Provided By: Realty Times
In the first quarter of 2013 our economy grew by 2.5 percent. While some were disappointed with that figure because it fell short of the consensus estimate of 3.0 percent, it's still a sign of better times, according to Corelogic.com.
The company recently released "The MarketPulse" which highlighted the following: economic recovery is benefitting from residential investment, "census division of price declines in the housing collapse varied dramatically by depth and duration, and the census divisions with the largest declines have the fastest current recoveries."
There are four census divisions in the United States. These geographical regions contain two or three census divisions for a total of nine. How these areas were impacted and how they are recovering depends on various factors such as the development of new housing.
Build it and they will come. The new housing industry is growing stronger and helping boost the Gross Domestic Product (GDP). Homebuyers seeking new homes are encouraging this growth.
At the lowest point, new home sales dropped to 273,000 annualized sales in February 2011, marking the lowest sales rate in almost 50 years. The highest peak reached 1.4 million annualized sales in July 2005 and today it's increasing 19 percent from a year ago, according to the U.S. Census Bureau data from March 2013.
Meanwhile, residential home prices are continuing to rise. However, the increase in home prices isn't uniform across the country. Instead, the recovery is geographically confined to areas that are "either recovering from the boom-bust cycle, or exhibiting strong economic fundamentals and strengthening demographic demand," according to Corelogic.
The increase in housing prices is also happening in areas where building is booming.
New housing competes with foreclosures and short sales. These latter two groups are now experiencing a decline, making new housing a good solution for some buyers.
Mortgages categorized as seriously delinquent (90 days or more past due) peaked nationally at 3.7 million in January 2010. The figure has recently dropped by 33 percent to 1.2 million.
Corelogic reported that there were 55,000 completed foreclosures through March 2013, which is a decrease of 16 percent compared with the number of the same period last year.
Meanwhile, the summer sizzle season is arriving soon and analysts expect another possible increase in sales and prices which could encourage more sellers to list their homes for sale
If you're interested in buying, here are a few tips. Act now. Start putting your finances in order so you know what you can actually afford to purchase. Delaying this could mean the loss of your favorite home to a better prepared borrower.
Meet with experts to get the best information and advice about the real estate market you're interested in. While real estate information is available on line from anywhere in the world, prices vary greatly depending on the local market. Your best bet is to find an expert in the area you're interested in to assist you with your questions and guide you through your search.
Remember that many sellers are still in a recovery mode. They may just now be adjusting to no longer having their home mortgage "under water". So, when you find a home you're interested in, act quickly to engage negotiation about the final sales price.
Also, keep in mind that the housing inventory is likely to increase as housing prices continue to rise. However, many experts predict the shortage of existing homes for sale is likely to remain a problem throughout the rest of 2013.
Wednesday, May 22, 2013
Monday, May 20, 2013
Thursday, May 16, 2013
8 smart moves for buying a foreclosure
Provided By: interest.com
The days of scooping up foreclosed homes at a discount of 20% or more appear to be coming to an end across much of the United Sates.
That’s good news overall, because it's a sign the U.S. housing market finally is getting back on its feet after five terrible years. More demand is boosting prices.
But it also means would-be buyers need to be careful they’re making a smart choice if they bid on a repossessed home.
A recent study by Zillow, the real estate website, found that when equivalent home listings are compared, the discount for foreclosed homes has fallen to about 7%.
"With for-sale inventory tight in most markets right now … and demand slowly increasing, it wouldn't be surprising to see the foreclosure discount decrease even more," Stan Humphries, Zillow’s chief economist, says in a release.
That’s a big change.
Nearly 13 million foreclosures have been filed since the housing market collapsed in 2007, according to the website RealtyTrac. Initially, the glut of foreclosures meant they could often be had significantly below market value.
No more. If you’re shopping foreclosed homes in most places today, you’ll probably have to pay closer to regular market price. That puts a premium on doing the job properly.
Thursday, May 2, 2013
Green Living: Making it Last
Provided By: Realty Times
We live in a disposable society. The products that fill our daily lives are used and discarded. This habitual "use and lose" puts a dent in not only our pocketbooks, but also in the environment.
According to Cleanair.org, every year Americans throw away enough paper and plastic cups, forks, and spoons to circle the equator 300 times. Yes, 300 times. This is just the tip of the trash iceberg. Parents all across the nation gird the loins of their joyful little cherubs with disposable diapers. Cleanair notes, "Disposable diapers are the third largest single consumer item in landfills, and represent about 4% of solid waste. In a house with a child in diapers, disposables make up 50% of household waste." In addition, these diapers take hundreds of years to decompose and cost thousands of dollars to use. Plus, the oil used to produce those dandy disposables is more oil than used during the lifetime use of your car! The EPA reports that in 2010, American generated about 250 million tons of trash, with just a 34.1 percent recycling rate. What is being tossed that could be repurposed, reused, or revisioned? Learning to reduce, reuse, and recycle is a great way to cut down on household expenses, something that many homeowners are searching out. There's a honorable movement spreading across the nation bent on saving money and preserving the environment. The new book Make it Last: Prolonging and Preserving What We Love bridges the gap between life in a disposable culture and the basic skills needed to save money and live more sustainably. This book teaches the reader how to extend the lives of the things they love by repairing clothing, preserving home-grown food, and even repairing your kitchen sink. Raleigh Briggs takes her longtime commitment to community building through the DIY movement and shares her valuable experience with the reader through a conversational tone in her hand drawn and illustrated guide. "People are starting to realize not only that they can do this stuff, but that it's fun and fulfilling to boot." says Briggs. "Whenever you think about the choices you're making, you're doing a good thing."Verbicide Magazine described it as "a Gideon Bible-like manual that should be heavily circulated to people who are just scraping by in life. Her pragmatic approach to taking back your home is what makes this book so appealing." Save money while saving the planet. That's some noble work!
We live in a disposable society. The products that fill our daily lives are used and discarded. This habitual "use and lose" puts a dent in not only our pocketbooks, but also in the environment.
According to Cleanair.org, every year Americans throw away enough paper and plastic cups, forks, and spoons to circle the equator 300 times. Yes, 300 times. This is just the tip of the trash iceberg. Parents all across the nation gird the loins of their joyful little cherubs with disposable diapers. Cleanair notes, "Disposable diapers are the third largest single consumer item in landfills, and represent about 4% of solid waste. In a house with a child in diapers, disposables make up 50% of household waste." In addition, these diapers take hundreds of years to decompose and cost thousands of dollars to use. Plus, the oil used to produce those dandy disposables is more oil than used during the lifetime use of your car! The EPA reports that in 2010, American generated about 250 million tons of trash, with just a 34.1 percent recycling rate. What is being tossed that could be repurposed, reused, or revisioned? Learning to reduce, reuse, and recycle is a great way to cut down on household expenses, something that many homeowners are searching out. There's a honorable movement spreading across the nation bent on saving money and preserving the environment. The new book Make it Last: Prolonging and Preserving What We Love bridges the gap between life in a disposable culture and the basic skills needed to save money and live more sustainably. This book teaches the reader how to extend the lives of the things they love by repairing clothing, preserving home-grown food, and even repairing your kitchen sink. Raleigh Briggs takes her longtime commitment to community building through the DIY movement and shares her valuable experience with the reader through a conversational tone in her hand drawn and illustrated guide. "People are starting to realize not only that they can do this stuff, but that it's fun and fulfilling to boot." says Briggs. "Whenever you think about the choices you're making, you're doing a good thing."Verbicide Magazine described it as "a Gideon Bible-like manual that should be heavily circulated to people who are just scraping by in life. Her pragmatic approach to taking back your home is what makes this book so appealing." Save money while saving the planet. That's some noble work!
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