Foreclosures | Mortgages | Financing
By jgaffney@housingwire.com All around the nation, some bonfires are starting and others are being put out. However, it’s getting harder and harder to tell which is which. The FTC puts a stop to itself, Wells Fargo cans a bunch of executives and the White House gets a suggestion on who should be fired next. All that and more in your Monday Morning Cup of Coffee. …read more
From:: Real Estate Wire
The homeownership rate crept up close to a full percentage point from one year ago to 63.7 percent in the second quarter, encouraged by more owner household formation, according to the U.S. Census Bureau’s recent Quarterly Housing Vacancies and Homeownership report. The owner household formation rate overtook the renter household formation rate in the first quarter, and remained ahead in the second quarter—evidence that the shift toward owner-occupied is more than a one-off trend. Roughly 87 percent of housing was occupied in the second quarter, with 55.5 percent owner-occupied and 31.6 percent renter-occupied.
“For only the second time in 11 years, and for the second consecutive quarter, the number of owner-occupied households grew faster than renter households over the year,” wrote Ralph McLaughlin, chief economist at Trulia, in a Trulia Trends blog. “The fact that we now have two consecutive quarters where owner households outpaced renters is a strong sign this trend is reversing and that the homeownership rate bottomed out last year.”
The homeownership rate was only marginally higher in the second quarter compared to the first quarter, when it was 63.6 percent, the report found. The rate in the second quarter was again highest in the Midwest, at 68 percent, and the South, at 65.5 percent, though both regions have seen minimal movement year-over-year. Rates have gone up year-over-year in the Northeast and West, at 60.4 percent and 58.9 percent in the second quarter, respectively.
Households headed by those aged 65 and older comprised the biggest share of homeowners in the second quarter, 78.2 percent, while households headed by those aged 34 years and younger comprised the smallest, 35.3 percent.
Non-Hispanic White Alone homeowners, as defined by the Census, claimed the highest homeownership rate in the second quarter, as well: 72.2 percent. Asian, Native Hawaiian and Pacific Islander Alone homeowners encompassed the second-highest rate, at 56.5 percent, while Hispanic homeowners held the next-highest, at 45.5 percent. Black Alone homeowners totaled the lowest rate, at 42.3 percent.
The homeowner vacancy rate was 1.5 percent in the second quarter, the report revealed; the renter vacancy rate was 7.3 percent. Homeowner vacancy rates were highest outside metropolitan statistical areas (MSAs) at 2.1 percent, ahead of in suburbs at 1.5 percent and in principal cities at 1.4 percent. Renter vacancy rates were also highest outside MSAs at 8.8 percent, followed by inside principal cities at 7.2 percent and in suburbs at 7.1 percent.
The median asking sales price for vacant for sale housing in the second quarter was $177,200, the report showed. The median asking rent for vacant for rent housing, over the same period, was $910.
Source: U.S. Census Bureau
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Beyond the Bottom? Homeownership Rate Creeps Back Up appeared first on RISMedia.
From:: Finance and Economy
The homeownership rate crept up close to a full percentage point from one year ago to 63.7 percent in the second quarter, encouraged by more owner household formation, according to the U.S. Census Bureau’s recent Quarterly Housing Vacancies and Homeownership report. The owner household formation rate overtook the renter household formation rate in the first quarter, and remained ahead in the second quarter—evidence that the shift toward owner-occupied is more than a one-off trend. Roughly 87 percent of housing was occupied in the second quarter, with 55.5 percent owner-occupied and 31.6 percent renter-occupied.
“For only the second time in 11 years, and for the second consecutive quarter, the number of owner-occupied households grew faster than renter households over the year,” wrote Ralph McLaughlin, chief economist at Trulia, in a Trulia Trends blog. “The fact that we now have two consecutive quarters where owner households outpaced renters is a strong sign this trend is reversing and that the homeownership rate bottomed out last year.”
The homeownership rate was only marginally higher in the second quarter compared to the first quarter, when it was 63.6 percent, the report found. The rate in the second quarter was again highest in the Midwest, at 68 percent, and the South, at 65.5 percent, though both regions have seen minimal movement year-over-year. Rates have gone up year-over-year in the Northeast and West, at 60.4 percent and 58.9 percent in the second quarter, respectively.
Households headed by those aged 65 and older comprised the biggest share of homeowners in the second quarter, 78.2 percent, while households headed by those aged 34 years and younger comprised the smallest, 35.3 percent.
Non-Hispanic White Alone homeowners, as defined by the Census, claimed the highest homeownership rate in the second quarter, as well: 72.2 percent. Asian, Native Hawaiian and Pacific Islander Alone homeowners encompassed the second-highest rate, at 56.5 percent, while Hispanic homeowners held the next-highest, at 45.5 percent. Black Alone homeowners totaled the lowest rate, at 42.3 percent.
The homeowner vacancy rate was 1.5 percent in the second quarter, the report revealed; the renter vacancy rate was 7.3 percent. Homeowner vacancy rates were highest outside metropolitan statistical areas (MSAs) at 2.1 percent, ahead of in suburbs at 1.5 percent and in principal cities at 1.4 percent. Renter vacancy rates were also highest outside MSAs at 8.8 percent, followed by inside principal cities at 7.2 percent and in suburbs at 7.1 percent.
The median asking sales price for vacant for sale housing in the second quarter was $177,200, the report showed. The median asking rent for vacant for rent housing, over the same period, was $910.
Source: U.S. Census Bureau
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Beyond the Bottom? Homeownership Rate Creeps Back Up appeared first on RISMedia.
From:: Real Estate News
Communities with sought-after schools often command a premium for homebuyers. Realtor.com® recently uncovered 10 towns where not only public elementary schools earn high marks, but also home prices make the grade—in affordability.
1. Aurora, Ill. (60503)
Schools: Homestead Elementary School (rating 10/10 on GreatSchools), The Wheatlands Elementary School (8/10), Wolfs Crossing Elementary School (10/10)
The 2017 median household income in Aurora is $114,118 with a 2017 median listing price of $259,900. Aurora is 45 percent more affordable compared to its surrounding metro area, and 47 percent more affordable compared to the U.S. overall.
2. Stone Mountain, Ga. (30087)
School: Wynbrooke Elementary School (9/10)
The 2017 median household income in Stone Mountain is $71,678 with a 2017 median listing price of $218,950. Stone Mountain is 38 percent more affordable compared to its surrounding metro area and compared to the U.S. overall.
3. Hampton, N.J. (08827)
School: Union Township Elementary School (8/10)
The 2017 median household income in Hampton is $118,810 with a 2017 median listing price of $297,000. Hampton is 60 percent more affordable compared to its surrounding metro area, and 37 percent more affordable compared to the U.S. overall.
4. Royersford, Pa. (19468)
Schools: Brooke Elementary School (9/10), Evans Elementary School (8/10), Limerick Elementary School (9/10), Spring-Ford Intermediate School 5th/6th (9/10), Upper Providence Elementary School (9/10)
The 2017 median household income in Royersford is $83,264 with a 2017 median listing price of $246,125. Royersford is 21 percent more affordable compared to its surrounding metro area, and 32 percent more affordable compared to the U.S. overall.
5. Kingwood, Texas (77345)
Schools: Deerwood Elementary School (9/10), Greentree Elementary School (10/10), Hidden Hollow Elementary (9/10), Shadow Forest Elementary School (10/10), Willow Creek Elementary School (10/10).
The 2017 median household income in Kingwood is $123,201 with a 2017 median listing price of $323,750. Kingwood is 46 percent more affordable compared to its surrounding metro area, and 32 percent more affordable compared to the U.S. overall.
6. Rosemount, Minn. (55068)
School: Shannon Park Elementary School (10/10)
The 2017 median household income in Rosemount is $93,743 with a 2017 median listing price of $299,900. Rosemount is 30 percent more affordable compared to its surrounding metro area, and 32 percent more affordable compared to the U.S. overall.
7. Bowie, Md. (20715)
Schools: Whitehall Elementary School (8/10), Yorktown Elementary School (8/10)
The 2017 median household income in Bowie is $107,865 with a 2017 median listing price of $345,350. Bowie is 29 percent more affordable compared to its surrounding metro area, and 27 percent more affordable compared to the U.S. overall.
8. Huntington Woods, Mich. (48070)
School: Burton Elementary School (8/10)
The 2017 median household income in Huntington Woods is $120,265 with a 2017 median listing price of $400,000. Huntington Woods is 15 percent more affordable compared to its surrounding metro area, and 27 percent more affordable compared to the U.S. overall.
9. Stow, Mass. (01775)
School: Center School (8/10)
The 2017 median household income in Stow is $139,622 with a 2017 median listing price of $504,750. Stow is 45 percent more affordable compared to its surrounding metro area, and 23 percent more affordable compared to the U.S. overall.
10. Chandler, Ariz. (85226)
Schools: …read more
From:: Real Estate News
Tesla Inc.’s Model 3 will cost $35,000 for a base version and $44,000 for a model with longer range, Chief Executive Elon Musk announced Friday night at an event outside the company’s Fremont, Calif., factory. Tesla has announced hundreds of thousands of reservations for the car, which included $1,000 deposits, but only announced the final pricing schedule at the event, where the first 30 Model 3 units were supposed to be delivered to owners. The two options for range introduced Friday night were a Standard edition expected to travel 220 miles on a full charge, and a Long-Range model that would travel 310 miles. Musk reiterated at the event that he expects to soon build the cars at a rate of 5,000 a week, ramping up to 10,000 a week by the end of next year, and that customers who order the cars now would likely receive them late next year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
By Beth McGuire
Being truly exceptional isn’t just a goal for Tom DeWine; it’s a business plan, a mindset and a way of life. Taking the helm of his father’s 30-year-old company, ERA Colonial Real Estate, earlier this year, DeWine set out to continue with the core values upon which his father successfully built the firm, and expand upon them to create a company that delivers a truly unparalleled experience for both its agents and consumers. Here, DeWine, along with Chief Operating Officer Linda Starr, explain their philosophy for leading the Central Texas firm into its next storied chapter.
Maria Patterson: First, let’s talk about your career paths. When and why did you join ERA Colonial Real Estate?
Tom DeWine: When I first entered the professional world, I was in sales for the medical device industry, and I stayed in that field for about 10 years. In 2005, I had a conversation with my father (Dennis DeWine), who asked me if I would consider joining him in running the business. That question coincided with an acquisition in the San Antonio market, which is where I was living. I joined the company in late 2005, having completed my licensing while I transitioned out of my previous industry. Since that time, I’ve been blessed to have occupied a number of positions and responsibilities within the company that have afforded me a valuable understanding of the challenges and requirements needed to run our operations. My dad formally retired as of the first quarter of this year and has been retained as a consultant, still passionately committed to the success of the company. We’ve had 30 years of success built around a strong culture and I take great pride in the fact that the core values my dad started the company with three decades ago are the same values that inspire us today.
Linda Starr: I had a very different path. I spent 35 years in the tech industry in various global, executive positions. Personal reasons led me to rearrange my priorities—I wanted a job where I could contribute highly, but keep my feet more on the ground. I was drawn to real estate and began to interview, but I wasn’t all that attracted to certain styles of real estate sales companies. Then I met Tom, and we very much have a shared view of things. The more we talked, the more it made sense to me. I could help on the technology side, which is coming to real estate in faster and bigger proportions. I could also help build the company from a product, sales and marketing standpoint. So, I joined the firm in the beginning of December 2016.
TD: Hiring Linda was an interesting process. I was committed to finding an individual with a fresh perspective from the institutionalized way we think about real estate. I wanted someone who could offer a different way to overcome the challenges of this industry. It’s been such a delight to be challenged by Linda, instead of just doing things the way they’ve …read more
From:: Real Estate News
By Beth McGuire
In the following interview, Isom Coleman, president of HomeSmart ICARE Realty in Sacramento, Calif., discusses the advantages of the brand, including in marketing and technology.
Region Served: The Greater Sacramento area
Years in Real Estate: 11
Number of Offices: 3
Number of Agents: 171
Most Effective Way to Motivate Agents: We keep our agents motivated by providing education on a continual basis, checking up on them to ensure we remain involved and reaching out if they need an extra push.
What do you like most about the region in which you work?
Not only is Sacramento beautiful, but we’re centrally located in one of the best parts of California, making it easy to go from the mountains to the ocean within a few hours.
How does your company make its agents’ jobs easier?
Through the use of technology and automation. And that’s exactly what HomeSmart stands for. From automatic YouTube videos to websites that are set up with a search feature and contact management functionality to an automated process that allows agents to create flyers at the push of a button, we provide a lot of technology specifically designed to make them more efficient. Our education platform, which can be accessed via iPad or smartphone, allows agents to train on their own terms.
Your firm has achieved significant growth over the past four years. What factors have contributed to your success?
A lot of companies are focused on how they can make money, but at HomeSmart ICARE Realty, we’re fixated on what we can do to provide value to our agents, as this is instrumental in getting them to sing our praises to others. Once agents see the value we provide, and the fact that they’re getting the same things they would get at other brokerages for a fraction of the cost, what we’re doing speaks for itself. It’s also important to note that on average, our agents get 93-97 percent of their commission. In the end, it’s all about providing agents value, as this will keep them coming to us.
What about the HomeSmart model allows you and your agents to serve clients at a high level?
The biggest thing is the fact that our videos are produced at the franchise level rather than the corporate level. At HomeSmart, all of our technology is proprietary, and we’re always looking for ways to replicate new products and services in-house so that our agents don’t have to go elsewhere and pay to arm themselves with the latest and greatest tools.
How are you using technology to better serve your clients?
The marketing side has been really good for our agents. With a full-blown 60-plus page listing presentation that can be customized on an individual basis, and a full suite of automated marketing technology, we’ve seen a huge increase in agents being able to get listings. While most real estate professionals bring a few key pieces of paper with them when they meet with potential sellers, our listing presentation is structured in a way to take the client through the process step-by-step.
For more information, please visit <a target="_self" …read more
From:: Real Estate News
By Beth McGuire
Home prices rose 0.4 percent month-over-month in May 2017, according to the Federal Housing Finance Agency’s (FHFA) recently released House Price Index (HPI). The HPI year-over-year—based on prices for homes with Fannie Mae- and Freddie Mac-backed mortgages—was up 6.9 percent.
Per the Index, month-over-month home price changes ranged from -0.5 percent in the Middle Atlantic Census division to +1.0 percent in the West South Central division. Home price changes year-over-year ranged from +4.0 percent in the Middle Atlantic Census division to +8.7 percent in the Pacific division.
Source: Federal Housing Finance Agency (FHFA)
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From:: Finance and Economy
By Beth McGuire
Home prices rose 0.4 percent month-over-month in May 2017, according to the Federal Housing Finance Agency’s (FHFA) recently released House Price Index (HPI). The HPI year-over-year—based on prices for homes with Fannie Mae- and Freddie Mac-backed mortgages—was up 6.9 percent.
Per the Index, month-over-month home price changes ranged from -0.5 percent in the Middle Atlantic Census division to +1.0 percent in the West South Central division. Home price changes year-over-year ranged from +4.0 percent in the Middle Atlantic Census division to +8.7 percent in the Pacific division.
Source: Federal Housing Finance Agency (FHFA)
For the latest real estate news and trends, bookmark RISMedia.com.
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From:: Real Estate News
0% down and 1% down mortgage offerings just started to gain traction in the industry before Freddie Mac announced it completely nixed the program option. So what was the goal in rolling out the 3% down or less options? Help spur homeownership and give first-time homebuyers an affordable conforming, conventional mortgage option. And according to an interview with Quicken Loans and United Wholesale Mortgage that is exactly what the programs were doing. …read more
From:: Real Estate Wire