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By jgaffney@housingwire.com President Donald Trump’s budget proposal reportedly includes a big change for the CFPB. We have the details for you. Plus, will the Fed raise rates in March? Here’s one way to get a clue. Also, did the Oscars get its first HUD joke? Twitter thinks so. And Trump’s election appears to be costing California some much-needed affordable housing. …read more

From:: Real Estate Wire

Refinance mortgages are decreasing as interest rates increase, leaving purchase markets to dominate the market. First American’s chief economist explains this shift is leading towards a higher risk of potential defects, fraud and misrepresentation. …read more

From:: Real Estate Wire

By Susanne Dwyer

Housing markets in the South are experiencing higher levels of appreciation than those in California, which had been at the forefront of rising values, according to the Zillow Real Estate Market Reports for January. Appreciation in Nashville, Tenn., surpassed that of leader Portland, Ore., at a year-over-year rate of 12.4 percent. Home values in Dallas-Fort Worth, Texas, and Tampa and Orlando, Fla., appreciated more than 10 percent year-over-year.

Appreciation in California’s most coveted markets, however, lagged. Home values in San Francisco appreciated 4.4 percent year-over-year, while those in San Jose appreciated 4.0 percent. Rents in San Jose, in addition, fell 0.1 percent.

“We spend a lot of time focusing on the West Coast, but powerhouse markets exist throughout the country,” says Dr. Svenja Gudell, Zillow chief economist. “Florida and Texas home values have grown quite a bit over the past several years, stealing the spotlight from slower moving markets like San Francisco, San Jose and Los Angeles. Slowdowns in the Bay Area, in particular, are driven by the fact that these markets are so expensive that many people can no longer realistically afford to buy there, limiting demand and reducing pressure on home values. Despite recent increases in the national pace of home value appreciation, I expect a nationwide slowdown in 2017 as some headwinds begin blowing in, including increasing mortgage rates and worsening affordability.”

Home values overall have risen 7.2 percent year-over-year, with the Zillow Home Value Index (ZHVI) at $195,300. Rents have also risen—though notedly less than home values—at 1.4 percent year-over-year to a Zillow Rent Index (ZRI) of $1,404.

Housing inventory nationally continued on a downward track, tumbling 3 percent year-over-year, according to the reports. Minneapolis-St. Paul, Minn., and Detroit, Mich., experienced the most declines, down 17.7 percent and 16.8 percent, in order.

For more information, please www.zillow.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Appreciation Activity Shifts to the South appeared first on RISMedia.

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From:: Finance and Economy

By Susanne Dwyer

Housing markets in the South are experiencing higher levels of appreciation than those in California, which had been at the forefront of rising values, according to the Zillow Real Estate Market Reports for January. Appreciation in Nashville, Tenn., surpassed that of leader Portland, Ore., at a year-over-year rate of 12.4 percent. Home values in Dallas-Fort Worth, Texas, and Tampa and Orlando, Fla., appreciated more than 10 percent year-over-year.

Appreciation in California’s most coveted markets, however, lagged. Home values in San Francisco appreciated 4.4 percent year-over-year, while those in San Jose appreciated 4.0 percent. Rents in San Jose, in addition, fell 0.1 percent.

“We spend a lot of time focusing on the West Coast, but powerhouse markets exist throughout the country,” says Dr. Svenja Gudell, Zillow chief economist. “Florida and Texas home values have grown quite a bit over the past several years, stealing the spotlight from slower moving markets like San Francisco, San Jose and Los Angeles. Slowdowns in the Bay Area, in particular, are driven by the fact that these markets are so expensive that many people can no longer realistically afford to buy there, limiting demand and reducing pressure on home values. Despite recent increases in the national pace of home value appreciation, I expect a nationwide slowdown in 2017 as some headwinds begin blowing in, including increasing mortgage rates and worsening affordability.”

Home values overall have risen 7.2 percent year-over-year, with the Zillow Home Value Index (ZHVI) at $195,300. Rents have also risen—though notedly less than home values—at 1.4 percent year-over-year to a Zillow Rent Index (ZRI) of $1,404.

Housing inventory nationally continued on a downward track, tumbling 3 percent year-over-year, according to the reports. Minneapolis-St. Paul, Minn., and Detroit, Mich., experienced the most declines, down 17.7 percent and 16.8 percent, in order.

For more information, please www.zillow.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Appreciation Activity Shifts to the South appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

Housing is set to smash records in February, with realtor.com® forecasting both the fewest days on market since the recession and the month’s highest list prices—an early start to the spring home-buying season, says realtor.com Chief Economist Jonathan Smoke.

“The spring buying season is off to a booming start,” Smoke says. “Not only is the season starting a month early, February is also expected to see the fastest-moving inventory in a decade, as well as the highest home prices the month has ever seen. Homebuyers, take note: This year is shaping up to be even more of a seller’s market than last year.”

Data from realtor.com indicate the median list price will be $250,000 in February—a record-setter—and listing inventory will be up 2 percent from January to 425,000. The median age of inventory for February, in addition, will be 91 days, a 5 percent dip from both January 2017 and February 2016.

Based on the data, the hottest markets in terms of median age of inventory will be Vallejo-Fairfield, Calif. (33 days), San Francisco-Oakland-Hayward, Calif. (27 days) and Dallas-Fort Worth-Arlington, Texas (44 days).

For more information, please visit www.realtor.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Spring Home-Buying Season Gets an Early Start appeared first on RISMedia.

…read more

From:: Finance and Economy

By Susanne Dwyer

Housing is set to smash records in February, with realtor.com® forecasting both the fewest days on market since the recession and the month’s highest list prices—an early start to the spring home-buying season, says realtor.com Chief Economist Jonathan Smoke.

“The spring buying season is off to a booming start,” Smoke says. “Not only is the season starting a month early, February is also expected to see the fastest-moving inventory in a decade, as well as the highest home prices the month has ever seen. Homebuyers, take note: This year is shaping up to be even more of a seller’s market than last year.”

Data from realtor.com indicate the median list price will be $250,000 in February—a record-setter—and listing inventory will be up 2 percent from January to 425,000. The median age of inventory for February, in addition, will be 91 days, a 5 percent dip from both January 2017 and February 2016.

Based on the data, the hottest markets in terms of median age of inventory will be Vallejo-Fairfield, Calif. (33 days), San Francisco-Oakland-Hayward, Calif. (27 days) and Dallas-Fort Worth-Arlington, Texas (44 days).

For more information, please visit www.realtor.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Spring Home-Buying Season Gets an Early Start appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

New-home sales showed improvement in January—but left room to grow—at 555,000, a 3.7 percent increase, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The average new-home sales price was $360,900, while the median was $312,900. New-home listing inventory was 265,000—5.7 months supply.

“This disappointing report showcases the paltry gains we’ve seen recently in the new-home market in stark contrast to the strength in the existing-home market,” says realtor.com® Chief Economist Jonathan Smoke. “While the numbers do mark the best start for the year since 2008, this slow pace indicates a clear problem to growth, given how far we are into an economic recovery. Mortgage rates aren’t to blame, since they remain historically attractive and have been relatively stable since the end of 2016. A big part of the problem is the supply side challenges builders are facing, like regulatory burdens, labor shortages and a lack of capital and financing options. Those reasons are partly why new homes cost 37 percent more than existing homes, based on differences in median prices, and that difference is keeping the new home market from growing to take advantage of strong demand.

“Consumers who have the luxury of being able to wait for a new home to be built and pay a little more can avoid the cutthroat competition we’re seeing for existing homes—but lots of people don’t have that option,” Smoke says.

Source: U.S. Census Bureau

For the latest real estate news and trends, bookmark RISMedia.com.

The post New-Home Sales Leave Room to Grow in January appeared first on RISMedia.

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From:: Finance and Economy