As we ring in a new year, the “Housing News Report” asked five prominent economists to forecast what 2015 will bring for the U.S. housing market after a 2014 that was a bit of a reality check in the housing recovery following two strong bounce-back years in 2012 and 2013. Overall, the economists we interviewed were cautiously optimistic about 2015 when it comes to home prices, home sales, interest rates and the impact of loosening lending standards that have recently been introduced by government agencies . . . READ MORE>>
It’s unfortunate, but as a real estate professional you put yourself at risk when you meet someone for the first time. For 2015, NAR President Chris Polychron has made safety a priority. Look for more on safety in the months ahead. To help you right now, REALTOR® Magazine has produced a short video that walks you through 12 steps you can take to reduce the chance of something bad happening to you when you meet a new customer . . . READ MORE>>
On Dec. 3, 2014, the House of Representatives passed H.R. 5771, the Tax Increase Prevention Act of 2014, by a strong bipartisan vote of 378-46. The Senate has not yet acted on the tax extenders, but is expected to do so the week of Dec. 8. The House bill includes a one-year extension of several expired tax provisions that benefit REALTORS and their clients, including tax relief for mortgage debt forgiveness . . . READ MORE>>
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2014 was unchanged from the 30 percent recorded in the second quarter of 2014 but was down from a revised 32 percent in third-quarter 2013, according to C.A.R.’s Traditional Housing Affordability Index (HAI). This is the sixth consecutive quarter that the index was below 40 percent.
Realogy CEO Richard Smith, discusses the solid third quarter at the company, saying there is increased confidence in the housing market. Smith also discusses the merger of Zillow and Trulia.
Millennials haven’t written off homeownership; more than half expect to buy within five years, C.A.R. survey finds
Contrary to popular belief, millennials still highly value homeownership, and a majority expect to buy a home in the next five years, according to a CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) survey of young adults age 18-34.
More than half (54 percent) gave homeownership an importance rating of “8” or higher on a scale of 1-10, with 1 being “not at all important” and 10 being “extremely important.” The biggest advantages they see in homeownership are the freedom to do what they want with the property, privacy, and the satisfaction of ownership.
Moreover, millennials are optimistic about future home prices, with 59 percent saying they expect home prices will increase in a year, and 63 percent believing home prices will be higher in five years . . .
Both imports and exports are rising much faster than the broader economy. That means more companies are seeing faster sales growth to foreign buyers than to U.S. domestic buyers. A greater interaction with foreign economies, in turn, will mean increased demand for U.S. real estate by foreigners.
NAR estimated home sales to international clients rose 35 percent in the 12-month period ending in March 2014 from the prior year. For comparison, the overall existing home sales over the same period rose by only 6 percent. The domestic market is still much larger, but the growth is coming from foreign buyers . . . READ MORE>>
Low interest rates fail to spark August home sales; home prices continue to increase despite improving housing inventory
Budge Huskey appeared on CNBC’s Realty Check program on August 21 and talked about mortgage rates, the U.S. housing market, and signals of a continuing economic recovery. Are we moving back to a "normal, more traditional" market? Hear what Budge has to say . . .
Data from realtor.com® shows the countries from which consumers were most active on realtor.com® and realtor.com® International in June 2014. It also shows which U.S. cities they were most searching during that month . . . READ MORE>>
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