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The Year Residential Real Estate Brokerage Changes Forever
The 2020 Swanepoel Trends Report analyzes why and how iBuying and other top trends are reshaping real estate from the ground up SAN JUAN CAPISTRANO, CALIF. (DECEMBER 02, 2019) -- T3 Sixty, the residential real estate brokerage industry's leading management consulting and research firm, has released its 15th annual examination of real estate's top trends for 2020 in its annual Swanepoel Trends Report. In over 200 pages, the book analyzes how iBuying, modern brokerage finances, venture capital and much more are shaking the industry to its core, and creating a new way consumers will buy and sell real estate. After fundamentally altering other industries, venture capital and technology are now rocking the residential real estate brokerage industry. By fueling new models, consolidation and ways of delivering services, these powerful forces are changing the way consumers buy and sell real estate forever. "The way consumers buy and sell homes is radically changing, and 2020 will be the year that more will recognize these fundamental shifts happening within real estate," said Stefan Swanepoel, chairman and CEO of T3 Sixty and the report's editor-in-chief. "The industry is changing more and faster now than it has in decades, something that becomes abundantly clear when reading this study." The Report identifies iBuying as the #1 trend in 2020. In this controversial and powerful new real estate model used by Zillow, Redfin, Opendoor and a growing list of other companies every day, consumers can sell or buy a new home in as soon as three days with all cash and choose their closing date. The model brings transparency, simplicity and certainty to a transaction that historically has been lengthy, confusing and complicated. The report outlines how the trend has evolved from a seller-focused model to one that serves buyers, and, increasingly, synchronous sellers – those sellers who are also buying a home. New companies are offering an increasing number of twists on the model, which the report thoroughly reviews. This year the study decoded to also analyze three companies who have made huge bets on the future by essentially pushing all of their chips to the center of the table with aggressive, company-changing moves. T3 Sixty provide the reasoning behind the moves by these companies – Zillow Group, Compass and Keller Williams Realty -- from the inside-out so as to give the industry and understanding not previously available or understood. The Report also covers the significant challenges currently facing MLSs and their industry constituents, a deep analysis of how venture capital works in real estate, a review of what to expect from the industry's class-action antitrust lawsuits, the new ability for brokerages to easily support consumers after the transaction and the largest security threats that brokerages overlook. About T3 Sixty Exclusively serving the residential real estate brokerage industry, T3 Sixty provides real estate CEOs, business leaders, association and MLS executives, brokers and high-performance teams the knowledge, best practices and support to grow their businesses. The company does this through management consulting, training and in-depth research and quality publications, such as its hallmark Swanepoel Trends Report, an annual analysis of the top trends shaping the industry for the next 18 to 24 months. The firm's consulting divisions include brokerage, technology, mergers and acquisitions, and associations and MLSs. Find out more here.
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[Infographic] Housing Market Movers: Baby Boomers
In recent years, baby boomers have been active in the housing market, coming in at a close second to millennials as the largest generation of home buyers, while home prices have remained high and inventory conditions tightened. The National Association of Realtors®' 2018 Profile of Home Buyer and Seller Generational Trends identified that baby boomers are now more likely to buy homes not just for themselves—but also for their aging parents and adult kids saddled with student debt. As baby boomers continue to grow in the market, here is how they compare to other generations of buyers: Second largest generation of buyers (after millennials): 32 percent Most likely to buy a new home: 20 percent Bought a single-family home: 81 percent Most likely to move to another region: 18 percent Obtained a conventional mortgage loan: 66 percent The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Foreign Investment in U.S. Commercial Real Estate Remains Strong, China and Mexico Top Investors
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Housing Prices Hit New Highs, but Show Signs of Deceleration, Realtor.com May Housing Data Indicates
SANTA CLARA, Calif., May 30, 2018 -- U.S. home prices hit an all-time high of $297,000 and sold faster than ever before in May – in a mere 55 days – but the market also showed hints of slowed momentum, according to the realtor.com® May 2018 monthly housing trend report. Realtor.com® data showed inventory declined 6 percent year over year in May and increased 6 percent compared to April 2018. Median listing prices only grew 8 percent year over year for the third month in a row, down from 10 percent in February. Part of this deceleration can be attributed to 557,000 new listings hitting the market in May, the highest number since July 2015. According to Javier Vivas, director of economic research for realtor.com®: We're in the thick of the hottest home-buying season of all time. The pace of U.S. home sales has officially reached a seasonal and historical high, but we're also beginning to see slight signs of deceleration. As more and more new listings come onto the market, inventory declines are starting to lose momentum. On the surface, this offers a glimmer of hope to homebuyers and, if sustained, could plug the supply leak. However, total listing volume remains highly dependent on new construction, much of which is still out of the price range of first time buyers – the largest segment of buyers. Even as inventory recovers, the mix of what's available versus what shoppers are looking for could become an even more pronounced mismatch. Unfortunately for buyers, median list prices continue to show strong yearly growth and fail to hint that home values will stall any time soon. Offering the most comprehensive source of information for-sale MLS-listed properties, realtor.com®'s tracks national housing trends as well as data for the 500 largest U.S. metros. For May trend data on these markets as well other housing trend data, please visit: https://realtor.com/research/data About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most comprehensive source of for-sale MLS-listed properties, among competing national sites, and access to the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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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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Realtors Midyear Forecast: Home Sales, Prices to Rise Despite Inventory, Affordability Challenges
WASHINGTON (May 17, 2018) – A stronger economy, wage growth and an improving job market are expected to march home sales and prices higher in 2018, but low supply and weakening affordability will tamper the rate of increases, according to speakers at a residential real estate forum during the 2018 REALTORS® Legislative Meetings & Trade Expo. Lawrence Yun, chief economist of the National Association of Realtors®, presented his 2018 midyear forecast and said despite headwinds a moderate and multiyear increase in home sales is likely ahead. After accelerating 3.8 percent in 2016, existing home sales rose only 1.1 percent to 5.5 million in 2017 and are forecast to finish 2018 at a pace of around 5.6 million (up 1.8 percent). He projects 5.7 million sales for 2019. "Overall fundamentals remain solid, driven by a growing economy and steady job creation, which will sustain home sales in 2018 slightly above last year's pace," said Yun. "The worsening housing shortage means home prices are primed to rise further this year too, hindering affordability conditions for homebuyers in markets across the country." Yun said the widespread shortage of homes for sale is the major factor limiting sales from being higher. While home sales have risen modestly since the start of the year, Yun said without more supply to fully satisfy demand and alleviate the upward pressure on prices, contract activity is likely to remain flat and will more or less continue sideways through the end of the year. Total housing inventory at the end of March was 1.67 million existing homes available for sale, which is 7.2 percent lower than a year ago (1.80 million). Inventory has trended down steadily for the past five years, said Yun, and the country is now experiencing the lowest inventory levels in a generation; unsold inventory is at a 3.6-month supply at the current sales pace, down from 3.8 months a year ago. Yun was joined onstage by Danielle Hale, chief economist at realtor.com®, who agreed there is an acute shortage, especially of affordable inventory. According to realtor.com® data there are 250,000 fewer starter homes, those priced under $200,000, now than there was two years ago, in May 2015. Millennials, boomers and investors may all be going after the same affordable inventory of homes, so competition is great, said Hale. "There is reason for optimism ahead though. We are starting to see new listings grow in recent months; the inventory shortage isn't over, it took us years to get into an inventory rut, so it's going to take us years to get out of it, but we do see signs of a turnaround," she said. Home price growth, up 48 percent from 2011 to 2017 and likely to rise an additional 4 percent in 2018, is far outpacing income growth, up only 15 percent during the same timeframe. Increased home prices on top of rising mortgage rates – Yun anticipates rates will rise to 4.6 percent in 2018 and 5 percent in 2019 – puts affordability at a six-year low, according to NAR's Housing Affordability Index, and will likely continue to fall in coming months. "Challenging affordability conditions have prevented a meaningful rise in the homeownership rate after having fallen to a 50-year low a few years ago," said Yun. "To increase homeownership, more home construction is needed, which could be boosted by delivering regulatory relief to community banks, removing the lumber tariff, re-examining stringent zoning laws and training more workers for the construction industry." On the topic of homeownership rates, Jessica Lautz, NAR's director of demographics and behavioral insights, presented findings during the forum from her thesis from Nottingham Trent University: "Is the Dream Still Alive? Tracking Homeownership Amid Changing Economic and Demographic Conditions". According to Lautz's doctoral work, the affordability crisis has impacted some segments of homebuyers more than others, specifically African American and Hispanic/Latino buyers and those with student debt. Student loan debt has risen dramatically and is a massive barrier to homeownership, said Lautz, and it is delaying home purchases among millennials who are paying their debt by a median of seven years. Her research found that consumers with student loan debt who were successful in buying purchased a home costing 17 percent less than those without any student debt. "The homeownership rate amongst some ethnic groups hasn't rebounded since the recession, and the ongoing affordability crisis has hampered potential buyers under 35, especially those with student debt, from accessing mortgage credit and making home purchases," said Lautz. Yun said consumer optimism that now is a good time to buy a home has fallen the past two years, according to data from NAR and other industry consumer sentiment surveys. While the lack of supply and challenging affordability conditions is chipping away at homebuyer optimism, Hale said buyers aren't giving up their dreams of purchasing a home. New survey data from realtor.com® found three-fourths of recent shoppers started their home search in 2017 and are still in the market in 2018. "Buyers know it's tough, 35 percent of shoppers anticipate a lot of competition, but they remain optimistic, and more than 70 percent expect to close in 2018," she said. Yun said affordability conditions would improve measurably if homebuilders increased their production of homes, especially in the affordable price ranges. He forecasts starts to come in around 1.3 million in 2018 and reach 1.4 million in 2019, but that is barely above year-ago levels and well below demand. 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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Realtor.com Identifies Toughest Housing Markets for Millennials
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Independent Real Estate Brands Continue to Lead with $372 Billion in Home Sales
Global real estate network has led the industry in sales for over 10 consecutive years. CHICAGO – (4/25/18) – The independent firms that comprise Leading Real Estate Companies of the World® (LeadingRE) continue to lead the industry, with $372 billion in U.S. home sales in 2017, $55 billion ahead of its closest competitor. Among the top 500 U.S. real estate firms, LeadingRE was responsible for more sales units than any other group, with 24.5% of the total units, totaling 1.1 million transactions. Figures for the top 500 firms are verified and published by REAL Trends each April. Figures for total sales of all networks are estimated by using average sales units per agent for each network's firms in the REAL Trends 500, multiplied across each network's entire agent population. "Independent brands continue to resonate with consumers, who are drawn to the authenticity and local expertise of firms that are deeply rooted in the community," said LeadingRE President/CEO Paul Boomsma. "When these firms are further strengthened by the connections and resources of a global network like ours, they offer home buyers and sellers the best of both worlds – locally and globally." With 565 member firms in over 70 countries, Leading Real Estate Companies of the World® invites only the highest quality independent companies for membership and supports them with its award-winning professional development programs and events, innovative technology and marketing resources, industry-leading referral network, Luxury Portfolio International® marketing program, and connections to people and opportunities worldwide. To learn more about LeadingRE, visit LeadingRE.com. To view the complete REAL Trends 500 report, visit realtrends.com/rankings/rt500.
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Realtors Property Resource (RPR) Sees Record Usage
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Millennial Buyers Feel the Brunt of Rate and Price Hikes
Debt and smaller down payments leave millennials vulnerable to an already challenging market SANTA CLARA, Calif., April 4, 2018 -- As interest rates and home prices continue to rise, millennial home buyers are more likely than older buyers to adjust what they are shopping for, according to a new survey released today from realtor.com®, a leading online real estate destination. Two factors contributing to this market sensitivity are millennials' likelihood to carry more student loan and other debt and put less down than other buyers. According to the online survey of more than 1,000 active buyers conducted in March by Toluna Research, 79 percent and 83 percent of respondents of all ages, respectively, said rising interest rates and home prices will impact their home search. That rises to 92 and 93 percent for buyers ages 18 to 34 years old. Only 17 percent and 21 percent of all buyers indicated prices and rates would have no impact. "Existing debt and lower down payments leave younger shoppers more exposed than others to the impact of rising mortgage rates and record-high home prices," said Danielle Hale, chief economist for realtor.com®. "These obstacles won't prevent millennials from finding and buying homes, but most will have to adapt to these challenging market conditions by adjusting their home search." Rising prices and interest rates impact the majority of buyers When asked how their search would be impacted by rising prices, 41 percent indicated they have to buy a smaller home, 35 percent need to look for a less expensive home, 34 percent have to look in a different neighborhood, 33 percent need to put down a larger down payment, and 31 percent have to increase their monthly mortgage budget. Survey data also shows rising rates have a greater impact on millennials than on buyers 55 years or older. As a result of rising rates, 37 percent of millennials said that they have to look for a less expensive home, compared to 24 percent of buyers 55 and older. Thirty-five percent of millennials have to look in a different neighborhood, compared to 18 percent of those 55+. Thirty-three percent of millennials have to look for a smaller home, compared to 23 percent of boomers. Millennial buyers carry more debt than others Millennial buyers are also more likely to report carrying each of the seven categories of debt realtor.com® inquired about – often by a significant margin. Of those between the ages of 18 and 34 years old, 78 percent have credit card debt, 68 percent have a car loan, 62 percent have a personal loan, 62 percent have mortgage debt, 57 percent have home equity loans, and 61 percent have student loans. This is notably higher than 35-54 years old who reported: 72 percent credit card debt, 59 percent car loan, 55 percent have a personal loan, 60 percent mortgage debt, 49 percent home equity loan, and 49 percent student loans. Or those 55+ who indicated: 45 percent credit card debt, 30 percent car loan, 12 percent personal loan, 32 percent mortgage debt, 11 percent home equity loans and 9 percent student loans. Millennials put the least amount down When all respondents were asked how much cash they are planning to put down on their purchase, 32 percent indicated they are putting down less than 10 percent of their purchase price. Seventeen percent said 16 to 20 percent of the price and 15 percent indicated 11 to 15 percent of the purchase price. A down payment of less than 10 percent was most common for the millennial generation with 37 percent of buyers aged 18-34 reporting this. They were followed by 34 percent of 35-54 year-olds and 20 percent of those 55 years or older. Millennials were also the least likely to put more than 20 percent of their purchase price down with roughly one in four among 18 to 34 year-olds putting more than 20 percent down, followed by one in three among 35 to 54 year-olds, and one in two among 55+ buyers. Full results are available here. Realtor.com® also recently surveyed house hunters about what they are looking for in a home. It also surveyed buyers about the hotly competitive spring buying season. 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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Rising Rents Push Millennials to Become Homeowners
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CoreLogic Hosts Inaugural CoreLogic Connects Roundtable
Mapping Out the Intersection of Policy and Economics CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced the successful launch of its new roundtable series, "CoreLogic Connects: The Intersection of Policy and Economics." This series is part of an ongoing collaboration between three CoreLogic teams, the Office of the Chief Economist, CoreLogic Government Solutions, and CoreLogic Government and Industry Relations. Convened in our nation's capital, this exclusive roundtable series focuses on the relationship between current federal policy and the latest economic data, using unrivaled CoreLogic analytical capabilities to identify the impacts of recent legislation and project the path forward. "CoreLogic Connects" brings together the foremost economists and policy analysts in our nation's capital, providing both the public and private sector with the opportunity to explore and discuss industry-leading property and financial data and analytics from CoreLogic. Designed to foster an open and interactive conversation, "CoreLogic Connects" spotlights the need for increased collaboration amongst our nation's thought-leaders and decision makers, and works to foster these relationships, encouraging discussion and debate amongst colleagues from across various sectors of the housing and mortgage industries. The series commenced earlier this month, with attendees from numerous executive branch agencies, industry trade associations, academic think tanks and policy analysts convening to discuss the impacts that recent legislation and rulemaking have had on the housing and mortgage markets. The agenda included an analysis of the recent federal tax code overhaul, with CoreLogic Chief Economist Frank Nothaft and Deputy Chief Economist Sam Khater addressing predictions that home prices would decline, with the largest impacts affecting high-cost areas. Their analysis concludes that high-end home sales show no signs of a slowdown in neither high-cost nor non-high-cost areas; in the first few months post-reform, purchase demand, home sales, inventory-for-sale and price have remained similar to prior years. They went on to apply CoreLogic data and analytics to several additional issues facing our industry, including the recent surge in FHA-to-conventional refinancing, the increase in home loan churning amongst veteran borrowers, the reduced risk layering resulting from the Qualified Mortgage rule and the latest trends in delinquency rates across the country. If you would like to receive an invitation to future "CoreLogic Connects" roundtables, or to request more information about the events, contact Russell McIntyre at [email protected] 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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Millennials Lead All Homebuyers, Even as Some Can't Escape Their Parents
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Home Shoppers Move Beyond the Suburbs
Relative affordability, inventory, and jobs are making under the radar secondary markets more appealing SANTA CLARA, Calif., March 1, 2018 -- Forty-one straight months of inventory declines and housing price gains are prompting buyers to expand their home search beyond their immediate metro markets to under the radar secondary markets, according to a new report released today by realtor.com®, a leading online real estate website, that gives insight into which may be America's next top markets to watch. Data shows demand for these markets is being driven by relative affordability, inventory, and strong job markets. The list, in rank order, includes: Spokane, Wash.; Portland, Maine; Knoxville, Tenn.; Deltona, Fla.; Boise, Idaho; Jacksonville, Fla.; Charleston, S.C.; North Port, Fla.; Bakersfield, Calif., and Chattanooga, Tenn. Areas were ranked based on their ratio of inbound to outbound searches, a comparison of people looking in and out of the metro. "Buyers have traditionally sought refuge in the suburbs during times of high home prices," said Javier Vivas, director of economic research at realtor.com®. "But with today's record highs even the suburbs have gotten pricey, which has demand flooding outward as options disappear and prices move further out of reach in top job hubs." Expensive metros fueling demand Generally, those searching in the top 10 are located in the same state or region, but in a far more expensive housing market and likely looking for some price relief. The majority of demand for Spokane, which has a median listing price of $264,000 is coming from Seattle, where the median listing price has reached $500,000. Deltona, where the median listing price is $270,000, and Jacksonville, which has a median home listing price of $307,000, are seeing most of their demand from Miami, where the median home price is $388,000. Although in different states, demand for the new Boise tech hub that has a median price of $299,000 is coming from Los Angeles with a median price of $706,000, Sacramento, Calif. with a median of $443,000, and San Francisco with a median of $846,000. See Figure 1 for full list. "The markets on this list offer affordable housing options and a chance to move up for those who are willing to change jobs or take on longer commutes," added Vivas. Homes available for sale One of the largest factors driving people to these markets is inventory availability. Approximately 1.3 percent of all the homes in these areas are available for sale, compared to 0.9 percent of homes in the top 100 largest U.S. metros. When compared to the markets driving demand to these areas, the difference is even greater. In Florida, Deltona and North Port have 2.1 and 2.2 percent of inventory available for sale, respectively, as compared to their largest viewers of Orlando with .9 percent and New York .8 percent, respectively. Charleston has 1.8 percent of inventory available, compared to 0.8 percent in New York. Boise has 0.9 percent of available, compared to 0.4 percent in Los Angeles. Strong, growing job markets The majority of the areas on the list also have strong job markets. In fact, the average unemployment rate in the top 10 is 3.9 percent, compared to the national rate of 4.1 percent. Portland and Boise offer the lowest unemployment rates of 2.7 percent and 2.8 percent, respectively. Additionally, average projected employment growth this year is 1.8 percent in the top 10, compared to 1.3 percent for the entire list of metros analyzed. Their projected job growth also beat the metros from where they received inbound demand, which averaged 1.3 percent. America's Top 10 Markets to Watch 1. Spokane, Wash. – Located on the eastern edge of Washington, Spokane boasts of tons lakes and parks for those who love to be outdoors, as well as a burgeoning wine scene. Northtown is a popular neighborhood for new and established families because of the quality schools and a strong sense of community in the area. Hutton Elementary and Mead High School are two of the area's top performing schools, earning a score of 9 and 8, respectively on Great Schools. Spokane is also home to Gonzaga University, a private Roman Catholic university that is a large employer in the area. In addition to Gonzaga, Providence Sacred Heart Medical Center & Children's Hospital employs over 5,000 people. Key market statistics – Spokane has a median list price of $264,000 with a median income of $51,000. It is expected to see 2.7 percent job growth this year. 2. Portland, Maine – Portland sits on a peninsula of Casco Bay and is home to areas like Old Port, which is filled with hip bars, boutique shopping, and coffee shops galore. The family-friendly inland area, such as the town of West End, features grand Victorian homes and a strong sense of community. Many people move to this area to escape the hustle and bustle of the city and to cut down their commute. In addition to the many boutique bars, restaurants, and stores that Portland has to offer, major employers include: TD Bank North, the Maine Medical Center, and Unum Life Insurance. Key market statistics – Portland has a median list price of $340,000 with a median income of $68,000. It is expected to have flat job growth this year. 3. Knoxville, Tenn. – Knoxville is popular with a lot of young families because of its relatively low cost of living and high quality of life. The neighborhood of Shady Grove, located southeast of Knoxville, is highly sought after because of its strong school system and close community. L&N Stem Academy and Farragut High School are two of the area's top performing schools, each earning a score of 10 on Great Schools. While Knoxville isn't as well known for entertainment as Nashville, it is home to AC Entertainment, which founded Bonnaroo and High Water Music Festival, and organizes more than 1,000 concerts a year nationally. Key market statistics – Knoxville has a median list price of $247,000 with a median income of $52,000. It is expected to have .9 percent job growth this year. 4. Deltona-Daytona Beach, Fla. – The sunshine draws lots of snowbirds from the north down to Deltona-Daytona Beach to escape cold winters. It appeals to all generations as the area sees both new and established families moving to the area, as well as a generous amount of retirees. Located south of Dayton is Deltona, formerly known as Deltona Lakes, because of its location on the north shore of Lake Monroe. Deltona serves as a commuter city between Daytona and Orlando where many of its residents work. Daytona is a mecca for race enthusiast with the Daytona International Speedway and NASCAR rounding out some of the area's largest employers. Key market statistics – Deltona Beach has a median list price of $270,000 with a median income of $47,000. It is expected to have 2.7 percent job growth this year. 5. Boise, Idaho – Boise features a high quality of life with easy access to outdoor activities, which have made it perfect for those who want to live near a city, but still enjoy the outdoors. The North End is a popular area of Boise known for its historic housing and tree-lined streets. St. Luke's Medical Center, Micron Technology and the West Ada School District round out the area's top employers. Key market statistics – Boise has a median list price of $299,000 with a median income of $56,000. It is expected to have 2.3 percent job growth this year. 6. Jacksonville, Fla. – Jacksonville is a destination for many northerners and south Floridians. Homes ranging from entry level to luxury are all flying off-market, with Atlantic Beach being a supremely popular neighborhood. A top-tier school system, including Bartram Springs Elementary, James Weldon Johnson College Preparatory, and Jacksonville Beach Elementary, which all scored 10s on Great Schools, as well as a strong sense of community make this a very family oriented area. The Jacksonville Naval Station and the Duval Public Schools are the areas two largest employers. Key market statistics – Jacksonville has a median list price of $307,000 with a median income of $59,000. It is expected to have 2.2 percent job growth this year. 7. Charleston, S.C. – Charleston S.C. is where laidback surf vibes meet southern hospitality. The neighborhood of Cannonborough is known for its historic homes, while Upper King boasts of new construction as well as nightlife and great restaurants. The area is seeing lots of older families and professionals from colder states moving to the area. Charleston is also home to Joint Base Charleston, a military facility that sits partially in Charleston and partially in the nearby city of Goose Creek, is the area's largest employer. In addition to the military facility, the Medical University of South Carolina is the area's second largest employer. Key market statistics – Charleston has a median list price of $364,000 with a median income of $63,000. It is expected to have .9 percent job growth this year. 8. North Port Sarasota-Bradenton, Fla. – Downtown Sarasota is going through a revitalization process which is drawing many young professionals to the area. With neighborhoods like Gulf Gate, housing is affordable and the quality of life is high, making it great for both young families and retirees. Gulf Gates close proximity to downtown also makes it popular for those that enjoy the many boutique restaurants and bars the area has to offer. For baseball fans, North Port will become the official home of Spring Training for the Atlanta Braves, starting in 2019. Sarasota Memorial Healthcare System is the area's largest employer, but the area is also home to the Tervis headquarters, which is known for its insulated drinkware. In Bradenton you can find the headquarters for Champs Sports, a nationwide sports apparel company. Key market statistics – Sarasota has a median list price of $350,000 with a median income of $60,000. It is expected to have 2.1 percent job growth this year. 9. Bakersfield, Calif. – Affordable homes, relative to the rest of California, make Bakersfield, especially the North West area, popular with people in every stage of life. Young families are drawn to the area because of the quality of life and a strong school system, while older generations and retirees are drawn to the area because they are able to get a big bang for their buck. Bakersfield Memorial Hospital is the area's largest employer, while Chevron Corporation comes in a close second, followed by Ensign United States Drilling. Key market statistics – Bakersfield has a median list price of $239,000 with a median income of $56,000. It is expected to have 1.1 percent job growth this year. 10. Chattanooga, Tenn. – Chattanooga hosts a vibrant nightlife scene, with plenty of bars and restaurants, as well as easy access to the mountains and lakes for those who enjoy spending time outdoors. East Brainerd, located just 20 minutes from downtown, is popular with young couples and new families, while Hixson boasts higher-end real estate market great for established professionals and families. Volkswagen recently completed a $1 billion production facility in Chattanooga that serves as its North American manufacturing headquarters, and they just announced an additional investment of $600 million and 2,000 new jobs to produce their SUV line. Key market statistics – Chattanooga has a median list price of $230,000 with a median income of $53,000. It is expected to have 2.6 percent job growth this year. Methodology: The top 10 markets to watch list is ranked based on metros with the highest ratio of inbound searches compared to outbound searches on realtor.com®. This cross-market demand data functions as an early alert system, capturing home search activity early in buying cycle and acts as a good predictor of eventual sales activity. To view the full methodology and report, which includes an analysis of markets with the lowest inbound/outbound view ratio and areas where the ratio has grown the most, please 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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Redfin Survey: 35% of Recent Homebuyers Bid on a Home Before Seeing it in Person
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Is Salt Lake City the 'Next Denver'?
Growing economy, millennials moving in, and affordable homes point to big growth ahead SANTA CLARA, Calif., Feb. 23, 2018 -- Salt Lake City and Denver have more in common than the fact they are big cities, near big mountains. According to new realtor.com data, Salt Lake City's housing market is seeing the same rapid growth patterns that occurred in Denver in early 2015 and 2016 and that drove the city to the top of the nation's hot housing markets. The Salt Lake City metropolitan area is projected to have one of the strongest housing markets in the country in 2018, with home prices and sales expected to reach 4.5 percent and 4.6 percent growth, respectively, over last year. Just like Denver, the factors driving its strength are a growing economy, relative affordability and an increasing millennial population. In fact, with home prices growing three times faster and supply moving a full week faster in the span of a year, Salt Lake City resembles Denver at the beginning of its boom. "In just a handful of years, an influx of jobs and millennials drove Denver's housing market from strong and stable to rising like the Rockies," said Javier Vivas, director of economic research for realtor.com®. "If Salt Lake City is able to continue generating jobs and attracting well-educated young people, the market has the potential to continue to climb to 'Mile High City'-type heights." A primary cause of Salt Lake City's momentum is its robust economic picture and growing population. The local Salt Lake City economy is growing at 9 percent year-over-year, more than two times faster than the national average. The city is also adding jobs at nearly three times the overall U.S. pace, with employment growing at 3.6 percent year-over-year. Household incomes in the area are growing at 5.4 percent year-over-year, nearly twice the rate for the country as a whole. Last year, population topped 3 million for the first time, which has contributed to an uptick in demand in the market. Despite its strong economy, Salt Lake City remains relatively affordable, particularly in comparison to other hot mid-to-large cities. The median sales price in Salt Lake City at the end of 2017 was $273,000, which is $20,000, $70,000 and $90,000 lower than other growing markets of Austin, Texas; Portland, Ore., and Denver, respectively. A median income household in Salt Lake City can buy a median-priced home with 32 percent of its annual income, roughly in-line with the generally accepted maximum. Market dynamics in Salt Lake City are being driven by its larger-than-average, and growing, proportion of millennials. In fact, its millennial population is 1.3 times higher than the U.S. average and made up 46 percent of its mortgages in 2017, beating the U.S. average by 9 percent. Looking at realtor.com® search activity, Salt Lake City has been drawing interest from Los Angeles, Denver, Las Vegas and San Francisco, showing that it is likely absorbing unquenched millennial demand from these hot markets. Although realtor.com® predicts that demand will be strong and constant in Salt Lake City over the next few years, the longer-term outlook for the city's housing market depends on its ability to continue to create jobs for young professionals and drive housing market demand. If it's successful at doing so – as Denver so far has been – then the Denver market's current conditions provide a reasonable snapshot of what is in store for Salt Lake City. 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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Realtor.com's 2018 Housing Insights Showcase Opportunities for Builders at The NAHB International Builders' Show
Economic projections available at Builders Digital Experience booth ORLANDO, Fla., Jan. 9, 2018 -- Realtor.com® partnered with Builders Digital Experience (BDX) to deliver its unique housing economic insights to the builder community, releasing a special edition of its 2018 Housing Forecast today at The NAHB International Builders' Show®. Realtor.com® 's 2018 housing forecast highlights a growing economy and positive demographic trends, creating opportunities in the housing market despite the affordability challenges buyers will face from rising prices and mortgage rates. Key takeaways for builders in 2018 include: Entry-level home construction a huge opportunity – Entry-level homes will continue to see price gains due to the larger number of buyers who can afford them and more limited homes available for sale in this price range. Millennials anticipated to gain market share in all home price segments – With the largest cohort of millennials expected to turn 30 in 2020, their homeownership market share is expected to increase. As they age into peak family forming years, their top housing priorities will shift from proximity to urban life to more space and quality schools. Southern markets predicted to lead in sales growth – Strong economies and healthy building levels will help drive Southern markets to beat the national average home sales growth. Builders who can adapt to regulatory hurdles in more challenging Western markets will find that prices still outperform national average growth in this region. The tax bill is a game changer – With the passing of the Tax Cuts and Jobs Act, the wealth and income effect of tax cuts will likely stimulate demand and increased production in the short term, but could lead to fewer sales and impact prices negatively over time in markets with higher prices and property taxes. Be wary of economic capacity constraints as inflation will kick in and the Fed will more aggressively increment interest rate increases. "Our collaboration with BDX over the last eight years has enabled builders throughout the country to connect with millions of realtor.com® users," said Tricia Smith, senior vice president of channel sales and operations at realtor.com®. "We are proud to deliver our housing insights to the builder community at a time when many opportunities exist for the new construction industry." "Our relationship with realtor.com® gives our builders a significant advantage as they are marketing their homes," said Tim Costello, CEO of BDX. "From new home community listings to multiple advertising options, we are excited to give our clients the opportunity to connect to this qualified and active group of shoppers." A copy of the full realtor.com® 2018 Housing Forecast, is available at the BDX booth, West Hall W5071, from Jan. 9 - 11. For more housing insights, visit the realtor.com® research portal at www.realtor.com/research. About realtor.com® Realtor.com® is a leading online real estate destination operated by News Corp [NASDAQ: NWS, NWSA]; [ASX: NWS, 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®. About Builders Digital Experience For more than 16 years, Builders Digital Experience (BDX) has been a leading provider of digital marketing and sales solutions for the home building industry. In addition to running the top new home listing site (NewHomeSource.com), and providing listings and advertising on leading real estate website realtor.com®, BDX offers website development, virtual reality solutions, interactive floor plans, photo realistic renderings, online design centers, and sales center kiosks. Together, these online and interactive resources help builders and manufacturers create a true digital experience for their buyers. BDX is owned by the industry and works with over 1000 clients. For more information, visit http://www.theBDX.com or stop by booth W5071 at the International Builders Show in Orlando.
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Millennials and Silent Generation Drive Desire for Walkable Communities, Say Realtors
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18 Bitcoins will Buy the Average American Home
Redfin Says People are Beginning to Bring Cryptocurrency to the Housing Market SEATTLE--(Dec. 15, 2017) — Redfin, the next-generation real estate brokerage, has seen cryptocurrency starting to become part of the discussion with some clients buying and selling homes over the past three months. Agents in Boston, Chicago, Houston, Philadelphia, Washington D.C. and several cities in California said they've had conversations with people about using cryptocurrency as part of their transaction. Currently, Redfin does not accept cryptocurrency as a form of payment. Bitcoin, the first digital currency that works without a bank or middleman, surged 183.6 percent in the last month, from $5,870.37 per coin on Nov. 12 to $16,650.01 on Dec. 12, according to Bitstamp data. Its market cap is more than $293 billion, and while some analysts warn of a crypto bubble, others say Bitcoin could eventually compete against the gold market. Regardless, cryptocurrency has created fast wealth for investors, and now some are cashing out and going house hunting. Carina Isentaeva, a Redfin agent in San Francisco, recently helped a client write an offer on a luxury home in Silicon Valley that was contingent on the sale of cryptocurrency. The offer was accepted, but the buyer ended up backing out when his cryptocurrency didn't sell. Isentaeva said she's confident he will buy when it does. Jeremy Paul, a Redfin agent in San Diego, also worked with clients who held Bitcoin. He said his clients cashed out two bitcoins, valued at $7,435 each, to cover the closing costs on a home in Carlsbad, CA. And homebuyers aren't the only ones in the cryptocurrency game. Redfin found 75 listings nationwide in which the seller mentioned he or she will accept Bitcoin as payment. The seller of a condo in Miami is requesting payment in Bitcoin only; it will cost the buyer 33 coins. One way to illustrate the unprecedented growth of Bitcoin is to look at the price of the typical home in bitcoins over the past year. For example, in January 2016 in San Francisco, the typical home would have cost a buyer 2,805 bitcoins. Today, the median home in San Francisco is 82 bitcoins. For buyers who have made a lot of money on the recent surge in cryptocurrency value, buying a home is a reasonable way to use the proceeds. For sellers accepting bitcoin, however, it's riskier because accepting cryptocurrency as payment is a bet that it's going to continue to increase. "It's hard to say whether the use of cryptocurrency to buy and sell homes is a long-term trend or just a blip based on the recent spike in value," said Redfin chief economist Nela Richardson. "In some ways, cryptocurrency investors have just won the lottery, and so it makes perfect sense to buy their dream home. On the other side of the ‘coin', sellers probably wouldn't accept lottery tickets as payment." Read the full story here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Tax Bill Raises Concerns about Homeownership; Most Will Change Buying or Selling Plans
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CFPB Launches New Mortgage Performance Trends Tool for Tracking Delinquency Rates
Newly Available Data Shows Lowest Mortgage Delinquency Rate Since the Financial Crisis WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced the launch of a new Mortgage Performance Trends tool that tracks delinquency rates nationwide. Information newly available through this tool shows that mortgage delinquency rates nationally are at their lowest point since the financial crisis. In addition to national data, the online tool features interactive charts and graphs with data on mortgage delinquency rates for 50 states and the District of Columbia at the county and metro-area level. "Measuring the number of consumers who have fallen behind on their mortgage payments is a telling barometer of the health of mortgage markets locally and nationally," said CFPB Director Richard Cordray. "This rich information source identifies mortgage delinquency rates down to the county and metro-area level, making it a useful public tool." With a combined value of roughly $10 trillion, mortgages make up the nation’s largest consumer credit market. A delinquent mortgage is a home loan for which the borrower has failed to make payments as required in the loan documents. If the borrower can't bring the payments on a delinquent mortgage current within a certain time period, the lender may begin foreclosure proceedings. Whether consumers can make their mortgage payments is an important sign of the health of the mortgage market and the overall economy. For instance, job growth, higher wages, and higher home values generally lead to fewer missed or late mortgage payments. The Mortgage Performance Trends tool measures the delinquency rates in two general categories. The first category is comprised of borrowers who are 30 to 89 days behind on their mortgage payments, which generally means they have missed one or two payments. Tracking this rate can detect trends in the increase or decrease in the number of delinquencies, and act as an early warning sign for mortgage market developments that impact the overall economy. The second category is serious delinquencies, which is made up of borrowers who are more than 90 days overdue. If high, this rate reflects more severe economic distress. The interactive charts and maps in the tool track monthly changes in both categories of delinquency rates starting in 2008, when the financial crisis was unfolding. Leading up to the crisis, some lenders originated mortgages to consumers without considering their ability to repay the loans. The decline in underwriting standards led to skyrocketing rates of mortgage delinquencies and foreclosures. As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB put in place rules to address the issues that helped trigger the crisis. These rules require lenders to assess a borrower’s ability to repay a mortgage before making the loan and require servicers to assist borrowers struggling to repay their mortgages. Mortgage delinquency data reflected in the Mortgage Performance Trends tool shows that among other things: Rates of serious delinquency are at the lowest level since the financial crisis: According to the data, the national rate of seriously delinquent mortgages peaked at 4.9 percent in 2010. As of March 2017, the rate had fallen to 1.1 percent, the lowest level since 2008. Colorado and Alaska have the fewest serious delinquencies, with 0.5 percent. New Jersey and Mississippi have the highest rates of delinquencies of more than 90 days, with 2.1 percent. For mortgages that are delinquent by less than 90 days, Mississippi has the highest rate, at 4.3 percent. Washington State has the lowest rate, at 1 percent. Most states hardest hit by the housing crisis have steadily recovered: At the peak of the financial crisis, both California and Arizona had rates of serious delinquencies of 7.5 percent and 7.6 percent, respectively, and both are now below 1 percent. Nevada, which peaked at 10.7 percent, now has a serious delinquency rate of 1.2 percent, nearly the same as the national average. Florida, which peaked at 9.0 percent, now has a rate of 1.4 percent. Information in the Mortgage Performance Trends tool comes from the National Mortgage Database, which the CFPB and the Federal Housing Finance Agency launched in 2012. The database supports policymaking and research, and helps regulators better understand emerging mortgage and housing market trends. The National Mortgage Database includes information spanning the life of a mortgage loan from origination through servicing and captures a variety of borrower characteristics. It is a nationally representative sample of all outstanding, closed-end, first-lien mortgages for one-to-four family residences. The Mortgage Performance Trends tool has many protections in place to protect personal identity. Before the CFPB or the FHFA receive data for the National Mortgage Database, all records are stripped of information that might reveal a consumer’s identity, such as names, addresses, and Social Security numbers. The new Mortgage Performance Trends tool can be found here.
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Redfin: Migration Patterns Show More People Leaving Politically Blue Counties
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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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Consumers are Navigating Tides of the U.S. Real Estate Market in New Homeowner Sentiment Survey
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Home Prices Rising Twice as Fast in U.S. Cities with Highest Natural Hazard Risk Than in Lowest-Risk Cities
Homeowners in highest-risk cities have more equity, longer homeownership tenures; appreciation slower in Florida and Louisiana cities with highest flood risk, bucking trend IRVINE, Calif. – Sept. 21, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its 2017 U.S. Natural Hazard Housing Risk Index, which found that median home prices in U.S. cities in the 80th percentile for natural hazard risk (top 20 percent with highest risk) have increased more than twice as fast over the past five years and over the past 10 years than median home prices in U.S cities in the 20th percentile for natural hazard risk (bottom 20 percent with lowest risk). For the report ATTOM indexed natural hazard risk in more than 3,000 counties and more than 22,000 U.S. cities based on the risk of six natural disasters: earthquakes, floods, hail, hurricane storm surge, tornadoes, and wildfires. ATTOM also analyzed housing trends in 3,441 cities and 735 counties — containing more than 71 million single family homes and condos — broken into five equal quintiles of natural hazard housing risk (see full methodology below). Median home prices in cities in the top 20 percent (Very High) for natural hazard risk have appreciated 65 percent on average over the past five years and 9 percent on average over the past 10 years while median home prices cities in the bottom 20 percent (Very Low) for natural hazard risk have appreciated 32 percent on average over the past five years and 3 percent on average over the past 10 years. "Strong demand for homes in high-risk natural hazard areas has helped to accelerate price appreciation in those areas over the past decade despite the potential for devastating damage to homes that can be caused by a natural disaster — as evidenced by the recent hurricanes that made landfall in Texas and Florida," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "That strong demand is driven largely by economic fundamentals, primarily the presence of good-paying jobs, although the natural beauty that often comes hand-in-hand with high natural hazard risk in these areas is also attractive to many homebuyers. "There is some evidence in the data that real estate consumers in certain areas are beginning to more heavily factor natural hazard risk into their decisions, particularly when it comes to flood risk," Blomquist added. "Counter to the national trend, home price appreciation is slower in Florida and Louisiana cities with the highest flood risk than in cities with the lowest flood risk." Appreciation slower in Florida and Louisiana Cities with highest flood risk In the state of Florida, median home prices in cities with the highest flood risk were up 8 percent on average from a year ago and up 66 percent from five years ago while median prices in cities with the lowest flood risk were up 10 percent from a year ago and 70 percent from five years ago. Median home prices in Florida cities with the highest hurricane storm surge risk were up 8 percent from a year ago and 47 percent from five years ago, while median prices in cities with the lowest hurricane storm surge risk were up 11 percent from a year ago and up 67 percent from five years ago. There was a similar trend in relation to flood risk in the state of Louisiana, which experienced damaging floods in August 2016. Median home prices in Louisiana cities with the highest flood risk were down 20 percent from a year ago and up 2 percent from five years ago while median home prices in the lowest risk cities increased 5 percent over the past year and increased 37 percent over the past five years. Homeowners in highest-risk cities have more equity, longer homeownership tenures Homeowners in cities in the top 20 percent for natural hazard risk have 32 percent home equity on average compared to 21 percent home equity on average for homeowners in cities in the bottom 20 percent for natural hazard risk. Seriously underwater homes (LTV of 125 percent or higher) account for 6.4 percent of all homes in cities in the top 20 percent for natural hazard risk compared to a seriously underwater rate of 9.9 percent on average for homes in cities in the bottom 20 percent for natural hazard risk. Homeowners who sold in the first six months of 2017 had owned for an average of 8.89 years in cities in the top 20 percent for natural hazard risk compared to an average homeownership tenure of 8.03 years in cities in the bottom 20 percent for natural hazard risk. Counties and cities with highest natural hazard risk index Among the 735 U.S. counties included in the housing trends analysis, those with the highest overall natural hazard index were Oklahoma County, Oklahoma; Wakulla County (Tallahassee), Florida; Monroe County (Key West), Florida; Cleveland County (Oklahoma City), Oklahoma; and Nevada County (Truckee), California. Among 50 U.S. cities included in the analysis with a population of at least 500,000, those with the highest overall natural hazard housing risk index were Oklahoma City, Oklahoma; San Jose, California; Los Angeles, California; Bakersfield, California; and Seattle, Washington. Counties and cities with lowest natural hazard risk index Among the 735 U.S. counties included in the housing trends analysis, those with the lowest overall natural hazard index were Milwaukee County (Milwaukee), Wisconsin; Cuyahoga County (Cleveland), Ohio; Muskegon County (Muskegon), Michigan; and Lake County (Cleveland), Ohio. Among 50 U.S. cities included in the analysis with a population of at least 500,000, those with the lowest overall natural hazard housing risk index were Philadelphia, Pennsylvania; Phoenix, Arizona; Buffalo, New York; Orlando, Florida; and Brooklyn, New York. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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Redfin Data Reveals Single Women Build Less Home Equity Over Time Than Single Men
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New Survey from Cartus Shows Employee Relocation Trends are Changing Shape
DANBURY, Conn., Aug. 24, 2017 -- The U.S. workforce is changing and, with it, so are the ways in which employees are being relocated for companies across the United States. Cartus Corporation, a leading provider of global relocation services, recently released its 2017 Domestic U.S. Relocation Policy and Practices Survey results, a report that examines the responses of 141 mobility managers representing more than 10 million employees. While the overall survey explores trends in how companies are supporting home sale for transferring employees, responding to a growing rental population, and developing intern programs, the primary finding is the identification of a changing pattern in employee relocation, in which an increasing demand for flexibility is translating into different types of work transfers. What's Driving U.S. Relocation Programs? U.S. relocation programs have always been a reflection of the larger business and economic picture. As companies seek to make sure they have the right people in the right places to meet organizational goals, they have traditionally been balancing demands for cost effectiveness with the need to recruit, retain, and develop their talent. Today, companies are adding a third element to the juggling act: employees' growing expectations for a positive experience that translates into greater engagement and productivity. That combination of demands is leading to a new catalyst trend: the push for more flexibility in how employees move for work, and what kinds of support they are provided. Juggling Act: Balancing the Challenges Driving U.S. Relocation Cost: 65 percent of survey respondents cited cost as a significant challenge facing their companies' relocation programs today – up 13 percentage points in the last eight years. Talent Management: 52 percent of respondents said that talent shortages had increased somewhat, or significantly; this leads to "talent pressure" and a need to overcome those shortages. Employee Engagement: With the stagnation of salaries in U.S. corporations, there is a need to ensure that all aspects of the workplace provide a positive experience for employees. This has been cited consistently among Cartus clients of all sizes as a rising issue. These pressures are leading to a need for more flexibility, as evidenced by the 78% percent of survey respondents who stated that changing employee needs or expectations were driving the need for flexibility. In the domestic U.S. relocation arena, this has resulted in offering more flexibility in policies, as well as a growth in short-term assignments and other temporary transfer forms for ongoing business needs. In fact, 75 percent of responding companies cited utilizing these short-term assignments to provide knowledge or skills transfer or training, while 72 percent use them to address specific project work. As managers of U.S. relocation programs continue to explore ways to meet their companies' changing needs, it is likely that the need to balance a superior employee experience, cost control, and talent development will drive a continued focus on flexible approaches. How companies choose to meet this pressure will always depend on their organization's move patterns, culture, and demographics. If you are responsible for your company's domestic relocation program, we encourage you to review a copy of Cartus' 2017 Domestic U.S. Relocation Policy and Practices Survey findings for more information on trends, challenges and policy approaches. About Cartus For more than 60 years, Cartus has provided trusted guidance to organizations of all types and sizes that require global relocation solutions. Providing the full spectrum of relocation services, including language and intercultural training, Cartus serves more than half of the Fortune 50 and has moved employees into and out of 185 countries. Cartus is part of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. To find out how our greater experience, reach, and hands-on guidance can help your company, visit www.cartus.com, or click www.realogy.com for more information.
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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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Realtors® Report Finds 11 Percent Increase in Commercial Member Income, 19 Percent Increase in Sales Transaction Volume
WASHINGTON (August 2, 2017) – Commercial real estate markets continue to improve, with Realtors® specializing in commercial real estate reporting both an increase in member's gross income and sales volume, according to the National Association of Realtors® 2017 Commercial Member Profile. The annual study's results represent Realtors®, members of NAR, who conduct all or part of their business in commercial sales, leasing, brokerage and development for land, office and industrial space, multifamily and retail buildings, as well as property management. "There has been an uptick in Realtor® members who choose to specialize in commercial real estate at the same time as commercial professionals report improvements in the market and their business activity," said 2017 NAR President William E. Brown, a Realtor® from Alamo, California. "A stronger commercial market is a good indicator of a growing economy, so the outlook is positive for commercial members in the year ahead." The median gross annual income for commercial members in 2016 was $120,800, an increase from $108,800 in 2015. Brokers and appraisers tend to report the highest median annual incomes, while sales agents report the lowest among licensees. Those with less than two years of experience reported a median annual income of $31,500 in 2016, down from $43,400 in 2015; members with more than 26 years of experience reported a median annual income of $162,200 in 2016, down from $165,400 in 2015. Commercial members completed a median of eight sales transactions in 2016, a decrease of one since 2015. A quarter of commercial members reported having one to four transactions, and 27 percent reported having more than 20 transactions. While the number of transactions decreased slightly in 2016, the sales volume increased again this year. The median sales transaction volume in 2016 among members who had a transaction was $3,500,000, an increase from $2,931,000 in 2015. Only 7 percent of commercial members reported not having a transaction at all, which decreased from 8 percent in 2015. The median years of experience in real estate increased to 24 years in 2017, up from 20 years in 2016, as did the median years of experience of members in commercial real estate – up from 15 years in 2016 to 19 years in 2017. Forty-seven percent of NAR's commercial members are brokers, and 30 percent are licensed sales agents, consistent with last year. Seventeen percent of commercial members have a broker-associate license while appraisal license holders account for 5 percent, also consistent with last year. The median age of commercial members remained the same as last year, at 60 years old. Almost three out of four commercial members are male, identical to last year's results. Men reported being active in any real estate capacity for a median of 25 years and in commercial real estate for a median of 20 years, the same as last year. Women have been active in real estate for a median of 19 years (up from 14 years last year) and in commercial real estate for a median of 15 years (up from 11 years last year). Commercial members who manage properties typically managed 82,000 total square feet, representing 15 total spaces, up from 50,000 square feet and 17 spaces in 2015. Those who manage offices typically managed 25,000 total office square feet, representing seven total offices, up from 20,000 office square feet and five offices last year. Thirty-three percent of commercial members were involved in international transactions in 2016, down 2 percent from 2015. Eighteen percent of commercial members reported an increase in international transactions, while only 1 percent had a decrease. Sixty-five percent (up from 60 percent in 2016) of respondents are members of any of several commercial affiliated institutes, councils, or societies. These commercial organizations include the CCIM Institute, the Institute of Real Estate Management, the Counselors of Real Estate, the Realtors® Land Institute and the Society of Industrial and Office Realtors®. In June 2017, NAR invited a random sample of 64,147 Realtors® with an interest in commercial real estate to fill out an on-line survey. A total of 1,926 responses were received for an overall response rate of 3.0 percent. All information in this report is representative of member characteristics in 2017 while sales and lease transaction values and income are characteristic of calendar year 2016. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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84 Percent of Americans See Homeownership as Good Investment, Affordability a Growing Concern
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71 Percent of Homeowners Believe It's a Good Time to Sell; Economic and Financial Confidence Dips: Realtors® HOME Survey
WASHINGTON (June 26, 2017) — Existing housing inventory has declined year over year each month for two straight years, but new consumer findings from the National Association of Realtors® offer hope that the growing number of homeowners who think now is a good time to sell will eventually lead to more listings. That's according to NAR's quarterly Housing Opportunities and Market Experience (HOME) survey, which also found that fewer renters think it's a good time to buy a home, and respondents are less confident about the economy and their financial situation than earlier this year despite continuous job gains. One trend gaining steam in the HOME survey is an increased share of homeowners who believe now is a good time to sell their home. This quarter, 71 percent of homeowners think now is a good time to sell, which is up from last quarter (69 percent) and considerably more than a year ago (61 percent). Respondents in the Midwest (76 percent) surpassed the West (72 percent) for the first time this quarter to be the most likely to think now is a good time to sell. Lawrence Yun, NAR chief economist, says it's apparent there's a mismatch between homeowners' confidence in selling and actually following through and listing their home for sale. "There are just not enough homeowners deciding to sell because they're either content where they are, holding off until they build more equity, or hesitant seeing as it will be difficult to find an affordable home to buy," he said. "As a result, inventory conditions have worsened and are restricting sales from breaking out while contributing to price appreciation that remains far above income growth." Added Yun, "Perhaps this notable uptick in seller confidence will translate to more added inventory later this year. Low housing turnover is one of the roots of the ongoing supply and affordability problems plaguing many markets." On the decline: renter morale about buying a home and financial and economic optimism Confidence among renters that now is a good time to buy a home continues to retreat. Fifty-two percent of renters think now is a good time to buy, which is down both from last quarter (56 percent) and a year ago (62 percent). Conversely, 80 percent of homeowners (unchanged from last quarter and a year ago) think now is a good time to make a home purchase. Younger households, and those living in urban areas and in the costlier West region are the least optimistic. The surge in economic optimism seen in the first quarter of the year appears to be short lived. The share of households believing the economy is improving fell to 54 percent in the second quarter after soaring to a survey high of 62 percent last quarter. Homeowners, and those living in the Midwest and in rural and suburban areas are the most optimistic about the economy. Only 42 percent of urban respondents believe the economy is improving, which is a drastic decrease from the 58 percent a year ago. Dimming confidence about the economy's direction is also leading households to not have as strong feelings about their financial situation. The HOME survey's monthly Personal Financial Outlook Index showing respondents' confidence that their financial situation will be better in six months fell to 57.2 in June after jumping in March to its highest reading in the survey. A year ago, the index was 57.7. "It should come as little surprise that the confidence reading among renters has fallen every month since January (64.8) and currently sits at its lowest level (53.8) since tracking began in March 2015 (65.7)," said Yun. "Paying more in rent each year and seeing home prices outpace their incomes is discouraging, and it's unfortunately pushing home ownership further away — especially for those living in expensive metro areas on the East and West Coast." Under half of respondents believe homes are affordable for most buyers; one in five would consider moving In this quarter's survey, respondents were also asked about the affordability of homes in their communities. Overall, only 42 percent of respondents believe they are affordable for almost all buyers, with those living in the Midwest being the most likely to believe homes are affordable (55 percent) — and not surprisingly — West respondents (29 percent) being least likely to think homes are affordable. Additionally, 20 percent of respondents would consider moving to another more affordable community. Those earning under $50,000 annually (27 percent) and those age 34 and under (29 percent) were the most likely to indicate they would consider moving. "Areas with strong job markets but high home prices risk a migration of middle-class households to other parts of the country if rising housing costs in those areas are not contained through a significant ramp-up in new home construction," said Yun. About NAR's HOME survey In April through early June, a sample of U.S. households was surveyed via random-digit dial, including a mix of cell phones and land lines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report and a total of 2,711 household responses are represented. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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NAR Midyear Forecast: Existing-Home Sales Poised to Climb 3.5 Percent in 2017
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Realtor.com® Consumer Survey Identifies Home Shoppers' Preferences in 2017
  SANTA CLARA, Calif., April 12, 2017 -- Ranch-style homes, large backyards and updated kitchens top shoppers' wish lists this spring, according to realtor.com®'s home buyer survey. More than half of home seekers are looking for a three-bedroom home, while 75 percent of shoppers are considering a two-bathroom home. Realtor.com® is a leading online real estate destination operated by News Corp subsidiary Move, Inc. The survey, based on March data from shoppers on realtor.com®, provides insight into home buying trends in 2017 by analyzing what features shoppers are looking for this spring and summer - the peak home buying seasons. "The insights from our most recent consumer survey provide a glimpse into what buyers are looking at today," said Sarah Staley, housing expert for realtor.com®. "While we often think of dream homes as being big and bold, that's not what we're hearing from potential buyers today. These insights can help guide potential sellers in deciding which rooms or features to invest in before listing their homes." Following are key findings of the realtor.com® home buyer survey. Complete survey findings can be viewed at http://research.realtor.com/spring-home-shoppers. Large backyards, garages and updated kitchens top list of most searched attributes All age groups are looking for some combination of a backyard, garage and updated kitchen. Unsurprisingly younger homebuyers who are more likely to have young children in the house are particularly excited about finding a large yard. These age groups are also most interested in living in a good school district. The least-searched features were a guesthouse, mother-in-law suite, solar panels and a "man cave." Ranch-style homes and kitchens rule in 2017 Ranch homes led shoppers' rankings of desired home styles by far, with 42 percent of shoppers looking for a ranch home. No other style of home broke 29 percent, although contemporary came close with 28 percent, followed by Craftsman and Colonial styles. Eighty percent of shoppers ranked the kitchen as one of their three favorite rooms in their home. Kitchens were followed by master bedroom (49 percent) and living room (42 percent) among most age groups. Although, shoppers over 55 years old preferred garages over living rooms. Privacy ranks as shoppers' top goal for buying, largely driven by buyers over age 45 Most shoppers cite privacy as their top goal when searching for a home. Shoppers want to have a space that is solely their own. This preference can be attributed to mostly buyers between 45 and 64 years old, for whom privacy tends to beat out other preferences such as stability, family needs and financial investment. Millennial shoppers cite family needs as the primary reason for entering the housing market As millennial buyers prioritize family needs, it is no surprise that most millennials cited life events like increasing family size and getting married or moving in with a partner as their primary triggers for finding a new home. Shoppers age 35-44 are also focused on family needs. Most of this group cited better school districts or changing family circumstances as their primary reasons for purchasing a new home. Shoppers over age 45 are looking to downsize, as all age groups above 45 cited planning for retirement as their primary motive for finding a new house. Desire for single-family home rises with age Among younger buyers, many of whom are buying starter homes, 40 percent of shoppers were looking for townhouses and row houses. As shoppers age, however, that number declines and single-family homes are a clear preference. The older the age group is, the less likely they are to consider a townhouse and the more likely they are to prefer a single-family home. 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 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: Supply Shortage is Home Sellers' Greatest Challenge This Year
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Canadian Home Searches Spike in Response to U.S. Election Results
  NORFOLK, VA. (NOVEMBER 09, 2016)--Homes.com®, leading online real estate destination, reports a dramatic surge in location-based home searches for Canadian destinations in response to the United States Presidental election. Starting at 9 p.m. EST, as state results from the U.S. Presidental race began to roll in, Homes.com saw a surge in Canadian home searches growing by the hour. By 11 p.m. EST, British Columbia was the highest searched state or province searched on Homes.com, more than California, Texas or Florida. By 12 a.m. EST, Canadian home search traffic was 16 times higher than a normal traffic day. As of this morning, Canadian searches for homes for sale continue to dominate Homes.com visitor behavior, maintaining eleven times more searches than the previous day, with British Columbia seeing 26 percent more home search activity than the most populous U.S. state, California. By 9 a.m. EST, six of the top twenty-five searched cities on Homes.com were Canadian: Vancouver, BC; Surrey, BC; Toronto, ON; Nelson, BC; Richmond, BC; and White Rock, BC. This surge of consumer searches for Canadian properties has not translated into a notable increase in consumers inquiring about these properties. At this point, home shoppers appear to just be checking out Canadian home prices and availability with no clear intention to relocate. On the lighter side of last night's consumer home searches, Ontario, CA benefited from a dramatic, 121-percent increase in home searches, likely due to confusion with the Canadian city of the same name. Wherever (or why ever) you're moving, Homes.com has homes. For Sale. For Rent. For You. About Homes.comHomes.com makes it easy to find your first or next home, with close to 3 million homes for sale or rent. Since its launch almost 25 years ago, Homes.com has made millions of introductions between homebuyers and real estate professionals, leveraging user-friendly tools, valuable tips, and helpful information so homebuyers have everything they need to find a home that perfectly fits their family and lifestyle. With more than 15 million site visits a month, Homes.com continues to innovate with inspiring photos, simple search functionality and great home decor articles to empower consumers to dream, discover and design their homes. Visit Homes.com to discover your next home, or download the Homes.com For Sale, Rentals or Mortgage Calculator apps to power your home search. For creative home design ideas and decorating tips, visit Homes.com/blog/. Welcome Home!
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Realtors Can Gain a Competitive Edge by Understanding Real Estate’s Top Issues in 2017
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71 Percent Believe Student Debt Delays Homeownership
  WASHINGTON (June 13, 2016) — Seventy-one percent of non-homeowners repaying their student loans on time believe their debt is stymieing their ability to purchase a home, and slightly over half of all borrowers say they expect to be delayed from buying by more than five years. This is according to a new joint survey on student loan debt and housing released today by the National Association of Realtors® and SALT®, a consumer literacy program provided by nonprofit American Student Assistance®. The results also revealed that student debt postponed four in 10 borrowers from moving out of a family member's household after graduating college. Nearly three-quarters of non-homeowners polled in the survey believe their student loan debt is delaying them from buying a home. Broken down by each generation and debt amount, the percent share is the highest among older millennials approximately aged 26 to 35 (79 percent) and those with $70,000 to $100,000 in total debt. Regardless of the outright amount of student debt, more than half of non-homeowners in each generation report that it's postponing their ability to buy. The survey, which only polled student debt holders current in their repayment, yielded responses from borrowers with varying amounts of debt from mostly a four-year public or private college. Forty-three percent of those polled had between $10,001 and $40,000 in student debt, while 38 percent had $50,000 or more. The most common debt amount was $20,000 to $30,000. Lawrence Yun, NAR chief economist, says the survey findings bring to light the magnitude student debt is having on the housing market and the budget of even those financially able to make on-time payments. While obtaining a college degree increases the likelihood of stable employment and earning enough to buy a home, many graduating with this debt are putting homeownership on the backburner in part because of the multiple years it takes to pay off their student loans at an interest rate that's oftentimes nearly double current mortgage rates. "A majority of non-homeowners in the survey earning over $50,000 a year – which is above the median U.S. qualifying income needed to buy a single-family home – reported that student debt is hurting their ability to save for a down payment," he said. "Along with rent, a car payment and other large monthly expenses that can squeeze a household's budget, paying a few hundred dollars every month on a student loan equates to thousands of dollars over several years that could otherwise go towards saving for a home purchase." Among non-homeowners who believe student debt is delaying their ability to buy, over three-quarters – including over 80 percent of millennials – said their delay is because they can't save for a down payment. Additionally, 69 percent don't feel financially secure enough to buy, and 63 percent can't qualify for a mortgage because of high debt-to-income ratios. A little over a majority of those polled (52 percent) expect to be delayed by more than five years from purchasing a home because of repaying their student debt. One in five anticipates being held back three to five years as well as over 60 percent of baby boomers. Not surprisingly, those with higher amounts of student loan debt and those with lower incomes expect to be delayed the longest. "Realtors® work closely with our clients and consumers everyday; we understand the severity of the problem. This is not an abstract issue for us. This is why Realtors® are leading the real estate industry in the discussion of student loan debt and its impact on housing by generating the most encompassing research on this topic," said NAR Vice President Sherri Meadows, a Realtor® from Ocala, Florida. Student debt preventing many young adults from leaving the nest Mirroring other recent data on young Americans being more likely to live with their parents than in any other living situations, almost half (46 percent) of young millennials polled currently live with family (both paying and not paying rent). Furthermore, 42 percent of respondents indicated student debt delayed their decision to move out of their family member's home after college. Highlighting the difficulty many college graduates faced finding employment either before or immediately after the Great Recession, those who graduated six to 10 years ago had the longest delay, with 33 percent saying it took more than two years to move out of a family home. "Nearly three-quarters of older millennials, many of whom graduated at the peak or immediately after the downturn, said their ability to purchase a home is affected by student debt," added Yun. "Add in the detrimental effects of low inventory as well as rents and home price growth outpacing wages and it's mainly why the share of first-time buyers remains at its lowest point in nearly three decades." Student debt holding back some would-be sellers The survey also found that student debt is affecting overall housing supply by holding back some current homeowners who otherwise would like to sell. Nearly a third of current homeowners (31 percent) said their student debt is postponing them from selling their home and purchasing a new one. Of those, 18 percent believe it is too expensive to move and upgrade to a new home, 7 percent have problems with their credit caused by student loan debt, and 6 percent are underwater because student debt has limited their ability to pay more than the minimum payment on their mortgage. "It is imperative to the nation's economy that we find immediate and practical solutions to financially empower the 43 million Americans with student debt," said SALT® President John Zurick. "SALT® is committed to demystifying the college financing process by giving consumers information, instruction and individualized advice. No one should fail to realize the full potential of their formal education simply because of finances. We invite the higher education community, the U.S. government, the private sector and others to join with us in this movement." In April 2016, SALT® distributed a 33 question survey co-written with NAR to 75,000 student loan borrowers who are current in repayment. A total of 3,230 student loan borrowers completed the survey. The survey had a response rate of 4.3 percent. All information is characteristic of April 2016, with the exception of income data, which is reflective of 2015. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
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NAR Generational Survey: Millennials Increasingly Buying in Suburban Areas
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Commercial Real Estate Experts: Moderate Expansion, Easing Prices Expected in 2016
  WASHINGTON (February 4, 2016) — Despite various global and domestic hurdles hindering economic growth, steady job gains and stable leasing demand should help keep commercial real estate activity expanding in 2016, according to the authors of an annual report published jointly by Situs Real Estate Research Corporation (RERC), Deloitte and the National Association of Realtors®. According to the report, Expectations & Market Realities in Real Estate 2016—Navigating through the Crosscurrents, commercial real estate activity is forecast to gradually grow this year with demand for space holding steady across all commercial sectors. While commercial property values and price gains are expected to flatten after surpassing 2007 peaks in some major markets, investors will still benefit from the strong income flows generated from new and existing leases. The fifth annual release of the joint report draws on the three organizations' respective research and expert analysis and offers an objective outlook on commercial real estate through forecasts and commentary on the current economy, capital markets and commercial real estate property markets. A research-based assessment of the office, industrial, apartment, retail and hotel property sectors is also provided. "Historically low interest rates, especially in treasuries, combined with commercial real estate's stable prices and value make this asset an attractive investment," says Ken Riggs, president of Situs RERC. "Looking into 2016, the commercial real estate market should moderate, which could stabilize prices." Vacancies are expected to continue to decline slightly in 2016 for all property types, except in the apartment sector, where they are forecast to increase modestly by the end of the year as more new project completions come onto the market. Continued job growth, demand exceeding supply and limited new construction (outside of multifamily) should lead to rising rents and steady investor returns, which overall will shift away from capital appreciation as price growth levels off in many markets. Continuing on the same slow trajectory seen for many years, the U.S. economy – facing headwinds from a rising dollar, financial market volatility and geopolitical concerns – is forecast to grow at a rate of 2 percent to 3 percent in 2016, which is stronger than most global economies and enough to generate around two million net new jobs over the next year. Deflationary pressures related to low gasoline and energy prices are expected to diminish by mid-2016, in part because of robust growth in apartment rents. "Supported by solid hiring in most parts of the country, the demand for ownership and rental housing will continue to increase in 2016 despite another year of meager economic expansion," says Lawrence Yun, NAR chief economist. "While supply shortages will weigh on housing affordability and push home prices and rents higher, the housing sector will keep the U.S. economy afloat and lead the residential investment component of GDP growth by up to 10 percent this year." About the National Association of Realtors® The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. About Situs RERC Situs, the premier global provider of end-to-end strategic business solutions and integrated process and technology solutions for the Financial Services Industry, has offered customized services to leading financial institutions, investors, owners, and developers since 1985. Situs offers a broad portfolio of strategic solutions including Debt Advisory, Loan Servicing, Consulting & Staffing, Valuation Management, Business Process Outsourcing, and Asset Management, among others. Situs' business provides customized solutions that mitigate deal execution risk for clients while maximizing operating margins. Situs is headquartered in Houston and has offices throughout the United States, Europe, and Asia. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about for a detailed description of DTTL and its member firms. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
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Swanepoel T3 Group Releases 11th Annual Trends Report
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Coldwell Banker Real Estate Survey Finds Nearly Half of Americans Will Have Smart Home Technology by the End of 2016
MADISON, N.J., January 4, 2016 — The year 2020 has long been a benchmark for when the "smart home" will finally be mainstream, but according to the results of a survey released today by Coldwell Banker Real Estate LLC, the original Silicon Valley real estate start-up founded in 1906, that time may come sooner than we thought. The Coldwell Banker® Smart Home Marketplace Survey, which polled more than 4,000 Americans in advance of CES 2016, found that almost half (45 percent) of all Americans either own smart home technology or plan to invest in it in 2016. The survey also showed that it's not just the tech-savvy who are on board with the smart home. Of people who either have smart home technology or plan to buy it in 2016, more than one in three (36 percent) say they don't consider themselves early adopters of technology. The Smart Home Marketplace Survey also found that more than half of homeowners (54 percent) would purchase or install smart home products if they were selling their home and knew that doing so would make it sell faster. Of that group, 65 percent would pay $1,500 or more. "Close to five million existing homes were sold in the United States in 2014, which represents a huge white space for smart home manufacturers," said Sean Blankenship, chief marketing officer for Coldwell Banker Real Estate LLC. "We are aiming to be the conduit between these manufacturers and home buyers and sellers, and conducting this research was one of the first of many steps toward achieving this goal." Selling Smarter: Real Estate and The Smart Home Coldwell Banker Real Estate is co-sponsoring the Smart Home Marketplace at CES 2016 in Las Vegas from Jan. 6-9, 2016. This marks the first time that a real estate company is sponsoring the Marketplace, which has nearly doubled in size since 2015. Coldwell Banker Real Estate is also hosting a CES conference, titled "Selling Smarter: Real Estate and The Smart Home," on Wednesday, Jan. 6 from 11:30 a.m. to 12:30 p.m. Pacific. The conference will feature representatives from the Coldwell Banker brand as well as Nest, Lutron and August, who will discuss how "smart" is the next big trend in real estate and what that means for smart home technology manufacturers. Additional Smart Home Marketplace Survey Findings Entertainment is the entry-way for smart home technology. The most popular type of smart home technology that people already own is smart entertainment, such as smart TVs and speaker systems (44 percent of people with smart home technology). The next most popular types of smart home technology that people currently have installed in their home include smart security (31 percent) and smart temperature (30 percent). Most Americans think a home can be considered "smart" if it has smart security, temperature, lighting and safety. When asked about what needs to be in a home for it to be considered "smart," the top choices were security (e.g., locks and alarm systems - 63 percent), temperature (e.g., thermostats and fans - 63 percent), lighting (e.g., light bulbs and lighting systems - 58 percent) and safety (e.g., fire / carbon monoxide detectors and nightlights - 56 percent). More than three-quarters (76 percent) of Americans think that having just one category of smart technology in your home isn't enough for it to be considered smart. Smart home technology is no longer just for the young and affluent. Older generations are adopting certain types of smart home technology faster than younger ones. For instance, 40 percent of those over 65 who own smart home products currently have smart temperature products, compared to only 25 percent of Millennials (ages 18 to 34). The percentages of Americans with a household income of between $50k and $75k and that of those with between $75k and $100k who have smart home technology are nearly identical: 25 percent versus 26 percent. Buying smart home products is in one word - addicting. Seventy (70) percent of people with smart home technology said buying their first smart home product made them more likely to buy another one. The full survey results can be found here. Search for smart homes for sale at www.coldwellbanker.com/smarthome. Methodology This survey was conducted online within the United States between October 22-26, 2015 by Harris Poll on behalf of the Coldwell Banker brand via its Quick Query omni­bus product. The survey was conducted among 4,065 adults (ages 18 and over) among whom 1,009 own at least one smart home product. For the purposes of the survey, "smart home technology/products" were defined as products or tools that aid in controlling a home's functions such as lighting, temperature, security, safety, and entertainment, either remotely by a phone, tablet, computer or with a separate automatic system within the home itself. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents' propensity to be online. All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, the words "margin of error" are avoided as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The data has been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in our panel, no estimates of theoretical sampling error can be calculated. About Coldwell Banker Real Estate LLC Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate brokerage services. Coldwell Banker Real Estate is the oldest national real estate brand and franchisor in the United States, and today has a global network of approximately 3,000 independently owned and operated franchised broker offices in 44 countries and territories with more than 88,000 affiliated sales professionals. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create a iPhone application with international listings and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker System is a leader in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program delivering exceptional experiences for all consumers served.
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Buying More Affordable Than Renting in 58 Percent of U.S. Markets According to 2016 Rental Affordability Analysis
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Despite Interest Rate Hike by U.S. Federal Reserve, Majority of Current Home Shoppers Still Plan to Purchase
  SEATTLE, Dec. 15, 2015 -- This week the Federal Reserve is expected to raise interest rates for the first time in nine years, but the impact on potential home buyers' behavior will be minimal, according to a new Zillow® surveyi. Most people (70 percent) who say they are currently searching for a home or plan to buy within the next year will continue with their home buying plans even if rates rise to 4.5% -- roughly where economists expect they will be by mid-2016. That said, while plans to purchase will remain intact, almost half (45 percent) of current home shoppers claim they would reconsider the type of home they are searching for, such as looking for a smaller home or less expensive community, should this 50 basis point increase in mortgage rates occur. The impact on home buyers from an affordability standpoint will be also minimal, at least initially, and buying a home continues to be more affordable than it has been in the past. In 19 percent of the country's top 500 metros, the monthly mortgage payment on the median home would increase by less than $25 per month as mortgage rates rise from 4 percent to 4.5 percentii. The homeowners that will be hit the hardest by a rate increase will be those living in U.S. metros where housing is expensive and affordability is already an issue. In markets like San Francisco or San Jose, monthly mortgage payments could increase by $175 or more with a 50 basis point jumpiii. "If the Fed does decide to raise rates this week, as we expect them to, there is no need for future homebuyers to feel that they've missed the ideal window of time to purchase a home," said Erin Lantz, vice president of mortgages for Zillow Group. "It's important to remember that while a hike would result in higher rates than we have been accustomed, they are still historically low. Mortgage rates are an important factor to consider during the home buying process, but personal considerations about the home type and location should trump concerns about moderate rate changes." According to the survey, rising interest rates rank relatively low among the top concerns of homebuyers. Respondents who are currently in the process of searching for or buying a home claimed they were most concerned about finding an affordable home amidst low inventory (29 percent), followed by saving for down payment (19 percent). Rising mortgage rates ranked low among the concerns of potential home buyers, and were cited as a top concern for only 14 percent of Americans. Millennials, or survey respondents age 25 to 34, also claimed that qualifying for a loan with their credit score was a larger concern than rising mortgage rates. "The larger concern for future homebuyers is the Fed's commitment to a path of rate hikes in the months ahead," continued Lantz. "If the Fed continues to raise rates on a monthly or even quarterly basis, then it is more likely that we will eventually see the end of the era of incredibly low mortgage rates and corresponding high affordability." 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. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition to Zillow.com®, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group and headquartered in Seattle. Zillow and Zillow.com are registered trademarks of Zillow, Inc. i This survey was conducted from Nov. 30, 2015 through Dec 2, 2015 of 1,010 adults by ORC International on behalf of Zillow, Inc. ii Effect of a 50 basis point increase in mortgage rates on median home value in each metro, assuming 30-year fixed rate increases from 4% to 4.5% with a 20% down payment. iii Effect of a 50 basis point increase in mortgage rates on median home values in San Francisco and San Jose, assuming 30-year fixed rate increases from 4% to 4.5% with a 20% down payment.
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San Francisco, L.A., Boston Top Experts' List of Potential Bubble Markets
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Realtor.com® 2016 Housing Forecast Predicts Healthy Market with New Construction Driving Highest Level of Home Sales Since 2006
SAN JOSE, California, December 2, 2015 — New home construction and moderate gains in the existing home market will deliver the necessary one-two punch to push total home sales to the highest levels since 2006, according to the 2016 housing forecast issued today by realtor.com®, a leading destination of online real estate services operated by News Corp subsidiary Move, Inc. The forecast also identifies the top 10 markets for growth, as well as expectations for home prices and sales, interest rates and new home sales and starts. 2016 national housing outlook The 2016 housing market is expected to be a picture of moderate, but solid growth as acceleration in existing home sales and prices both slow to 3 percent year over year due to higher mortgage rates, continuing tight credit standards, and lower affordability. The new construction market will see more significant gains in the coming year as new home starts increase 12 percent year over year and new home sales grow 16 percent year over year. Total sales for existing and new homes will reach 6 million for the first time since 2006, a result of a strong gross domestic product increase of 2.5 percent and continued job creation. These healthy economic indicators will be tempered by lack of access to credit and rising home prices, which will ultimately limit housing demand and growth. [See table 1 for full forecast.] "Next year's moderate gains in existing prices and sales, versus the accelerated growth we've seen in previous years, indicate that we are entering a normal, but healthy housing market," said Jonathan Smoke, chief economist for realtor.com®. "The improvements we've seen over the last few years have enabled a recovery in the existing home market, but we still need to make up ground in new construction, which we could begin to see in 2016. New home sales and starts will bring overall sales to levels we have not seen since 2006 and will help set the stage for a healthy new home market." Who are the 2016 home buyers? Next year's standout year in total sales will be driven by three distinct segments of home buyers – older millennials (25-34 years old), younger gen X'ers (35-44 years old), and retirees (65-74 years old), according to Smoke. Millennials: They are expected make up the largest demographic of home buyers in 2016, having represented 30 percent of the existing home market. Driven by increasing income, millennials will seek out homes that meet the needs of their growing families – putting the most weight on the safety of the neighborhood and the quality of the home. Commute time and a preference for older homes have these buyers looking in city-centers and closer-in suburbs. According to realtor.com®'s proprietary research, the following markets are expected to be some of the most sought out markets for millennial home buyers in 2016 due to their large numbers of millennials, strong employment growth, and relative affordability. Young gen X'ers: Accounting for 20 percent of home purchases in 2015, buyers between the ages of 35-44 will be back in the market again likely making up the second largest population of buyers in 2016. These buyers have rebounded from the financial crisis and are entering their prime family-raising and earning years. More than two-thirds of the buyers in this age group already own a home. They will be moving out of a starter home into a larger home or more desirable neighborhood. All the markets on this list are seeing an uptick in growing families, declining unemployment and growing household incomes. Individuals or couples looking to relocate or retire: This group is expected to make up the third largest home buying segment in 2016. Ages 65-74, they will be selling their current home in an effort to downsize and lower their cost of living. Last year, they represented 14 percent of home buyers. They will likely put their home up for sale at the start of the home-buying season in March or April, and aim to make a home purchase following the sale of their home. This age cohort has a very strong preference for newly constructed homes and put the most weight on their ability to customize their home. Homes in the following markets are expected to see the most retiree buying activity in 2016 due to a large share of population as well as rapidly rising home values. Top 10 growth markets and other winners According to Smoke, several markets are poised for substantial growth in prices and sales. Each market demonstrates strong demand dynamics, evidenced by 60 percent more listing page views on realtor.com® than the U.S. overall and inventory that moves 16 days faster than the U.S. average. Surging demand in each market can be attributed to growing household formation, a prosperous job market, and low unemployment rates as well as large populations of millennials, young gen-X'ers and retirees. Realtor.com®'s 10 hottest markets for 2016 are: Table 1: Realtor.com® Forecast for Key Housing and Economic Indicators For more realtor.com data and trend information, please visit: http://www.realtor.com/data-portal/realestatestatistics/. 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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Lack of Affordable Options Will Drive First-Time Buyers Out to the Suburbs in 2016
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One in Three Regret DIYing a Home Improvement Project
  SEATTLE, November 24, 2015 — Three quarters of homeowners completed a do-it-yourself ("DIY") project in the past three years. However, nearly 40 percent of them wish they hadn't, according to a new survey from home design site, Zillow Digs®. Attempting to add or expand a room to a home, such as a bathroom or bedroom, was the biggest DIY regret among homeowners surveyed, with more than half of respondents (53 percent) unhappy with some aspect of the project. Homeowners had fewest regrets around minor projects like replacing light fixtures or cabinet hardware. Less than 20 percent of homeowners regretted taking on those projects. While many people choose to tackle home improvement projects themselves to save money, nearly a quarter of those surveyed said their DIY project went over budget. This was especially true for larger-scale renovations, like building a new deck or refinishing a basement. Instead, DIYers were more likely to stay within budget on smaller projects such as painting or replacing plumbing fixtures. "With seemingly endless DIY tips and how-to videos available today, home improvement projects appear easier and more accessible than ever before," says Kerrie Kelly, Zillow Digs home design expert. "While some DIY projects can save you money, involving a professional for larger-scale projects, especially those that require specialized skills, can help eliminate headaches and costly mistakes." Zillow Digs surveyed homeowners from around the country to find which popular DIY home improvement projects people regretted the most and least. The survey also identified which projects homeowners were most likely to go over budget, with and without professional help. Top 10 most regretted home improvement projects: Top 5 least regretted home improvement projects: About Zillow Digs Zillow Digs is a hub for home improvement and design inspiration. Users can browse more than three million photos of interiors and exteriors of real homes, organized by space, style, cost and color. Product tags allow users to easily locate similar products and accessories as seen in their favorite photos, and patent-pending Digs Estimates help people understand what it would cost to recreate the actual bathrooms and kitchens they are viewing. In addition, Zillow Digs users can collect images, share favorites and follow others for inspiration, from the Zillow Digs App for iPhone® and iPad®, or on the Web. 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. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition to Zillow.com®, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group and headquartered in Seattle.
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First-time Buyers Fall Again in NAR Annual Buyer and Seller Survey
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There Goes the Neighborhood: Tech Workers' Silicon Valley Home Values Are Outpacing Neighbors'
  SEATTLE, October 26, 2015 — Workers at Google, Facebook and Apple live in pricier homes than other Bay Area workers and have faster home value growth than other workers. The average Apple worker now lives in a home that is more than five times more valuable than the average U.S. home. The gap has widened in the last five years. In 2010, the average Apple worker's home was worth three times as much as a typical U.S. home. Bay Area home values are soaring, driven by a flood of well-paying jobs at technology companies. But Zillow found home-value appreciation for tech workers from these three companies outpaced that of their neighbors in Silicon Valley. To do the comparison, Zillow looked at census datai to see where employees at the tech companies' Silicon Valley headquarters live, and then compared their home values to those nearby. "This analysis highlights the widening wealth gap between tech company employees and other U.S. workers – a gap that is putting increasing pressure on housing markets where tech companies are booming," said Zillow Chief Economist Dr. Svenja Gudell. The analysis found: The typical worker at Apple's Cupertino, Calif. headquarters lives in a home that is worth about $1.14 millionii, about $241,000 (27 percent) more than the median home in the already-pricey San Jose metro area and $380,000 (50 percent) above the median home value in the San Francisco metro area. Workers at Google and Facebook headquarters – in Palo Alto and Menlo Park, Calif., respectively – lived in even more valuable homes. The median home value among Facebook workers is $1.25 million, and the median home value among Google workers is $1.28 million. The value gap between Silicon Valley techies' homes and their neighbors' homes has been widening recently, especially for Apple workers. Apple workers' home values took off after the first iPhone was released in June 2007, when Apple's stock price rose, increasing the wealth of many employees. Prior to summer 2007, the typical Google employee lived in a home that was 37 percent more expensive than the average San Jose home; since summer 2007, that gap has widened to 39 percent. Similarly, prior to summer 2007, the typical Facebook worker lived in a home that was 31 percent more expensive than the typical San Jose home; since summer 2007, that gap has widened to 33 percent. Prior to summer 2007, the typical Apple worker lived in a home that was 13 percent more expensive than the typical San Jose home; since summer 2007 that gap has widened by 6.4 percentage points to 20 percent. Zillow used data from the U.S. Census Bureau on where workers live and work across California's Bay Area, and combined it with Zillow's Living Database of All Homes to compute a median home value for workers who work at the Apple, Google, and Facebook campuses in the Silicon Valley. Zillow Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group, and headquartered in Seattle.
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Realtor.com® Survey Finds Home Enthusiasts Prefer Natural, Comfortable Spaces
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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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More than a Quarter of U.S. Homes Lost Value in the Last Year
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Homeowners Wary of Housing Market's Future
  SEATTLE, Sept. 10, 2015 -- Homeowners feel great about the current state of the housing market, but for the first time are less optimistic about the future, according to the Zillow® Housing Confidence Index (ZHCI). The survey asked 10,000 renters and homeowners about the condition of their local real estate market, their expectations for home value growth and affordability in the future, and their aspirations for homeownership. Past surveys found homeowners feeling exuberant about the future, with 5.2 million renters saying they planned to buy this year. The percentage of renters who say they plan to buy a home in the next year fell from 12.1 percent to 11.4 percent in the first six months of this year, and a smaller percentage of those surveyed said it was a good time to buy. The percentage of those surveyed who believe people who have recently bought a home will be better off in 10 years fell from 61 percent to 59 percent. "The housing market is slowing down, and Americans' confidence in the future of the market is understandably fading a bit, too," said Zillow Chief Economist Dr. Svenja Gudell. "Despite remaining quite confident overall, homeowners are less confident about the future than they are about the present. Seeing still stronger than normal home value appreciation in markets like San Francisco and Seattle might remind them of the last housing bubble. But the good news is things are leveling off with no crash in sight. If incomes rise to keep up with home values – and that's a big if – people can count on homeownership in their future, even in hot markets." Home value growth has slowed in almost all housing markets this year, giving homebuyers some breathing room. In those markets with marked slowdowns, many more buyers are looking to buy their first home. For example, eight percent of Philadelphia renters said they planned to buy within a year in the January survey, when home values were rising at a 3.1 percent annual rate. In July, when Philadelphia home values were flat, 18 percent said they planned to buy within a year. And many of those new potential buyers are millennials. Just one percent of 18- to 34-year-old Philadelphia renters surveyed in January planned to buy within a year, but that had increased to 23 percent in the July survey. The opposite occurred in markets where home value growth, despite having slowed overall, is still well above national norms. Here, renters are less optimistic about their buying prospects. In San Francisco, 18 percent of 18- to 34-year-old renters planned to buy a home within a year when asked in January. At that point, San Francisco home values were rising at a 7.9 percent annual rate. In July, home values were up 11 percent year-over-year, and only five percent of millennial renters surveyed then said they planned to buy within a year. In January, 45 percent of all households surveyed in San Francisco said it was a good time to buy a home, and 40 percent said it was a bad time. In July, the numbers had flipped: 40 percent said it was a good time, and 46 percent said it was a bad time to buy. Similar patterns played out in technology boom towns Seattle, San Jose and Denver as home values there kept soaring. Despite high home values in San Jose, the Silicon Valley market was ranked first among 20 markets for housing confidence. Homeownership aspirations there, however, ranked behind more affordable metros: Atlanta, Miami, and Las Vegas. Seattle rose from number 10 to number two for housing confidence overall, and those surveyed expressed higher expectations for the housing market in the future. Denver, too, rose from number eight to number three, fueled by both renters and owners feeling great about the market and expecting growth, even if they are less confident about their own ability to buy. The ZHCI is derived from the U.S. Housing Confidence Survey (HCS), which polls 10,000 homeowners and renters about housing market conditions, expectations for the future and their attitudes toward homeownership in generalii, across 20 of the large metro areas in the United States. Zillow sponsors the ZHCI and HCS, which were developed and are maintained by Pulsenomics LLC. "In the eyes of households in 17 of the 20 metropolitan areas, the outlook for the real estate market has dimmed since the start of 2015," said Terry Loebs, Founder of Pulsenomics. "Given the out-sized impact of homeownership on personal balance sheets and its interplay with the aspirations and behaviors of U.S. consumers, if this downshift in housing expectations persists, it could portend a longer period of price deceleration and more sluggish consumer spending than some people are currently expecting." About Zillow Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle. Zillow is a registered trademark of Zillow, Inc. About Pulsenomics: Pulsenomics LLC is an independent research and consulting firm that specializes in data analytics, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health. Pulsenomics LLC is the author of The Home Price Expectations Survey™, The U.S. Housing Confidence Survey, and The U.S. Housing Confidence Index. Pulsenomics®, The Housing Confidence Index™, and The Housing Confidence Survey™ are trademarks of Pulsenomics LLC.
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The Official Deeper Dive into the Dangers, Threats and Opportunities in the Real Estate Industry
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Sellers Still Rule in Bay Area; Gaining Power in Denver, Seattle, Dallas-Fort Worth
SEATTLE, April 22, 2015 -- Zillow's Spring analysis of buyers' and sellers' bargaining power in housing markets across the country found bidding wars and red hot prices in the Bay Area, but also in new hot markets outside California. Denver, Seattle and Dallas-Fort Worth joined San Jose and San Francisco in the top 5 best markets for sellers. Homes there are flying off the market at or above asking prices, giving sellers the upper hand. In sellers' markets, homes sell an average of 48 days faster than those for sale in buyers' markets. On the other end of the spectrum, buyers will face less competition and have room to bargain on prices in the nation's top buyers' markets: Philadelphia, Chicago, Cleveland, and Miami. In buyers' markets, home shoppers can expect an average 3.9 percent discount off the final sale price. In sellers' markets, the average discount is less than 1 percent. In Zillow's analysis, a sellers' market is not necessarily one where home values are rising, but one where homes sell quickly at prices very close to (or greater than) their listing price. In buyers' markets, homes are on the market longer, price cuts occur more frequently and sell for less than their asking price. "In general, while the market remains more in sellers' favor, it is slowly tilting toward buyers this year, thanks to more inventory, slower home value gains and less competition from investors," said Zillow Chief Economist Dr. Stan Humphries. "But what's true in one market may not be true in others, and buyers and sellers will face different challenges and opportunities depending on local conditions. Sellers in buyers' markets should remain patient and take even small steps to make their home more attractive to buyers and help it stand out. Buyers in sellers' markets should never feel pressured to pay more than they're comfortable with and capable of." Nationally, as expected, real estate markets are increasingly easy to get into, with home prices leveling off, giving hope to homebuyers who have fought low inventory and fast rising home values. The U.S. Zillow Home Value Index (ZHVI) was up 3.9 percent year-over-year for the first quarter of 2015, to $178,400. Home values are expected to grow 2.6 percent over the next year. Rents rose almost as much as home values over the last year, up 3.7 percent to $1,362 median monthly Zillow Rent Index (ZRI). By the end of the year, Zillow expects growth in rents to outpace growth in home values. 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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Renting Less Affordable Than Buying in Most U.S. Markets But Not Where Millennials Are Moving Most
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Baby boomers still play active role in housing market, C.A.R. survey finds
LOS ANGELES (Dec. 22) – As the wealthiest generation and the first to drive the housing market, baby boomers will continue to be a pillar of the housing market, according to a 2014 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) survey of California baby boomers* (born between 1946 and 1964). While nearly half (46 percent) of baby boomer renters who previously owned a home sold it primarily due to financial reasons, the vast majority still have a strong desire to purchase a home. The survey found that 63 percent of boomer renters would be motivated to buy a home if they saw an improvement in their finances, affordable home prices, or other reasons. Moreover, 22 percent said they expect to buy a home in the next five years. "Baby boomers are in their peak earning years and will continue to wield great influence on the housing market," said C.A.R. President Chris Kutzkey. "Even those who went through financial difficulties during the economic crisis recognize the benefits of homeownership and would rather buy another home than rent." Baby boomer renters who previously owned a home are also in a better financial position to purchase a home, having a higher average annual household income ($78,570) than those boomers who have never owned a home ($39,825). Nearly half (45 percent) of boomer renters have previously owned a home and are more likely to buy again than those who have not owned before by about a two-to-one margin (31 percent vs. 17 percent). Additional findings from C.A.R.'s "2014 Baby Boomer Survey" include: Nearly all homeowners (92 percent) have equity in their home, but 77 percent said they don't plan to use the home equity for income during retirement. More than half of homeowner boomers (59 percent) don't plan to sell their home when they retire, with 78 percent of them indicating they won't sell because they like their current home. Out of the 10 percent of current homeowners who plan on selling their home when they retire, nearly half (47 percent) plan to downsize to a smaller home, and 44 percent plan to move out of California. Despite the recent economic recession, only one in four baby boomers had to postpone retirement. On average, they plan to retire in nine years, with 67 percent saying they plan to retire within 10 years. Three in 10 baby boomers live with their children, with 2 percent saying they moved in with their children; 8 percent of them saying their children moved back in with them; and 21 percent saying their children never moved out. The majority of those living with their children live with adult children mainly due to their children's financial troubles. Baby boomers pay for a majority of living expenses, with their children only contributing a median of $325 monthly for living expenses. Improved affordability would motivate boomer renters to buy a home, but 37 percent said they don't want to buy. Less than half of boomer renters (47 percent) have debt that would prevent them from buying a home. California Baby Boomer Survey Slides (click links to open): Majority of boomer renters want to buy a home Boomer renters expect to buy within 5 years Boomers living with their children *Approximately 8.6 million baby boomers currently reside in California. (U.S. Census Bureau) C.A.R.'s "2014 California Baby Boomer Survey" was conducted in September 2014 in an effort to learn more about baby boomers' attitudes toward home buying and homeownership. The online survey polled 623 California residents age 50-68. For complete survey results, visit www.car.org/marketdata. Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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In Most Major Markets, Negative Equity Has Fallen By Half Since Peak of Crisis
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21 Percent of U.S. Housing Markets Now Less Affordable Than Their Historical Averages According to New RealtyTrac Report Analyzing Early Warning Signs of Possible Home Price Bubbles
IRVINE, CA--(Dec 4, 2014) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released a report identifying county-level housing markets with early warning signs of a possible home price bubble -- where prices overinflate and eventually decline. The report also identified markets with little risk for a home price bubble. The report analyzed 475 U.S. counties with a combined population of more than 221 million -- accounting for more than 70 percent of the total U.S. population -- based on three early warning signs of a possible home price bubble: if the market was less affordable in October 2014 than its peak price during the 2005 to 2008 housing bubble; if a market was less affordable in October 2014 than its historical affordability average since January 2000; and if a market had a rising foreclosure rate on loans originated in 2014 compared to loans originated in 2013. See full methodology below. In the 475 counties analyzed, buying a median-priced home in October 2014 required 26 percent of median income on average compared to an average of 41 percent of median income in each county's respective peak month during the housing bubble. The historical affordability average going back to January 2000 for all 475 counties was 28 percent of median income needed to purchase a median-priced home. Meanwhile the average foreclosure rate among the 475 counties on loans originated in 2014 was 0.25 percent, up from an average of 0.20 percent for loans originated in 2013. "Affordability and foreclosure rates by loan vintage are two key metrics that will help consumers, investors, institutions and policy makers identify if a housing market is at risk for another price bubble," said Daren Blomquist, vice president at RealtyTrac. "While 99 percent of markets have not returned to the irrational affordability levels during the previous housing bubble, one in five markets have now exceeded their historical affordability norms, which is a strong sign that either a new home price bubble is forming in those markets or that home price appreciation will soon plateau until incomes can catch up. "Meanwhile, foreclosure rates on loans originated in 2014 are still significantly lower than for loans originated during the previous housing bubble in most markets, but there was an uptick in foreclosure rates on 2014 vintage loans compared to 2013 vintage loans in more than one-third of the counties we analyzed," Blomquist continued. "This is concerning given that the 2014 loans are newer and have had less time to sour than loans originated in 2013." 21 percent of counties less affordable than their historical affordability averages There were 98 counties (21 percent of all counties analyzed) with a combined population of nearly 62 million where the October affordability percentage was higher than the county's historical average affordability percentage, including Los Angeles County, Calif., Harris County, Texas in the Houston metro area, Orange County, Calif., in the Los Angeles metro area, Kings County (Brooklyn), N.Y., Dallas County, Texas, Bexar County, Texas in the San Antonio metro area, Alameda County, Calif., in the San Francisco metro area, Middlesex County, Mass., in the Boston metro area, Oakland County, Mich., in the Detroit metro area and Travis County, Texas, in the Austin metro area. 30 counties both unaffordable by historical standards and with rising foreclosure rates There were 30 counties (6 percent of all counties analyzed) with a combined population of nearly 19 million where the October affordability percentage was above the historical average and where foreclosure rates on 2014 vintage loans were higher than foreclosure rates on 2013 vintage loans, including Kings County, N.Y. (Brooklyn), San Francisco, San Mateo and Alameda counties in the San Francisco metro area, Suffolk County in the Boston metro area, Orange County in Southern California, Honolulu County, Hawaii, Denver County, Colo., Washington County, Utah in the St. George metro area, and Deschutes County, Ore., in the Bend metro area. "We expect prices to peak in Q2 2015 before leveling off in the Southern California coastal markets," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market. 12 percent of counties with higher median prices than peak during 2005 to 2008 bubble There were 58 counties (12 percent of all counties analyzed) with a combined population of more than 26 million where the median price of a home in October was higher than the peak during the housing bubble, including Kings County (Brooklyn) and New York County (Manhattan), N.Y., Travis County, Texas in the Austin metro area, Honolulu County, Hawaii, Fulton County, Ga., in the Atlanta metro area, Mecklenburg County, N.C., in the Charlotte metro area, Erie County, N.Y., in the Buffalo metro area, Wake County, N.C., in the Raleigh metro area, San Francisco County, Calif., and Monroe County, N.Y., in the Rochester metro area. Six counties less affordable than during 2005 to 2008 housing bubble Thanks to lower interest rates and higher incomes in some of the 58 counties, there were only six counties nationwide where a median-priced home in October 2014 was less affordable for median income earners than at the peak of the 2005 to 2008 housing bubble: Suffolk County, Mass., in the Boston metro area, Travis County, Texas, in the Austin metro, Jefferson County, Ala., in the Birmingham metro area, Brazos County, Texas in the College Station metro, Allegan County, Mich., and Montgomery County, Tenn., in the Clarksville metro area. 37 percent of counties with rising foreclosure rates on 2014 vintage loans There were 178 counties (37 percent of all counties analyzed) with a combined population of nearly 100 million where the foreclosure rate on loans originated in 2014 was higher than the foreclosure rate on loans originated in 2013, including Cook County, Ill., in the Chicago metro area, San Diego and Orange counties in Southern California, Kings County (Brooklyn), N.Y., Miami-Dade County, Fla., Queens County, N.Y., Clark County, Nev. (Las Vegas), King County, Wash. (Seattle), Santa Clara County, Calif. (San Jose), and Broward County, Fla. (Miami). "With the stiff competition for homes in Seattle, one might think that our market is well on its way to a bubble, but buyers have gotten more savvy and aren't overbidding at levels we saw a year or two ago," said OB Jacobi, president of Windermere Real Estate, covering the Seattle market. All three counties in the Seattle metro were more affordable than their historical levels in October despite a slight increase in foreclosure rate in two of the three counties. "We also have a strong job market with wages that are keeping up with appreciation -- especially in the growing tech sector. As a result, prices in Seattle are appreciating at a healthy pace, but they've slowed from the double digit increases we saw last year." 48 percent of counties still historically affordable with flat or falling foreclosure rates There were 229 counties (48 percent of all counties analyzed) with a combined population of nearly 79 million where median home prices in October were more affordable than their historical averages and where foreclosure rates on 2014 vintage loans were flat or declining compared to foreclosure rates on 2013 vintage loans. Among these counties with a low risk of a home price bubble, the most affordable were in Lansing, Mich., Syracuse, N.Y., Buffalo, N.Y., Cincinnati, Ohio, and Atlanta, Ga. "The Ohio markets have been fortunate through 2014 in showing continued modest gains regarding volume and prices reflective of a market in balance between home sellers and buyers, in contrast to concerns over a housing bubble being experienced in many other parts of the country," said Michael Mahon, executive vice president and broker at HER Realtors, covering the Columbus, Cincinnati and Dayton, Ohio markets. "Growing job markets within the fields of medical, finance, construction, and education continue to supply increased demand for housing across Ohio, although concerns over consumers with increasing debt issues, particularly in the fragile first time home buyer sector, could provide for a slight decrease in demand for 2015." "We don't have huge swings up and huge swings down. We just kind of plod along," said Tom Hosack, President of Northwood Realty Services, covering Western Pennsylvania, including Pittsburgh, and Eastern Ohio, including Youngstown. Three counties in the Pittsburgh metro -- Fayette, Allegheny and Butler -- were among the markets still affordable by their historical standards and with flat or falling foreclosure rates. "And that's the way we like it around here. This is not the kind of place you're going to get rich on your home but it's also not the kind of place where you're likely to lose money on your home. "People marvel that you can come here and buy a house for eight or 10 thousand dollars," he continued, noting those low prices previously attracted real estate investors to the region, especially since getting qualified for a loan in some of the lowest-priced areas can be challenging. "Certainly we had a fair amount of investors. People could buy 10 homes for $100,000. That has slowed down. What we see now is a fairly healthy market with balanced supply and demand." Report methodology To calculate affordability, RealtyTrac looked at the percentage of median monthly household income required to make a monthly house payment for a median-priced home in each month from January 2000 to October 2014. The median monthly household income was derived from U.S. Census data for 2000 to 2012, with 2013 and 2014 median household income estimated based on the 2000 to 2012 trend and adjusted for current market conditions. The median price of a home was based on the median sales price from sales deeds recorded each month for each county, except for in states with insufficient sales deed data and non-disclosure states where the full sales price is not required to be included on the sales deed. In those states, the median list price of homes listed for sale each month was used instead. The states where the list median price was used include Alaska, Idaho, Indiana, Kansas, Louisiana, Maine, Mississippi, Missouri, New Mexico, North Dakota, Texas, Utah, and Wyoming. Also Massachusetts, Connecticut, New Hampshire, Vermont, Delaware and Hawaii all used list median prices. The monthly house payment was calculated using a 10 percent down payment and a 30-year fixed loan and the average interest rate for each month according to the Freddie Mac Primary Mortgage Market Survey, with the inclusion of an additional 1 percent of the median price for private mortgage insurance and an additional 1.39 percent of the median price for property taxes and insurance divided among each year's 12 house payments. The foreclosure rate used in the report is the percentage of homes with a mortgage that were actively in the foreclosure process -- based on default notices (NOD, LIS) and scheduled auction notices (NTS, NFS) collected from public records -- broken down by the year the mortgage was originated. 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.
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In 2015, Millennials Will Be Biggest Home Buying Group and Rents Will Grow Faster Than Home Values
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Commercial Real Estate Demand is Holding Steady Despite Overseas Concerns
  WASHINGTON (November 24, 2014) – Despite a slowing global economy, forward economic momentum in the U.S. should keep commercial real estate activity on firmer footing, according to the National Association of Realtors® quarterly commercial real estate forecast. Lawrence Yun, NAR chief economist, says commercial activity should progress at a gradual pace heading into 2015. "Solid economic growth in the third quarter proved that the second quarter wasn't an anomaly, as business spending increased, commercial construction rose and the labor market continued to make positive strides," he said. "Job growth is the catalyst to improved demand for commercial real estate leasing and new construction projects." However, Yun does caution that softening in the global economy will likely widen the trade deficit in the U.S. and could trigger some weakening in the overall economy. "GDP growth in the fourth quarter will be sluggish at around 2 percent behind stalling exports. Although GDP will likely climb to near 3 percent in 2015, the current pace of job growth could slow and ultimately impact commercial real estate activity if sluggishness in the global economy persists," he said. National office vacancy rates are forecast to decrease 0.5 percent over the coming year due to job growth exceeding inventory coming onto the market. Improved manufacturing activity should lead to a declining vacancy rate for industrial space (0.4 percent), while retail space is forecast to decline 0.2 percent behind a boost in consumer spending from personal income gains and lower gas prices. "Low housing inventory and the sizeable demand for rentals will continue to spur multifamily construction as well as keep rents rising above inflation through next year," says Yun. 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. Historic data for metro areas is provided by REIS Inc., a source of commercial real estate performance information. Office Markets Office vacancy rates are forecast to slightly decline from 15.7 percent in the fourth quarter to 15.6 percent through the fourth quarter of 2015. The markets with the lowest office vacancy rates in the fourth quarter are Washington, D.C., at 9.3 percent; New York City, 9.6 percent; Little Rock, Ark., 11.6 percent; San Francisco, 12.2 percent; and Seattle, at 12.8 percent. Office rents are projected to increase 2.4 percent in 2014 and 3.3 percent next year. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is likely to total 35.6 million square feet this year and 48.8 million in 2015. Industrial Markets Industrial vacancy rates are expected to fall from 8.8 percent in the fourth quarter to 8.4 percent in the fourth quarter of 2015. The areas with the lowest industrial vacancy rates currently are Orange County, Calif., with a vacancy rate of 3.6 percent; Los Angeles, 3.7 percent; Seattle, 5.8 percent; Miami, 6.0; and Palm Beach, Fla., at 6.5 percent. Annual industrial rents should rise 2.4 percent this year and 2.9 percent in 2015. Net absorption of industrial space nationally is expected to total 110.7 million square feet in 2014 and 102.5 million square feet next year. Retail Markets Vacancy rates in the retail market are expected to decline from 9.7 percent currently to 9.5 percent in the fourth quarter of 2015. Currently, the markets with the lowest retail vacancy rates include San Francisco, at 3.5 percent; Fairfield County, Conn., 3.9 percent; San Jose, Calif., 4.6 percent; Orange County, Calif., 5.2 percent; and Long Island, N.Y., at 5.3 percent. Average retail rents are forecast to rise 2.0 percent in 2014 and 2.5 percent next year. Net absorption of retail space is likely to total 11.4 million square feet this year and jump to 18.9 million in 2015. Multifamily Markets The apartment rental market – multifamily housing – should see vacancy rates slightly increase from 4.0 percent currently to 4.3 percent in the fourth quarter of 2015. Vacancy rates below 5 percent are generally considered a landlord's market, with demand justifying higher rent. Areas with the lowest multifamily vacancy rates currently are Orange County, Calif., and Sacramento, Calif., at 2.2 percent; Providence, R.I., and New Haven, Conn., at 2.3 percent; and Hartford, Conn., at 2.5 percent. Average apartment rents are projected to rise 4.0 this year and 3.9 percent in 2015. Multifamily net absorption is expected to total 216,300 units in 2014 and 171,200 next year. The NAR commercial community includes commercial members; commercial real estate boards; commercial committees, subcommittees and forums; and the 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 and institute affiliate members specialize in commercial brokerage and related services, and an additional 283,000 members offer commercial real estate services as a secondary business. 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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Pending Home Sales Slow in October but Remain Higher Than a Year Ago
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Top Real Estate Execs' Confidence Continues to Cool for U.S. Housing Market
BELLEVUE, WA, November 5, 2014-- Top real estate executives continue to be bullish about improvement in the U.S. housing market, but less than they have been over the last two years, and have grown significantly less confident in the world economy since January, according to 2014 Imprev Thought Leader Survey. "Housing enthusiasm among real estate business leaders overall is still strong, but has definitely cooled down during the last two years," said Renwick Congdon, chief executive officer of Imprev, a leading real estate technology company. "What's most interesting is that leaders of larger brokerage firms are typically far more bullish on the outlook for housing and the U.S. economy than leaders of smaller brokerage firms, but comparatively less confident in their firm's ability to be more profitable in the next 12 months," said Congdon. Respondents included more than 270 broker-owners and top executives at leading franchises and independent brokerage firms that were responsible for nearly half of all U.S. residential real estate transactions last year. Key findings: U.S. housing market demand: Approximately half (52 percent) of the real estate leaders surveyed say that housing market demand will improve or significantly improve over the next 12 months, down from 58 percent last year. 42 percent say the housing market demand will stay the same, up from 35 percent in 2013. Only 6 percent say it will deteriorate. Optimism is significantly lower than reported two years ago in the 2012 Imprev Thought Leader Survey where 70 percent of top real estate executives predicted that the housing market would continue to improve over the coming year. 2015 housing market confidence: Confidence in next year's housing market is a little less bullish compared to last year's survey: 18 percent are "very confident" in the 2015 housing market, down from 23 percent last year. However, 79 percent are "somewhat confident," up from 73 percent from last year's survey. Only 3 percent say they are "not at all confident" in the 2015 housing market. World economy confidence: More than half the real estate leaders surveyed say they have grown less confident (55 percent) in the world economy since January; that compares to 24 percent last year. Profitability concerns -- size matters: When asked how confident real estate business leaders are that their brokerage businesses will be more profitable in the next 12 months, 43 percent are "very confident," down from 48 percent last year. The larger the brokerage, the lower the confidence in greater profits ahead: Only 32 percent of leaders of brokerages with1,000 or more agents are "very confident," compared with 51 percent of leaders of firms with 50 agents or fewer. U.S. economic outlook: For the second year in a row, there's a split view among real estate leaders on what will happen with the national economy over the next 12 months: 47 percent believe it will improve (down from 50 percent in 2013), 44 percent say it will stay the same (up from 37 percent in 2013), and 9 percent believe it will deteriorate (versus 13 percent in 2013). Economic confidence locally vs. globally: Overall economic confidence increased significantly when the executives look closer to home. Nearly ten times as many real estate business leaders say their confidence in their local economies has improved since January vs. overall confidence that the world economy has improved: 48 percent are more confident in their local economy since January compared to only 5 percent for the world economy, 21 percent for the U.S. economy, and 39 percent for their state economy. A remarkable 55 percent are less confident in the world economy since January, versus 7 percent less confidence in their local economy. Size of firm and economic confidence: Leaders of the largest real estate brokerage firms were the most bullish on the improvement in the U.S. economy in the next 12 months, with 61 percent of top execs with firms of 1,000 or more agents saying it will "improve," compared to 34 percent of leaders of brokerage firms with 51 to 100 agents. The Thought Leader Survey was developed by Imprev to provide insight on key business challenges top executives face, encouraging an exchange of ideas and solutions. The 2014 Fall Imprev Thought Leader survey was conducted October 20 to 31, 2014. 68 percent are male, 32 percent are female. Approximately one-third (32.5 percent) of the 270 respondents are 61 years old or older; 32.5 percent are ages 51 to 60; 25 percent are ages 41 to 50; and 12 percent are ages 31 to 40. None of the respondents are under 30. About Imprev Imprev, Inc. is the largest provider of private label marketing solutions to the real estate industry today. Imprev delivers innovative marketing solutions, including automation, custom Marketing Centers and digital apps, delivered by the industry's most advanced and stable platform. Known for the highest quality and broadest array of marketing digital and print products in the industry, Imprev products allow agents to self-publish digital, print, video, multimedia, online and email advertising and communications in one place. Established in 2000, Imprev is headquartered in Bellevue, Wash., with more information at www.imprev.com.
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NAR Annual Survey Reveals Notable Decline in First-Time Buyers
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Millions of Potential New Households Waiting Out the Recovery
SEATTLE, Nov. 3, 2014 -- Stagnant incomes and rising rents left the U.S. with an unprecedented number of doubled-up households as people moved in together to make ends meet. All those roommates have changed the American housing landscape, with 5.4 million households that would exist under normal conditions instead lost in guestrooms and basements, sharing space with friends, family and roommates, waiting for better economic times, according to an analysis by Zillow. More than a third of working adults are living in doubled-up householdsi, driving the median household size up to 1.83 adults in 2012 from 1.75 in 2000. The phenomenon is concentrated in markets where rent has most outpaced income, notably in California and Florida. In the Riverside, Calif. metro area, under normal conditions, there would be 12.6 percent more households. In the Miami metro, more than 230,000 households – 11.3 percent more households than currently exist – were lost as people doubled up. As the housing market becomes friendlier for buyers and the economic recovery continues, those lost households could represent a significant source of pent-up demand in the market as they begin to look for a new place to live. "The rise in doubled-up households is a troubling sign of the times and starkly illustrates one of the prime drivers behind weak home sales these days," said Zillow® Chief Economist Dr. Stan Humphries. "But there is a silver lining behind this data. Like a coiled spring, all of these doubled-up households represent tremendous potential energy for the market. If and when these compressed households begin to unwind and these millions of Americans do start to create their own households, demand will bounce back, possibly even causing household growth to outpace population growth. That added demand will, in turn, create more incentive for builders to construct more homes, and will help unblock the market. There is no magic bullet, but continued home affordability, an increasing supply of both for-rent and for-sale homes and the potential for incomes to grow more quickly as the economy recovers will all help the market to realize this potential." The median income of adults in doubled-up households in the U.S. has risen over time, from a median of $24,000 in 2000 to $29,000 in 2012ii, but people in doubled-up households have incomes that, increasingly, lag behind median incomes overall. On average, doubled-up adults make 76 percent of the median income of people without roommates, which means it can take longer to save up for a down payment or deposit on a place of their own. About Zillow Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgages, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle.
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Fastest Moving Markets Are Home to High Populations of Engineers and Baby Boomers
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RealtyTrac 2014 Election Housing Market Scorecard Shows Near 50-50 Split Between Housing Markets That Are Better Off Than Two Years Ago and Those That Are Worse Off or Toss-Ups
IRVINE, CA, October 14, 2014 - RealtyTrac®, the nation's leading source for comprehensive housing data, today released a 2014 Election Housing Scorecard report analyzing the health of local housing markets in more than 1,500 counties nationwide compared with two years ago. The report scored 1,547 U.S. county housing markets based on up to five factors impacting housing health: housing affordability compared to two years ago, unemployment rates compared to two years ago, foreclosure starts compared to two years ago, median home prices compared to two years ago, and the percentage seriously underwater homeowners. County housing markets were categorized as Better Off, Worse Off or a Toss-Up based on this score (see full methodology below). A total of 811 county housing markets representing 52 percent of all those analyzed were categorized as Better Off compared to two years ago, while 176 (11 percent) were categorized as Worse Off and 560 (36 percent) were categorized as a Toss-Up. Total population in the Better Off housing markets was 140 million, 50 percent of the total population in all housing markets analyzed for the report, while the Worse Off housing markets had a total population of 24 million (9 percent), and the Toss-Up housing markets had a total population of 115 million (41 percent). "The housing market recovery has truly taken hold in about half of the country, but the recovery is weak or experiencing a relapse in the other half," said Daren Blomquist, vice president of RealtyTrac. "Whether because of good government policy, sheer luck or otherwise, the majority of county housing markets in six of the eight states with close U.S. Senate races are better off than they were two years ago. This should favor the incumbent, or the incumbent's party, all else being equal -- which of course we know it is not. The only exceptions were Iowa and Alaska, where the majority of county housing markets were classified as toss-ups compared with two years ago." With three weeks to go before the election, here is RealtyTrac's Housing Scorecard on the likely outcome of eight highly contested Senate races in Alaska, Arkansas, Colorado, Georgia, Iowa, Kansas, Louisiana and North Carolina. Georgia housing market favors Republican incumbent party with incumbent retiring Of the 80 counties in Georgia with sufficient housing data to score, 56 were categorized as Better Off while 19 were categorized as Toss-Ups and five were categorized as Worse Off. The Better Off counties had a population of 5.8 million, representing 70 percent of the total population in counties with data. The Toss-Up counties had a population of 2.0 million, representing 25 percent of the total population in counties with data. The Worse Off counties had a population of 427,117, representing 5 percent of the total population in counties with data. In Georgia's three largest housing markets, unemployment is down over the past two years. In Fulton County, unemployment is down 1.5 percentage points, while Dekalb County is down 1.30 percentage points and Gwinnett County's jobless rate is down 1.2 percentage points. Meanwhile, seriously underwater borrowers are still a concern in Georgia. In Dekalb County, 31 percent of homeowners with a mortgage are seriously underwater, compared with 19 percent in Fulton County and 9 percent in Gwinnett County. However, double-digit rises in home prices are buoying Georgia's real estate market. In Dekalb County, home prices are up 49 percent compared to two years ago, while Fulton County saw home values increase 30 percent and Gwinnett County registered a 33 percent increase in home prices. The sharp rise in home prices without a corresponding rise in incomes is worsening the affordability situation in the major Georgia counties. The percentage of median income needed to purchase a median priced home is up 7 percentage points from two years ago in Fulton and Dekalb counties and is up 5 percentage points in Gwinnett County. Meanwhile, foreclosure starts are significantly lower compared with two years ago in the major Georgia counties. In Dekalb County, foreclosure starts plunged 55 percent from August 2012 to August 2014. Fulton County saw a 58 percent decrease in foreclosure starts, while Gwinnett County saw foreclosure starts drop 62 percent. Georgia Republican candidate with slight lead in the polls Republican Sen. Saxby Chambliss is retiring, so this open race should be intriguing. If no Senate candidate receives greater than 50 percent of the vote on Nov. 4, Georgia would hold a Jan. 6 runoff after Congress is sworn in on Jan 3. The Senate battle in Georgia is a trifecta featuring Republican David Perdue, Democrat Michelle Nunn and Libertarian candidate Amanda Swafford. Third-party candidates often fade, but Swafford's candidacy could force a runoff and prolong the political theatre in the Peach State. An Oct. 1 Rasmussen poll shows Republican David Perdue holds a slight lead over Democrat Michelle Nunn, with Perdue drawing 46 percent of the vote to Democrat Nunn's 42 percent. North Carolina housing market favors Democratic incumbent Of the 83 counties in North Carolina with sufficient housing data to score, 66 were categorized as Better Off while 12 were categorized as Toss-Ups and five were categorized as Worse Off. The Better Off counties had a population of 7.3 million, representing 80 percent of the total population in counties with data. The Toss-Up counties had a population of 1.5 million, representing 16 percent of the total population in counties with data. The Worse Off counties had a population of 386,903, representing 4 percent of the total population in counties with data. In North Carolina's three largest real estate markets -- Mecklenburg, Wake and Guilford -- the housing market favors the incumbent. Unemployment is down from two years ago in all three major housing markets: including Mecklenburg County's unemployment rate is down 2.8 percentage points, Wake County's unemployment rate is down 2.3 percentage points, and Guilford County's unemployment rate is down 3.0 percentage points. Meanwhile, the percentage of homeowners underwater is below the national average in all three of these counties thanks in part to rising home prices from two years ago. Homes are less affordable than they were two years ago in all three of the most populated North Carolina counties, but that shift away from affordability is not as dramatic in these counties as the nationwide average. Two of the three most populated North Carolina counties show a decrease in foreclosure starts from a year ago, with Mecklenburg County foreclosure starts down 50 percent and Guilford County foreclosure starts down 37 percent. In contrast, Wake County foreclosure starts are up 18 percent compared with two years ago. North Carolina Democratic incumbent maintaining narrow edge in the polls Democratic incumbent Senator Kay Hagan is in a dogfight against Republican state House Speaker Thom Tillis. The Tar Heel state tilts Democratic. North Carolina, a state that typically favors the GOP, is seen as a prime pick-up opportunity for that party. Tillis is the face of an unpopular legislature, but neither Obama nor Hagan is particularly popular in the state either. A Sept. 28 CNN/ORC International poll gives Senator Hagen a three point advantage over her Republican challenger, with the incumbent ahead by 46 to 43 margin, with Libertarian candidate Sean Haugh receiving 7 percent. Colorado housing market favors Democratic incumbent Of the 35 counties in Colorado with sufficient housing data to score, 33 were categorized as Better Off while two were categorized as Toss-Ups and none were categorized as Worse Off. The Better Off counties had a population of 4.8 million, representing 99 percent of the total population in counties with data. The two Toss-Up counties had a population of 40,385, representing 1 percent of the total population in counties with data. In Denver's most populated housing counties -- El Paso, Denver County and Arapahoe -- the housing data favors the incumbent. Unemployment is down in all three counties. In Denver County, unemployment is down 3.0 percentage points from July 2012 to July 2014, compared with a 2.9 percentage point decrease in El Paso County and a 2.5 percentage point decrease in Arapahoe County. The tide of seriously underwater Colorado borrowers is also receding, with only 6 percent of homeowners with a mortgage who are underwater in the three most-populated counties. Meanwhile, home prices are rising in all three counties compared with two years ago. In Arapahoe County, home prices are up 22 percent, in Denver County home values are up 14 percent, while El Paso County saw home prices rise 5 percent. However, the rise in Colorado home prices without a corresponding rise in incomes is worsening the affordability situation in the major Colorado counties. The percentage of median income needed to purchase a median priced home is up 5 percentage points from two years ago in Denver and Arapahoe counties and is up 2 percentage points in El Paso County. Meanwhile, foreclosure starts are down from two years ago in two of the three most-populated Colorado counties. In Denver County, foreclosure starts are down 67 percent from August 2012 to August 2014. El Paso County saw a 54 percent decline in foreclosure starts, while Arapahoe County saw foreclosure starts rise by 3 percentage points. Polls show a dead heat in Colorado Democratic incumbent Senator Mark Udall has a strong opponent in Republican Rep. Cory Gardner in a solidly purple state that could go either way come Nov. 4. In this highly competitive contest Democratic incumbent Senator Udall was behind challenger Gardner by a 48 to 47 margin, according to an Oct. 1 Rasmussen Reports poll in a state which President Obama won in 2012. Louisiana housing market favors Democratic incumbent Of the 18 parishes in Louisiana with sufficient housing data to score, 12 were categorized as Better Off while six were categorized as Toss-Ups and none were categorized as Worse Off. The Better Off parishes had a population of 2.1 million, representing 64 percent of the total population in parishes with data. The six Toss-Up parishes had a population of 1.1 million, representing 36 percent of the total population in counties with data. Housing market data in two out of Louisiana's three largest housing markets -- East Baton Rouge Parish and Orleans Parish -- favors the incumbent while housing data is a toss-up in the third, Jefferson Parish. Unemployment is down in all three major counties about 1 percentage point compared with two years ago. With regards to underwater borrowers, the data is mixed. In Jefferson Parish, 16 percent of borrowers are seriously underwater, while 15 percent are seriously underwater in East Baton Rouge Parish. However, in Orleans Parish only 4 percent of borrowers were seriously underwater. Home prices are also mixed in Louisiana's three largest housing markets. In East Baton Rouge Parish, home prices are up 14 percent compared with two years ago, while Jefferson Parish saw home values increase 7 percent. Orleans Parish, however, saw home prices plunge 23 percent from August 2012 to August 2014. The percentage of median income needed to purchase a median priced home is up 3 percentage points from two years ago in East Baton Rouge Parish and is up 2 percentage points in Jefferson Parish. The percentage of median income needed to purchase a median priced home is down 4 percent in Orleans Parish, making that market more affordable than it was two years ago. Louisiana Democratic incumbent holding on to slight lead in the polls Three-term Democrat Senator Mary L. Landrieu faces her most challenging race yet against, battling largely against two Republicans, including front-runner state Rep. Bill Cassidy and Rob Naness the Tea Party long-shot. Landrieu, the daughter of former New Orleans Mayor Moon Landrieu (and whose brother Mitch is the current New Orleans mayor) has run an aggressive race as she tries to survive the Republican wave that has swept over the Southern states. But if Senator Landrieu doesn't win a majority of the vote in the multi-party primary on Nov. 4 against her two challengers, she is likely to face Rep. Bill Cassidy in a Dec. 6 runoff. A CNN/ORC International poll gives the third-term incumbent a 43 percent to 40 percent advantage over Cassidy among likely voters. If the Senate race in Louisiana goes to a runoff, however, this state could become the center of the Senate's political universe in a David Duke v. Edwin Edwards slugfest. Iowa housing market a toss-up Of the seven counties in Iowa with sufficient housing data to score, one was categorized as Better Off while four were categorized as Toss-Ups and two were categorized as Worse Off. The Better Off counties had a population of 93,776, representing nine percent of the total population in counties with data. The Toss-Up counties had a population of 641,024, representing 62 percent of the total population in counties with data. The Worse Off counties had a population of 304,747, representing 29 percent of the total population in counties with data. In Iowa's three largest county real estate markets -- Polk County, Linn County and Scott County -- the housing outlook is mixed. Unemployment rates are down less than one percentage point in all three counties, but underwater rates are below the national average. Median home sales prices are up compared with two years ago in Polk and Scott counties, but down slightly in Linn County. Meanwhile the slower home price appreciation does help out the affordability situation in Iowa, where the percentage of median income needed to buy a median-priced home is up less than 2 percentage points in both Polk and Linn counties. Iowa Republican candidate takes the edge in the polls With Democrat Senator Tom Harkin retiring, the race between state Democratic Rep. Bruce Braley and GOP state Sen. Joni Ernst is considered one of the most competitive in the country, and its outcome is considered critical to determining the balance of power in the U.S. Senate. They're running to replace Senator Harkin, who's retiring after 30 years in office. This race remains tight, and it goes without saying that this one could go either way right now. A Sept. 30 Des Moines Register poll shows GOP candidate Joni Ernst grabbing a 6-point lead over Democrat Bruce Braley, with GOP Ernst leading 44 percent to Democrat Braley's 38 percent. If Joni Ernst wins, she will be the first woman to represent Iowa in the Senate. Arkansas housing market favors Democratic incumbent Of the nine counties in Arkansas with sufficient housing data to score, eight were categorized as Better Off while one was categorized as a Toss-Up and none were categorized as Worse Off. The Better Off counties had a population of 1.2 million, representing 99 percent of the total population in counties with data. The sole Toss-Up county had a population of 15,674, representing less than 1 percent of the total population in counties with data. Arkansas' three largest counties -- Pulaski, Benton, and Washington -- all had a decrease of about 1 percentage point in unemployment rates compared with two years ago. In Washington County, 17 percent of homeowners with a mortgage are seriously underwater, while in Benton County 14 percent are seriously underwater and 12 percent of Pulaski County mortgage holders are seriously underwater. However, home prices are up in Washington County, rising 22 percent between August 2012 and August 2014. The percentage of median income needed to purchase a median priced home is up 5 percentage points from two years ago in Washington County. Arkansas foreclosure starts are down in all three counties compared with two years ago: 90 percent in Benton County, 78 percent in Washington County and 70 percent in Pulaski County. Republican challenger ahead in the polls in Arkansas Two-term Democratic incumbent Mark Pryor of Arkansas is in the fight of his political life against freshman GOP challenger Tom Cotton. Democrats are making an unprecedented push on the ground to get out the vote in the Razorback State, but it might not be enough to overcome the unpopularity of a two-term Democratic president with a 31 percent approval rating. According to a September NBC News/Marist poll, Cotton was ahead of Pryor by a 45 to 40 margin. Kansas housing market favors Republican incumbent Of the 22 counties in Kansas with sufficient housing data to score, 21 were categorized as Better Off while one was categorized as a Toss-Up and none were categorized as Worse Off. The Better Off counties had a population of 2.1 million, representing 97 percent of the total population in counties with data. The single Toss-Up county had a population of 71,927, representing 3 percent of the total population in counties with data. In Kansas' three largest real estate markets -- Johnson County, Sedgwick County and Shawnee County unemployment is down compared with two years ago. Home prices are up in all three major Kansas housing markets, with Johnson County up 11 percent), Sedgwick County up 3 percent and Shawnee County up 18 percent. The rise in home prices without a corresponding rise in incomes is worsening the affordability situation in the major Kansas counties. The percentage of median income needed to purchase a median priced home is up 3 percentage points from two years ago in Shawnee County and is up 2 percentage points in Johnson County, while Sedgwick County is up 1 percentage point. Independent challenger surging ahead of Republican incumbent in Kansas Republican Senator Pat Roberts is in the fight of his political life against independent Greg Orman. Kansas has been a reliably Republican state for decades. No Democrat has represented the state in Congress since before the United States entered World War II. But Senator Roberts is waging an uphill fight against businessman Orman after the state's Democratic nominee Chad Taylor withdrew from the race, improving the odds for center-left independent Orman in this Midwestern matchup. A recent NBC News/Marist poll shows that Orman has opened a 10 point lead over Senator Roberts, with a 48 to 38 lead over the GOP incumbent. In Kansas, RealtyTrac predicts this race favors the incumbent. Alaska housing market a toss-up Of the three counties in Alaska with sufficient housing data to score, one was categorized as Better Off while two were categorized as a Toss-Up and none were categorized as Worse Off. The Better Off counties had a population of 89,319, representing 19 percent of the total population in counties with data. The Toss-Up counties had a population of 388,993, representing 81 percent of the total population in counties with data. In Alaska's most populated housing counties -- Anchorage, Fairbanks North and Matanuska-Susitna -- unemployment is down compared less than one percentage point compared with two years ago. In Anchorage County, only 2.6 percent of homes with a mortgage are seriously underwater, compared with 7.5 percent in Matanuska-Susitna County. The percentage of median income needed to purchase a median priced home is up 3 percentage points from two years ago in Anchorage County and is up 0.4 percentage points in Fairbanks North Star County. However, foreclosure starts are up significantly in from two years ago in two of the three major Alaska housing markets -- Anchorage and Fairbanks North Star -- while foreclosure starts are down from two years ago in Matanuska-Susitna. Alaska Republican challenger leads Democratic incumbent in polls Incumbent Democratic Senator Mark Begich faces a steep challenge against Republican challenger Dan Sullivan, a former appointed state attorney general and commissioner of the state Department of Natural Resources. But this is a very competitive race. In 2008, Senator Begich took down 40-year incumbent Ted Stevens, a Republican, in a red state during a presidential election. A Sept. 20 CBS/New York Time poll had Sullivan ahead of Begich by a 48 to 42 margin. Report Methodology and Scoring The report scored 1,547 U.S. county housing markets based on up to five factors impacting housing health: housing affordability compared to two years ago, unemployment rates compared to two years ago, foreclosure starts compared to two years ago, median home prices compared to two years ago, and the percentage seriously underwater homeowners. A county had to have at least three of the five factors to receive a score, and scores were weighted accordingly if only three or four of the five factors were available. Based on the final score, county housing markets were categorized as Better Off, Worse Off or a Toss-Up based on this score. Unemployment data by county was obtained from the Bureau of Labor Statistics between July 2012 and July 2014. Underwater data was determined by RealtyTrac's proprietary property level information. Properties that are considered to be seriously underwater are any properties with a loan-to-value of 125 or more. Only counties that had loan information on 10 or more properties were considered. Median Home Price is the median sales price in disclosure states. In non-disclosure states the all sales median price was used instead. The non-disclosure states include Alaska, Idaho, Indiana, Kansas, Louisiana, Maine, Mississippi, Missouri, New Mexico, North Dakota, Texas, Utah, and Wyoming. Home price change is the percentage difference in median home prices from August 2012 to August 2014. Foreclosure starts are based upon the number of either new auction or default foreclosure records by county depending on what is the first public notice of foreclosure in the state. The two-year change in foreclosure starts was calculated using August 2012 and August 2014 foreclosure start numbers. The affordability percentage was calculated as the monthly house payment for a median priced home divided by median household income in August 2012 compared to August 2014. Annual median household income for 2014 was estimated based upon 2000 top 2012 Census numbers and then adjusted for current market conditions. About RealtyTrac RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 125 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.
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High Negative Equity Among Gen X Homeowners Causing Housing Market Gridlock
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Local Schools Are Critical to Millennial Home Buyers, Realtor.com® Back-to-School Data Shows
SAN JOSE, CA, Aug. 18, 2014 -- Millennial buyers are ready to call the suburbs home if that means quality elementary schools. Just in time for the back-to-school season, realtor.com® today reveals the most popular cities and schools viewed using its search-by-school feature, which allows people to explore homes for sale based on specific schools and school districts. Millennials – people born between 1980 and 2000 – are less likely than other generations to compromise on school districts when searching for a home. Fifty-two percent of millennials report that school districts are a deal breaker in their home search, compared with 31 percent of all buyers, according to a recent realtor.com® study. Most of top 10 cities where people research the most school information on realtor.com® are located in affordable, suburban communities outside of larger urban areas. Generally, the suburbs attract younger buyers because of their close proximity to urban job markets and less expensive housing. In June, the top 10 neighborhoods include: 1) Bethel, N.C.; 2) Gadsden, Ala.; 3) Agoura, Calif. (near Los Angeles, Calif.); 4) Kensington, Md. (near Washington D.C.); 5) Greenwood Village, Colo. (near Denver, Colo.); 6) Greenacres, Fla. (near West Palm Beach, Fla.); 7) Watauga, Texas (near Fort Worth, Texas); 8) La Crescent, Minn.; 9) North Hollywood, Calif. (near Los Angeles, Calif.) and 10) Fairburn, Ga. (near Atlanta, Ga.). Realtor.com® search-by-school data also reveals that elementary schools are on the minds of those looking for homes. Eight of the top 10 most popular schools viewed on realtor.com® (see chart below) include kindergarten through fifth grade. This indicates that the majority of people who research schools either have young children or expect to start a family when they buy their next home. "Local schools are clearly more important to specific population segments – such as today's millennials, who either have or are planning to have children. High-ranking schools can have a positive impact on home values over time as new families pay a premium for access to better schools," said Jonathan Smoke, chief economist for realtor.com®, the leader in providing consumers with the most accurate U.S. residential listings online* The realtor.com® search-by-school feature helps buyers quickly and easily filter accurate local school information so they can decide which homes meet their family's educational needs. Some of its key features include: GreatSchools data displayed for each school including: parent ratings, student to teacher ratio, test scores and a Great Schools ranking An interactive map shows GreatSchools ratings and assignment boundaries for each school in a local area Homes can be searched by public schools or school districts The 'Nearby Schools' button on the realtor.com® mobile app uses a Global Positioning Systems (GPS) to find schools in the home buyers desired neighborhood. Read more from Jonathan Smoke, chief economist for realtor.com® @SmokeonHousing. About Move, Inc. and realtor.com® Move, Inc. (NASDAQ: MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for 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 smart telephones. Realtor.com® is where home happens. Move's network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsight, SocialBios, Moving.com™, SeniorHousingNet, homefair and Relocation.com. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreet; as well as many free services. Move is based in the heart of the Silicon Valley — San Jose, CA.
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As Millennials Delay First-Time Home Purchases, National Homeownership Rate will Continue to Fall
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International Home Buyers Continue to Invest in Profitable U.S. Market, Realtors® Report
  WASHINGTON, July 8, 2014 – Favorable exchange rates, affordable home prices and rising affluence abroad continue to drive international buyers to the U.S. to purchase properties and make real estate investments. According to the National Association of Realtors® 2014 Profile of International Home Buying Activity, for the period April 2013 through March 2014, total international sales have been estimated at $92.2 billion, an increase from the previous period's level of $68.2 billion. "We live in an international marketplace; so while all real estate is local, that does not mean that all property buyers are," said NAR President Steve Brown, co-owner of Irongate, Inc. Realtors® in Dayton, Ohio. "Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future." International buyers and recent immigrants purchased homes throughout the country, but four states accounted for 55 percent of the total reported purchases – Florida, California, Arizona, and Texas. Florida remains the destination of choice, claiming a 23 percent share of all foreign purchases. California comes in second with 14 percent, Texas with 12 percent and Arizona with 6 percent. According to realtor.com®, the top five cities searched online by international buyers in 2014 were Los Angeles, Miami, Las Vegas, Orlando and New York City. Foreign buyers take many factors into consideration when deciding where to purchase abroad, such as proximity to their home country, the presence of relatives and friends, job and educational opportunities, and climate and location. European buyers are generally attracted to states with warmer climates such as Florida and Arizona while the West Coast tends to attract Asian purchasers. Indian buyers tend to gravitate towards states that are home to large information technology companies, such as California, New York and North Carolina. Within markets in an individual state, it is not unusual to find concentrations of people grouped by nationality, possibly indicating that word-of-mouth and shared experiences influence purchases. Twenty-eight percent of Realtors® reported working with international clients this year. International sales tend to be handled by specialists and only 4 percent of those who reported having an international client saw 11 or more international transactions in a year. Of those who reported having an international client, approximately 54 percent reported that international transactions accounted for 1 to 10 percent of their total transactions, a decrease from 2013 but still in line with past years' levels. International buyers are more likely to make all-cash purchases when compared to domestic buyers. In 2014, nearly 60 percent of reported international transactions were all cash, compared to only one-third of domestic purchases. Mortgage financing tends to be a major problem for international clients due to a lack of a U.S. based credit history, lack of a Social Security number, difficulties in documenting mortgage requirements and financial profiles that differ from those normally received by financial institutions from domestic residents. Most homes purchased by foreign buyers, about 42 percent, are used as a primary residence. Non-resident foreigners are limited to 6-month stays in the U.S., so these buyers largely use the property for vacation or rental purposes or as an investment. Approximately 65 percent of purchases involved a single-family home. Nearly half of international clients preferred properties in a suburban area, about a quarter preferred a central city or urban area, and about 13 percent choose to purchase in a resort area. International buyers come from all over the world, but Canada, China (The People's Republic of China, Hong Kong and Taiwan), Mexico, India and the U.K. accounted for approximately 54 percent of all reported international transactions. Canada maintained the largest share of purchases, dropping from 23 percent in 2013 to 19 percent in 2014; however, China held the lead in dollar volume, purchasing an estimated $22 billion with an average sale cost of $590,826. China was also the fastest growing source of transactions, now accounting for 16 percent of all purchases, up 4 percent from last year. Mexico ranked third with 9 percent of sales and India and the U.K. both accounted for 5 percent. "Foreign buyers who choose to work with a Realtor® have a substantial advantage," said Brown. "Realtors® who have completed the Certified International Property Specialist designation have received specialized training and are prepared to help clients with the unique difficulties of being an international buyer. CIPS designees understand the challenges buyers face when purchasing property in the U.S., and have the experience and expertise to help them navigate the complex, time-consuming and overwhelming world of international real estate." Realtor.com® International delivers U.S. residential listings to buyers across the globe, as well as listings from international data providers and up to date information about available properties. As NAR's official property website, Realtor.com® increases exposure of U.S. properties to global markets and helps Realtors® grow their global business. 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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Rent.com releases Top 10 Cities for Singles powered by Onboard Informatics
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NAR Member Survey Shows Rise in Realtor Income and Sales Volume
  WASHINGTON, DC,  May 20, 2014-- Reflecting the 11.5 percent growth in home prices last year, income and sales volume jumped for the third year in a row, according to the 2014 National Association of Realtors® Member Profile. The survey also found an increase in new and younger members to NAR in 2013. The survey's results are representative of the nation's Realtors®; members of NAR account for about half of the approximately 2 million active real estate licensees in the U.S.* Many non-member licensees are inactive or part time. Realtors® go beyond state licensing requirements by subscribing to NAR's Code of Ethics and Standards of Practice and committing to continuing education. NAR members also have access to professional resources to better serve their clients' needs. Lawrence Yun, NAR chief economist, said recovery in the housing market since the downturn continues to improve the earnings of real estate professionals. "Fueled mostly by rising home sales and prices, the median gross income of a Realtor® increased to $47,700 in 2013 from $43,500 in 2012, marking a 9.6 percent rise and a sharp gain from $34,900 in 2011," he said. "Although the median number of transactions or commercial deals remained unchanged from last year at 12, this marked a continued return to pre-recession levels after bottoming out at seven transactions in 2008 and 2009." There are two sides to every real estate transaction -- one each for the seller and the buyer. As expected, median gross income and number of transactions generally increases with experience. Last year, NAR members in business for more than 16 years earned $70,200 and made 15 transactions. On the contrary, those with three-to-five years earned less than half that amount ($30,100) and had 10 transactions. Incomes also varied by license type, as members licensed as brokers earned $66,300 in 2013, while the median earnings for sales agents increased $1,000 from the previous year to $35,000. Last year also brought an influx of new and younger members to NAR. Years of experience in real estate decreased to 12 years from 13 years in 2012; the typical tenure at a firm decreased to six years from seven years; and the age of members decreased to 56 years from 57 years. Three percent of all Realtors® are under 30 years of age, 16 percent are between ages 30 and 44, and 24 percent are 65 and older. "Realtors® bring value to buyers and sellers, help build communities, and encourage responsible homeownership behaviors," said NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio. "The fact that the number of members with one year or less of experience rose to 9 percent in 2013 from 5 percent the year before shows that those agents getting into the field are attracted to the many benefits and business opportunities that come with being a Realtor®." The typical NAR member works 40 hours per week. Women represent 57 percent of all members, accounting for 53 percent of brokers and 62 percent of sales agents. More than three-quarters of all Realtors® cite real estate as their only occupation, and 82 percent (up two percent from last year) are certain they will remain in the business for at least two more years. This share is higher than the previous two years, indicating the optimism that's seen in today's market. Most members -- 57 percent -- are licensed as sales agents; 26 percent are brokers, 17 percent broker associates and 3 percent appraisers (some hold more than one license). Thirteen percent of members have one personal assistant, while 3 percent have two or more personal assistants. Several factors limit potential clients in completing transactions. Members said finding the right property was the biggest challenge (33 percent) followed by obtaining a mortgage (25 percent). "The survey indicates that inventory shortages, overly restrictive mortgage lending standards and the rise in home prices and interest rates last year had an impact on Realtors®' ability to help their client find the right property," said Yun. Similar to 2012, eight out of 10 NAR members focus on residential sales and 73 percent have secondary real estate real estate specialties. Of those members with secondary specialties, residential brokerage is the largest at 35 percent. Both residential property management and relocation were next at 17 percent, followed by commercial brokerage at 16 percent. Smaller percentages were also in counseling, land development, auctions and commercial appraisal. Realtors® continue to rely on repeat business and referrals. Repeat business accounted for a median 21 percent of activity in 2013 and is higher for those with more experience. For members in the business 16 years or more, repeat business was 42 percent of their activity. Referrals accounted for an additional 21 percent of all business. NAR members understand the importance of a web presence and communicating with their clients through several channels. More than two-thirds have a personal website -- operational for a median of eight years -- and 91 percent report their firm has an online presence. Sixty-one percent of the respondents use social or professional networking sites -- an increase of 5 percent from 2012 -- and 12 percent have a blog. Realtors® use a variety of communications methods when interacting with current clients or customers, with 94 percent preferring e-mail, followed by telephone at 90 percent and text messaging at 80 percent. Compensation structures for Realtors® and firm affiliation remained mostly the same from 2012. Sixty-eight percent of respondents are compensated through a split commission arrangement, 17 percent receive all of the commission and another 4 percent receive a commission plus a share of profits; 11 percent received some other form of compensation. Eighty-two percent of members work as independent contractors for their firms. The vast majority of Realtors® receive no fringe benefits, although 33 percent are covered by errors and omissions insurance. Only 5 percent receive health insurance through their firm. NAR members are well-educated (50 percent hold a bachelor's degree or higher), own a home (86 percent), invest in at least one residential investment property (39 percent), and bring a wide range of expertise, skills and experience to the profession. Only 6 percent began their career in real estate, with the majority having previous full-time careers in management, business or financial (19 percent) or sales and retail (15 percent). Forty-one percent of those fluent in other languages speak Spanish and 96 percent are registered to vote. Respondents worked for a firm typically with one office and had been with that firm for six years. Fifty-seven percent of members are affiliated with an independent firm, and 38 percent are with a franchised company; 5 percent are other. Nine percent of Realtors® report their firm was bought by or merged with another firm during the past two years, down for the second consecutive year and from 11 percent in the 2012 study. The 2014 National Association of Realtors® Member Profile is based on a survey of 95,340 members, which generated 6,462 usable responses, representing an adjusted response rate of 6.8 percent. Survey responses were weighted to be representative of state-level NAR membership. Income and transaction data are for 2013, while other data represent member characteristics in early 2014. The study can be ordered by calling 800-874-6500, or online at www.realtor.org/prodser.nsf/Research. The profile costs $14.95 for NAR members and $149.95 for nonmembers. 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. *Data from the Association of Real Estate License Law Officials shows there are approximately 2 million active real estate brokers and sales agents in the U.S. out of nearly 3 million licensees. To be considered active, a licensee generally was involved in at least one real estate transaction in the previous year.
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Pending Home Sales Increase in March
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U.S. Foreclosure Activity Increases 4 Percent in March, Driven by Rising Foreclosure Starts and Auctions
IRVINE, CA, April 10, 2014 -- RealtyTrac®, the nation's leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for March and the first quarter of 2014, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 117,485 U.S. properties in March, a 4 percent increase from February but still down 23 percent from a March 2013. The monthly increase in foreclosure activity was driven by a 7 percent month-over-month increase in foreclosure starts -- the initial public notice starting the foreclosure process -- and a 6 percent monthly increase in scheduled foreclosure auctions. Lenders repossessed 28,840 U.S. properties in March, down 5 percent from the previous month and down 34 percent from a year ago to the lowest level since July 2007 -- an 80-month low. March was the 42nd consecutive month where U.S. foreclosure activity decreased from a year ago, helping to drop first quarter foreclosure activity to the lowest level since the second quarter of 2007. A total of 341,670 U.S. properties had a foreclosure notice in the first quarter, down 3 percent from the previous quarter and down 23 percent from a year ago. One in every 385 U.S. housing units had a foreclosure filing in the first quarter. Despite the decrease in overall foreclosure activity in the first quarter, 29 states posted annual increases in scheduled foreclosure auctions, including Utah (up 226 percent), Oregon (up 177 percent), Connecticut (up 131 percent), New Jersey (up 79 percent), Delaware (up 49 percent), New York (up 47 percent), Maryland (up 46 percent), Massachusetts (up 37 percent), Nevada (up 21 percent) and Florida (up 21 percent). Meanwhile foreclosure starts in the first quarter increased from a year ago in 19 states, including New Jersey (up 83 percent), Maryland (up 43 percent), Indiana (up 38 percent), Delaware (up 24 percent), Connecticut (up 13 percent), and California (up 10 percent). The increase in California was the first annual increase since the second quarter of 2012, and the first double-digit percentage increase since the fourth quarter of 2009. "Now that the foreclosure deluge has dried up, banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time," said Daren Blomquist, vice president at RealtyTrac. "This is most evident in judicial foreclosure states that were more likely to have impediments in the foreclosure process, but there are also signs of this catch-up trend happening in some non-judicial states like California, where an increasing number of judicial foreclosure filings boosted foreclosure starts in the first quarter. "Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold," Blomquist continued. "Our estimates indicate only 10 percent of these bank-owned properties are listed for sale and more than half are still occupied by the former homeowner or tenant." More than half of all bank-owned properties still occupied RealtyTrac also included an update of occupied REOs -- bank-owned properties still occupied after the completed foreclosure -- in its first quarter report. Of the 259,783 bank-owned properties with owner-occupancy data available -- out of a total of 483,224 bank-owned homes nationwide -- 51 percent were still occupied by the former homeowner or a tenant. Metros with the highest percentage of occupied REOs included Nashville, Tenn. (80 percent), Richmond, Va. (80 percent), New York (73 percent), Houston (73 percent) and San Jose, Calif., (73 percent). "There are always going to be homeowners who aren't able to make their house payments, but we are definitely back to a normal foreclosure rate," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla. markets, noting that first quarter foreclosure activity in Oklahoma dropped to its lowest level since the second quarter of 2007. "The distressed listings we're seeing in the Oklahoma market are zombie and vampire foreclosures, where properties have either been lost in litigation or held off of the market until now." "Foreclosure activity is down 34 percent in the Nashville-Murfreesboro MSA at the end of the first quarter compared to last year," said Bob Parks, CEO of Bob Parks Realty, covering the mid-Tennessee market. "This continued decline in total foreclosure activity mirrors our recovering housing market and return to normalcy." Average time to complete foreclosure up to 572 days nationwide U.S. properties foreclosed in the first quarter of 2014 were in the foreclosure process an average of 572 days, up 1 percent from 564 days in previous quarter and up 20 percent from 477 days in first quarter of 2013. New Jersey overtook New York as the state with the longest average time to foreclose in the first quarter with an average of 1,103 days to complete foreclosure. That was followed by New York (986 days), Florida (935 days), Hawaii (840 days), and Illinois (830 days). The average time to foreclose was the shortest among all states in Alaska (151 days), followed by Texas (169 days), Delaware (177 days), New Hampshire (190 days), and Alabama (193 days). "Distressed properties are not a huge part of the Southern California market at this point in time and haven't been for quite a while," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market, where the average time to foreclose decreased slightly in the first quarter. "Since the market has significantly rebounded and home prices have increased, we are seeing banks moving through foreclosures at a faster pace because the current level of housing inventory can support it." Average time to sell a bank-owned property increases 34 percent U.S. bank-owned properties sold in the first quarter had been bank-owned for an average of 226 days when they sold, up 34 percent from the average of 168 days in the first quarter of 2013. States with above-average time to sell REOs included Texas (347 days), Michigan (342 days), Minnesota (313 days), Colorado (305 days), and Georgia (276 days). Properties in the foreclosure process that sold during the first quarter took an average of 509 days to sell after starting the foreclosure process, up 33 percent from an average of 382 days in the first quarter of 2013. States with above-average times to sell properties in foreclosure included Massachusetts (1,299 days), New York (854 days), New Jersey (830 days), Ohio (790 days), and Florida (720 days). "Foreclosure filings have noticeably dropped in the Ohio market, but we have equally noticed lenders taking more properties back at sheriff's auctions and through deed in lieu activities, which has been adding to the REO inventory," said Michael Mahon, executive vice president/broker at HER Realtors, covering the Cincinnati, Columbus and Dayton, Ohio markets, noting that Ohio has the nation's seventh largest REO inventory. "We believe that lenders are taking in more REO inventory in an attempt to take advantage of increasing equity of homes that has occurred in recent months due to lower available inventory in the overall Ohio markets." Florida, Maryland, Nevada post top state foreclosure rates Florida foreclosure activity in the first quarter decreased less than 1 percent from the previous quarter and was down 19 percent from a year ago, but the state still posted the nation's highest state foreclosure rate: one in every 129 housing units with a foreclosure filing during the quarter. Florida foreclosure activity has decreased annually for the past three consecutive quarters, including the first quarter. Maryland foreclosure activity increased annually in the first quarter for the seventh consecutive quarter, helping it to post the nation's second highest state foreclosure rate: one in every 189 housing units with a foreclosure filing. A total of 12,589 Maryland housing units had a foreclosure filing during the quarter, down 1 percent from the previous quarter but still up 35 percent from the first quarter of 2013. Nevada foreclosure activity in the first quarter decreased 8 percent from the previous quarter and was down 48 percent from a year ago, but the state still posted the nation's third-highest state foreclosure rate: one in every 224 housing units with a foreclosure filing. Illinois posted the nation's fourth highest state foreclosure rate (one in every 230 housing units with a foreclosure filing) in the first quarter despite a 36 percent annual decrease in foreclosure activity, and New Jersey posted the nation's fifth highest state foreclosure rate (one in every 273 housing units with a foreclosure filing) in the third quarter, boosted by a 66 percent annual increase in foreclosure activity. Other states with foreclosure rates ranking in the top 10 in the first quarter were Connecticut (one in every 277 housing units with a foreclosure filing), Ohio (one in every 278 housing units), Delaware (one in every 293 housing units), South Carolina (one in every 294 housing units), and Indiana (one in every 307 housing units). New Jersey foreclosure activity increased 108 percent annually in February, and the state posted the nation's fourth highest state foreclosure rate -- one in every 739 housing units with a foreclosure filing. The No. 4 ranking was the highest ranking for New Jersey since October 2005. Florida cities account for 8 of top 10 metro foreclosure rates in the first quarter With one in every 99 housing units with a foreclosure filing in the first quarter, Port St. Lucie, Fla., posted the highest foreclosure rate among metropolitan statistical areas with a population of 200,000 or more. Seven other Florida cities posted foreclosure rates in the top 10 highest nationwide: Miami at No. 2 (one in every 106 housing units with a foreclosure filing); Palm Bay-Melbourne-Titusville at No. 3 (one in every 112 housing units); Orlando at No. 4 (one in every 120 housing units); Tampa at No. 5 (one in every 122 housing units); Lakeland at No. 6 (one in every 127 housing units); Ocala at No. 7 (one in every 130 housing units); and Jacksonville at No. 8 (one in every 134 housing units). Rockford, Ill., posted the ninth highest metro foreclosure rate in the first quarter, with one in every 153 housing units with a foreclosure filing, and Atlantic City, N.J., posted the 10th highest metro foreclosure rate, with one in every 165 housing units with a foreclosure filing. Among the nation's 20 largest metropolitan areas based on population, the highest foreclosure rates were in Miami, Tampa, Chicago, Riverside, Calif., and Baltimore. Foreclosure activity declined annually in 16 of the 20 largest metros, but it increased in Washington, D.C. (up 28 percent), New York (up 21 percent), Baltimore (up 19 percent), and Philadelphia (up 10 percent). About RealtyTrac Inc. RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 125 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.
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More than Half of For-Sale Homes in Seven Major Markets are Currently Unaffordable for Typical Buyers
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Realtor.com® January 2014 Housing Report Points to Early Start to Home Buying Season
SAN JOSE, Calif., Feb. 20, 2014 -- Realtor.com®, the leader in online real estate operated by Move, Inc. (NASDAQ: MOVE), today released its National Housing Trend Report for January 2014. The 2014 home buying season has begun on one positive note, despite severe weather conditions across much of the country, showing an uptick in inventory a month earlier than the 2013 home buying season. Data from realtor.com® reveals the median list price for January 2014 is 8.3 percent above levels observed in January 2013. The number of properties for sale is up 3.1 percent and the median age of inventory is essentially unchanged, indicating a transition to a less frenzied market compared to January 2013. "January's start compared to year-ago levels is an encouraging sign of sellers' interest, particularly given the adverse conditions brought on by the polar vortex," said Errol Samuelson, president of realtor.com®. "We saw the tight-supply market of last fall carry all the way into November – later than is typically expected – and this early rise in inventory is a welcome trend. The sustained median list price growth supports the gains we saw last year, and sellers are responding with confidence in that consistency. We will continue to watch inventory movement in the coming months as we move further into typical seasonal patterns, but anticipate a more balanced buying market." The national median existing home price is projected to rise about 5 to 6 percent in 2014, according to the National Association of REALTORS®, which cites job growth and large pent-up demand as drivers of the market in light of rising mortgage rates. National Perspective Inventory increasing: At the national level, for-sale inventories are now 3.1 percent higher than they were one year ago, and the rise in inventory is spreading to more markets across the country. In January 2013, just 8 markets registered increases in inventory. This January, 83 markets (58 percent) of the 143 markets tracked by realtor.com showed increases in inventory, year over year. While the next few months will be critical to watch, these trends suggest a more balanced housing market going into the 2014 home-buying season. Price increases more widespread: Median list price rose a healthy 8.3 percent in January 2014 compared to the same time last year. In January 2014, 44 markets saw year-over-year list price increases of 10 percent or more, compared to January 2013, when 24 markets registered double-digit increases in median list price. The number of declining markets in terms of median list price dropped, from 58 in January 2013 to just 13 in January 2014. Days on market stabilizing: Median age of inventory remained steady in January 2014 compared to the same time last year, at 115 days. However, the number of markets showing year-over-year declines in age of inventory has dropped significantly, from 133 markets in January 2013 to 78 markets in January 2014. 56 markets showed year-on-year increases in days on market in January 2014, compared to just nine markets in January 2013. Local Market Highlights California, Detroit, and Nevada markets continue to dominate the list of areas experiencing the largest year-over-year increases in median list prices - with increases of 20 percent or more. Entering into the spring months, it is important to watch for markets with a possible resurgence, such as Denver, Boulder, Chicago and Corpus Christi TX, where depressed inventories have been accompanied with large year-over-year gains in median list prices. Sustained low inventories in these markets could lead to demand-driven housing price increases that characterized California and most of the sand states in 2013. Strong markets particularly worth noting as those worst hit by climate-driven troubles include Boston with a 10.9 percent month-over-month inventory decline, Chicago with a 6.1 percent inventory drop, Denver with a striking 13.5 percent inventory decline, Detroit with a 6.8 percent reduction, New York with a 9.5 percent decline, and Philadelphia with an 8.2 percent decline. These markets may experience notable inventory recovery after prohibitive weather conditions subside. 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. We regularly review and update historical data in order 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., (NASDAQ: MOVE), 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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Monthly House Payments for Homebuyers Increase an Average 21 Percent From a Year Ago in 325 U.S. Counties
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Diminished Investor Activity Expected to Have Significant Impact on Home Shoppers in 2014
SEATTLE, Feb. 12, 2014 -- A majority of more than 100 forecasters said they expect large-scale investors to sell off the bulk of homes in their portfolios in the next three to five years, boosting inventory and potentially contributing to a smoother market ahead, according to the latest Zillow® Home Price Expectations Survey. On average, panelists also said they expected nationwide home value appreciation of 4.5 percent this year, with a steady slowdown in appreciation rates each year through 2018. The survey of 110 economists, real estate experts and investment and market strategists asked panelists to predict the path of the U.S. Zillow Home Value Indexi through 2018 and solicited opinions on investor activity and federal monetary policy. The survey was sponsored by leading real estate information marketplace Zillow, Inc. and is conducted quarterly by Pulsenomics LLC. Throughout the recovery, large-scale investors have purchased thousands of homes nationwide, particularly lower-priced vacant and foreclosed homes, fixing them up and keeping them in their portfolios as rental properties. This investor activity helped put a floor under sales volumes during the depth of the housing recession, but also created competition for many would-be buyers and contributed to rapid price spikes in some areas. Panelists were asked to assess the impact to the market if these institutional investors were to significantly curtail their activity this year. Among those panelists expressing an opinion, 79 percent said the impact would be significant or somewhat significant. Panelists were also asked when they thought these investors will have sold the majority of homes in their portfolios. Among those with an opinion, 57 percent said they expected this to occur in the next three to five years. "Real estate investors, both large and small, played a crucial role in helping to stabilize markets during the darkest days of the housing recession, but a decline in investor activity now isn't necessarily a bad thing, and could have real benefits for buyers," said Zillow Chief Economist Dr. Stan Humphries. "Buyers entering the market in the next few months will not be competing with cash-rich investors like they were last year which should be some small solace given the higher prices and mortgage rates that they will encounter. The gradual decline of investor activity should be viewed as another sign of the market slowly returning to normal, and I agree with the panel's expectations that there will not be a rush for the exit by institutional investors." Panelists were also asked when the Federal Reserve should end its ongoing stimulus efforts, known as "quantitative easing." Since September 2012, the Fed has been purchasing tens of billions of dollars worth of Treasury bonds and mortgage securities each month, which has helped keep mortgage interest rates low and stimulate demand. The program is now being wound down. "Mortgage rates have been riding a rally in U.S. Treasury securities caused by volatility in emerging markets in recent weeks, so the impact of Fed tapering on the housing market has been minimal thus far," said Pulsenomics Founder, Terry Loebs. "More than 70 percent of the experts want to see the monetary stimulus reduced to zero before the end of this year, and the current pace of tapering will get us there. Of course, whether Janet Yellen's Fed will maintain the current pace as new economic challenges arise remains an open question." Appreciation Expected to Normalize through 2018 On average, panelists said they expect nationwide home value appreciation of 4.5 percent through the end of this year, a pace that exceeds historically normal annual appreciation rates of around 3 percent. This appreciation is expected to slow to roughly 3.8 percent in 2015 and 3.3 percent by 2018, rates much more in line with historic norms. Based on current expectations for home value appreciation during the next five years, panelists predicted that overall U.S. home values could exceed their April 2007 peak by the first quarter of 2018, and may cross the $200,000 threshold by the third quarter of 2018. The most optimistic groupii of panelists predicted a 5.6 percent annual increase in home values this year, on average, while the most pessimisticiii predicted an average increase of 3.4 percent. The most optimistic panelists predicted home values would rise roughly 10.6 percent above their 2007 peaks by the end of 2018, on average, while the most pessimistic said they expected home values to remain about 4.5 percent below 2007 peaks. About Zillow Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™ and StreetEasy®. The company is headquartered in Seattle. About Pulsenomics Pulsenomics LLC is an independent research and consulting firm that specializes in data analytics, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health.
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Realtor.com® Home Crush Survey: Women More Likely than Men to Crush on Out of League Homes
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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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Ontarians Optimistic About 2014 Real Estate Market and Economy
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Pending Home Sales Edge Up in November
  WASHINGTON (December 30, 2013) – Pending home sales stabilized in November with a slight gain, according to the National Association of Realtors®. Monthly increases in the South and West offset declines in the Northeast and Midwest. The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings. Lawrence Yun, NAR chief economist, said the market is flattening. "We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014," he said. "Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years." Yun said the market still favors buyers in most of the country, but higher mortgage interest rates in combination with strong price gains mean a more modest growth in values is expected in 2014. The PHSI in the Northeast declined 2.7 percent to 82.6 in November, but is 1.9 percent above a year ago. In the Midwest the index fell 3.1 percent to 100.6 in November, but is 0.4 percent higher than November 2012. Pending home sales in the South rose 2.3 percent to an index of 116.1 in November, and are 0.1 percent above a year ago. The index in the West increased 1.8 percent in November to 95.0, but is 8.7 percent below November 2012, in part from inventory constraints. Total existing-home sales this year are expected to reach 5.1 million, a gain of almost 10 percent over 2012, but should stay at that level in 2014, and then rise to 5.3 million in 2015. The national median existing-home price for all of this year will be close to $197,300, up nearly 12 percent from 2012, but is projected to rise at a more moderate pace of 5 to 5.5 percent in 2014, and grow another 4 percent in 2015. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com.
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U.S. Homes Gain $1.9 Trillion in Value in 2013; Largest Gain Since 2005
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Realtor.com® November Housing Data Highlights Hearty Winter Home Buying Season
SAN JOSE, Calif., Dec. 23, 2013 -- Realtor.com®, the leader in online real estate operated by Move, Inc., today released its National Housing Trend Report for November 2013. November figures indicate continued improvement from this time last year, in spite of the first signs of seasonal influences. Data from realtor.com® reveal that November 2013 median list prices remained unusually strong for the season, showing a healthy 6.9 percent increase year over year while declining 0.7 percent month over month. National inventory appears to be stabilizing from dramatic drops in the beginning of the year, although the country is still experiencing significant supply shortages. Housing inventory increased 0.2 percent above year-ago levels – the first year-on-year increase in 2013 – while declining slightly from the previous month, a sign of seasonal influences. Median age of inventory is down 10.6 percent compared with year-ago levels, showing significantly stronger activity compared to the same time last year. Month over month, median age of inventory did show some seasonal change with an increase of 7.5 percent. "The housing market in November continues to demonstrate encouraging signs of sustainability for the escalating gains this year in price," said Errol Samuelson, president of realtor.com®. "With demand in a much stronger position compared to last year, we anticipate these gains to remain steady into 2014, but with increases expected at a more moderate pace than we have seen in 2013." The National Association of Realtors® (NAR) also recently predicted a flattening trend for 2014, noting that low housing inventory is holding back sales while pushing prices higher in much of the country. NAR recently reported that existing-home sales declined for the third consecutive month in November. Key Market Indicators for November 2013 National Perspective: Inventories in November are just slightly higher (0.2 percent) than they were one year ago – a dramatic turnaround compared to the substantial year-over-year declines noted at the beginning of this year. Median age of inventory is still down 10.6 percent year-over-year in spite of its seasonal monthly rise from 94 to 101 days. This suggests that properties continue to turn over relatively quickly regardless of the winter season, and despite increasing home prices and stabilizing inventory. Median list prices are 6.9 percent higher than where they were one year ago. On a month-over-month basis, prices fell slightly in November but have remained resilient against the usual seasonal patterns and stabilizing inventory. Local Market Highlights: List prices still on the rise. The majority of housing markets are registering positive signs, with 111 of the 146 markets covered by realtor.com® showing year-over-year increases in their median list price of 1 percent or more, and only 10 markets registering declines of 1 percent or more. California and Nevada markets continue to lead the country in terms of year-over-year-list price increases, followed by Arizona, Florida, and other areas that were once the epicenters of the housing crisis. The Detroit metro market also has shown solid gains. Inventory shortages have moderately eased. In many of these housing markets, rising list prices were primarily driven by a shortage in for-sale inventories. While still significant, these shortages are abating as sellers have attempted to take advantage this year of improving housing conditions. While inventories continue to be down on a year-over-year basis in the majority (86) of housing markets, the shortfalls are gradually declining. The 10 Metropolitan Statistical Areas (MSAs) with the largest year-over-year declines in their for-sale inventories in November 2013 are listed below. While California housing markets dominated the list earlier in the year, this is no longer the case. With a few exceptions, California markets have largely been replaced by a few housing markets in Florida, as well as other markets that have recently drawn wide attention such as Boulder, Colo. and Detroit. Inventory Reductions 10 Metropolitan Statistical Areas (MSAs) with the Greatest Year over Year Inventory Reductions Age of inventory data tracks with recent hot and cold markets. Those markets with the shortest average days on market are similar to those of recent months – such as Oakland, Calif., San Jose, Calif., Phoenix, Detroit, and Honolulu. This demonstrates a continued steady rate of speed in those markets that have recently seen rapid movement. The areas with the longest days on market – Santa Fe, N.M. (144), Wilmington, N.C. (137), Philadelphia (131) and Reading, PA (123) – highlight the continued weakness in some resort markets and older, industrialized communities. 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. 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., (NASDAQ: MOVE), 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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Zillow Predicts Home Values to Rise 3% in 2014; Mortgages Will Be Easier to Get
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Trulia Price Monitor: Hottest Housing Markets Cool, While Warm Markets Heat Up
SAN FRANCISCO, December 4, 2013 – Trulia, Inc., a leading online marketplace for home buyers, sellers, renters, and real estate professionals, today released the latest findings from the Trulia Price Monitor and the Trulia Rent Monitor. These indices are the earliest leading indicators available of trends in home prices and rents. Based on for-sale homes and rentals listed on Trulia, the monitors take into account changes in the mix of listed homes and reflect trends in prices and rents for similar homes in similar neighborhoods through November 30, 2013. For the full report and methodology, see here. Nationally, Asking Prices Up 12.1 Percent From One Year Ago In November, asking home prices rose 12.1 percent year-over-year (Y-o-Y), increasing in 98 of the 100 largest U.S. metro areas. Regaining a bit of steam since the slowdown began in July, asking prices rose 1.0 percent month-over-month (M-o-M) and 3.0 percent quarter-over-quarter (Q-o-Q). In fact, the quarterly increase is the fastest in five months, though still lower than in the spring. Price Gains Slowing Sharply in Hottest Markets: Las Vegas and Oakland The slowing of asking home price gains is most apparent in the housing markets with the biggest price rebounds. The slowdown – measured as the difference in the Q-o-Q price changes between November and August – was more than two percentage points in Las Vegas, Oakland, Atlanta, Phoenix, Detroit, and Los Angeles. Price Gains Accelerate in Warm Markets The price slowdown happening nationally is really a sharp deceleration in price gains in the hottest markets. Among the 100 U.S. largest metros, the quarterly price increase in the 10 metros where prices rose more than 20 percent Y-o-Y fell from 6.1 percent in August to 3.7 percent in November. But in the 56 markets where prices rose by less than 10 percent Y-o-Y, price gains actually accelerated in the most recent quarter, rising 1.6 percent in November compared with 1.3 percent in August. Prices accelerated in Philadelphia, Pittsburgh, and Miami, for instance. Asking Home Prices Outpace Rents, Despite Price Slowdown in Hottest Markets Rents climbed 3.0 percent Y-o-Y nationally in November. Among the 25 largest rental markets, rents are soaring fastest in San Francisco, Portland, and Seattle, while falling slightly in Washington D.C. and Philadelphia. But despite the slowdown in asking prices, rent gains were outpaced by price gains in the 25 largest rental markets. Even in San Francisco, where rents galloped ahead by 12.0 percent Y-o-Y, asking prices rose faster, at 15.2 percent. With rents continuing to rise more slowly than prices, buying a home is becoming less affordable relative to renting. About Trulia, Inc. Trulia (NYSE: TRLA) gives home buyers, sellers, owners, and renters the inside scoop on properties, places, and real estate professionals. Trulia has unique info on the areas people want to live that can't be found anywhere else: users can learn about agents, neighborhoods, schools, crime, commute times, and even ask the local community questions. Real estate professionals use Trulia to connect with millions of transaction-ready buyers and sellers each month via our hyperlocal advertising services, social recommendations, and top-rated mobile real estate apps. Trulia's Market Leader subsidiary delivers the leading end-to-end technology and marketing solutions that enable real estate professionals to grow and manage their businesses. Trulia is headquartered in downtown San Francisco. Trulia is a registered trademark of Trulia, Inc.
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Foreclosure Auction Sales and Bank-Owned Sales Increase from Year Ago in October even as Short Sales Decline
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Realtor.com® 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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Homeowner Bill of Rights Accelerating Housing Recovery in Southern California
IRVINE, Calif. – October 10, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for comprehensive housing and real estate data, today released its Southern California Foreclosure Market Report™ for September 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 9,242 properties in the six-county Southern California region in September, an increase of 8 percent from the previous month but down 56 percent from September 2012. Statewide, foreclosure filings were reported on 15,804 properties, up 4 percent from August but down 58 percent from September 2012. "The September foreclosure numbers demonstrate one of two significant trends in Southern California since the implementation of the California Homeowner Bill of Rights (HBR) in January 2013," said Daren Blomquist, vice president at RealtyTrac. "The first trend is foreclosures decreasing at a faster rate. Starting in March 2009 — when foreclosures in Southern California peaked at more than 63,000 in one month — until December 2012 foreclosure activity in Southern California decreased at a steady pace of 2 percent a month on average. Since HBR took effect the pace has picked up to an average 4 percent monthly decrease in foreclosure activity. "Secondly, the pace of home appreciation has also doubled since the implementation of HBR," Blomquist continued. "From May 2009 — when Southern California home prices hit bottom — through December 2012, median home prices on average increased 1 percent a month. Then, after HBR became the law, from January 2013 to September 2013, the pace of home appreciation doubled to 2 percent per month on average. Clearly HBR has accelerated both the pace of home appreciation and foreclosure declines. The danger is that this acceleration will result in an overheated market that stalls when foreclosures delayed by HBR hit down the road." The decrease in overall foreclosure activity in the six-county Southern California region in September was driven by a sharp year-over-year drop in Notices of Default (NOD), scheduled foreclosure auctions (NTS) and bank-owned REO activity, all three of which were down by double digits from a year ago. NODs also decreased from the previous month, down 1 percent, but scheduled foreclosure auctions increased 6 percent from the previous month following a 17 percent monthly increase in August, and REOs increased 44 percent from the previous month following a 20 percent monthly increase in August. "We're well past the worst of the foreclosure crisis in Southern California, but the rapidly changing laws are making it more difficult to clear out the distressed properties that are still hanging around," said Rich Cosner, president of Yorba Linda-based real estate brokerage Prudential California Realty. "The irony is that now would be a great time to sell those distressed properties given the low inventory of homes for sale." Cosner said that since the HBR was rolled out in January, short sales and foreclosure sales have plummeted sharply statewide in California as lenders and the industry adapt to the new law. He noted that HBR forbids dual tracking, a practice where banks foreclose on a borrower while simultaneously doing a loan modification or other foreclosure alternative. HBR also requires lenders to provide homeowners facing foreclosure with a single point of contact. RealtyTrac data shows home prices were up dramatically in Southern California in August. The average of median home prices in the six-county region was $376,917, an increase of 26 percent from a year ago — the biggest year-over-year increase in the region's home prices since December 2004 and the 17th consecutive month with an annual increase. "The Southern California housing market is improving," added Cosner, noting the recent home price gains in Southern California. "Sales prices are up, builders are breaking ground on new developments and the number of listings is growing. I'm very optimistic about the local Southern California residential real estate market." About RealtyTrac Inc. RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate. To view the original report, visit RealtyTrac.com.
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Study: Mobile Real Estate Web Traffic To Overtake Desktop Traffic in Early 2014
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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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New Survey Shows Local Real Estate Markets Heat Up With Investors
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Nearly 75% of Online Generated Real Estate Leads are Lost
Atlanta, GA (May 24, 2011) – The real estate industry is generally ignoring or responding too late to capitalize on nearly 75% of the web-based leads it invests in generating, according to the results of ongoing secret-shopping study being conducted by PCMS Consulting and One Cavo. Leading industry consultant, PCMS Consulting, and internet lead response specialist, One Cavo, have been conducting ongoing secret-shopping since late last year to gauge internet lead response by large multi-office brokerages. To date, the two firms have anonymously sent 715 web-form fills to 56 different companies, many of which have requested the secret-shopping through the One Cavo website. Depending on the size of the company and the specific request of the brokerage, a minimum of 10 and a maximum of 40 leads were sent to each company. In every case, half the leads were agent specific, the other half IDX. Independent and franchised companies in 19 states have been included in the study. So far, the results suggest that nearly 75% of leads generated were lost. One Cavo founder and President, Bradley Miller explains, "Our informal study mirrors the results of various NAR and industry studies that find approximately 48% of agents do not respond to internet leads—46% of our inquiries went unanswered. And, what is perhaps worse, 23% of those that received call backs received them, on average, 8 hours after the forms were submitted. Today's Internet consumer is expecting a response certainly within the hour but, more likely, within 15 or 20 minutes." John Reinhardt, President of Fillmore Real Estate, a 14-office brokerage in New York City, recently engaged One Cavo and PCMS Consulting to help his firm enhance their internet lead response. "We have been in business for over 45 years and are very proud of our brand and personal service. In this day and age, new consumers are reaching us through the Internet and they are expecting immediate response. Fillmore has always focused on delivering the best consumer experience and the Internet consumer deserves the same experience. We turned to One Cavo to assist us with responding to internet consumer to insure that they have an exceptional experience with Fillmore as well." "There are three pieces to internet marketing and they have to be strategized as one," advises Jose Perez, Founder and Chief Visionary for PCMS Consulting. "First you need to drive traffic to your site through social media, blogging, listing syndication, etc. Then, you have to have a great site that engages and entertains consumers so they are inclined to request more information from your firm. Finally, especially if you have spent of thousands of dollars doing the first two, you must respond to those leads immediately since over 70% of consumers choose the first company that gets back to them. Unfortunately, too many companies have no real system or accountability and leads fall through the cracks amounting to lost profits that few can risk in this environment," Perez adds. ### ABOUT PCMS CONSULTING PCMS Consulting provides innovative solutions that leading companies need to enhance their market position and profitability in the areas of recruiting, internet, management, and franchising. The organization is led by founder and Chief Visionary Jose Perez who has compiled a forward-thinking team that seeks to "reinvent" their clients in a dramatically changing environment.  ABOUT ONE CAVO One Cavo integrates industry-leading technology platforms and its Rapid Response Team of multi-lingual contact center professionals to efficiently and effectively manage internet generated leads on behalf of its contracted real estate agents and brokers—and improve ROI. Founder and CEO Bradley Miller's 13 years as a Broker/Owner and nearly 25 years in the industry give him the insight to center One Cavo's focus squarely on delivering measurable ROI, brand protection and improved overall profitability. 
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Dominion Enterprises Launches Homes Media Solutions
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Market Leader Reports Revenue Rises for 5th Quarter
Online marketing and "software as a service" company Market Leader, Inc., posted a $4.3 million net loss during the first quarter, even as revenue grew by 25 percent from a year ago, to $7.2 million. Market Leader -- which closed out 2010 with a $14.3 million loss for the year -- is transitioning from selling leads generated by sites like HouseValues.com to providing customized websites and tools for agents and brokers. The company said in a regulatory filing Tuesday that revenue from its software-as-a-service products was up 61 percent from a year ago during the first quarter, and that the company has seen five consecutive quarters of revenue growth. That's due in part to the fact that Market Leader is now including revenue and expenses generated by real estate blogging network ActiveRain in its results, after becoming the majority stakeholder in the company in September. Before paying $450,000 to boost its ownership of ActiveRain's outstanding voting stock from 34 percent to 51 percent, Market Leader treated its stake in ActiveRain as an equity investment in its financial disclosures. Although most of ActiveRain's 200,000 users have free memberships, more than 5,000 customers use the company’s subscription-based blogging syndication software services, Market Leader said in its most recent annual report to investors. ActiveRain generated about $681,000 in revenue in the fourth quarter of 2010. Looking ahead, Market Leader CEO Ian Morris said Tuesday he expects even stronger revenue growth and diminishing losses in the months ahead, thanks in part to the five-year agreement the company signed with Keller Williams Realty to provide the lead management, contact management and marketing design components of Keller Williams' new eEdge platform. Market Leader had previously disclosed that the company will receive a minimum of $10 million from Keller Williams during the initial five-year term of the eEdge agreement. The company expects to generate additional revenue by "upselling" premium software and services to nearly 80,000 Keller Williams agents. Keller Williams agents pay the franchise $15 a month for eEdge, and can choose to subscribe to a Market Leader Professional Edition with additional capabilities for $99 a month. The eEdge payments and potential upselling "is expected to begin to significantly contribute to revenue growth" in the second half of 2011, the company said in its annual report. Morris said Market Leader added nearly 200 new broker customers during the first quarter. Company officials say customer acquisition is a key to becoming profitable, and that in 2010 Market Leader expanded its marketing programs through leading real estate franchise networks. Market Leader generates revenue by charging one-time setup fees and monthly fees for services, including personalized websites, customer relationship management (CRM) tools, marketing materials, training and support. The significant majority of new brokerage customers signed in 2010 were responding to offers that waive setup and software-as-a-service fees during a promotional period, Market Leader said in its annual report. "Initially, the acquisition of these customers has a substantial negative impact on our near term operating results as related expenses exceed the revenue that they contribute," the company said. The $23.9 million the company spent on sales and marketing in 2010 nearly equaled the $24.4 million in revenue those efforts helped generate. That trend continued in the first quarter, with $7.4 million in sales and marketing exceeding total revenue by $191,000. Additional expenses for technology and product development ($1.84 million) and general and administrative services ($1.6 million) helped push total first-quarter expenses up 28 percent from a year ago, to $11.7 million.  
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