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While the landmark case between PHH and the Consumer Financial Protection Bureau awaits a decision on whether the full Court of Appeals will rehear the case, more politicians are publicly voicing their support for the bureau. So what’s the big reason for the added support? The new Trump administration. Meanwhile, Chronos Solutions’ new CEO announcement on Friday isn’t the company’s only news. …read more

From:: Real Estate Wire

By Susanne Dwyer

Americans are “cautiously optimistic” about the housing market, with 69 percent recently surveyed by ValueInsured believing 2017 will be a better year for real estate than 2016, and 52 percent believing housing will become more favorable under the Trump Administration.

The outlook is primarily felt among millennials who are not homeowners. According to the survey, 62 percent of millennials believe the housing market will turn in their favor this year, while the level of confidence held by millennial non-homeowners has gone up the most in the past quarter, to a score of 61.3 in the ValueInsured Housing Confidence Index. (The Index is based on a 100-point scale.) The Index overall, however, has trended downward to 68.0 since September 2016—the first decline since March 2016, driven largely by homeowners.

The sentiment comes in contrast to the drop in share of first-time homebuyers who plan to purchase a home during the spring real estate season this year. A recent report by realtor.com® reveals the percentage of first-time homebuyers who plan to enter the housing market this spring has gone down 10 percent since October 2016—before the presidential election—due to concerns over higher mortgage rates. Mortgage rates rose for the first time in 2017 last week, after falling since the start of the year.

Forty-four percent of millennial non-homeowners in the survey are also confident they can afford a down payment, and 41 percent are expecting it to be easier to buy a home. Research out of Freddie Mac bears out a related trend, showing 40 percent of millennial non-homeowners are making saving for a down payment a priority. (Affording the ideal 20 percent—which ensures better mortgage loan terms—remains elusive.)

Attitudes toward home value, as well, have shifted, with homeowners feeling less confident home prices in their market will rise and their homes are worth what they paid for them, according to the survey. Zillow reports home values grew at an annual rate of 6.8 percent in December 2016.

Still, with the new administration, more than three-quarters of those surveyed believe owning a home is essential to the American Dream, and buying a home, ultimately, is better than renting one.

Source: ValueInsured.com

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

The post Will Housing become Better under Trump? Half of Americans Think So appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

Americans are “cautiously optimistic” about the housing market, with 69 percent recently surveyed by ValueInsured believing 2017 will be a better year for real estate than 2016, and 52 percent believing housing will become more favorable under the Trump Administration.

The outlook is primarily felt among millennials who are not homeowners. According to the survey, 62 percent of millennials believe the housing market will turn in their favor this year, while the level of confidence held by millennial non-homeowners has gone up the most in the past quarter, to a score of 61.3 in the ValueInsured Housing Confidence Index. (The Index is based on a 100-point scale.) The Index overall, however, has trended downward to 68.0 since September 2016—the first decline since March 2016, driven largely by homeowners.

The sentiment comes in contrast to the drop in share of first-time homebuyers who plan to purchase a home during the spring real estate season this year. A recent report by realtor.com® reveals the percentage of first-time homebuyers who plan to enter the housing market this spring has gone down 10 percent since October 2016—before the presidential election—due to concerns over higher mortgage rates. Mortgage rates rose for the first time in 2017 last week, after falling since the start of the year.

Forty-four percent of millennial non-homeowners in the survey are also confident they can afford a down payment, and 41 percent are expecting it to be easier to buy a home. Research out of Freddie Mac bears out a related trend, showing 40 percent of millennial non-homeowners are making saving for a down payment a priority. (Affording the ideal 20 percent—which ensures better mortgage loan terms—remains elusive.)

Attitudes toward home value, as well, have shifted, with homeowners feeling less confident home prices in their market will rise and their homes are worth what they paid for them, according to the survey. Zillow reports home values grew at an annual rate of 6.8 percent in December 2016.

Still, with the new administration, more than three-quarters of those surveyed believe owning a home is essential to the American Dream, and buying a home, ultimately, is better than renting one.

Source: ValueInsured.com

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

The post Will Housing become Better under Trump? Half of Americans Think So appeared first on RISMedia.

…read more

From:: Finance and Economy

By Susanne Dwyer

The nation’s hottest housing hubs have clusters of affordable housing, but the demand for housing in the more expensive epicenters is widening the divide between them, according to recently released research by Zillow. The gap, says Zillow Chief Economist Dr. Svenja Gudell, is predominant on the West Coast.

“The Bay Area and other expensive West Coast markets get a lot of attention for being unaffordable, but even they have some areas where the share of income spent on housing is relatively low,” Gudell says. “Of course, buyers have to be willing to make some trade-offs to live in more affordable cities within the metro. Some cities in the most in-demand housing markets across the country have such a high housing burden that they are simply not feasible for buyers with lower incomes. If income growth doesn’t keep pace with home value growth, especially as mortgage rates rise, inequality will persist.”

In San Jose, Calif., homebuyers in Palo Alto spend 75.4 percent of their income on housing, while homebuyers in Milpitas—15 miles away—spend 34.8 percent. In San Francisco, Calif., homebuyers in Berkeley spend 58.4 percent of their income on housing, while homebuyers in Antioch spend 21.9 percent.

The gap, however, is slimmer in cooler markets. In St. Louis, Mo., homebuyers in St. Charles spend 12.7 percent of their income on housing, while homebuyers in St. Louis spend 11.6 percent; in Orlando, Fla., homebuyers in Kissimmee spend 14.9 percent of their income on housing, while homebuyers in Pine Hills spend 10.5 percent.

The widest divides include:

Los Angeles-Long Beach-Anaheim, Calif.
Santa Monica, Calif. – 66.1 percent
Lancaster, Calif. – 18.5 percent

Miami-Fort Lauderdale, Fla.
Miami, Fla. – 42.8 percent
Lauderhill, Fla. – 10.3 percent

New York, N.Y.-Northern N.J.
Passaic, N.J. – 45.7 percent
Brentwood, N.Y. – 14.7 percent

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

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

The post Research: Uneven Divide Crops Up in Hot Housing Hubs appeared first on RISMedia.

…read more

From:: Finance and Economy

By Susanne Dwyer

The nation’s hottest housing hubs have clusters of affordable housing, but the demand for housing in the more expensive epicenters is widening the divide between them, according to recently released research by Zillow. The gap, says Zillow Chief Economist Dr. Svenja Gudell, is predominant on the West Coast.

“The Bay Area and other expensive West Coast markets get a lot of attention for being unaffordable, but even they have some areas where the share of income spent on housing is relatively low,” Gudell says. “Of course, buyers have to be willing to make some trade-offs to live in more affordable cities within the metro. Some cities in the most in-demand housing markets across the country have such a high housing burden that they are simply not feasible for buyers with lower incomes. If income growth doesn’t keep pace with home value growth, especially as mortgage rates rise, inequality will persist.”

In San Jose, Calif., homebuyers in Palo Alto spend 75.4 percent of their income on housing, while homebuyers in Milpitas—15 miles away—spend 34.8 percent. In San Francisco, Calif., homebuyers in Berkeley spend 58.4 percent of their income on housing, while homebuyers in Antioch spend 21.9 percent.

The gap, however, is slimmer in cooler markets. In St. Louis, Mo., homebuyers in St. Charles spend 12.7 percent of their income on housing, while homebuyers in St. Louis spend 11.6 percent; in Orlando, Fla., homebuyers in Kissimmee spend 14.9 percent of their income on housing, while homebuyers in Pine Hills spend 10.5 percent.

The widest divides include:

Los Angeles-Long Beach-Anaheim, Calif.
Santa Monica, Calif. – 66.1 percent
Lancaster, Calif. – 18.5 percent

Miami-Fort Lauderdale, Fla.
Miami, Fla. – 42.8 percent
Lauderhill, Fla. – 10.3 percent

New York, N.Y.-Northern N.J.
Passaic, N.J. – 45.7 percent
Brentwood, N.Y. – 14.7 percent

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

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

The post Research: Uneven Divide Crops Up in Hot Housing Hubs appeared first on RISMedia.

…read more

From:: Real Estate News