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A recent report from the Mortgage Bankers Association showed that mortgage credit availability is increasing, meaning it’s getting easier to get a mortgage and has been since 2011. Or so it would seem. A new report from the Urban Institute suggests that it’s actually more difficult to get a mortgage now than it was before the crisis. …read more

From:: Real Estate Wire

By Beth McGuire

More than half of housing markets saw home sale prices peak at the end of 2016, according to the National Association of REALTORS®’ (NAR) recently released quarterly report, contributing to the best quarterly sales pace of the year. Eighty-nine percent of markets saw home prices increase in the fourth quarter, compared to 87 percent in the third quarter, with 17 percent experiencing double-digital increases.

“Buyer interest stayed elevated in most areas thanks to mortgage rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,” says Lawrence Yun, NAR chief economist. “At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.”

The median single-family home price nationally was $235,000 in the fourth quarter, up 5.7 percent from the fourth quarter of 2015. Fifty-two percent of the 150 markets analyzed by NAR now have a median price at or above prior all-time highs. The markets with the highest median prices in the fourth quarter were San Jose, Calif. ($1,005,000), San Francisco, Calif. ($837,500), and Anaheim-Santa Ana, Calif. ($745,200); those with the lowest were Youngstown-Warren-Boardman, Ohio ($87,600), Decatur, Ill. ($92,400) and Cumberland, Md. ($94,000).

The highest median home price regionally in the fourth quarter was in the West, at $348,800 (a 7.8 percent increase year-over-year), followed by the Northeast at $254,100 (a 0.2 percent decrease), the South at $210,500 (a 5.4 percent increase), and the Midwest at $181,000 (a 5.7 percent increase).

“Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets,” Yun says. “The exception for the most part is in the Northeast, where price growth is flatter because of healthier supply conditions.”

Condo and co-op prices across the board also increased in the fourth quarter, up 6.1 percent year-over-year to $222,000.

Overall, housing affordability slid compared to the fourth quarter of 2015—according to NAR, buying a median-priced single-family home now would require an income of $51,017 for a 5 percent down payment, $48,332 for a 10 percent down payment, and $42,962 for a 20 percent down payment.

“Even a pick-up in wage growth may be insufficient to compensate the impact of higher mortgage rates and home prices,” says Yun. “Increased homebuilding will be crucial to alleviate supply shortages and stave off the affordability hit.”

“The prospect of higher mortgage rates and more home shoppers in coming months should be enough of an incentive for those serious about buying to start their search now,” says NAR President Bill Brown. “There are fewer listings on the market, but also a little less competition than what’s expected this spring. Buyers may find just the home they’re looking for at a good price and without the possibility of having to outbid others.”

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

For the latest <a target="_self" …read more

From:: Real Estate News

By Beth McGuire

More than half of housing markets saw home sale prices peak at the end of 2016, according to the National Association of REALTORS®’ (NAR) recently released quarterly report, contributing to the best quarterly sales pace of the year. Eighty-nine percent of markets saw home prices increase in the fourth quarter, compared to 87 percent in the third quarter, with 17 percent experiencing double-digital increases.

“Buyer interest stayed elevated in most areas thanks to mortgage rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,” says Lawrence Yun, NAR chief economist. “At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.”

The median single-family home price nationally was $235,000 in the fourth quarter, up 5.7 percent from the fourth quarter of 2015. Fifty-two percent of the 150 markets analyzed by NAR now have a median price at or above prior all-time highs. The markets with the highest median prices in the fourth quarter were San Jose, Calif. ($1,005,000), San Francisco, Calif. ($837,500), and Anaheim-Santa Ana, Calif. ($745,200); those with the lowest were Youngstown-Warren-Boardman, Ohio ($87,600), Decatur, Ill. ($92,400) and Cumberland, Md. ($94,000).

The highest median home price regionally in the fourth quarter was in the West, at $348,800 (a 7.8 percent increase year-over-year), followed by the Northeast at $254,100 (a 0.2 percent decrease), the South at $210,500 (a 5.4 percent increase), and the Midwest at $181,000 (a 5.7 percent increase).

“Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets,” Yun says. “The exception for the most part is in the Northeast, where price growth is flatter because of healthier supply conditions.”

Condo and co-op prices across the board also increased in the fourth quarter, up 6.1 percent year-over-year to $222,000.

Overall, housing affordability slid compared to the fourth quarter of 2015—according to NAR, buying a median-priced single-family home now would require an income of $51,017 for a 5 percent down payment, $48,332 for a 10 percent down payment, and $42,962 for a 20 percent down payment.

“Even a pick-up in wage growth may be insufficient to compensate the impact of higher mortgage rates and home prices,” says Yun. “Increased homebuilding will be crucial to alleviate supply shortages and stave off the affordability hit.”

“The prospect of higher mortgage rates and more home shoppers in coming months should be enough of an incentive for those serious about buying to start their search now,” says NAR President Bill Brown. “There are fewer listings on the market, but also a little less competition than what’s expected this spring. Buyers may find just the home they’re looking for at a good price and without the possibility of having to outbid others.”

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

For the latest <a target="_self" …read more

From:: Finance and Economy

By Beth McGuire

Asian Americans and Pacific Islanders (AAPI) occupy a unique place in American society. Unlike other minorities, there’s no overarching language, religion or culture that unifies or identifies the group as a whole. This is because the dozens of countries of origin and ethnicities that make up what we refer to as “Asian American” are so vastly different that in some cases have almost no similarities at all.

Despite this, AAPI are usually referred to as if they’re a uniform group, with uniform experiences and uniform success in the U.S.—a mythos known as the Model Minority. This stereotype assumes that all AAPI are highly educated, well-off financially and generally not in need of government assistance and protections. This could not be further from the truth. While some in the AAPI community have experienced tremendous personal success, many more have not. The Model Minority Myth masks the experiences of the less fortunate, and through its prevalence, has created a vacuum of policy and research into the community at large.

The tangible effect of this vacuum could be said to be inclusion of AAPI into the “other” racial category in government, academic and business research and policy papers. The “other” category is typically defined as Asian Americans and Pacific Islanders, Native Alaskans and Hawaiians, and people of two or more races. The AAPI community is currently the fastest-growing population in the U.S., having seen an astounding 46 percent growth rate from 2000-2010. AAPI are projected to more than double their population by 2050, and China and India have replaced Mexico as the largest source of immigrants to the U.S. Because of this, many AAPI advocacy groups feel it’s time to begin disaggregating AAPI data so policymakers, business leaders and academics have the information needed to understand the issues affecting this dynamic community.

The Asian Real Estate Association of America (AREAA) is one of these advocacy groups. AREAA’s core mission is to promote homeownership in the AAPI community by both advocating for policies at the national and local levels, and by empowering those who serve the market. Over the last five years, the AAPI community has been the largest and most active minority participant in the U.S. mortgage market, having applied for and secured more loans, in both total number and dollars originated, than any other minority. Despite this, there’s still very little in the way of housing data and research when it comes to the AAPI demographic. As the National Association of REALTORS® Chief Economist Lawrence Yun states, it’s important to have this data because “…one can examine the special obstacles the AAPI community may be facing in realizing the American Dream of ownership. Is it due to high housing costs in regions where many AAPI reside? Or is it due to credit access difficulty that’s unique to the community? A better understanding of the source of the problem means better ways to help address and redress the problem.”

One of the most widely reported and influential reports on homeownership, the U.S. Census Department’s Quarterly Residential Vacancies …read more

From:: Real Estate News

By Beth McGuire

A memo recently obtained by the media provides insight into the fate of the Consumer Financial Protection Bureau (CFPB), outlining House Financial Services Committee Chairman Jeb Hensarling’s new, “aggressive” plans to overhaul the agency and Dodd-Frank.

The plans, unconfirmed by the Committee (at press time), are a step up from those laid out by the Financial CHOICE Act, intended to “off-ramp” Dodd-Frank and passed by the Committee in the fall, according to CNBC. One of the more visible changes would be the installment of a “political appointee” to lead the agency—a pivot from the bill’s original proposal of a five-member commission. As reported by CNBC:

The bill would turn the head of the consumer watchdog agency into a political appointee who can be dismissed at will rather than the director of an independent agency.

The new plans would also remove the CFPB’s authority to pursue legal action against financial institutions, and consumer complaint databases.

Other provisions of Dodd-Frank are referenced in the memo, as well, including the oversight of “living wills,” a requirement that banks have contingency plans in the event of another financial crisis. The Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve currently manage living wills; the new plans would remove the FDIC from the post.Earlier this month, President Trump signed an executive order supporting the refurbishment of Dodd-Frank as determined by the CHOICE Act.

Stay tuned to RISMedia.com for more developments.

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

The post House Financial Services Committee Chairman Steps Up Plans to Overhaul CFPB appeared first on RISMedia.

…read more

From:: Real Estate News

By Beth McGuire

A memo recently obtained by the media provides insight into the fate of the Consumer Financial Protection Bureau (CFPB), outlining House Financial Services Committee Chairman Jeb Hensarling’s new, “aggressive” plans to overhaul the agency and Dodd-Frank.

The plans, unconfirmed by the Committee (at press time), are a step up from those laid out by the Financial CHOICE Act, intended to “off-ramp” Dodd-Frank and passed by the Committee in the fall, according to CNBC. One of the more visible changes would be the installment of a “political appointee” to lead the agency—a pivot from the bill’s original proposal of a five-member commission. As reported by CNBC:

The bill would turn the head of the consumer watchdog agency into a political appointee who can be dismissed at will rather than the director of an independent agency.

The new plans would also remove the CFPB’s authority to pursue legal action against financial institutions, and consumer complaint databases.

Other provisions of Dodd-Frank are referenced in the memo, as well, including the oversight of “living wills,” a requirement that banks have contingency plans in the event of another financial crisis. The Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve currently manage living wills; the new plans would remove the FDIC from the post.Earlier this month, President Trump signed an executive order supporting the refurbishment of Dodd-Frank as determined by the CHOICE Act.

Stay tuned to RISMedia.com for more developments.

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

The post House Financial Services Committee Chairman Steps Up Plans to Overhaul CFPB appeared first on RISMedia.

…read more

From:: Finance and Economy

After nearly a year and half legal battle between VHT and Zillow Group over copyright infringement complaints, the court award VHT $79,875 in actual damages and $8.24 million in statutory damages, but the court battle isn’t getting put to rest yet. Zillow Group said in a statement that it plans to “vigorously pursue all options to overturn their verdict.” …read more

From:: Real Estate Wire

In 2016 the number of homes that are seriously underwater dropped by 1 million homes to a new low. Rising home prices and low inventory prices is causing home buyers to struggle, however current homeowners are reaping the benefits of this increasing equity. …read more

From:: Real Estate Wire