countries by dollar volume of sales at $31.7 billion, which was up from last year's survey ($27.3 billion) and topped 2015 ($28.6 billion) as the new survey high. Chinese buyers also purchased the most housing units for the third consecutive year (40,572; up from 29,195 in 2016). Rounding out the top five, the sales dollar volume from buyers in Canada ($19.0 billion), the United Kingdom ($9.5 billion), Mexico ($9.3 billion) and India ($7.8 billion) all increased from their levels one year ago. This year's survey once again revealed that foreign buying activity is mostly confined to three states, as Florida (22 percent), California (12 percent) and Texas (12 percent) maintained their position as the top destinations for foreigners, followed by New Jersey and Arizona (each at 4 percent). Florida was the most popular state for Canadian buyers, Chinese buyers mostly chose California, and Texas was the preferred state for Mexican buyers. Sales to resident foreigners and non-residents each reach new peak The upswing in foreign investment came from both recent immigrants and non-resident foreign buyers as each increased substantially to new highs. Sales to foreigners residing in the U.S. reached $78.1 billion (up 32 percent from 2016) and non-resident foreign sales spiked to $74.9 billion (up 72 percent from 2016). "Although non-resident foreign purchases climbed over the past year, it appears much of the activity occurred during the second half of 2016," said Yun. "Realtors® in some markets are reporting that the effect of tighter regulations on capital outflows in China and weaker currencies in Canada and the U.K. have somewhat cooled non-resident foreign buyer interest in early 2017." Looking ahead, Yun believes the gradually expanding U.S. and global economies should keep foreign buyer demand at a robust level. However, it remains to be seen if both the shortage of homes for sale and economic and political headwinds end up curbing sales activity to foreigners. "Stricter foreign government regulations and the current uncertainty on policy surrounding U.S. immigration and international trade policy could very well lead to a slowdown in foreign investment," said Yun. NAR's 2017 Profile of International Activity in U.S. Residential Real Estate, conducted April 10 through May 1, surveyed a sample of Realtors ® to measure the share of U.S. residential real estate sales to international clients, and to provide a profile of the origin, destination, and buying preferences of international clients, as well as the challenges and opportunities faced by Realtors® in serving foreign clients. The survey presents information about transactions with international clients during the 12-month period between April 2016 and March 2017. A total of 5,998 Realtors® responded to the 2017 survey. The 2017 Profile of International Activity in U.S. Residential Real Estate can be ordered by calling 800-874-6500, or online at www.nar.realtor/prodser.nsf/Research. The report is free to NAR members and accredited media and costs $149.95 for non-members. 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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84 Percent of Americans See Homeownership as Good Investment, Affordability a Growing Concern
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Survey: 1 in 3 Recent Homebuyers Made an Offer Sight-Unseen, Up From Nearly 1 in 5 a Year Ago
SEATTLE — June 28, 2017 — Thirty-three percent of people who bought a home in the last year made an offer without first seeing the home in person, according to a May survey of 3,350 homebuyers and sellers commissioned by Redfin, the next-generation real estate brokerage. In a similar survey last year, 19 percent of buyers said they had offered sight-unseen. Among recent Millennial homebuyers, 41 percent had done so. Five other major findings include: Affordable housing was the most prevalent economic concern, cited by 40 percent of buyers; rising prices caused 21 percent to search in other metro areas where homes cost less. Forty-one percent of buyers would be hesitant to move to a place where people have different political views from their own. Orders restricting immigration influenced the buying and selling plans of 52 percent of Arab, Asian and Latino respondents; 45 percent of minority buyers felt that sellers and their agents may have been less eager to work with them because of their race. Buyers remain resilient amid the prospect of rising mortgage rates. Just 5 percent said they'd cancel their plans if rates surpass 5 percent. Fifty-one percent of buyers and 46 percent of sellers saved money on real estate commissions. "Millennials are already starting to set trends in the real estate industry," said Redfin chief economist Nela Richardson. "They are three times more likely than Baby Boomers to make an offer sight-unseen, and they're more likely than older buyers and sellers to negotiate commission savings. Despite their tech-savvy confidence, politics are seeping into Millennials' decisions about where to live; nearly half cited hesitations about moving to a place where their neighbors wouldn't share their views." For the full report including more findings, charts and a detailed 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 $40 billion in home sales.
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NAR Midyear Forecast: Existing-Home Sales Poised to Climb 3.5 Percent in 2017
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HUD and Census Bureau Announce New Residential Sales in January 2017
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau today jointly announced the following new residential sales statistics for January 2017: NEW HOME SALES Sales of new single-family houses in January 2017 were at a seasonally adjusted annual rate of 555,000. This is 3.7 percent (±18.5 percent)* above the revised December rate of 535,000 and is 5.5 percent (±25.4 percent)* above the January 2016 estimate of 526,000. SALES PRICE The median sales price of new houses sold in January 2017 was $312,900. The average sales price was $360,900. FOR SALE INVENTORY AND MONTHS' SUPPLY The seasonally-adjusted estimate of new houses for sale at the end of January was 265,000. This represents a supply of 5.7 months at the current sales rate. New Residential Sales data for February 2017 will be released on Thursday, March 23, 2017. Read more about new residential sales activity. EXPLANATORY NOTES In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take three months to establish an underlying trend for building permit authorizations, six months for total starts, and six months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as "2.5 percent (±3.2 percent) above" appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percentage change is likely to have occurred. All ranges given for percentage changes are 90 percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percentage changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised 3 percent or less. Explanations of confidence intervals and sampling variability can be found at the Census Bureau's website.
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NAR, Realtor.com® Identify Growing Rift Between Housing Availability and Affordability
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U.S. Home Affordability Drops to 8-Year Low in Q4 2016
IRVINE, Calif. – Dec. 22, 2016 — ATTOM Data Solutions, curator of the nation's largest fused property database, today released its Q4 2016 Home Affordability Index, which shows the national affordability index in the fourth quarter was at its lowest level since Q4 2008. The report also shows that 29 percent of U.S. county housing markets were less affordable than their historic affordability averages in the fourth quarter, up from 24 percent of markets in the previous quarter and up from 13 percent of markets a year ago to the highest share since Q3 2009 — when 47 percent of markets were less affordable than their historic affordability averages. The report analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 447 U.S. counties with a combined population of more than 184 million. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate and a 3 percent down payment — including property taxes and insurance. An index of 100 indicates market affordability on par with historical norms while above 100 indicates more affordable than historic norms and below 100 indicates less affordable than historic norms. Nationally the affordability index in the fourth quarter was 103, down from 108 in the previous quarter and down from 116 a year ago to the lowest level since Q4 2008, when the national home affordability index was 102. "Rapid home price appreciation and tepid wage growth have combined to erode home affordability during this housing recovery, and the recent uptick in mortgage rates only accelerated that trend in the fourth quarter," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "The prospect of further interest rate hikes in 2017 will likely cause further deterioration of home affordability next year. Absent a strong resurgence in wage growth, that will put downward pressure on home price appreciation in many local markets." Counties in New York, Dallas, San Francisco less affordable than their historic norms Out of the 447 counties analyzed in the report, 130 counties (29 percent) had an affordability index below 100, indicating they are less affordable than their historic norms. Counties with the lowest affordability index in Q4 2016 were Cumberland County, Tennessee in the Crossville metro area (58); Genesee County, Michigan in the Flint metro area (77); Denver County, Colorado (79); Adams County, Colorado in the Denver metro area (81); and Wilson County, Tennessee in the Nashville metro area (83). The most populated counties that were less affordable than their historic norms in Q4 2016 included Kings County (Brooklyn), New York (affordability index of 91); Dallas County, Texas (91); Queens County, New York (95); Tarrant County, Texas, also in the Dallas metro area (93); and Alameda County, California, in the San Francisco metro area (93). Home price growth outpaced wage growth in 81 percent of counties Annual home price growth outpaced annual wage growth in 363 of 447 counties (81 percent) analyzed in the report, up from 77 percent of counties in the previous quarter and up from 57 percent of counties a year ago. Since bottoming out in Q1 2012, the national median home price has increased 60 percent while average weekly wages have increased just 1 percent during that same timeframe. The most populated counties where home price growth outpaced wage growth were Los Angeles County, California; Harris County, Texas, in the Houston metro area; Maricopa County, Arizona in the Phoenix metro area; San Diego County, California; Orange County, California; Miami-Dade County, Florida; Kings County, New York; and Dallas County, Texas. Counties with the strongest annual growth in average weekly wages were Woodbury County, Iowa in the Sioux City metro area (15 percent); Maury County, Tennessee in the Nashville metro area (14 percent); Iredell County, North Carolina in the Charlotte metro area (11 percent); Walton County, Georgia in the Atlanta metro area (9 percent); Elkhart County, Indiana in the Elkhart metro area (8 percent); and King County, Washington, in the Seattle metro area (8 percent). Affordability improves in 18 percent of markets compared to year ago Home affordability improved compared to a year ago in 81 of the 447 counties analyzed (18 percent), down from 39 percent of counties with improving affordability in the previous quarter and down from 26 percent of counties with improving affordability in Q4 2015. The most populated counties with improving home affordability in Q4 2016 compared to a year ago were Suffolk County (Long Island), New York; Bronx County, New York; Fairfax County, Virginia in the Washington, D.C. metro area; Fulton County, Georgia in the Atlanta metro area; and Fairfield County, Connecticut. The most populated counties with worsening affordability in Q4 2016 compared to a year ago were Los Angeles County, California; Harris County, Texas, in the Houston metro area; Maricopa County, Arizona, in the Phoenix metro area; San Diego County, California; and Orange County, California. Brooklyn, Santa Cruz, San Francisco top least affordable markets by share of wages On average across the 447 counties analyzed, average wage earners need to spend 36.9 percent of their income to buy a median-priced home, still below the historic average of 39.1 percent but up from 36.6 percent in the previous quarter and up from 35.2 percent a year ago. Counties that were least affordable by this absolute affordability standard were Kings County (Brooklyn), New York (127.2 percent of average wages needed to buy a median priced home); Santa Cruz County, California (113.7 percent); Marin County (San Francisco), California (111.9 percent); Summit County (Summit Park), Utah (105.3 percent); and New York County (Manhattan), New York (102.6 percent). Other counties in the top 10 least affordable were San Francisco County, California (95.9 percent); Kauai County, Hawaii (94.3 percent); San Luis Obispo County, California (90.4 percent); Maui County, Hawaii (88.8 percent); and Monroe County (Key West), Florida (88.8 percent). Counties that were most affordable by this absolute standard were Clayton County (Atlanta), Georgia (10.4 percent of average wages needed to buy a median-priced home); Roane County (Knoxville), Tennessee (11.8 percent); Bay County (Bay City), Michigan (13.0 percent); Bibb County (Macon), Georgia (13.3 percent); and Richmond County (Augusta), Georgia (14.0 percent). Report MethodologyThe report analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 414 U.S. counties with a combined population of more than 203 million. The affordability index was based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3 percent down payment, including property taxes, home insurance and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments. Only counties with sufficient home price and wage data quarterly back to Q1 2005 were used in the analysis. 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. 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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Redfin Names the Most Competitive Neighborhoods for Homebuyers in 2016
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Redfin Predicts 2017 will be the Fastest Housing Market on Record
SEATTLE — Dec. 13, 2016 — In the new year, home price growth will hold steady and homes will sell even faster than they have this year, making 2017 the fastest real estate market on record, according to Redfin, the next-generation real estate brokerage. Redfin data scientists and thought leaders put their heads together to predict what the housing market has in store for the new year, under a new president. "Next year, the new administration will lead a shifting U.S. economy," said Redfin chief economist Nela Richardson. "Baby boomers will become less economically relevant as millennials continue to come of home-buying age. Superstar cities will create much of the job growth, pushing wages in those cities up. Yet the percentage of homes in America's largest cities that are affordable on the median income has declined the past two years and will continue to fall in 2017. Sales would be even stronger if there were more starter homes on the market to meet demand from millennial homebuyers. We expect to see more homes built in second-tier cities and more millennial homebuyers moving from the coasts to smaller and inland markets where they can find affordable starter homes." Redfin's Seven Housing Predictions for 2017: 1. The housing market will continue to grow, but at a slower pace due to affordability pressures. The percentage of homes in America's largest cities that are affordable on a median income has declined the past four years and will continue to fall in 2017. Even with rising affordability pressures, Redfin predicts: Median home sale prices will increase 5.3 percent year over year, similar to the estimated 5.5 percent this year. Existing homes sales are forecasted to increase 2.8 percent in 2017, compared to the estimated 3.4 percent increase in 2016. Inventory will recover slightly, up 1.7 percent year over year, after falling an estimated 3.4 percent in 2016. 2. 2017 will be the fastest real estate market on record. In 2016, the typical home stayed on the market just 52 days, the shortest time recorded since 2009. Redfin anticipates 2017 will be even faster because of increasing demand for short-notice home tours and the development of new technologies to make the entire real estate transaction more efficient. 3. New construction growth will slow. Given that nearly one in four construction workers is foreign-born, stricter immigration policies are likely to make the labor-shortage problem even worse, slowing new-construction growth to 6 percent in 2017 if these policy changes go into effect next year. This will most affect the availability of affordable starter homes, which means higher prices for first-time buyers. 4. Mortgage rates will increase, but not by much. Redfin expects the 30-year fixed mortgage rate to climb, but no higher than 4.3 percent in 2017. Wall Street's optimism for economic growth and inflation in 2017 is expected to keep mortgage rates low. 5. More people will have access to home loans. Fannie and Freddie are increasing the size of loans they'll back, while large financial institutions have introduced mortgages requiring as little as 1 percent to 3 percent down. The Trump Administration's plans to privatize Fannie and Freddie likely won't take effect until at least 2018. 6. Millennials will move to second-tier cities. Markets able to offer buyers new construction at affordable prices will take center stage in 2017, since many first-time homebuyers have been priced out of the starter-home market in more expensive metropolises. Redfin analysts expect cities like Raleigh, North Carolina, Austin, Texas, and North Port, Florida, which lead the country in the number of new residential building permits per 1,000 people, to lead this trend. 7. Real estate commissions will continue to fall. A 2016 Redfin study found that most people who had sold a home in the past year got a discount on the commission they paid to their broker, and so did almost half of buyers. Redfin projects that as a growing number of disruptive companies offer new, money-saving ways to buy and sell homes, even more consumers will save on real estate fees in 2017. To read the full set of predictions, complete with expert analysis and detailed data, 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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CoreLogic Reports 30,000 Completed Foreclosures in October 2016
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Realtor.com Forecasts Post-Election Economy to Result in Higher Mortgage Rates While Housing Delivers Slower Gains in 2017
  SANTA CLARA, Calif., Nov. 30, 2016 -- The 2017 housing market will be a year of slowing, yet moderate growth, set against the backdrop of a changing composition of home buyers and a post-election interest rate jump that could potentially price some first-timers out of the market, according to the realtor.com® 2017 housing forecast released today. The report also predicts the top five housing trends of 2017, as well as home prices and sales for the 100 largest metros in the U.S. Realtor.com® is a leading online real estate destination operated by News Corp subsidiary Move, Inc. 2017 national housing forecast The 2017 national real estate market is predicted to slow compared to the last two years, across the majority of economic indicators. Home prices are anticipated to increase 3.9 percent and existing home sales are forecasted to increase 1.9 percent to 5.46 million homes. Interest rates are expected to reach 4.5 percent due to higher expectations for inflationary pressure in the year ahead. Realtor.com® is forecasting the homeownership rate will stabilize at 63.5 percent after bottoming at 62.9 percent in 2016. New home sales are expected to grow 10 percent, while new home starts are expected to increase 3 percent. The forecast is based on GDP growth of 2.1 percent, a 2.5 percent increase in the consumer price index and unemployment declining to 4.7 percent by the end of the year. Prior to this month's election, demographics and an improving economy were laying the foundation for a substantial increase in first-time buyers in 2017, but due to mortgage rate increases over the last few weeks realtor.com® predicts first timers will face new hurdles as they navigate the qualification and buying process. These higher rates are associated with anticipation of stronger economic and wage growth next year, both of which favor buyers. However, higher rates will make qualifying for a mortgage and finding affordable inventory more challenging. "We don't expect the outcome of the election to have a direct impact on the health of the housing market or economy as we close out 2016. However, the 40 basis points increase in rates in the days following the election has caused us to increase our interest rate prediction for next year," said Jonathan Smoke, chief economist for realtor.com®. "With more than 95 percent of first-time home buyers dependent on financing their home purchase, and a majority of first-time buyers reporting one or more financial challenges, the uptick we've already seen may price some first-timers out of the market." Top Housing Trends for 2017 Next year's predicted slowing price and sales growth, increasing interest rates and changing buyer demographics are setting the stage for five key housing trends: Millennials and boomers will dominate the market –– Next year, the housing market will be in the middle of two massive demographic waves, millennials and baby boomers – that will power demand for at least the next 10 years. Although increasing interest rates have prompted realtor.com® to lower its prediction of millennial market share to 33 percent of the buyer pool; millennials and baby boomers will still comprise the majority of the market. Baby boomers are expected to make up 30 percent of buyers in 2017 and given they're less dependent on financing, they are anticipated to be more successful when it comes to closing. Midwestern cities will continue to be hotbeds for millennials – Midwestern cities are anticipated to continue to beat the national average in millennial purchase market share in 2017 with Madison, Wis.; Columbus, Ohio; Omaha, Neb.; Des Moines, Iowa; and Minneapolis, leading the pack. This year, average millennial market share in these markets is 42 percent, far higher than the U.S. average of 38 percent. With strong affordability in 15 of the 19 largest Midwestern markets, realtor.com® expects this trend to continue in 2017 even as interest rates increase. Slowing price appreciation – Nationally, home prices are forecast to slow to 3.9 percent growth year over year, from an estimated 4.9 percent in 2016. Of the top 100 largest metros in the country, 26 markets are expected to see price acceleration of 1 percent point or more with Greensboro-High Point, N.C.; Akron, Ohio; and Baltimore-Columbia-Towson, Md., experiencing the largest gains.  Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with Lakeland-Winter Haven, Fla., Durham-Chapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation. Fewer homes on the market and fast moving markets – Inventory is currently down an average of 11 percent in the top 100 metros in the U.S. The conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent – or 11 days – faster than U.S. overall. Western cities will continue to lead the nation in prices and sales – Western metros in the U.S. are forecast to see a price increase of 5.8 percent and sales increase of 4.7 percent, much higher than the U.S. overall. These markets also dominate the ranking of the realtor.com® 2017 top housing markets, making up five of the top 10 markets on the list (Los Angeles, Sacramento and Riverside, Calif., Tucson, Ariz., and Portland, Ore.) and 11 of the top 25 (Colorado Springs, Colo.; San Diego; Salt Lake City; Provo-Orem, Utah; Seattle. and Oxnard-Thousand Oaks-Ventura, Calif.) Top 2017 housing markets Despite a more moderate housing market overall in 2017, strong local economies and population growth will continue to fuel the nation's top markets. The realtor.com® 2017 top 10 housing markets based on price and sales gains are: 1. Phoenix-Mesa-Scottsdale, Ariz.; 2. Los Angeles-Long Beach-Anaheim, Calif.; 3. Boston-Cambridge-Newton, Mass.-N.H.; 4. Sacramento--Roseville--Arden-Arcade, Calif.; 5. Riverside-San Bernardino-Ontario, Calif.; 6. Jacksonville, Fla.; 7. Orlando-Kissimmee-Sanford, Fla.; 8. Raleigh, N.C.; 9. Tucson, Ariz.; and 10. Portland-Vancouver-Hillsboro, Ore.-Wash. These top 10 markets are forecast to see average price gains of 5.8 percent and sales growth of 6.3 percent, exceeding next year's anticipated national growth of 3.9 percent and 1.9 percent, respectively. But when compared to last year, prices in eight of the top 10 markets are expected to decelerate with only Los Angeles and Tucson, Ariz. showing stronger growth than last year. Other commonalities among the top 10 housing markets include: relatively affordable rental prices, low unemployment, large populations of millennials and baby boomers, as well as a high number of listing views on realtor.com®. 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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Equity Rich U.S. Homeowners Increase by 2.6 Million in Q3 2016 as Average Homeownership Tenure Reaches a New High
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89% of U.S. Investors Interested in Putting Their Money into Real Estate
10-04-2016 — Could real estate be the hottest trend in investing? While the concept itself isn't new, confidence and intrigue in this investment strategy are high according to recent findings from a national survey of U.S. investors by Better Homes and Gardens®Real Estate, which found 89 percent of U.S. investors surveyed are interested in incorporating real estate into their investment strategies. The results also revealed that 80 percent of U.S. investors surveyed believe a real estate portfolio is one of the best financial legacies they could leave for their family, so what could this mean for the real estate industry? Real Estate Investors of Today and Tomorrow Nearly all (96%) of U.S. investors surveyed who have invested in real estate believe their decision has helped them achieve some form of financial success: 52% greater overall financial stability 51% greater long-term net worth 45% greater monthly cash flow 94% percent of those who have invested in real estate are interested in making a future investment of this kind 84% who have invested in real estate indicated that they will make another real estate investment 2 in 5 planning to do so in less than a year 80% of investors surveyed who have never previously invested in real estate expressed an interest in making this financial commitment: 96% of Millennial investors are interested in making a real estate investment, showing greater interest than their Boomer counterparts (83%) Millennials are more drawn to personal real estate investments (79%) than commercial (49%) Family Motivations Behind Real Estate Investment Despite capturing the public's fascination through reality TV, only a small portion of respondents (29%) view property flipping as a beneficial real estate investment. Rather, research revealed that family is a driving motivation behind real estate investments. 79% of investor respondents feel it is important to invest in a property that they could use for themselves or a family member at some point. 83% of parents who invest would consider buying a property for or with their child or grandchild to: Co-manage and profit from together (40%) Manage and profit from it themselves (39%) Have their children or grandchildren live in the home during college (35%) Fund college tuition in the future (35%) Investing More than Money Unlike many other investments that can be made with the click of a button, real estate investments are often complex and require careful consideration. In fact, 89 percent of investors who have made a real estate investment in the last five years feel it is important for a real estate investment property to be geographically close, so that they could either manage or use it themselves. For non-investors, this commitment can be a deterrent. Eighty-nine percent of non-real estate investors surveyed who cited concerns about jumping in on an investment property, the top reason was that they don't know enough about investing in real estate (42%), followed by it requires too much time (41%), demands too much starting capital (35%) and that it is "risky" (28%). There is a clear need for real estate professionals and their insights – 30 percent would be more likely to invest if they had access to a real estate investment professional for advice, or resources to explain how to get started. This need translates into a set of expectations. Approximately 53 percent of respondents expect a real estate agent to advise on managing the investment, as well as provide guidance on terms (49%) and down payment advice (47%). "To see consumer confidence of this magnitude is very promising," said Sherry Chris, President and CEO, Better Homes and Gardens Real Estate. "Through this research, we've discovered that a majority of investors, including Millennials, Gen Xers and Baby Boomers, believe real estate is the best way to diversify an investment portfolio. What's fascinating is that even when it comes to real estate investments, for many, there are still emotional drivers that accompany this type of transaction. Consumers are starting to look forward and see real estate as a viable investment strategy, and as an industry, we need to help educate and guide these individuals on the right path to achieve this goal. "The aspiration to invest in real estate is there, yet it is up to real estate professionals to explain the fundamentals and help to serve as strategic sources throughout the process. Our hope is that this research empowers our industry to provide the resources and develop the necessary information to accelerate this opportunity for both current and future real estate investors." About the Survey The Better Homes and Gardens Real Estate Investors Survey was conducted by Wakefield Research, among 1,000 U.S. investors, between June 30 and July 12, 2016, using an email invitation and an online survey.Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interview and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample. 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. The growing Better Homes and Gardens® Real Estate network includes more than 10,000 affiliated sales associates and approximately 300 offices serving home buyers and sellers across the United States, Canada and the Bahamas. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens® Real Estate Franchise is independently owned and operated. For more information, visit www.BHGRealEstate.com.
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CoreLogic Analysis Shows Between $4 Billion and $6 Billion in Insured Property Loss from Hurricane Matthew
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Homes in Democratic Districts Have Gained Twice as Much Value as Those in Republican Districts Over Last 8 Years
IRVINE, CA--(October 05, 2016) - ATTOM Data Solutions, the nation's leading source for comprehensive housing data and the new parent company to RealtyTrac, released a special political housing analysis. ATTOM Data Solutions found that homeowners living in Democrat-controlled congressional districts have gained more than twice as much in housing wealth as homeowners living in Republican-controlled districts over the past eight years. Among 2.4 million single family homes purchased eight years ago, those in Democrat-controlled districts have gained an average $59,467 in value since purchase -- a 21 percent return -- compared to a $22,086 return representing a 10 percent ROI for homes in Republican-controlled districts. But homeowners in Republican-controlled districts are paying lower property taxes -- $2,514 on average representing a 1.02 effective tax rate compared to $3,659 representing a 1.07 percent tax rate for homeowners in Democrat-controlled districts. Counter to the national trend, seven of the 11 battleground states in the 2016 presidential election have produced better ROI for homeowners in Republican-controlled districts. Report Methodology ATTOM Data Solutions looked at home values, appreciation, property taxes and equity for 2.4 million single family homes purchased eight years ago, broken down by congressional district. Those metrics were measured for all homes in congressional districts with a Democrat representative and for all homes in congressional districts with a Republican representative. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that aggregates 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. 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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NAR Identifies Top 10 Markets in Dire Need of More Single-family Housing Starts
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Homeownership More Profitable for Single Men Than Single Women According to New RealtyTrac Analysis
IRVINE, CA--(May 26, 2016) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released an analysis showing homes owned by single men on average are valued 10 percent more and have appreciated $10,112 (16 percent) more since purchase than homes owned by single women. The analysis covered more than 2.1 million single family homes nationwide owned by either single men (1,139,493) or single women (1,011,572) based on public record tax assessor data collected by RealtyTrac. The average estimated current market value of homes owned by single men was $255,226 -- 10 percent higher than the average current market value of homes owned by single women: $229,094. Homes owned by single men have gained an average of $63,921 since purchase, a 33 percent return on purchase price. That was $10,112 (16 percent) more than the average $53,809 gain since purchase for homes owned by single women, a 31 percent return on purchase price. "Women earn less than men on average -- 19 percent less in 2015 according to the Bureau of Labor Statistics -- giving them less purchasing power when it comes to buying a home," said Daren Blomquist, senior vice president at RealtyTrac. "So it's not surprising to see the 10 percent gender gap in average home values between single men and single women homeowners; however, the slower home price appreciation for homes owned by single women demonstrates that less purchasing power is also having a domino effect on their ability to build wealth through homeownership as quickly as single men." Housing gender gap widens with more years of homeownership Among homes owned for at least 15 years, those owned by single men on average had a current market value of $288,912 -- 17 percent higher than the average current market value of homes owned by single women: $240,166. Homes owned for at least 15 years by single men have gained an average of $170,765 since purchase -- a 145 percent return on purchase price. That was $36,496 more than the average $134,269 gain since purchase for homes owned at least 15 years by single women -- a 127 percent return on purchase price. Markets with biggest housing gender gap Average values of homes owned by single men were the highest above average values of homes owned by single women in the District of Columbia (14 percent higher), followed by Florida (12 percent higher), West Virginia (12 percent higher), Wisconsin (12 percent higher), Texas (10 percent higher), and Alabama (10 percent higher). There were three states where the average values of homes owned by single women were higher than the average values of homes owned by single men: Massachusetts (11 percent higher), Kentucky (2 percent higher), and Kansas (1 percent higher). Average home value gains for homes owned by single men were highest above average home value gains for homes owned by single women in West Virginia (72 percent higher), Wisconsin (41 percent higher), Alabama (40 percent higher), Maine (35 percent higher), and Minnesota (34 percent higher). There were eight states where single women homeowners have realized bigger home value gains since purchase than single men homeowners, led by New York (30 percent more), New Jersey (29 percent more), North Dakota (22 percent more), Massachusetts (11 percent more) and Virginia (8 percent more). Single women tend to own homes in areas with a higher density of criminal offenders The analysis also looked at neighborhood characteristics in zip codes with a higher share of single men homeownership compared to neighborhood characteristics in zip codes with a higher share of single women homeownership. In zip codes with a higher share of single women homeownership, the average RealtyTrac Registered Criminal Offender Index was 19.19 -- 7 percent higher than the average index of 17.87 in zip codes with a higher share of single man homeownership. The RealtyTrac Registered Criminal Offender Index is based on the number of registered criminal offenders (including sex offenders, child predators, kidnappers and violent offenders) as a percentage of total population. Single women tend to own homes in areas with lower environmental hazard risk In zip codes with a higher share of single woman homeownership, the average RealtyTrac Environmental Hazards Housing Risk Index was 45.69 -- 23 percent lower than the average index of 59.40 in zip codes with a higher share of single man homeownership. The RealtyTrac Environmental Hazards Housing Risk Index is based on the prevalence of five manmade environmental hazards: air quality, superfund sites, polluters, brownfields and former drug labs. About RealtyTrac RealtyTrac collects and licenses multi-sourced public record real estate data -- including tax, deed, mortgage, foreclosure, and proprietary neighborhood and parcel-level risk -- for more than 150 million U.S. properties, providing access to that data for businesses, consumers, policy makers and the media in a variety of venues all designed to increase 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; HomeDisclosure.com produces detailed property pre-diligence reports; and RealtyTrac Data Solutions delivers real estate data and analysis to businesses through bulk file licenses, APIs, trend reports, and customized marketing lists. RealtyTrac data is 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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Millennials Changing Face of America, Heavily Impacting Homeownership, Say Experts
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RealtyTrac and RE/MAX Sign Deal to Offer HomeDisclosure.com Property Reports to 60,000 RE/MAX Agents Nationwide
IRVINE, CA--(April 28, 2016) - RealtyTrac®, the nation's leading source for comprehensive housing data, and RE/MAX, one of the world's leading franchisors of real estate brokerage services, today announced the signing of an agreement to offer discounted bulk access to www.HomeDisclosure.com property pre-diligence reports to 3,500 RE/MAX offices and nearly 60,000 agents across the U.S. "We are very pleased to be working with RE/MAX, and we believe that Home Disclosure reports will provide their brokers, agents and ultimately clients with the most comprehensive property report available today," said Michael Sawtell executive vice president and general manager of RealtyTrac. "Home Disclosure reports offer critical, transformational data, highlighting the necessary details of 117 million homes and their respective neighborhoods across the nation. The industry is moving towards transparency, and RE/MAX appears to be at the forefront of that movement." HomeDisclosure.com is a new property pre-diligence website recently launched by RealtyTrac that enables the real estate industry and consumers alike to conduct due diligence on a property early in the process of buying, selling or renting a home. Its popularity has taken off since its Jan. 26 beta launch, generating more than 51,000 reports for 20,500 users across the country. Home Disclosure reports have hyperlocal information about nearby sex offenders, crime ratings, nearby drug labs, school ratings, estimated equity, tax information -- in all over 42 categories of home and neighborhood data -- all easily consumable within a mobile device. "We are very excited to offer our RE/MAX Affiliates access to Home Disclosure reports," said Mike Ryan, executive vice president of RE/MAX. "The more information everyone has about a certain property, the smoother the transaction will be. Such transparency provides trust and fosters solid long-term relationships between our agents and their clients." In addition to nearby registered criminals and drug labs, the report also provides hyperlocal neighborhood data on natural hazard risk, environmental hazard risk, crime level, school quality, median income and much more. View sample report. RealtyTrac built Home Disclosure from the ground up using public record real estate data (sales deed, mortgage, tax and foreclosure data), along with neighborhood risk data. The result is a very compelling data set, packaged within a convenient mobile-first user interface specifically designed for real estate professionals or consumers who are performing pro-active, pre-diligence on a home -- whether they are looking at that home for purchase or rental, or whether they already own or rent the home. About RealtyTracRealtyTrac is a leading provider of comprehensive U.S. housing and property data, including nationwide parcel-level records for more than 130 million U.S. properties. Detailed data attributes include property characteristics, tax assessor data, sales and mortgage deed records, distressed data, including default, foreclosure and auctions status, and Automated Valuation Models (AVMs). Sourced from RealtyTrac subsidiaryHomefacts.com, the company's proprietary national neighborhood-level database includes more than 50 key local and neighborhood level dynamics for residential properties, providing unrivaled pre-diligence capabilities and a parcel risk database for portfolio analysis. RealtyTrac's data is widely viewed as the industry standard and, as such, is relied upon by real estate professionals and service providers, marketers and financial institutions, as well as the Federal Reserve, U.S. Treasury Department, HUD, state housing and banking departments, investment funds and tens of millions of consumers. In January 2016, RealtyTrac announced the beta launch of its new consumer focused, mobile first, property report website, HomeDisclosure.com, which arms real estate consumers with detailed pre-diligence data on nearly 120 million U.S. homes early in the process of buying, selling or renting a home. About the RE/MAX Network:RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 100,000 agents provide RE/MAX a global reach of nearly 100 countries. Nobody sells more real estate than RE/MAX when measured by residential transaction sides. For more information about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. About Home DisclosureHomeDisclosure is a new consumer focused, mobile responsive, property pre-diligence website, www.HomeDisclosure.com, launched in beta by RealtyTrac in January 2016, which arms real estate consumers with detailed due diligence data on nearly 120 million U.S. homes early in the process of buying, selling or renting a home. Home Disclosure Reports will be available to consumers early in the process of buying, selling or renting a home. Home Disclosure was created to empower real estate consumers with critical information they can't find anywhere else in one place, and some of which is only disclosed to buyers at the closing table - if it's disclosed at all. In each property report, Home Disclosure provides more than 40 categories of real estate data, along with hyperlocal neighborhood and environmental data impacting the health, safety and financial security of the homeowner or renter.
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Realtor.com® Identifies America's Boom Towns
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Where's America Moving? Oregon Named Top Moving Destination of 2015
ST. LOUIS, January 4, 2016 — For the third consecutive year, Oregon holds on to the No. 1 spot as "Top Moving Destination," as Americans continue to pack up and head West and South. Those are the results of United Van Lines' 39th Annual National Movers Study, which tracks customers' state-to-state migration patterns over the past year. Oregon is the most popular moving destination of 2015 with 69 percent of moves to and from the state being inbound. The state has continued to climb the ranks, increasing inbound migration by 10 percent over the past six years. New to the 2015 top inbound list is another Pacific West state, Washington, which came in at No. 10 with 56 percent inbound moves. The Southern states also saw a high number of people moving in with 53 percent of total moves being inbound. In a separate survey of its customers, United Van Lines found the top reasons for moving South included company transfer/new job, retirement and proximity to family. The Northeast continues to experience a moving deficit with New Jersey (67 percent outbound) and New York (65 percent) making the list of top outbound states for the fourth consecutive year. Two other states in the region — Connecticut (63 percent) and Massachusetts (57 percent) — also joined the top outbound list this year. The exception to this trend is Vermont (62 percent inbound), which moved up two spots on the list of top inbound states to No. 3. "For nearly 40 years, we've been tracking which states people are moving to and from, and we've also recently started surveying our customers to understand why they are making these moves across state lines," said Melissa Sullivan, director of marketing communications at United Van Lines. "Because of United Van Lines' position as the nation's largest household goods mover, our data is reflective of national migration trends." "This year's data reflects longer-term trends of people moving to the Pacific West, where cities such as Portland and Seattle are seeing the combination of a boom in the technology and creative marketing industry, as well as a growing 'want' for outdoor activity and green space," said Michael Stoll, economist, professor and chair of the Department of Public Policy at the University of California, Los Angeles. "The aging Boomer population is driving relocation from the Northeast and Midwest to the West and South, as more and more people retire to warmer regions." United has tracked migration patterns annually on a state-by-state basis since 1977. For 2015, the study is based on household moves handled by United within the 48 contiguous states and Washington, D.C. United classifies states as "high inbound" if 55 percent or more of the moves are going into a state, "high outbound" if 55 percent or more moves were coming out of a state or "balanced" if the difference between inbound and outbound is negligible. Moving In The top inbound states of 2015 were: Oregon South Carolina Vermont Idaho North Carolina Florida Nevada District of Columbia Texas Washington The Western U.S. is represented on the high-inbound list by Oregon (69 percent), Nevada (57 percent) and Washington (56 percent). Of moves to Oregon, a new job or company transfer (53 percent) and wanting to be closer to family (20 percent) led the reasons for most inbound moves. Nevada remained on the high inbound list for the fifth consecutive year. Moving Out The top outbound states for 2015 were: New Jersey New York Illinois Connecticut Ohio Kansas Massachusetts West Virginia Mississippi Maryland In addition to the Northeast, Illinois (63 percent) held steady at the No. 3 spot, ranking in the top five for the last seven years. New additions to the 2014 top outbound list include Connecticut (63 percent), Massachusetts (57 percent) and Mississippi (56 percent). Balanced Several states gained approximately the same number of residents as those that left. This list of "balanced" states includes Alabama, North Dakota, Delaware and Louisiana. To view the entire study, an interactive map and archived press releases from United, visit the United Van Lines Newsroom. About United Van Lines United Van Lines is America's #1 Mover®, offering a full range of moving solutions from do-it-yourself to full-service. With headquarters in suburban St. Louis, United Van Lines maintains a network of 400 affiliated agencies. For more information about United Van Line, visit UnitedVanLines.com.
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There Goes the Neighborhood: Tech Workers' Silicon Valley Home Values Are Outpacing Neighbors'
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HUD Secretary Julián Castro to Join Realtor.com® Chief Economist Jonathan Smoke to Discuss Millennial Housing in Online Town Hall
SAN JOSE, Calif., Oct. 15, 2015 — U.S. Secretary of Housing and Urban Development Julián Castro will join realtor.com® Chief Economist Jonathan Smoke and Wall Street Journal Economics Correspondent Nick Timiraos to discuss the state of the housing market for millennials in an online town hall event on Monday, Oct. 26 from 6:00 p.m. ET – 7:00 p.m. ET. This conversation, hosted at the George Washington University in Washington, DC, will be streamed live at realtor.com/townhall. Following the discussion will be a Q&A session where questions submitted by viewers on Facebook and Twitter will be answered. WHAT: "Millennials and the Housing Market" Virtual Town Hall WHO: HUD Secretary Julián Castro, Realtor.com® Chief Economist Jonathan Smoke, Wall Street Journal Correspondent Nick Timiraos WHEN: Monday, Oct. 26, from 6:00 p.m. ET – 7:00 p.m. ET WHERE: Streamed live at realtor.com/townhall, The George Washington University, Media and Public Affairs Building, Jack Morton Auditorium (ground floor), 805 21st St., NW, Washington, D.C, Foggy Bottom-GWU Metro (Blue, Orange and Silver lines) 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 in the first half of 2015 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 more than 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™, SeniorHousingNetSM 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 FiveStreetSM and Reesio as well as many free services.
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Today's First-Time Homebuyers Older, More Often Single
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10 ZIP Codes Rise Above 32,000 to Create Realtor.com®'s 2015 List of Hottest U.S. Housing Locales
SAN JOSE, Calif., Aug. 13, 2015 -- Move over Beverly Hills, 90210. The ZIP codes 02176 (Melrose, Mass.), 43085 (Worthington, Ohio) and 58103 (Fargo, N.D.) have pushed past one of the nation's most recognizable postal codes and 32,000 others across the U.S. to top realtor.com®'s list of 10 Hottest ZIP Codes* for 2015. ZIP codes making the list, announced today by realtor.com®, a leader in online real estate services operated by News Corp subsidiary Move, Inc., are distinguished by healthy housing dynamics, strong local employment and neighborhood "it factors." Realtor.com®'s hotness ranking is determined by the time it takes properties to sell and how frequently homes are viewed in each ZIP code. "Each locale on this list is emblematic of the key trends driving housing this year – healthy local economics, job opportunities and affordability," said Jonathan Smoke, chief economist for realtor.com®. "For first-time home buyers, these communities provide great opportunities to enter the housing market, build a career, and raise a family; older generations are able to build wealth and enjoy a variety of lifestyles." High Demand, Fast-Moving Supply In each top-ranked ZIP code, supply and demand are about five times stronger than the rest of the country. Homes in these communities sell four to nine times faster than the national average, with days on market 45 percent, or 20 days, lower than their respective metropolitan statistical areas. Centennial, Colo., has the nation's lowest median age of inventory, with homes selling in approximately two weeks. Listings in each area are viewed three to eight times more often than overall U.S. listings, and an average of 2.3 times more often than their respective metros. More Money, More Jobs Income and employment are also contributing to the strong housing markets in these ZIP codes. Median household income among the Top 10 is $71,000, 20 percent higher than their surrounding metropolitan statistical areas and 32 percent higher than the national average of $54,000. Moreover, the share of households earning $100,000 or more is 32 percent, 22 percent higher than their respective markets and one-third higher than the national average of 23 percent. Unemployment rates in these metros have dropped five times faster than other metros in the country in just the last year. Detroit and St. Louis are the only metros experiencing unemployment rates above 5 percent. ZIP codes on this list have an average of 22 percent lower unemployment than their surrounding metro areas. Strong Markets for Millennials Each of the neighborhoods on this list provides favorable conditions for millennials considering a home purchase. The median income of people ages 25-34 years old in these ZIP codes is 26 percent higher than their respective metros, and 50 percent higher than the national average. In half of these areas, millennials earn 35 percent more than other age groups in the same ZIP code. Novi, Mich., the St. Louis suburb of Crestwood, Mo., and Columbus suburb, Worthington, Ohio, rank high in affordability with the median household able to afford 60-70 percent of the inventory on the market. "Choosing a neighborhood to call home is not just a product of economic factors; it's an intensely personal decision," stated Smoke. "Non-economic 'it factors' such as strong school systems, short commutes and access to public transportation, as well as close proximity to shopping and restaurants also play an integral role in each market's popularity." Market Highlights – Top 10 Hottest ZIP Codes 02176 – Melrose, Mass. is close to both Boston and Cambridge and has become a magnet for young professionals and families due to its relative affordability, access to public transportation and attractive downtown area. Population: 27,690 Median income for households between the ages 25-34 years old is $88,000, 67 percent higher than the average millennial in the U.S. Market unemployment dropped by 14 percent year over year in the last six months. Median list prices in June 2015 were 5 percent higher than the surrounding metro, and grew 5 percent year over year in both May and June. 43085 – Worthington, Ohio is a major relocation market. It benefits from being part of the Columbus, Ohio metro, which offers stable employment and is the headquarters of a number of financial services and insurance companies – such as Nationwide Mutual Insurance Company and Huntington Bancshares Inc. – as well as The Ohio State University. Population: 13,837 Listings receive an average of 1,000 views per month – nearly three times more views than the rest of the metro, and seven times more than the national average. Market unemployment is one of the lowest in the country – about 40 percent lower than the rest of the metro. Median list prices in June were 26 percent higher than the surrounding metro, and grew 10 percent year over year during the first half of the year. 80122 – Centennial, Colo., a suburb of Littleton, is centrally located south of Denver at the intersection of I-70, which traverses the girth of the U.S. from Ohio to Utah, and I-25, which cuts a swath from New Mexico to Wyoming. Centennial boasts a major retail presence and proximity to the area's largest employer, Lockheed Martin, and a new Charles Schwab campus opened in October 2014 that is expected to employ approximately 2,000. Population: 30,457 Median income for 25-35 year old households is $88,000, 67 percent higher than the average millennial in the U.S. and 48 percent higher than the average millennial in the metro area. Houses spend approximately two weeks on the market – the shortest number of days on market in the U.S. Market unemployment dropped 20 percent year over year in the last six months. 75023 – Plano, Texas is a suburb of Dallas, and home to the corporate headquarters of Dell Services, Dr. Pepper Snapple Group, Ericsson and Frito-Lay Inc., as well as the future headquarters of Toyota Motors USA. Plano is also home to a new $2 billion, 240 acre mixed-use development, Legacy West, which is bringing more businesses and thousands of new jobs to the area. Population: 46,733 Listings receive nearly 1,200 views per month on average, 2.4 times more views than the rest of the metro and eight times more than the national average. Civilian labor force unemployment dropped 22 percent year over year over the last six months. Share of $100,000 earning households is 36 percent and will increase to 40 percent by 2020 based on the latest five-year projections from Nielsen Demographics. 48375 – Novi, Mich. is near the General Motors Technical Center in Warren, Mich., the General Motors Proving Grounds in Milford, Mich., as well as the Ford headquarters in Dearborn, Mich., and is home to some of the region's largest healthcare systems. It is centrally located with quick access to highways, the Detroit airport and a re-emerging downtown Detroit. The Novi Community School District is also a major draw for this ZIP code. Population: 22,189 Median income for 25-34 year old households is $80,000, 50 percent higher than the average millennial household in the U.S. Civilian labor force unemployment is 57 percent lower than in the rest of the metro, and has dropped by 30 percent year over year. Median list prices in June were 22 percent higher than the metro. 78247 – San Antonio. Located in the city's North Central district, 78247 is within San Antonio city limits that offers a suburban feel. San Antonio is home to the corporate headquarters of USAA, Valero Energy Corporation, Rackspace, NuStar Energy L.P. and Harland Clarke. Coined "Military City USA," San Antonio has a large military presence with about 100,000 people employed by the armed forces. Population: 49,514 Households and population have grown 7 percent in the past five years, two times faster than the rest of the country. Share of $100,000 earning households is expected to grow by 15 percent by 2020. Median list prices in June were 33 percent lower than the metro, and grew 7 percent year over year during the first half of the year. 63126 – Crestwood, Mo. is a suburb of St. Louis. Home prices and quality of schools combined to propel Crestwood to No. 7 on the Top 10 list. The average cost of a home is about half the price of the neighboring ZIP codes of historic Kirkwood and Webster Groves. Crestwood is the most inexpensive community that feeds into Lindbergh Schools – a district that has received national honors and several state awards. Population: 11,942 Median income for 25-34 year old households in this ZIP code is $73,000, 40 percent higher than the average millennial household in the U.S. and 38 percent higher than the average millennial in the metro area. Civilian labor force unemployment is one of the lowest in the country and about 40 percent lower than the surrounding metro. Home ownership rate is one the highest in the country at 84 percent, almost 20 percent higher than the U.S. 78729 – Austin, Texas. One of 78 ZIP codes in Austin, 78729 is located on the city's north side, incorporating the residential Jollyville neighborhood, which offers prime access to many of the city's major tech companies, including Apple, IBM and Dell. Jollyville feeds into one of the best school districts in the area, Round Rock ISD, and offers affordably priced homes, perfect for first-time buyers. Population: 26,906 Median income for 25-34 year old households in this ZIP code is $73,000, 40 percent higher than the average millennial household in the U.S. Share of $100,000 earning households is expected to grow 23 percent by 2020. Population of millennials ages 25-34 is 23 percent, 75 percent higher than the U.S. average. 58103 – Fargo, N.D. A ZIP code that incorporates many smaller residential neighborhoods, 58103 is just southwest of Fargo's downtown district. It is located just miles from the North Dakota State University campus, and provides many housing options for first-time home buyers. Ranked as the fourth fastest growing metropolitan area by the U.S. Census Bureau, Fargo is home to robust healthcare, technology, agriculture and education industries with corporate offices for Microsoft and Sanford Health. Population: 48,859 Median household income has grown 7 percent year over year, and is forecasted to grow 17.5 percent by 2020, nearly three times faster than the national average. Civilian labor force unemployment is one of the lowest in the country. Population of millennials ages 25-34 is 20 percent, 50 percent higher than the U.S. average. 92010 – Carlsbad, Calif., nicknamed the "Village by the Sea," is a tourist destination known for its Legoland theme park. It has four ZIP codes, two of which are right on the coast and extremely pricey. Prices in this region have been steadily increasing over the last 18 months. Located farther from the beach than the others, 92010 offers buyers a big selection of multi-family units, which is a way to get into the real estate market for under $600,000. Population: 14,986 Share of $100,000 earning households is 35 percent, 55 percent higher than the U.S. average. Median household income in this ZIP code is $71,000, 16 percent higher than in the rest of the metro. Median list prices were $664,000 in June, 33 percent higher than the metro. They also grew 10 percent year over year during the first half of the year. *Methodology: Ranking for this list is based on realtor.com®'s Combined Hotness Index for the Jan. – June 2015 time period. The index scores all ZIP codes with 14+ active listings and ranks them on the basis of realtor.com® listing views (to assess demand) and median age of inventory (to assess supply). Each of these metrics is equally weighted and averaged out over the six-month period. This report utilizes data from realtor.com® listings database, where 90 percent of its for-sale listings are updated every 15 minutes from more than 800 multiple listing services (MLS). 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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Millennial Sentiment Trending More Positively About Purchasing Homes
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Rise in Bank Repossessions Fuels 1 Percent Increase in Foreclosure Activity to 19-Month High in May
IRVINE, CA--(June 18, 2015) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released its May 2015 U.S. Foreclosure Market Report™, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 126,868 U.S. properties in May 2015, up 1 percent from the previous month and up 16 percent from a year ago to a 19-month high. The U.S. foreclosure rate in May was one in every 1,041 housing units with a foreclosure filing. The increase in May was driven primarily by a jump in bank repossessions (REOs), which at 44,892 were down 1 percent from the previous month but up 58 percent from a year ago, and a 5 percent year-over-year increase in scheduled foreclosure auctions. REOs increased on a year-over-year basis for the third consecutive month, and scheduled foreclosure auctions have increased on a year-over-year basis in four of the last eight months. May REOs were 56 percent below the peak of 102,134 REOs in September 2013 but still nearly twice the average monthly number of 23,119 in 2005 and 2006 before the housing bubble burst in August 2006. (Also see special methodology note on REO data collection below.) "May foreclosure numbers are a classic good news-bad news scenario, with the number of homeowners starting the foreclosure process stabilizing at pre-housing crisis levels but the number of homeowners actually losing their homes to foreclosure still well above pre-crisis levels and on the rise," said Daren Blomquist, vice president at RealtyTrac. "Lenders and courts are pushing through stubborn foreclosure cases that have been languishing in foreclosure limbo for years as options to prevent foreclosure are exhausted or left untapped." 38 states post annual increase in REOs Following the national trend, 38 states and the District of Columbia posted year-over-year increases in REOs, including New Jersey (up 197 percent), New York (up 116 percent), Ohio (up 114 percent), Georgia (up 108 percent), Pennsylvania (up 106 percent), Florida (up 63 percent), Michigan (up 63 percent), Maryland (up 62 percent), and California (up 31 percent). "Even though national foreclosures increased a tad and REOs in California jumped we saw an expected settling in the Los Angeles metro numbers," said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market. "As we settle back into more stable markets we will see some areas up and some down in foreclosure starts but overall we are settling back towards pre-boom distress percentages as a part of the overall market. There's still more inventory to clean up but all indicators are these are the final and in some cases the toughest distressed properties to move through the system. A drop in distressed inventory adds even more upward pressure on pricing as inventory still lags behind good buyer interest across the region." "As available housing inventory begins to increase, we are noticing slight increases in foreclosure activity across Ohio -- particularly, in Columbus for homes priced under $200,000, which appears to be driven by Home Equity Lines of Credit maturity loans, as well as an aging population of homeowners not understanding opportunities available to them from increased area prices," said Michael Mahon, president at HER Realtors, covering the Cincinnati, Dayton and Columbus markets in Ohio. "As income has not kept up with growing medical costs and credit expenses, many of these same homeowners are now in negative cash flow and equity situations. These homeowners should reach out to a neighborhood real estate or mortgage professional immediately to find out what options are available to them." Foreclosure starts up annually for the first time in four months A total of 51,414 U.S. properties started the foreclosure process for the first time in May 2015, down 1 percent from the previous month but up 4 percent from a year ago after four consecutive months of year-over-year decreases. Despite the increase, U.S. foreclosure starts are still below pre-crisis levels from 2005 and 2006 when they averaged 52,279 a month before the housing price bubble burst in August 2006. Twenty-five states posted year-over-year increases in foreclosure starts, including New Jersey (up 73 percent), Virginia (up 39 percent), Missouri (up 19 percent), Massachusetts (up 14 percent), and Washington (up 11 percent). Scheduled foreclosure auctions are 40 percent higher than pre-crisis levels A total of 49,413 properties in May were scheduled for a future foreclosure auction (scheduled foreclosure auctions are foreclosure starts in some states), up 6 percent from the previous month and up 5 percent from a year ago. U.S. scheduled foreclosure auctions so far this year are running about 40 percent higher than their pre-crisis levels from 2005 and 2006. Twenty-six states posted increases in scheduled foreclosure auctions from a year ago, including New York (up 118 percent), Illinois (up 23 percent), New Jersey (up 22 percent), and Maryland (up 11 percent). Florida posts the nation's highest foreclosure rate for the third consecutive month Driven by a 63 percent annual increase in REOs, overall foreclosure activity in Florida increased 4 percent from the previous month and was up 7 percent from a year ago in May, and the state's foreclosure rate ranked No. 1 for the month with one in every 409 housing units with a foreclosure filing. Other states with foreclosure rates among the top 10 highest nationwide included New Jersey (one in every 483 housing units with a foreclosure filing), Maryland (one in every 531 housing units), Nevada (one in every 590 housing units), Ohio (one in every 763 housing units), Illinois (one in every 765 housing units), Indiana (one in every 963 housing units), and South Carolina (one in every 987 housing units). 13 out of the 20 largest metros posted annual increases in foreclosure activity Among the nation's 20 largest metropolitan statistical areas, 13 posted an annual increase in foreclosure activity in May, including Dallas (up 64 percent), St. Louis (up 56 percent), Baltimore (up 35 percent), New York (up 34 percent), Philadelphia (up 28 percent), Atlanta (up 27 percent), Detroit (up 27 percent), San Francisco (up 25 percent), Houston (up 18 percent), Miami (up 17 percent), and Seattle (up 10 percent from a year ago). "The increase in foreclosure activity in the Seattle area doesn't concern me at this time," said Matthew Gardner, Chief Economist Windermere Real Estate, covering the Seattlemarket. "Given the growth in home values in our region, I believe that it's fairly safe to assume that this increase is primarily a function of banks starting foreclosure proceedings after having delayed taking action for some time. I would not be surprised to see the annual rate continue to remain elevated for a while as we get through the pipeline." Atlantic City posts highest foreclosure rate among metro areas Of metro areas with a population of over 200,000, those with the highest foreclosure rates were Atlantic City, New Jersey (one in every 230 housing units with a foreclosure filing), Lakeland, Florida (one in every 331 housing units), Ocala, Florida (one in every 335 housing units), Miami, Florida (one in every 347 housing units) and Jacksonville, Florida (one in every 348 housing units). "The last REO remnants from the great recession continue to work their way through our judicial system," said Mike Pappas, CEO and president of the Keyes Company, covering the South Florida market. "The past decade has been a real estate roller coaster ride but we are seeing a balance and steadiness in this current market." Special methodology note on REOs In the first quarter of 2015, RealtyTrac started receiving REO data from a new source that provides the data more quickly in some cases than other sources. This new source may be resulting in some REOs reported by RealtyTrac in May that would have been reported in subsequent months using other sources. As always, if RealtyTrac receives an REO filing (or any other foreclosure filing type) on the same property from multiple sources, or from the same source multiple times, that REO filing is only counted in the RealtyTrac U.S. Foreclosure Market Report the first time it is received. 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 2,500 counties nationwide using a combination of public record and proprietary sources, 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 RealtyTrac is a leading provider of comprehensive U.S. housing and property data, including nationwide parcel-level records for more than 130 million U.S. properties. Detailed data attributes include property characteristics, tax assessor data, sales and mortgage deed records, distressed data, including default, foreclosure and auctions status, and Automated Valuation Models (AVMs). Sourced from RealtyTrac subsidiary Homefacts.com, the company's proprietary national neighborhood-level database includes more than 50 key local and neighborhood level dynamics for residential properties, providing unrivaled pre-diligence capabilities and a parcel risk database for portfolio analysis. RealtyTrac's data is widely viewed as the industry standard and, as such, is relied upon by real estate professionals and service providers, marketers and financial institutions, as well as the Federal Reserve, U.S. Treasury Department, HUD, state housing and banking departments, investment funds and tens of millions of consumers.
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More than Half of Underwater Homeowners Are Nowhere Near Re-Surfacing
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CoreLogic Reports National Homes Prices Rose by 6.8 Percent
  June 02, 2015, Irvine, Calif., – CoreLogic®, a leading global property information, analytics and data-enabled services provider, today released its April 2015 CoreLogic Home Price Index (HPI®) which shows that home prices nationwide, including distressed sales, increased by 6.8 percent in April 2015 compared with April 2014. This change represents 38 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 2.7 percent in April 2015 compared with March 2015.* Including distressed sales, 30 states plus the District of Columbia were at or within 10 percent of their peak prices in April. Eight states and the District of Columbia reached new price peaks not experienced since January 1976 when the CoreLogic HPI started. These states include Alaska, Colorado, Nebraska, New York, Oklahoma, Tennessee, Texas and Wyoming. Excluding distressed sales, home prices increased by 6.8 percent in April 2015 compared with April 2014 and increased by 2.3 percent month over month compared with March 2015. Excluding distressed sales, only South Dakota (-0.3 percent) and Louisiana (-0.2 percent) showed year-over-year depreciation in April. Distressed sales include short sales and real estate-owned (REO) transactions. The CoreLogic HPI Forecast indicates that home prices, including distressed sales, are projected to increase by 1.1 percent month over month from April 2015 to May 2015 and by 5.3 percent** on a year-over-year basis from April 2015 to April 2016. Excluding distressed sales, home prices are projected to increase by 0.9 percent month over month from April 2015 to May 2015 and by 4.9 percent** year over year from April 2015 to April 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "For the first four months of 2015, home sales were up 9 percent compared to the same period a year ago," said Frank Nothaft, chief economist for CoreLogic. "One byproduct of the increased sales activity is rising house prices, and, as a result, month-over-month home prices are up almost 3 percent for April 2015 and up more than 6 percent from a year ago." "Old fashion supply and demand, fueled by historically low mortgage rates and improving consumer finances and confidence, continue to push home prices up," said Anand Nallathambi, president and CEO of CoreLogic. "We expect continued price appreciation throughout 2015 and into next year. Over the longer term, household formation, up by more than one million over the past year alone, will drive down vacancy rates and create tighter housing markets in many metropolitan areas. This should provide the necessary underpinning for rising prices for the foreseeable future." Highlights as of April 2015: Including distressed sales, the five states with the highest home price appreciation were: South Carolina (+11.4 percent), Colorado (+9.7 percent), Washington (+9.1 percent), Florida (+9 percent) and Texas (+8.3 percent). Excluding distressed sales, the five states with the highest home price appreciation were: South Carolina (+10 percent), Florida (+9.5 percent), Colorado (+9.3 percent), Washington (+8.7 percent) and Texas (+8.2 percent). Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to April 2015) was -9 percent. Excluding distressed transactions, the peak-to-current change for the same period was -5.1 percent. Including distressed sales, four states experienced year-over-year home price depreciation: Massachusetts (-1.7 percent), Louisiana (-1.5 percent), Connecticut (-1.1 percent) and Maryland (-0.7 percent). The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (-33.9 percent), Florida (-29.3 percent), Rhode Island (-28.2 percent), Arizona (-26.2 percent) and Connecticut (-24.8 percent). Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 92 showed year-over-year increases. The eight CBSAs that showed year-over-year declines were: Baltimore-Columbia-Towson, MD; Camden, NJ; Hartford-West Hartford-East Hartford, CT; New Orleans-Metairie, LA; Worcester, MA-CT; Albany-Schenectady-Troy, NY; New Haven-Milford, CT and Wilmington, DE-MD-NJ. * March 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. ** The forecast accuracy represents a 95-percent statistical confidence interval with a +/- 2.0 percent margin of error for the index including distressed sales and a +/- 2.0 percent margin of error for the index excluding distressed sales. Full-month April 2015 national data can be found at the Home Price Index Report page. Methodology The CoreLogic HPI™ incorporates more than 30 years' worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming) and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices available covering 7284 ZIP codes (60 percent of total U.S. population), 652 Core Based Statistical Areas (89 percent of total U.S. population) and 1,287 counties (85 percent of total U.S. population) located in all 50 states and the District of Columbia. Forecast ranges provided in this report are based on a 95 percent confidence interval. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The company's combined data from public, contributory and proprietary sources includes over 3.5 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, 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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New Report Finds Waiting to Buy a Home Could Cost Thousands
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Lowest Earners in 1/3 of U.S. Housing Markets Can't Afford Even the Least Expensive Homes
SEATTLE, May 4, 2015 -- Home affordability among the least affluent third of Americans has worsened sharply over the past two years, as the housing market has recovered but incomes have not. The disparity has placed homeownership increasingly out of reach for working Americans whose wages are lowest, even if they shop for the least expensive homes on the market. Worsening housing affordability for the lowest earners comes as rental housing is less affordable than ever, forcing those who can't afford to buy to face rapidly rising monthly rent payments. Zillow's latest analysis of how affordability has affected different wage-earning classes found that, while affordability has worsened for people with all kinds of paychecks, those making incomes in the bottom third are quickly falling further behind in affordability. Those with lower incomes have long spent a bigger percentage of their incomes on house payments, Zillow found. But the share of income lower wage earners can expect to put toward a house payment has jumped in the past two years, while it has remained unchanged for those who make more money. (Zillow's analysis assumed low wage-earners would shop for the least expensive homes, while high wage-earners would shop for the most expensive homes). All but four U.S. housing markets are affordable for high-earning home buyers shopping for homes in the top price tier. Low-earning home shoppers would expect to find even the least expensive homes unaffordable in 77 markets. In fact, the bottom third of wage earners are effectively locked out of hot housing markets, like Los Angeles, where those in the bottom third would have to spend 85 percent of their monthly income on a low-priced home. Those in the middle third of incomes would have to spend 41 percent. Those in the top tier would pay an average of 30 percent. "This is a striking example of growing income inequality in America, as upper-tier incomes grow sufficiently to keep even very expensive homes affordable for the well-heeled, while wages among the working class increasingly fail to support the purchase of even the most modest homes," said Zillow Chief Economist Dr. Stan Humphries. "At the same time, rising rents and stagnant wages are also making rental housing increasingly unaffordable. It is imperative that we find ways to create both meaningful wage growth for all workers, and increase the supply of affordable housing, and soon. If not, we run a real risk of the working class in America running out of affordable housing options, either to rent or to buy." 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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House Payments More Affordable Than Fair Market Rents in 76 Percent of U.S. Housing Markets in County-Level Analysis
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Home Buying Pays Off Fast, but Hurdles Remain For Renters
SEATTLE, April 8, 2015 -- Even though buyers in most markets can break even on a home purchase in less than two years, nearly half of renters in a newly released survey said their credit or finances keep them from buying a home. Of renters surveyed by Zillow®, 16 percent said they can't qualify for a home loan, 18 percent said they can't afford taxes, maintenance and other costs associated with homeownership, and 13 percent said they don't have enough savings for a down payment. About a quarter said they struggle to pay their rent. According to the survey, 82 percent of renters are long-term renters, and 57 percent are long-term renters who have lived for a long time in the same home. Just 14 percent of renters said they aren't staying long enough in the same place to buy. Zillow's survey sheds light on why some renters are not buying homes, despite historically low interest rates, prices that remain below peak levels in many areas and rising rents. Mortgage math aside, 20 percent of renters said they simply prefer to rent. "If the buy versus rent decision were about simple math, we'd likely have millions more homebuyers in the market, because the equation is tilted heavily in favor of buying," said Zillow Chief Economist Dr. Stan Humphries. "But no matter what the numbers say, buying a home is a huge commitment. Every day, Americans make decisions to buy or rent based on any number of personal dynamics, including preference, flexibility needs, family factors and, yes, financial considerations. There is no right or wrong choice, and it's important that America's housing market maintains a number of affordable options for renters and buyers, no matter their preferences." Over the last year, as home-price appreciation has slowed down, the length of time it takes to break even on a home purchase grew slightly in most major metros. The breakeven analysis looks at how long it takes to come out ahead on a home purchase versus renting the same home, recouping the costs of buying, including taxes and maintenance. Among the top 35 metro areas in the U.S., Dallas-Fort Worth had the lowest breakeven horizon, at 1.2 years. Indianapolis, Ind. and Detroit were next at 1.3 years. The highest breakeven horizons were in Los Angeles, at 5.1 years, Washington D.C. (4.2 years) and San Diego (3.8 years). The national average is 1.9 years. Zillow's breakeven horizon incorporates all costs associated with buying and renting, including upfront payments, closing costs, anticipated monthly rent and mortgage payments, insurance, taxes, utilities, maintenance, and renovation costs. The horizon also factors in home equity growth for buyers, and, for renters, income earned if they invested the same amount of money into an interest-bearing account. It also factors in historic and anticipated home value appreciation rates, rental prices and rental appreciation rates. 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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New Home Source Professional Launches New Home Data for NORMLS Customers
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CoreLogic Reports 1.2 Million US Borrowers Regained Equity in 2014
  March 17, 2015, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled services provider, today released new analysis showing 1.2 million borrowers regained equity in 2014, bringing the total number of mortgaged residential properties with equity at the end of Q4 2014 to approximately 44.5 million or 89 percent of all mortgaged properties. Nationwide, borrower equity increased year over year by $656 billion in Q4 2014. The CoreLogic analysis also indicates approximately 172,000 U.S. homes slipped into negative equity in the fourth quarter of 2014 from the third quarter 2014, increasing the total number of mortgaged residential properties with negative equity to 5.4 million, or 10.8 percent of all mortgaged properties. This compares to 5.2 million homes, or 10.4 percent, that were reported with negative equity in Q3 2014*, a quarter-over-quarter increase of 3.3 percent. Compared to 6.6 million homes, or 13.4 percent, reported for Q4 2013, the number of underwater homes has decreased year over year by 1.2 million or 18.9 percent. Negative equity, often referred to as "underwater" or "upside down," means that borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both. For the homes in negative equity status, the national aggregate value of negative equity was $349 billion at the end of Q4 2014. Negative equity value increased approximately $7 billion from $341.8 billion in Q3 2014 to $348.8 billion in Q4 2014. On a year-over-year basis, however, the value of negative equity declined overall from $403 billion in Q4 2013, representing a decrease of 13.4 percent in 12 months. Of the 49.9 million residential properties with a mortgage, approximately 10 million, or 20 percent, have less than 20-percent equity (referred to as "under-equitied") and 1.4 million of those have less than 5-percent equity (referred to as near-negative equity). Borrowers who are "under-equitied" may have a more difficult time refinancing their existing homes or obtaining new financing to sell and buy another home due to underwriting constraints. Borrowers with near-negative equity are considered at risk of moving into negative equity if home prices fall. In contrast, if home prices rose by as little as 5 percent, an additional 1 million homeowners now in negative equity would regain equity. "The share of homeowners that had negative equity increased slightly in the fourth quarter of 2014, reflecting the typical weakness in home values during the final quarter of the year," said Dr. Frank Nothaft, chief economist for CoreLogic. "Our CoreLogic HPI dipped 0.7 percent from September to December, and the percent of owners 'underwater' increased to 10.8 percent. However, from December-to-December, the CoreLogic index was up 4.8 percent, and the negative equity share fell by 2.6 percentage points." "Negative equity continued to be a serious issue for the housing market and the U.S. economy at the end of 2014 with 5.4 million homeowners still 'underwater'," said Anand Nallathambi, president and CEO of CoreLogic. "We expect the situation to improve over the course of 2015. We project that the CoreLogic Home Price Index will rise 5 percent in 2015, which will lift about 1 million homeowners out of negative equity." Highlights as of Q4 2014: Nevada had the highest percentage of mortgaged properties in negative equity at 24.2 percent; followed by Florida (23.2 percent); Arizona (18.7 percent); Illinois (16.2 percent) and Rhode Island (15.8 percent). These top five states combined account for 31.7 percent of negative equity in the United States. Texas had the highest percentage of mortgaged residential properties in an equity position at 97.4 percent, followed by Alaska (97.2 percent), Montana (97.0 percent), Hawaii (96.3 percent) and North Dakota (96.2 percent). Of the 25 largest Core Based Statistical Areas (CBSAs) based on mortgage count, Tampa-St. Petersburg-Clearwater, Fla., had the highest percentage of mortgaged properties in negative equity at 24.8 percent, followed by Phoenix-Mesa-Scottsdale, Ariz. (18.8 percent), Chicago-Naperville-Arlington Heights, Ill. (18.5 percent), Riverside-San Bernardino-Ontario, Calif. (14.8 percent) and Atlanta-Sandy Springs-Roswell, Ga. (14.6 percent). Of the same largest 25 CBSAs, Houston-The Woodlands-Sugar Land, Texas had the highest percentage of mortgaged properties in an equity position at 97.7 percent, followed by Dallas-Plano-Irving, TX (97.1 percent), Anaheim-Santa Ana-Irvine, Calif. (96.4 percent), Portland-Vancouver-Hillsboro, Ore. (96.4 percent) and Denver-Aurora-Lakewood, Col. (96.2 percent). Of the total $349 billion in negative equity, first liens without home equity loans accounted for $185 billion aggregate negative equity, while first liens with home equity loans accounted for $164 billion, or 47 percent. Approximately 3.2 million underwater borrowers hold first liens without home equity loans. The average mortgage balance for this group of borrowers is $228,000. The average underwater amount is $57,000. Approximately 2.1 million underwater borrowers hold both first and second liens. The average mortgage balance for this group of borrowers is $295,000.The average underwater amount is $77,000. The bulk of home equity for mortgaged properties is concentrated at the high end of the housing market. For example, 94 percent of homes valued at greater than $200,000 have equity compared with 84 percent of homes valued at less than $200,000. *Q3 2014 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. The full Equity Report with additional charts is available: CoreLogic Q4 2014 Equity Report For ongoing housing trends and data, visit the CoreLogic Insights Blog: http://www.corelogic.com/blog. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled services provider. The company's combined data from public, contributory and proprietary sources includes over 3.5 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, 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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Home-Price Growth Slightly Accelerates in Fourth Quarter of 2014
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87 Percent of U.S. Homes Qualify for Down Payment Help According to RealtyTrac and Down Payment Resource Analysis
IRVINE, CA--(Feb 4, 2015) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released a joint analysis with Down Payment Resource on the availability of down payment programs across the country, which found that 87 percent of U.S. homes qualify for down payment help. RealtyTrac looked at 2,290 down payment programs from Down Payment Resource's Homeownership Program Index and found that out of more than 78 million U.S. single family homes and condos in 1,792 counties with sufficient home value data, more than 68 million (87 percent) would qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties. "Many homebuyers, especially Millennials, haven't fully investigated their home financing options because they are pessimistic about qualifying for a mortgage. Our Homeownership Program Index highlights the wide range and availability of down payment programs available to today's homebuyers. In fact, 91 percent of the 2,290 programs in our registry have funds available to lend to eligible buyers. Plus, income limits vary depending on the market and programs extend beyond just first-time homebuyers," said Rob Chrane, president and CEO of Down Payment Resource. "It's important for buyers to research down payment programs as part of their loan shopping process." "Historically low homeownership rates across nearly every age demographic have led to a public policy push to lower the barrier to homeownership through down payments as low as 3 percent, but the fact is that the barrier to homeownership is often much lower than even that 3 percent for borrowers who take advantage of one of the myriad down payment help programs available across the country," said Daren Blomquist, vice president at RealtyTrac. "Prospective buyers -- or their agents -- willing to put in a few minutes of time to find out what programs are available to them will put themselves in a much better position to successfully purchase a home." 10 counties with most homes qualifying for down payment help Among the 10 U.S. counties with the most homes qualifying for down payment help, Wayne County, Mich., in the Detroit metro area had the highest percentage of homes qualifying at 94.37 percent, followed by Dallas County and Harris County (Houston) in Texas, both with nearly 93 percent of homes qualifying, and Clark County, Nev., in the Las Vegas metro area with more than 92 percent of homes qualifying. Among these 10 counties, Los Angeles County had the lowest percentage of homes qualifying for down payment help with just over 78 percent, followed by Miami-Dade and Broward counties in Florida with 82 percent and 83 percent of homes qualifying respectively. "Post downturn generations are typically more frugal, and today's homebuyers accordingly have lower backend debt-to-income ratios and subsequently more buying power than the last generation, but most have little money for down payments," said Mark Hughes, Chief Operating Officer at First Team Real Estate, covering the Southern California market. "More than half the interested buyers in our agents' pipelines are more concerned with pulling together today's required down payment than meeting the income-to-debt ratio requirements. "Down payment assistance tends to suffer from lack of awareness," Hughes continued. "Guidelines and specifics tend to change with economic swings. Agents typically don't keep up with the changing requirements and many buyers that depend on their guidance may be unaware of the opportunities. At First Team we have updated lending opportunities and requirements circulated weekly to keep our buyers apprised of the opportunities available." 20 counties with highest percentage of homes qualifying for down payment help Among counties with a population of at least 100,000, those with the highest percentage of homes qualifying for down payment assistance were counties in Mississippi, California, Illinois, Pennsylvania, Maryland, New York, Texas, Ohio and Delaware. "While lessening down payment amounts may be welcomed by consumers, few will realize the benefits due to the added complications, delays, and restrictions added within the loan process of such opportunities," said Michael Mahon, executive vice president at HER Realtors, covering the Ohio housing markets of Cincinnati, Dayton and Columbus. "For example, lowering the down payment amounts out of pocket for a consumer does little to help their plight when they are required to maintain documented cash reserves in the amount of six to 12 months for qualification for certain lending programs." 20 counties with lowest percentage of homes qualifying for down payment help Among counties with a population of at least 100,000, those with the lowest percentage of homes qualifying for down payment assistance were led by New York County (Manhattan), N.Y. with just 28.84 percent and San Francisco County, Calif., with 33 percent. Other states represented were South Carolina, Georgia, Maryland, Alaska, Michigan, Colorado, North Carolina, Maine, Vermont, Minnesota, Massachusetts and Virginia. "In our market the greatest obstacle for buyer's getting into the market is competition and lack of inventory. In many cases FHA and low money down buyers are getting beat out in multi-offer situations by buyers with at least 20 percent down and cash buyers," said Greg Smith, owner/broker at RE/MAX Alliance, covering the Denver market. "Overall I think the new low down programs will help long-term, but may take time to have any real impact." Down Payment Help Facts Following are key facts based on analysis of Down Payment Resource's Homeownership Index of the 2,290 Down Payment Help programs nationwide: Approximately 91 percent of programs have funds available now for homebuyers. The average amount of down payment assistance across all counties is $11,565. At least one down payment program is available in all 3,143 U.S. counties, and more than 2,000 counties have more than 10 down payment programs available to prospective homebuyers. More than half of the down payment programs (54 percent) are Community Seconds, where a second mortgage is issued by a Housing Financing Agency (HFA) or nonprofit organization with a very low or no interest rate. The payment on the second mortgage may be deferred or forgiven incrementally for each year the buyer remains in the home. In a typical scenario this could reduce the amount of cash needed to close from $20,000 to $200. Other major program types: First mortgage loans with below-market interest rates or 100 percent financing. Mortgage Credit Certificates (MCCs) that provide up to $2,000 in annual tax credits for the life of the loan. Neighborhood Stabilization Program (NSP) loans and grants designed to revitalize communities that have suffered from foreclosures, high unemployment and other concerns slowing housing recovery. Many of these programs can be layered with each other and can often be used with most loan products, including VA and FHA home loans. 24 percent of programs are available state-wide, not specific to a county or neighborhood. The South leads the nation in the total number of available homebuyer programs, followed by the West. The states with the greatest number of down payment programs are California, Florida, Texas, Maryland, New York, Georgia, Pennsylvania, Massachusetts, Illinois and Colorado. About RealtyTrac RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 129 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports 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. About Down Payment Resource's Homeownership Program Index The Homeownership Program Index (HPI) measures the availability and characteristics of down payment programs administered by state and local Housing Finance Agencies (HFAs), nonprofits and other housing organizations. It analyzed state, local and national programs available in the DOWN PAYMENT RESOURCE™ registry as of January 14, 2015.
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As Millennials Delay First-Time Home Purchases, National Homeownership Rate will Continue to Fall
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Pending Home Sales Slip in June
  WASHINGTON, July 28, 2014 – After three consecutive months of solid gains, pending home sales slowed modestly in June, according to the National Association of Realtors®. The Pending Home Sales Index,  a forward-looking indicator based on contract signings, declined 1.1 percent to 102.7 in June from 103.8 in May, and is 7.3 percent below June 2013 (110.8). Despite June's decrease, the index is above 100 – considered an average level of contract activity – for the second consecutive month after failing to reach the mark since November 2013 (100.7). Lawrence Yun, NAR chief economist, says the housing market is stabilizing, but ongoing challenges are impeding full sales potential. "Activity is notably higher than earlier this year as prices have moderated and inventory levels have improved," he said. "However, supply shortages still exist in parts of the country, wages are flat, and tight credit conditions are deterring a higher number of potential buyers from fully taking advantage of lower interest rates." Despite these headwinds, Yun ultimately expects a slight uptick in sales during the second half of the year. "The good news is that price appreciation has decreased to its slowest pace since March 2012 behind much needed increases in inventory," he said. "With rents rising 4 percent annually, potential buyers are less likely to experience sticker shock and can make smart decisions on whether or not it makes sense to buy or continue renting." The PHSI in the Northeast fell 2.9 percent to 83.8 in June, and is 3.2 percent below a year ago. In the Midwest the index rose 1.1 percent to 106.6, but remains 5.5 percent below June 2013. Pending home sales in the South dipped 2.4 percent to an index of 113.8 in June, and is 4.3 percent below a year ago. The index in the West inched 0.2 percent in June to 95.7, but remains 16.7 percent below June 2013. Yun forecasts existing-homes sales to be down 2.8 percent this year to 4.95 million, compared to 5.1 million sales of existing homes in 2013. The national median existing-home price is projected to grow between 5 and 6 percent this year and 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.
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NAR Identifies Best Purchase Markets for Aspiring Millennial Homebuyers
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CRS Data Extends Contract with Tucson Association of REALTORS®
KNOXVILLE, TN, July 21, 2014 — CRS Data, a leading provider of public record information for real estate, banker and financial professionals in the U.S., has extended its agreement with the Tucson Association of REALTORS® to continue connecting the leading MLS with CRS Data's extensive property tax data. As the largest trade association in Southern Arizona, 4,800 members leverage CRS Data's customized real estate property information to service their clients. "Because of our long-term satisfaction with CRS Data's customer service and dedication to producing the most thorough and diverse property data product, we are very pleased to be signing on for another three years," said Philip Tedesco, CEO of the Tucson Association of REALTORS® Multiple Listing Service. "With CRS Data's extensive property data, our agent members are able to access a wealth of information to help their clients make a confident home purchase decision. That's absolutely invaluable as our population grows and we have the opportunity to create more homeowners." The extended 3-year contract will allow CRS Data to continue supplying its rich supply of property data, including access to current sales information, including FSBOs; data on property neighborhoods; schools; subdivisions and even flood conditions. "As CRS Data continues to grow, we fundamentally believe in the importance of staying true to our roots, including our dedication to customer service and smart, timely data," said Rob Williamson, director of sales for CRS Data. "The decision by the Tucson Association of REALTORS to extend their agreement with our team is an important part of our work in the region. We look forward to continuing to meet their evolving and unique member needs." The Tucson Association of REALTORS® was established in 1921 as the Real Estate Board of Tucson. The association supports the healthy growth of Southern Arizona's real estate market and their team of real estate experts are dedicated to improving communities throughout the city. The Tucson Association of REALTORS® defends private property rights, promotes a positive regulatory climate and elevates the professionalism and public perception of its members. Headquartered in Knoxville, Tenn., CRS Data currently provides access to comprehensive property data resources in more than 12 states, covering more than 500 counties. The company most recently expanded its data service to include 67 counties in Florida. Servicing bankers, MLSs, appraisers, investors, and other specialty financial customers, CRS Data is focused on providing accurate and timely property data, quality products and unparalleled customer satisfaction. About CRS Data For more than twenty years, CRS Data (Courthouse Retrieval System, Inc.) has worked to put powerful, accurate data at the fingertips of its customers. Simply put, the company is dedicated to doing data better. CRS Data's innovative suites, robust data, reliable technology and outstanding customer service are why real estate professionals, MLSs, and bankers across the nation turn to the company for their property intelligence. Visit www.crsdata.com to learn more.
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WalkScore Launches Commute Comparisons Feature
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Homes.com Local Market Index and Rebound Reports Show Continuing Recovery for Seventh Consecutive Month
  NORFOLK, Va. (December 31, 2013) – Homes.com, a leading online real estate destination and a division of Dominion Enterprises, has released its October Local Market Index, a price performance summary of repeat sales of U.S. properties. Utilizing home pricing data, the Index shows year-over-year gains for single-family properties in all 300 top U.S. markets. To provide insight into local sector housing trends across the country, Homes.com publishes the Local Market Index for the Top 100 markets and the companion Midsize Markets Report for defined areas ranked from 101-300. Month-over-month increases in index values were seen in 253 of the top 300 markets, up from 251 the previous month. This stabilizing environment is likely due to both seasonal trends and the state of recovery for these markets. As a complement to the Local Market Index, Homes.com publishes an exclusive Rebound Report, highlighting how the housing recovery process is unfolding across the country. It measures each market's peak-to-trough decline in index value, which had been attributed to the bursting of the U.S. housing bubble. The number of markets that reached full recovery remains consistent with the previous month at 26. While the number of top 100 markets achieving a full recovery remained steady from the previous month, there is noticeable improvement in the number of these markets pertaining to overall recovery. This month, 55 of the top 100 markets have recovered to more than 50 percent of their loss in home prices due to the housing bubble burst. Additionally, 58 midsize markets are now more than 100% rebounded, up 4 from last month, bringing the total to 84 (28%) U.S. markets that have achieved a full recovery. All of the 200 midsize local markets measured continued to show gains year over year for the single-family index. For the fifth consecutive month, Anchorage, Alaska and Hilo, Hawaii continue to be the top two performing markets on a year-over-year basis. Anchorage takes the top spot, increasing by 20 percent, followed by Hilo with a 15 percent increase. The West continues to dominate the midsize markets, with nine of the top 10 markets that increased annually showing year-over-year gains. The top 10 monthly performing markets are in the South with Huntington-Ashland, WV-KY-OH and Huntsville, AL as the top two. "It is encouraging to see both large and small markets experiencing continued improvements as the housing market maintains steady stabilization. Moving into 2014, sustained recovery will push the market forward with markets in the West and heartland area leading the pack," said Brock MacLean, executive vice president of Homes.com. "These price gains are restoring millions of homeowners to positive equity and are reviving local real estate markets across the country." The latest Homes.com Local Market Index reports the following: Year-over-year increases in all top 300 markets. Monthly increases in 88 of the top 100 markets and in 165 of the 200 midsized markets. Honolulu, Hawaii remains the top gaining market on a year-over-year basis, with a 29.69 index point or 13.43 percent increase. California markets [Los Angeles-Long Beach-Santa Ana, Calif.; San Diego-Carlsbad-San Marcos, Calif., San Francisco-Oakland-Fremont, Calif.; Bakersfield-Delano, Calif.] are the remaining 4 in the top 5. Year over year, they increased 28.18, 27.05, 26.66 and 22.05 index points, respectively. Of the top 10 monthly gaining markets from the top 100, five are in the West. Highlights from the Homes.com Rebound Report for the top 300 markets show: 84 have made more than a 100 percent rebound, indicating a complete recovery in these markets. This is an increase from 80 markets in the previous reporting period. The 4 newest markets to achieve a full rebound are Johnson City, Tenn., Spartanburg, S.C., Anderson, S.C., and Elkhart-Goshen, Ind. 158 show more than a 50 percent rebound, up from 152 markets in the previous month. 23 percent (19) of the 84 fully rebounded markets reported month-over-month losses, and the remaining averaged .5 percent gains month-over-month compared to .78 percent gain in non-recovered markets. This illustrates the seasonal downtrend in the housing market along with a leveling of home prices. 22 markets were not affected by the boom-bust scenario of the U.S. housing bubble. These markets did not experience the same peak-to-trough decline displayed by the remaining 278 markets. All of these markets are midsize markets, with half from the state of Texas and 73 percent from energy-producing areas. They include: Brownsville-Harlingen, Texas; Killeen-Temple-Fort Hood, Texas; Shreveport-Bossier City, La.; Anchorage, Alaska; Fayetteville, N.C.; Charleston, W.Va.; Lubbock, Texas; Cedar Rapids, Iowa; Amarillo, Texas; Waco, Texas; College Station-Bryan, Texas; Longview, Texas; Tyler, Texas; Fargo, N.D.-Minn.; Jacksonville, N.C.; Monroe, La.; Waterloo-Cedar Falls, Iowa; Abilene, Texas; Iowa City, Iowa; Wichita Falls, Texas; Sioux City, Iowa-Neb.-S.D.; and Midland, Texas. About Homes.com As one of the nation's top online real estate destinations, Homes.com inspires consumers to dream big. From affordable houses to luxurious estates, condos, rentals and more, Homes.com features close to three million property listings and a user-friendly format, making finding your next home or a licensed real estate agent easily accessible. Visitors to the Homes.com blog will find a collection of rich content and posts on DIY projects, painting, gardening and more, providing the ultimate resource for everything home related. From purchasing a first home, to upgrading, downsizing and everything in between, Homes.com is an inspiring and engaging partner in every phase of the home buying process. Homes.com is a division of Dominion Enterprises, a leading marketing services and publishing company headquartered in Norfolk, Virginia. For more information, visit www.dominionenterprises.com. For more information, visit http://www.homes.com.
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Pending Home Sales Edge Up in November
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Foreclosure Auction Sales and Bank-Owned Sales Increase from Year Ago in October even as Short Sales Decline
IRVINE, Calif. – Nov. 25, 2013 — RealtyTrac®, the nation's leading source for comprehensive housing data, today released its October 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annualized pace of 5,649,965, a 2 percent increase from the previous month and up 13 percent from October 2012. Despite the nationwide increase, home sales continued to decrease on an annual basis for the third consecutive month in three bellwether western states: California (down 15 from a year ago), Arizona (down 13 percent), and Nevada (down 5 percent). The national median sales price of all residential properties — including both distressed and non-distressed sales — was $170,000, unchanged from September but up 6 percent from October 2012, the 18th consecutive month median home prices have increased on an annualized basis. The median price of a distressed residential property — in foreclosure or bank owned — was $110,000 in October, 41 percent below the median price of $185,000 for a non-distressed property. "After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales," said Daren Blomquist,vice president at RealtyTrac. "The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO home — means short sales are becoming less favorable for lenders." Other high-level findings from the report: Short sales represented 5.3 percent of all sales, down from 6.3 percent in the previous month and down from 11.2 percent in October 2012 (see important note below on changes to short sale methodology). States with the highest percentage of short sales in October included Nevada (14.2 percent), Florida (13.6 percent), Maryland (8.2 percent), Michigan (6.7 percent), and Illinois (6.2 percent). Foreclosure auction sales to third parties — a new category separated out in the report for the first time in October— represented 2.5 percent of all sales, down from 2.8 percent in the previous month but nearly twice the 1.3 percent in October 2012. Markets with the highest percentage of foreclosure auction sales included Orlando (8.6 percent), Jacksonville, Fla., (8.6 percent), Columbia, S.C. (8.1 percent), Las Vegas (6.6 percent), Charlotte (6.1 percent), Miami (6.0 percent), and Tampa (5.7 percent). REO sales accounted for 9.6 percent of all sales, up from 8.9 percent in September and up from 9.4 percent in October 2012. Markets with highest percentage of REO sales included Stockton, Calif., (24.4 percent), Las Vegas (23.8 percent), Cleveland (22.3 percent), Riverside-San Bernardino, Calif., (20.1 percent), Detroit (18.8 percent) and Phoenix (18.0 percent). Cash sales represented 44.2 percent of all residential sales in October, down from a revised 45.0 percent in September but up from 33.9 percent in October 2012. States with percentage of cash sales above the national average included Florida (65.6 percent), Nevada (55.5 percent), Georgia (55.4 percent), South Carolina (53.9 percent), North Carolina (49.9 percent), Michigan (49.5 percent) and Ohio (49.2 percent). Institutional investor purchases represented 6.8 percent of all sales in October, a sharp drop from a revised 12.1 percent in September and down from 9.7 percent a year ago. Markets with the highest percentage of institutional investor purchases included Memphis (25.4 percent), Atlanta (23.0 percent), Jacksonville, Fla., (22.2 percent), Charlotte (14.5 percent), and Milwaukee (12.0 percent). Markets with biggest increase in median home price included Detroit (up 38 percent), San Francisco (up 32 percent), Sacramento (up 30 percent), Atlanta (up 30 percent), and Jacksonville, Fla. (up 29 percent). 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 full report, visit RealtyTrac.
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Realtor.com® Issues Winter Home Buyer Report
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Realtor.com® October Housing Data Reveals Home Buying Season Isn't Over Yet
SAN JOSE, Calif., Nov. 19, 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 October 2013. National housing data shows that the U.S. housing market is in a completely different position than this time last year, with solid price increases, steady inventory and strong demand continuing well into the fall season. Realtor.com®'s data reveals that October 2013 median list prices were relatively unaffected by the usual seasonal patterns with a strong 7.57 percent increase year over year. National inventory is stabilizing after the dramatic declines seen earlier this year, although the country still is experiencing significant supply shortages. Most notably, median age of inventory – a leading indicator of demand – is down 11.32 percent year over year, demonstrating resilience to seasonal changes and stabilized inventory. "Instead of the usual seasonal slowdown, October data show the 2013 fall market moving at a fast pace," said Errol Samuelson, president of realtor.com®. "Inventory has returned to last year's levels, but prices continue to strengthen and homes are moving significantly faster compared to this time last year." "This demonstrates that the overall strength of the national housing market is determined partly by inventory availability," said National Association of Realtors® Chief Economist Lawrence Yun. "We expect rising home price conditions to continue through the balance of the year." Key Market Indicators for October 2013 National Perspective: Inventories are now just 1.51 percent lower than they were one year ago—a dramatic turnaround compared to the substantial year-on-year declines noted at beginning of this year, which signals steadying inventory conditions. Median age of inventory is down 11.32 percent year over year and rose slightly on a monthly basis from 93 to 94 days. This suggests that properties continue to turn over quickly in contrast to the usual seasonal patterns, and despite increasing prices and stabilizing inventory. Median list prices are 7.57 percent higher than where they were one year ago. On a month-over-month basis, prices fell slightly in October but remained resilient against the usual seasonal patterns and stabilizing inventory. Local Market Highlights: Markets with the strongest demand. Of particular note in October's figures are the markets with the fastest turnover, some at roughly half of the national median "days on market" figure of 94 days, and Oakland remains the national leader at just 30 days – approximately one-third of the national median. While October's leaderboard is a continuation of September's fastest moving markets, these are beginning to show an easing that tracks with the national month-over-month trend; only Washington, DC has shortened its age of inventory from September, and the rest have increased time on market, while Phoenix remained flat. Median Age of Inventory 10 Metropolitan Statistical Areas (MSAs) with the Shortest Median Days on Market Widespread median list price increases. The majority of housing markets are registering positive signs, with 85 percent of the 146 markets covered by realtor.com® showing year-over year increases in median list price, and just 19 markets registering year-over-year price declines in October. Detroit continues to lead the country in year-over-year list price increases, followed by markets in California and Nevada. Local market inventories shift – decreases steady and increases are on the rise. The number of markets where inventories were down by 5 percent or more on a year-over-year basis continued its steady decline, dropping from 102 markets in June to 65 markets in October. At the same time, inventory grew in more than twice the number of markets in October (49) compared to June (22), and the number of markets with inventories that are up by at least 5 percent over the year rose from 15 markets in June to 30 markets in October. 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. National data in October reflects an adjustment in inventory of approximately 1 percent compared to previous months, reflecting an update in four southern California markets identified by realtor.com's® enhanced auditing protocols and attributed to a system change in data collection earlier in the year. We regularly review and update historical data to provide the most accurate and comprehensive market information available. 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. (NASDAQ: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® Top Producer® Systems and FiveStreet. Move, Inc. is based in San Jose, California.
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Housing Market Pushing Further Toward Healthy Equilibrium at Opening of Fourth Quarter of 2013
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Home Prices Pick Up Steam in Most Metro Areas during Second Quarter
WASHINGTON (August 2013) – Median home prices continued to rise in the majority of metropolitan areas in the second quarter, with the national year-over-year price showing the strongest gain in seven-and-a-half years, according to the latest quarterly report by the National Association of Realtors®. Despite rising prices and higher mortgage interest rates, a companion breakout of income requirements to buy a median-priced home on a metro area basis shows most buyers remain well positioned to afford a home in their area. The median existing single-family home price increased in 87 percent of measured markets, with 142 out of 163 metropolitan statistical areas1 (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2012. Fifty areas, 31 percent, had double-digit gains; one was unchanged and 20 had price declines. Eight markets were added to the report in the latest quarter. In the second quarter of last year, 75 percent of all available areas showed price gains from a year earlier, and only 14 percent of markets rose by double-digit amounts. Lawrence Yun, NAR chief economist, said tight inventory is continuing to drive home prices. "There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country," he said. "Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country. Areas with tighter supplies generally are seeing the strongest price growth, including markets such as Sacramento, Atlanta, Las Vegas, Naples, San Francisco and Los Angeles." The national median existing single-family home price was $203,500 in the second quarter, up 12.2 percent from $181,300 in the second quarter of 2012, which is the strongest year-over-year increase since the fourth quarter of 2005 when it surged 13.6 percent. In the first quarter the median price rose 11.3 percent from a year earlier. The median price is where half of the homes sold for more and half sold for less. A shrinking market share of lower priced homes accounts for some of the price growth. Distressed homes2 – foreclosures and short sales generally sold at discount – accounted for 17 percent of second quarter sales, down from 26 percent a year ago. Yun notes areas impacted by judicial foreclosure are seeing more modest price increases. "In areas where foreclosed inventory still looms because distressed properties are mired in a slow process, lender and market uncertainty are holding back price growth. This includes areas such as New York City; Hartford; Conn.; and some markets in New Jersey." At the end of the second quarter there were 2.19 million existing homes available for sale, which is 7.6 percent below the close of the second quarter of 2012, when 2.37 million homes were on the market. The average supply during the quarter was 5.1 months, compared with 6.4 months in the second quarter of 2012. "Supplies in the low 5-month range can be expected for the foreseeable future," Yun said. "Steady increases in new home construction will help to relieve shortage conditions going into 2014, which would moderate price growth." Total existing-home sales,3 including single-family and condo, rose 2.4 percent to a seasonally adjusted annual rate of 5.06 million in the second quarter from 4.94 million in the first quarter, and were 12.3 percent above the 4.51 million level during the second quarter of 2012. Sales were at the highest pace since the second quarter of 2007, when they hit 5.23 million. According to Freddie Mac, the national commitment rate on a 30-year conventional fixed-rate mortgage averaged 3.69 percent in the second quarter, up from 3.50 percent in the first quarter; it was 3.80 percent in the second quarter of 2012. Mortgage interest rates have trended higher in recent weeks. NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif., said higher interest rates ironically may end up helping some buyers by making it easier to qualify for a loan. "Refinancing activity has slowed dramatically, yet banks have a lot of money and staffing resources, many of whom have less work," he said. "Banks now have an incentive to increase loan origination, which means they may dial back overly restrictive mortgage lending standards that have been in place since the crash," Thomas added. "We are also optimistic that proposed federal regulations will ensure that creditworthy borrowers continue to have access to safe, affordable options for buying a home." A separate breakout of qualifying incomes to purchase a median-priced existing single-family home on a metropolitan area basis generally shows potential buyers were well positioned to purchase in the second quarter. Income requirements are determined using several scenarios on downpayment percentages, which assume 25 percent of gross income is devoted to mortgage principal and interest, with a mortgage interest rate of 3.7 percent. The national median family income of $62,600 would easily qualify a buyer to purchase a median-priced home in the second quarter. However, to purchase a home at the national median price, a buyer making a 5 percent downpayment would only need an income of $43,100. With a 10 percent downpayment the required income would be $40,800, while with 20 percent down, the necessary income is $36,300. In the condo sector, metro area condominium and cooperative prices – covering changes in 56 metro areas – showed the national median existing-condo price was $199,700 in the second quarter, up 12.2 percent from the second quarter of 2012. Fifty metros showed increases in their median condo price from a year ago and six areas had declines. Regionally, existing-home sales in the Northeast were unchanged in the second quarter but are 9.1 percent above the second quarter of 2012. The median existing single-family home price in the Northeast was $257,900 in the second quarter, up 6.9 percent to from a year ago. In the Midwest, existing-home sales rose 2.3 percent in the second quarter and are 14.6 percent higher than a year ago. The median existing single-family home price in the Midwest increased 7.9 percent to $160,600 in the second quarter from the same quarter last year. Existing-home sales in the South increased 3.2 percent in the second quarter and are 15.1 percent above the second quarter of 2012. The median existing single-family home price in the South was $180,700 in the second quarter, up 11.0 percent from a year earlier. In the West, existing-home sales rose 2.5 percent in the second quarter and are 7.4 percent above a year ago. With limited inventory, the median existing single-family home price in the West surged 18.2 percent to $277,500 in the second quarter from the second quarter of 2012. 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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CoreLogic Reports June Home Prices Rise by 11.9 Percent Year Over Year
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Better to Buy Bank Owned or Short Sale?
Short sales are on the rise as a better alternative to foreclosure in many areas — good news for buyers and investors in markets where short sales are closing more quickly at solid discounts. But buying from the bank may still be a better option in other markets because of increasing REO inventory, deeper discounts and shorter times to close. Analyzing data from the RealtyTrac Foreclosure & Short Sales Report from the fourth quarter of 2012 in more than 900 metro areas nationwide, we've come up with the top 15 markets for buying bank-owned homes in 2013 and the top 15 markets for buying short sales in 2013. Better to Buy Short Sale Short sales — both of properties in the foreclosure process as well as those not in the foreclosure process — surged in the fourth quarter compared to a year ago in the top 15 markets for buying short sales, ranging from a 37 percent annual increase in Detroit to a 107 percent annual increase in Santa Barbara, Calif. Only markets with at least 200 short sales in the fourth quarter of 2012 were included in the list. Average sales prices on short sales in the top 15 markets ranged from $91,145 in the Grand Rapids, Mich., metro to $283,825 in the Santa Barbara, Calif., metro. The average amount short — difference between the sales price and the loan amount owed to the bank — ranged from $53,158 in Grand Rapids to $178,201 in Santa Barbara. The average amount short was more than $100,000 in seven of the top 15 markets, indicating banks are willing to realize a significant loss with a short sale in exchange for avoiding the increasingly complex and costly foreclosure process. Better to Buy Bank Owned The top 15 markets for buying bank-owned homes all saw sharp increases in bank-owned sales in the fourth quarter — ranging from an annual increase of 141 percent in Cleveland, Ohio, to a 19 percent increase in Sarasota, Fla. The top 15 list was limited to markets with at least 200 bank-owned sales in the fourth quarter where bank-owned sales accounted for at least 10 percent of all residential sales. In addition, the average sales price of a bank-owned home was at least 30 percent below the average sales price of a non-distressed home in all 15 metro areas selected. In all 15 markets, the average number of days from bank repossession to sale was below the national average of 178 days in the fourth quarter. To view the original post, visit RealtyTrac.
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U.S. Foreclosure Starts Fall to Six-Year Low in January
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Pending Home Sales Rose in November
Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.7 percent to 106.4 in November from a downwardly revised 104.6 in October and is 9.8 percent above November 2011 when it was 96.9. The data reflect contracts but not closings. The index is at the highest level since April 2010 when it hit 111.3 as buyers were rushing to beat the deadline for the home buyer tax credit. With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007 when the index reached 107.9. Lawrence Yun, NAR chief economist, said home sales are on a sustained uptrend. "Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions." The PHSI in the Northeast rose 5.2 percent to 83.3 in November and is 15.2 percent above a year ago. In the Midwest the index edged up 0.1 percent to 103.8 in November and is 15.2 percent above November 2011. Pending home sales in the South were unchanged at an index of 117.2 in November and are 13.9 percent higher than a year ago. In the West the index rose 4.2 percent in November to 110.1, but is 3.2 percent below November 2011 with inventory constraints limiting sales.
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Economists Expect 2012 Housing Momentum To Carry Into 2013
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Existing-Home Sales Continue to Improve
Existing-home sales continued to improve in November with low inventory supply pressuring home prices, according to the National Association of REALTORS®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November from a downwardly revised 4.76 million in October, and are 14.5 percent higher than the 4.40 million-unit pace in November 2011. Sales are at the highest level since November 2009 when the annual pace spiked at 5.44 million. Lawrence Yun, NAR chief economist, said there is healthy market demand. "Momentum continues to build in the housing market from growing jobs and a bursting out of household formation," he said. "With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions but overall activity in the Northeast is up, offset by gains in unaffected areas." The national median existing-home price for all housing types was $180,600 in November, up 10.1 percent from November 2011. This is the ninth consecutive monthly year-over-year price gain, which last occurred from September 2005 to May 2006. NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif., said there's been speculation of a rise in short sales before the end of the year with pending expiration of the Mortgage Forgiveness Debt Relief Act. "However, there's been no movement in short sales, their market share is staying in a narrow range, and they're still taking much longer to sell – typically three months," he said. "The fact remains it is extremely difficult to expedite a short sale, and banks' response to client urgency is only starting to improve. However, we're hopeful that the act will be extended before it expires on December 31 so sellers don't have to pay taxes on forgiven mortgage debt, which would be unfairly treated as income for owners who are selling under duress," Thomas said. Existing-Home Sales by Housing Type Single-family home sales rose 5.5 percent to a seasonally adjusted annual rate of 4.44 million in November from 4.21 million in October, and are 12.4 percent higher than the 3.95 million-unit level in November 2011. The median existing single-family home price was $180,600 in November, up 10.1 percent from a year ago. Existing condominium and co-op sales jumped 9.1 percent to an annualized level of 600,000 in November from 550,000 in October, and are 33.3 percent above the 450,000-unit pace a year ago. The median existing condo price was $181,000 in November, which is 10.6 percent higher than November 2011. Existing-Home Sales by Region Regionally, existing-home sales in the Northeast rose 6.9 percent to an annual rate of 620,000 in November and are 14.8 percent above November 2011. The median price in the Northeast was $232,900, down 2.0 percent from a year ago. Existing-home sales in the Midwest increased 7.2 percent in November to a pace of 1.19 million and are 21.4 percent higher than a year ago. The median price in the Midwest was $141,600, which is 7.0 percent above November 2011. In the South, existing-home sales rose 7.9 percent to an annual level of 2.04 million in November and are 17.2 percent above November 2011. The median price in the South was $157,400, up 10.5 percent from a year ago. Existing-home sales in the West rose 0.8 percent a pace of 1.19 million in November and are 4.4 percent higher than a year ago. With ongoing inventory constraints, the median price in the West was $248,300, which is 23.9 percent above November 2011.
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Foreclosure Starts at 71-Month Low, Bank Repossessions Increase
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CoreLogic® Home Price Index Rises 6.3%: Eighth Consecutive Monthly Year-Over-Year Increase
The CoreLogic Home Price Index (HPI) showed that home prices nationwide, including distressed sales, increased on a year-over-year basis by 6.3 percent in October 2012 compared to October 2011. This change represents the biggest increase since June 2006 and the eighth consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices decreased by 0.2 percent in October 2012 compared to September 2012*. Decreases in month-over-month home prices are expected as the housing market enters the offseason. The HPI analysis from CoreLogic shows that all but five states are experiencing year-over-year price gains. Excluding distressed sales, home prices nationwide also increased on a year-over-year basis by 5.8 percent in October 2012 compared to October 2011. On a month-over-month basis excluding distressed sales, home prices increased 0.5 percent in October 2012 compared to September 2012, the eighth consecutive month-over-month increase. Distressed sales include short sales and real estate owned (REO) transactions. The CoreLogic Pending HPI indicates that November 2012 home prices, including distressed sales, are expected to rise by 7.1 percent on a year-over-year basis from November 2011 and fall by 0.3 percent on a month-over-month basis from October 2012 as sales exhibit a seasonal slowdown going into the winter. Excluding distressed sales, November 2012 house prices are poised to rise 7.4 percent year-over-year from November 2011 and by 0.5 percent month-over-month from October 2012. 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. "The housing recovery that started earlier in 2012 continues to gain momentum," said Mark Fleming, chief economist for CoreLogic. "The recovery is geographically broad-based with almost all markets experiencing some appreciation. Sand and energy states continue to experience the most robust appreciation and some judicial foreclosure states are even recording increasing prices." Highlights as of October 2012 Including distressed sales, the five states with the highest home price appreciation were: Arizona (+21.3 percent), Hawaii (+13.2 percent), Idaho (+12.4 percent), Nevada (+12.4 percent) and North Dakota (+10.4 percent). Including distressed sales, the five states with the greatest home price depreciation were: Illinois (-2.7 percent), Delaware (-2.7 percent), Rhode Island (-0.6 percent), New Jersey (-0.6 percent) and Alabama (-0.3 percent). Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+16.6 percent), Hawaii (+12.2 percent), Nevada (+10.8 percent), Idaho (+9.7 percent) and California (+9.7 percent). Excluding distressed sales, this month only three states posted home price depreciation: Delaware (-2.1 percent), Alabama (-1.5 percent) and New Jersey (-0.2 percent). "We are seeing an ongoing strengthening of the residential housing market," said Anand Nallathambi, president and CEO of CoreLogic. "Reduced inventories and improving buyer demand are contributing to stability and growth in home prices which is essential to the long term health of the housing market and the broader economy." *September 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. Click here to download the full October 2012 HPI data report.
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RPR is now available to all 1 Million REALTORS®
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New Survey Shows Local Real Estate Markets Heat Up With Investors
CAMPBELL, Calif., – (May 26, 2011) – Real estate investors by three to one will be more active in their local markets compared to typical homebuyers in the next 24 months, and 69 percent of investors say it’ll be easier to find properties in the near future[2], according to a new national survey of real estate investors released today by Move, Inc. (NASDAQ: MOVE), the leader in online real estate. The Move Investor survey also suggests local markets will be heating up with renewed investor interest and activity. Compared to a year ago, 62 percent of investors are paying more attention to home values in their local markets. Only 43.5 percent say it will be harder to find bargains and 41.5 percent expect it’ll be easier to sell their properties in the next six months. Meanwhile, 22 percent of investors are bullish and expect prices to rise in the next six to 12 months, and 53.5 percent expect prices to remain relatively the same. Twenty-three percent (23%) expect prices will fall in the next six to 12 months. The Move Investor survey also shows investors are positioned to compete vigorously with traditional first-time homebuyers for hot deals. Two-thirds of investors (65.5%) said they expect the problems first-time buyers are having in getting mortgages will make it easier for them to compete for properties. One in five investors (18.5%) say they’ll be cash-only buyers, a strategy that’s out of reach for most first-time buyers. Eight out ten (80.5%) expect cash discounts from sellers.   Today’s Investors, Not Stereotypical Deal Driven Experienced Flippers Contrary to the tactics used by investors known as ‘flippers,’ 50 percent of today’s real estate investors plan to hold their properties for five plus years. Only 11 percent expect to sell within 12 months of purchase. Two-thirds (67.5%) say they’re investing for the long term. Fifty-nine percent (59%) told Move they’re new to real estate investing, with 33.5 percent considering their first investment purchase and 8.5 percent in the process of buying and selling their first investment property. Another 17 percent said they just completed their first transaction and plan to make more. Only 36.5 percent have experience in more than one property transaction. When it comes to repairs and maintenance, 56.5 percent of investors say the repair and maintenance of investment property has not been difficult. Moving forward, 42 percent plan to invest their own time and energy to improve, repair and maintain their properties. The remainder said they’ll hire a contractor for repairs (29.5%) or purchase move-in-ready properties (28%). The majority (65.7%), don’t expect repair costs to exceed 20 percent of the property’s purchase price. “This data suggests today’s climate is hot for investing and is attracting a lot of new people that don’t fit the stereotypical deal-driven flippers that buy and sell properties quickly,” said Move, Inc. Chief Executive Officer, Steve Berkowitz. “They’re mostly entrepreneurial individuals that will make vital contributions to local communities by investing their own money and sweat equity to improve and maintain properties. These personal sacrifices made over the long run will help improve housing stocks, home values, property tax bases, and thousands of local communities.”   Investors Combine Cash and Credit to Snap Up Properties While cash is king in many circles, 75.5 percent plan to combine cash and credit to purchase properties as they build their real estate portfolio. In fact, 59.5 percent plan to put less than half down on their next property purchase and they’ll finance the rest. Those planning to use more than 50 percent cash and finance the remainder, account for 16 percent of today’s investors. Investors told Move the second most difficult challenge has been in finding financing (57%). “The fact that most real estate investors plan on combing cash and credit for their purchases goes against the conventional wisdom that investor transactions today are mostly cash-only sales. We were surprised to learn that 75 percent of investors are financing portions of their purchases. This suggests they’re seeing tremendous or once in a lifetime opportunities and may be tapping into credit or taking out second trusts on existing properties. The data also shows they’re expecting high returns to match the level of investment they’re making in an arena that is new to many investors,” Berkowitz said.   High Risk Leads to High ROI Expectations Based on the investments they’re making in today’s environment, real estate investors clearly expect high yield returns. Nearly half (48%) expect a profit of 20 percent or more from their property investments, a 4 percent annual rate of return over five years. Another 40 percent expect a profit of 10 percent, and only 6.5 percent expecting a 5 percent or less return on investment. Half (50%) of today’s real estate investors plan to hold their properties for five plus years.   Property Investments May Become Gateway to Homeownership For Many While the survey shows investors will outnumber traditional homebuyers three to one in the next two years, 27 percent said they’ll buy a primary residence as a first-time buyer as their first real estate investment. Nearly half (49%) plan to live in their investment property until it’s sold or turned into a rental property. Slightly more than half (56.5%) will put their investments to work as rental properties, and 28 percent plan to purchase vacation property that they’ll eventually sell. The Move Investor survey also found 30 percent of real estate investors are interested in buying retirement property as an investment. “The survey suggests some first-time buyers may be looking at investing as a strategy to becoming homeowners,” Berkowitz said. “While today’s market is tough for some, it’s also motivating millions to take an unconventional approach and creatively search for new ways of entering the housing market. This data also suggests the dream of homeownership is alive for millions that are keeping their eye on the future and using their initial home as the first in a series of what may become many investments in real estate. Investment opportunities -- perhaps next door or down the street -- will continue to knock at the door for many local investors with the vision, faith and interest in their local markets.”   About the Survey The survey was conducted by OmniTel, the weekly national RDD Probability Sample telephone omnibus service of GfK Custom Research North America. It is based on interviews conducted April 11 through 15.  Each Omnitel study consist of 1,000 completed interviews, made up of male and female adults (in approximately equal number), all 18 years of age and over.  Supplemental interviews were added to the national study in order to end up with a stable base size of 200 real estate investors. The supplemental interviews utilized the same sampling frame as the national frame.  The margin of error on weighted data is +/- 3% and higher for subgroups. The raw data are weighted by a custom designed computer program, which automatically develops a weighting factor for each respondent. This procedure employs five variables: age, sex, education, race and geographic region. Each interview is assigned a single weight derived from the relationship between the actual proportion of the population with its specific combination of age, sex, education, race and geographic characteristics and the proportion in our sample that week. Tabular results show both weighted and unweighted bases for these demographic variables.   About MOVE, INC. Move, Inc. (NASDAQ:MOVE) is the leader in online real estate with 14.1 million monthly visitors[3] to its online network of websites. Move, Inc. operates: Move.com, a leading destination for information on new homes and rental listings, moving, home and garden and home finance; REALTOR.com®, the official website of the National Association of REALTORS®; MortgageMatch.com, Moving.com; SeniorHousingNet; ListHub; and TOP PRODUCER Systems. Move, Inc. is based in Campbell, California.   This press release may contain forward-looking statements, including information about management’s view of Move’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances. Contact:            Julie Reynolds 805.557.3080 / [email protected] Jennifer DuBois 805.557.3087 / [email protected] Danielle Ferris 415.904.7070 / [email protected] [1] Move, Inc., Investor Survey - 33% of investors plan to purchase property in the next two years compared to 8.6% of all  homebuyers [2] Next six months - April 17, 2011 to October 17, 2011 [3] comScore April 2011 Media Metrix, Key Measures Report
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Idaho Data Providers Market Report Shows Latest Trends in Idaho
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