Archives for February 2013

Fannie: Housing to See ‘Sustained Growth’

The housing market is “on a sustained growth path,” according to the latest economic outlook by Fannie Mae’s Economic & Strategic Research Group.

“One of the key developments for the housing market last year was the general consensus that home prices, on a national basis, bottomed earlier in the year and continued to build momentum, exhibiting robust year-over-year gains unseen since the housing boom,” according to the report.

Housing inventories are at the lowest since December 1994 and fewer distressed homes have helped to lift home prices, according to Fannie Mae economists.

Among some of Fannie Mae economists projections for this year:

  • Home prices: Fannie Mae economists predict that the median price of existing homes will increase 2.3 percent on an annual basis this year, reaching $181,000. The median price of a new home will likely increase 1.6 percent to $248,000. For 2014, economists predict that home prices will increase an extra 2.8 percent.
  • Home sales: Existing-home sales will likely rise 11.5 percent in 2013, and new-home sales will rise 12.5 percent, economists predict.
  • Mortgage rates: Rates will likely edge up slightly this year with 30-year fixed-rate mortgages projected to average 3.8 percent this year and rise to 4.4 percent in 2014.

Interest Rate History

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Hailey Home On 1 1/2 Lots Adjacent Wood River Trail System

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HOUSE SQ. FT.: 2,146



TAXES: 2012 $1,276.58



Home sales edge up in ‘seller’s market’

Here is a reprint of an article posted on USA Today. While the article calls the market as a “Seller’s Market” what they don’t say is prices are still lower than what most Seller’s are hoping for. There is a lack of inventory, including the Sun Valley area, but it’s still a buyer’s market when it comes to final sales prices.

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Sales of previously owned homes edged up in January, held back by a shortage of homes for sale, according to the National Association of Realtors.

Single-family home sales increased 0.2% to a seasonally adjusted annual rate of 4.34 million in January vs. 4.33 million in December, and 8.5% above the 4 million-unit level in January 2012.

The median single-family home price was $174,100 in January, up 12.6% from a year ago.

Lawrence Yun , NAR chief economist, said tight inventory is a problem and, as a result, “We’ve transitioned into a seller’s market in much of the country.”

“Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40% above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly.”

Homes available for sale at the end of January fell 4.9% to 1.74 million previously owned homes, a 4.2-month supply at the current sales pace, down from 4.5 months in December, and the lowest supply since April 2005, when it was also 4.2 months, the NAR said.

The inventory is 25.3% below a year ago, when there was a 6.2-month supply. The number of homes available for sale is at the lowest level since December 1999, when there were 1.71 million homes on the market, the Realtors said.

“We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth,” Yun said.

Sales rose in every region but the West.

Overall, sales of single-family homes, condos and townhouses were up 0.4% from December, at a seasonally adjusted annual rate of 4.92 million. That was up from a downwardly revised 4.90 million in December, and 9.1% above the 4.51 million-unit pace in January 2012.

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Sequestration Could Devastate Fed Housing Programs

Automatic government spending cuts could result in 75,000 fewer households receiving foreclosure-prevention aid along with rental and counseling services through the Department of Housing and Urban Development.

Shaun Donovan, HUD Secretary, sent that warning to lawmakers Thursday when discussing the impact sequestration could have on homeowners during a Senate Appropriations Committee.

It’s not just foreclosure counseling and prevention programs that would feel the impact of automatic cuts.

GovBudgetCutsAnother 125,000 individuals or families could lose assistance offered through the Housing Choice Voucher program, putting more people at risk of becoming homeless, Donovan told the panel. The HCV program currently provides support to families who are renting in private apartment units.

Donovan added that sequestration cuts could cause more than 100,000 formerly homeless Americans, including veterans, to be removed from their current residences or emergency housing programs.

“Much of this damage will be done through cuts to HUD’s Continuum of Care programs, under which formerly homeless families and individuals are quickly re-housed and given other assistance to move them towards self-sufficiency,” he explained.

“In addition, the sequestration cuts would eliminate some of the key funding for the nation’s shelter system for the homeless provided by the Emergency Solutions Grants (ESG) program.”

HUD programs related to home safety and rehabilitation also would take a hit, Donovan said. About 2,100 housing units for low-income families would no longer have funding available through the Home Investment Partnerships program.

“These cuts will have an even broader effect on local economies, particularly because historically, every dollar of HOME funding is leveraged with almost four dollars of other governmental or private investment for the production or rehabilitation of affordable single or multi- family housing,” Donovan said. “This will mean fewer jobs in and more harm to local construction and related industries.”

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Lead Generation

Market Statistics

  • 12.54,12.74,11.73,10.7,9.6,9.29,9.02,8.54,8.22,7.85,7.76,8.74

Information is deemed to be reliable, but is not guaranteed. © 2018