Tag Archives: Real estate

Median Home Prices Up

29 Oct

The new home market is a greater source of strength for the economy in that new home sales jumped 5.7% in September.This is the
largest increase since the stimulus efforts of 2010.   Although prices for new
homes slid back just by 3.2%, we are still seeing that median home prices are
11.7% higher from a year ago.

The National Association of Realtors is optimistic that low interest rates will continue to influence home sales, despite an only 0.3 increase in September home sales.

National Association of Home Builders os optimistic in its economic outlook as well.  The NAHB is predicting a 21 percent increase in single-family starts this year to 528,000 units and a further 26 percent rise to 665,000 units in 2013. As for multi-family units, the NAHB expects a 26 percent increase this year to 224,000 units and a 6 percent climb in 2013 to 328,000 units.

 

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Home Prices Up

20 Sep

Redfin,  RE/MAX and the National Association of Realtors all reported a year-over-year increase in home values.  Despite a small decrease in July of this year, an overall increase of 3% to over 7% is reported, depending on which source you follow.  This has pulled a significant number of homeowners up from underwater, greatly affecting their ability to refinance.

Home prices, home sales increasing

18 Jul
A percent sign.

A percent sign. (Photo credit: Wikipedia)

Inventory of homes for sale is low… this makes sense if you think about a home with negative equity: homeowners cannot list their property for sale.  This lower inventory is having a positive effect on home prices, supply is low, demand is high.  There is interest especially in lower-value properties for investment.

CoreLogic reports that  lower-priced homes are appreciating most quickly.  Since last year, homes priced 125 percent or more higher than the national average improved by 1.8 percent, with homes priced at 75% of the national average appreciating 5.7%.

Lender Processing Services (LPS) home price index shows a 2.5% increase this year, the greatest increase since 2005.

Some Promising Numbers

23 Mar

Mortgage rates dropped slightly this week after an uptick of just under ½% in the last two weeks. The recent rate increase, however, immediately impacted activity in the housing market. The Mortgage Bankers Association reported that for the prior week, applications for home purchases declined by 1.0%. The big impact of the rate increase was felt in the refinance index which dropped 9.3%.

The Housing Market Index, which measures the confidence reported by the National Association of Home Builders, is at the highest level since the start of the recession. Home builders are indicating that they are expecting significant growth in new construction in the coming months. Although housing starts dropped slightly after January’s very strong report, the good news is that permits for new construction are continuing to increase which is evidence of the builder’s sentiment on an improving real estate picture.

Existing Home Sales dropped just under 1.0%, however this report comes after January’s upwardly revised jump of 5.7%. Compared to last year, existing home sales are up 8.8%, making us optimistic that housing is on the mend.

Point to Ponder: The Impact The Job Market Has On The Housing Market

10 Feb

Being unemployed, under-employed, or afraid of losing a job is never easy. One of the first things many people do is minimize their spending. Certainly, the last thing on their minds is making a major purchase like a house.

Here are three key points that shed light on specific ways that the labor market influences the housing market.

Home Prices: A more secure employment market can help home prices stabilize, as fewer people are at risk of losing their homes to foreclosure. In addition, improvements in the labor market often open the door for more first-time homebuyers to join the ranks of homeowners. This can eventually help home prices improve.

Home Size: When someone is paid a good salary, one of the things they often think about doing is purchasing a larger home.

Home Location: When the labor market is thriving, an employer may even have to lure in people who live outside the local area to take a job. This is one of the reasons housing markets are so localized. One state, city, or community might have a much better job market than a neighboring one. That’s why it’s very important to understand the labor situation in your own state and city in order to really get a feel for the health of the housing market there.

The bottom line to remember in 2012 is that all real estate markets are local…and that means that there can be enormous variations across the country. In areas where employment is struggling, the housing market may continue to struggle as well. But employment is improving in many parts of the country, which also means the housing market in those areas will follow suit.

Title Insurance: More Important Than Ever

20 Dec

Understanding the tenets of title insurance is especially important considering the turmoil in the real estate industry.

Title insurance is intended to protect the insured from improper titling, including defects in foreclosure proceedings, forgery, or impersonation or cases in which no title is legally conveyed. Other defects are partial, such as a neighboring fence or garage encroaching on the insured person’s property.

The title insurance industry recently set down strict guidelines for when and if they will insure a title to a property on which there has been a foreclosure.

The buyer should be equally vigilant, insisting on a 60-year search and paying for an owner’s policy as well as the lender’s policy that the bank will demand.

Source: Washington Post, Harvey S. Jacobs (11/27/2010)

TITLE FAQs

1 Dec

Q. What does Tradition Title Agency do to ensure a clear title?

A. Tradition Title Agency searches records to find anything that could affect a clear title, such as unpaid taxes or mortgages, easements and judgments, and court actions against previous owners that were not satisfied. Bringing potential problems to light early in the mortgage process allows Tradition Title Agency, lenders, attorneys and clients to work together to remove the risk before the closing.

Tradition Title Agency customizes searches to each unique client situation. We do Attorney Searches, Abstracts, Chain of Title, Covenant and Restriction, Easement/Right of Way, Municipal Searches, and whatever your unique situation requires. See our Services page for more on how we can ensure your clear title.

Q. How long does it take for Tradition title Agency to perform a title search?

A. We work diligently to accommodate your schedule, including tight deadlines, but in general, we complete a title search in three to five business days.

Q. What liability does the mortgage banker, broker or attorney have in ensuring a clear title?

A. The best thing real estate, legal and financial professionals can do to minimize risk for themselves and their clients is to always do business with a reputable title agency with experience and expertise that understands the laws and regulations in their local area. With a solid reputation and more than 40 years of experience in satisfactorily clearing titles in NY, NJ, and PA, TTA is such an agency.