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Housing affordability took another hit as rents outpaced home values in April for the first time in years, according to the latest Zillow Real Estate Market Report. Last month’s home values recorded a three percent year-over rise to $178,400, but rents increased four percent year-over-year in the same period to $1,364. In some major markets, rents have been running far ahead of home values for nearly a year–San Francisco’s rents have been faster than home values in July 2014, while Boston’s annual rental growth has outpaced home value appreciation since August 2014. -- Phill Hall in NationalMortgageProfessional.com http://nationalmortgageprofessional.com/news/54113/rents-rise-home-sales-and-rates-stagnate?+Rates+Stagnate
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Shared by James Harrison, taken by Joao Neves, The Golden Rule
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2 reasons the housing market is underacheiving
1. Supply is constrained
2. Demand is lagging
Mark Flemming in HousingWire
----------------------------------------------------Building permits in April 2015 were at a seasonally adjusted annual rate (SAAR) of 1,143,000, up 10.1 percent from the revised March rate and up 6.4 percent from April 2014. Housing starts in April 2015 were at a SAAR of 1,135,000, up 20.2 percent from March and up 9.2 percent from April 2014. -- Bureau of Economic Analysis
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Shared and taken by Debbee Whitesell, Alberta Legislature Building is in Edmonton, Alberta
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The National Association of Home Builders/Wells Fargo sentiment gauge dropped to 54 this month from 56 in April, figures from the Washington-based group showed Monday. Readings greater than 50 mean more respondents report good market conditions. The median forecast in a Bloomberg survey called for an increase to 57. -- Bloomberg News http://www.nationalmortgagenews.com/news/origination/confidence-among-homebuilders-unexpectedly-declined-in-may-1051186-1.html?
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On the list are all four large metro areas in Texas — Austin, Houston, Dallas and San Antonio — where an oil and gas boom has fueled job growth and population growth, pushing home prices well above their sustainable levels. That boom may also last a little longer, as the state recently put an end to local government's ability to ban fracking.
Home prices in these four markets are also well above their historical peak levels: 26.9% for Austin, 18.3% for Houston, 14.8% for Dallas and 8.4% for San Antonio. Of the other three overvalued metros, Miami, Fla. and Washington, D.C. were on the list in October; Charleston, S.C., is a new addition. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/33940-corelogic-there-are-now-7-hugely-overvalued-housing-markets-right-now
-----------------------------------------------------Shared, taken and designed by Gavin Maddock Design Studio. Pearl Bay Residence, on South Africas’ West coast.
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Contract closings dropped 3.3% to a 5.04 million annualized rate after a 5.21 million pace that was the strongest in almost two years, figures from the National Association of Realtors showed Thursday in Washington. The median forecast of 78 economists in a Bloomberg survey called for a rise to 5.23 million. Prices jumped as the number of houses for sales declined from the same time last year. -- Bloomberg News http://www.nationalmortgagenews.com/news/origination/sales-of-previously-owned-homes-unexpectedly-decline-1051504-1.html?
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RealtyTrac: Foreclosure activity jumps to highest level in 18 months
Trey Garrison in HousingWire http://www.housingwire.com/articles/33957-realtytrac-foreclosure-activity-jumps-to-highest-level-in-18-months
-----------------------------------------------------Shared and taken by MonaX. Tonglu, Zhejiang Province
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