"Home prices in the U.S. edged up 5.8% year-over-year in December as the average home price rose to $207,000, Lender Processing Services said in its latest Home Price Index."
-kpanchuch@housingwire.com. Arizona is still leading in housing price rises. Home prices rose 16.5% in 2012. California, Nevada, Texas and Florida are all rising at slower paces.
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TBWSDailyShow:
According to Barry Habib, stocks will continue to move higher and bonds lower.
There is a new move for investors to give higher commissions than contracted to their agents who close the deal for them. The investors close the deals with cash and immediately turn around and list the property at a higher price. Is this ethical? Follow this link to see the whole story- http://thenationalrealestatepost.com/2013/02/25/pocket-investors-giving-commission-bonuses/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheNationalRealEstatePost+%28The+National+Real+Estate+Post%29
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"Hmmm. Washington's dysfunction is indisputable. But it is not America's first, second, or third biggest problem. Those are (1) the lingering effects of the housing bust are still impoverishing families and economic growth; (2) globalization pushing down wages for work that lives along a worldwide supply chain; and (3) essentials like health care, education, energy, and housing getting more expensive while families have to work longer hours just to keep up with microscopic inflation.
(David) Brooks' diagnosis for America isn't just statistically questionable. It's dangerous. There is a fixation in Washington to pass any sort of deficit deal to cure the the uncertainty crisis in American business. But there no measurable uncertainty crisis. And there is a measurable household earnings and debt crisis."--Derek Thompson senior editor at The Atlantic
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QEIII will continue into the third quarter in the form of the Feds buying mortgage backed securities. The problem our economy is having right now is due to tight credit regulations. This inhibits individual people buying homes even with the low mortgage rates. Housing has provided the "tailwind" for the economy in the past. However, unless the number of purchases increase and the prices rise, housing will not help the economy this time around.
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TBWSDailyShow:
The end of the world happens Friday. Sequestration. The loony thing is that these people who are being laid off will just go on unemployment. So, the people who can fix the things we need fixed are going to draw unemployment and in the long run cost us more. However, while on unemployment, they do not qualify for home loans. But neither can they afford their mortgages. However, if they go into foreclosure inventory of homes for sale will rise. All this will keep rates low for a long time.
A number of lenders have been busted for discriminating against women who are going out on maternity leave. The federal gov't says, "Don't do that". But, does not a lender have the responsibility and obligation to take into consideration the possibility that the mother may continue to stay home to care for her child. Given the federal government's predilection for prosecuting mortgage lenders at some time in the future for doing what the feds tell them to do now, what do you think?
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The number of home sales rose in January, but the prices dropped. As I have said before, investors who are buying the largest share of the properties will keep the prices down.
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Massive mortgage debt is continuing to bog down homeowners. This is contributing to a lack of inventory. The problem is that the total mortgage debt exceeds the total value of homes with a mortgage.
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This is an unprecedented time in history to buy homes. The investors are keeping the prices low, the Feds are keeping the mortgage rates artificially low. Supply is low, so there is more competition for available properties which are not foreclosures or short sales.
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RedState is looking for young,conservative journalists to hire. There are other organizations who are interested as well. Must be pro-life. Contact RedState, Eric Erickson.
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Housing starts were up year-over-year 24%. Housing starts were at their second-highest level since July 2008. Existing home sales were up year-over-year 9%. Sales shifting from distressed foreclosure and short sales to conventional sales. Delinquency+foreclosure rate fell to 10.44% from January's 10.61%. -- Jed Kolko, Chief economist for Trulia
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Check out your regional dead celebrity architects. Clients are now asking for their properties by name and willing to pay premium prices for the buildings. --Nancy Keats, Wall Street Journal
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Top 5 cities to sell homes: 5) Iowa City, Iowa; 4) Seattle; 3) Washington D.C.; 2) Phoenix; 1) San Francisco.--Aol Real Estate
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It would appear that a real estate salesperson selling a home to a buyer that refers the buyer to a particular loan originator or creditor (lender) or a loan originator that works for the lender and expects compensation becomes a loan originator and thereby gets into trouble if reported to CFPB. Do you have an opinion? This is how I read the new regulation that goes into effect on Jan. 10, 2014.--Herman Thordsen OrginationNews.
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Rick Floyd summarizes If It Doesn't Work/Fix It by Stephan Schiffman: Many of us have a feeling that something is broken in our lives and/or work place, but don't take the time to define the problem and just continue along in our lives allowing the problem to continue to hinder us. We do this over and over. It doesn't need to be this way. We can find the time to find a quiet place to shut off the phone and sit down and go through our habits and processes step by step to find what is broken. We can find the steps to find what is broken and how to fix it. Not only can we, but we must do it if we want to be a highly successful salesperson. Weekly, evaluate your prospecting habits, workflow and systems, find what is broken and fix it. By doing this you will find levels of success that you have yet to achieve.
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Metro Atlanta saw the third-highest rebound in new housing starts in 2012, according to Metrostudy.
The area saw a 91.2 percent jump in starts of single-family detached houses last year, bested only by Las Vegas (up 96.1 percent) and Naples/Ft. Myers, Fla. (up 91.6 percent). These markets were among the hardest hit when the housing bubble burst.
“[National] Starts of detached homes rose by an impressive 46.9 percent from year-end 2011 to year-end 2012, and the rebound is starting a virtuous cycle, providing a much-needed boost to personal incomes, which in turn translate into still-higher demand for homes,” Metrostudy noted.
The organization credited the rebound to pent-up demand finally asserting itself, higher consumer confidence, rising home prices making buyers feel a sense of urgency and affordability.
But although the entire year was up, there was pullback in the fourth quarter in most markets, Metrostudy said.
But although the entire year was up, there was pullback in the fourth quarter in most markets, Metrostudy said.--Jacques Couret, Atlanta Business Chronicle
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TBWSDailyShow:
Innerthinx says mortgage fraud is on the rise. Really? Interthinx also owns FraudGuard, so are they just trying to drum up business? Foreclosures are down, 30 day lates are down, 60 day lates are down, 90 day lates are virtually non existent. Frank-Dodd is in place. CFPB is ruling with an iron fist. So with all the new rules in place, if fraud is really up, we can conclude that the new rules are encouraging fraud and we need to go back to a time when there was less fraud.
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Mortgage giant Freddie Mac reported net income of $11 billion for 2012, compared to a net loss of $5.3 billion a year earlier, as a result of the housing market turning a corner and the firm working to minimize legacy losses.
In 2012, Freddie Mac helped 2.5 million families to buy, refinance or rent a home and another 170,000 families avoided foreclosure, bringing the total to nearly 10 million since the start of the housing crisis.
During 2012, the GSE purchased 434,000 HARP loans totaling $86.9 billion, more than double the amount purchased last year, according to the report. --cmlynski@housingwire.com
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Pending home sales rose in January and continued a 21-month trend of growing from year ago levels, the National Association of Realtors said.
"Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply and demand balance to sellers in much of the country," LawrenceYun said. --cmlynski@housingwire.com
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“You will never do anything in this world without courage. It is the greatest quality of the mind next to honor.” - Aristotle
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Looking for a home or investment property? Contact me at jpierce@realestateauctions.com. If we aren't there already, we will be in yours state this year.
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