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Archives for July 2013

Housing Inventories Rising Faster Than Usual

Here comes the housing inventory.

The number of homes listed for sale increased by 4.3% in June to 1.9 million homes, the highest level in the last year, according to data released Monday by Realtor.com.

Housing inventory has steadily declined over most of the past two years. Listings typically climb heading into the spring and summer, when housing activity hits a seasonal peak. But inventories appear to be posting larger-than-usual gains in many markets right now as they rise from their lowest levels in at least a decade. Economists say rising home prices could convince more sellers to test the market if price increases keep up.

Nationally, the number of homes listed for sale stood 7.3% below their levels of one year earlier. The year-over-year decline stood at 18.6% in February, by contrast.

Among the nation’s 30 largest markets, listings were above the levels of a year earlier in four places. All four of those markets had seen big inventory declines over the past two years. Housing inventory was up by 11% in Sacramento, Calif.; by 10.9% in Atlanta; by 6.2% in Phoenix; and by 2.2% in Miami.

Another five cities posted declines of less than the national average decline of 7.3%: Los Angeles, Philadelphia, Baltimore, Chicago, and Charlotte, N.C.

By contrast, inventories were far below last year’s level in Boston (-35.1%), Denver (-30.1%), Detroit (-25.7%), Seattle (-23.2%), and San Francisco (-21.7%).

For the last two years, real-estate agents in a growing number of markets have complained that the low supply of homes for sale has limited the number of transactions—even though the supply constraints have propelled home prices higher.

The question now is whether higher inventory will lead to higher sales volumes, and whether it will also slow the pace of home-price gains. Another wild card: how homeowners respond to mortgage rates that have jumped by at least a percentage point over the last two months.

Compared with May, inventories rose in 20 cities, according to Realtor.com. The data showed a spike in listings in Southern California, with inventories rising by 51.5% in Orange County, by 45.7% in Los Angeles and by 18.1% in San Diego.

Nationally, median asking prices rose by 0.5% in June from the previous month to $199,900, and by 5% from one year ago. Some 27 of the top 30 metro areas posted annual gains.

The Realtor.com figures include sale listings from more than 800 multiple-listing services across the country. They don’t cover all homes for sale, including those that are “for sale by owner” and newly constructed homes that aren’t always listed by the services.

SOURCE: Wall Street Journal, Realtor Magazine

CNBC: Idaho Ranks 10th For Best In Business

Idaho is ranked Number 5 regarding being Business FriendlyWe scored all 50 states on 51 measures of competitiveness developed with input from business groups including the National Association of Manufacturers and the Council on Competitiveness.

Idaho Ranked #3 For Most Affordable Cost of Living

States received points based on their rankings in each metric. Then, we separated those metrics into ten broad categories, weighting the categories based on how frequently they are cited in state economic development marketing materials. That way, our study ranks the states based on the criteria they use to sell themselves.

▼Overall Rank ▼State ▼Cost of Doing Business ▼Economy ▼Infrastructure ▼Workforce ▼Quality of Life ▼Technology & Innovation ▼Business Friendliness ▼Education ▼Cost of Living ▼Access to Capital
1 South Dakota 1 6 19 11 7 48 2 30 26 39
2 Texas 35 1 1 11 41 2 20 10 9 3
3 North Dakota 12 2 2 8 5 46 6 36 30 29
4 Nebraska 10 4 16 23 4 36 3 30 5 39
5 Utah 21 10 21 19 21 23 4 39 11 7
5 Virginia 38 10 21 6 18 12 6 8 20 13
7 Colorado 37 7 23 10 15 8 17 15 32 11
8 Georgia 28 19 18 1 32 17 14 8 14 5
9 Wyoming 9 15 9 16 11 47 8 20 27 39
10 Idaho 7 31 20 14 16 37 5 33 3 39
11 Iowa 13 5 28 40 14 30 9 15 16 31
12 North Carolina 32 13 31 3 30 10 18 15 20 15
13 Tennessee 14 9 2 5 49 25 18 45 2 27
14 Kansas 27 21 4 17 24 29 12 15 7 35
15 Minnesota 39 10 8 32 3 18 15 23 34 17
16 Massachusetts 47 3 40 28 13 7 21 7 43 1
17 Oregon 36 16 13 39 8 14 25 26 38 11
18 Indiana 26 32 5 27 39 24 10 13 6 25
19 Montana 5 19 12 34 12 40 43 23 30 39
20 Arizona 31 43 10 2 29 19 16 49 35 33
21 Washington 44 24 31 24 10 4 23 28 36 7
22 Wisconsin 28 34 17 40 19 19 24 13 28 21
23 South Carolina 8 35 15 9 41 26 34 36 19 19
24 Arkansas 4 18 34 7 40 38 43 15 7 37
25 Oklahoma 2 24 25 25 45 35 28 48 1 37
26 Missouri 19 17 5 48 47 22 29 20 11 23
27 New Hampshire 18 43 45 33 9 27 13 2 40 15
28 Ohio 23 22 11 47 44 16 33 12 14 17
29 Michigan 33 26 25 15 43 12 32 32 18 23
30 Florida 40 38 29 4 28 11 35 28 29 27
31 Delaware 24 27 39 30 34 39 1 34 37 14
32 Vermont 22 8 48 49 2 40 31 11 41 31
33 Alabama 6 40 27 25 45 34 37 36 13 39
33 New Mexico 15 30 23 38 26 32 47 46 25 29
35 New York 49 14 42 45 22 1 30 2 47 3
36 Kentucky 17 42 14 31 38 31 37 43 3 39
37 Illinois 44 45 5 29 30 5 36 22 23 25
38 Maine 16 46 44 43 5 32 27 27 39 33
39 Pennsylvania 44 29 33 44 33 5 41 6 33 5
40 Maryland 41 33 46 20 25 9 45 2 42 9
41 Mississippi 3 47 36 18 37 44 49 47 10 39
42 New Jersey 42 48 43 21 23 15 41 1 46 9
43 Louisiana 10 35 41 22 50 28 39 40 20 35
44 Alaska 25 23 38 36 35 50 10 35 49 39
45 Connecticut 43 39 49 37 17 21 26 5 48 19
46 Nevada 30 50 30 13 47 42 22 50 17 39
47 California 50 35 34 34 27 2 48 43 45 1
48 West Virginia 19 27 37 50 36 49 50 42 24 39
49 Rhode Island 34 49 47 42 20 42 46 23 44 21
50 Hawaii 48 41 50 45 1 45 40 40 50 39

Idaho is ranked #3 as most affordable cost of living

FINANCE INFORMATION: FHA 203K Loans – great for homes needing work

Buyers and homeowners looking to include renovation costs in a purchase or refinance loan can do so with as little as 3.5 percent down for up to 110 percent of the property’s after-repair value. The infographic here provides a quick overview of how this incredible loan works, from start to finish.

FHA 203K Loan Information for Hailey Idaho 83333

The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer’s credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.

The Section 203(k) program is the Department’s primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an important program and we intend to continue to strongly support the program and the lenders that participate in it.

The Federal Housing Administration’s 203(k) loan program can help homeowners pay for a variety of home repairs and upgrades. From waterproofing a home, making handicapped-accessible improvements or simply upgrading appliances, the FHA’s 203(k) loan program may be able to help.

The FHA’s 203(k) loans are offered from $5,000 to $35,000, and cover projects designed to rehabilitate and repair single family properties. While the FHA does not directly issue the money, it insures the loan in a partnership with a lender.

To learn more click button above.

Mortgage Rates Poised to Jolt Up Again

Treasury Yield Post Large JumpWith the government reporting surprisingly good jobs news on Friday, the 10-year Treasury yield posted a large jump, signaling that mortgage rates may see yet another jolt higher in coming days.

The 10-year Treasury yield rose almost one-quarter of a percentage point to 2.74% on Friday. The last time there was a similar-sized jump up was in August 2011. Weekly mortgage rates, which trend in the same direction as Treasury yields, recently pulled back. But given Friday’s yield surge, this Thursday’s weekly mortgage-rate report from federally controlled mortgage buyer Freddie Mac could show a large gain.

Conventional 30yr Fixed  best-execution rates moved forcefully into 4.75% territory, with some lenders at 4.875%.  That means that any rate quoted on Wednesday would be roughly 0.375% higher today

The average rate on the 30-year fixed rate mortgage hit a trough of 3.35% in early May, according to Freddie Mac FMCC . Since then, the rate has increased almost one full percentage point, though levels remain relatively low.

Rising mortgage rates will make home-buying more expensive, and some buyers will have to scale back purchase plans. Goldman Sachs analysts estimated that recent mortgage-rate gains mean that for a median-priced single-family home, which costs about $200,000, borrowers who put down 20% face an increase of about $100 in their monthly mortgage payments.

Loan Originator Perspectives

” If you are choosing to float your mortgage lock in this market you definitely taking a gamble as today’s market reaction has proven. Weigh your risks vs potential gains carefully. You can’t lose with locking in and securing your loan terms. ” -Kenneth Crute Branch Manager Prime Mortgage Lending Inc

“If there was any doubt over the future direction of rates, today’s MBS reaction to June’s jobs report obliterated it. We’ve lost the most ground in one day EVER, and best execution rates may be in the 5’s soon. It’s impossible to overstate the magnitude of MBS losses in the past 2 months, and anyone who was floating a loan is in for a rude awakening when they look at current pricing.” -Ted Rood, Senior Originator, Wintrust

Mortgage News Daily, which closely tracks the market, described Friday as “among the worst days in mortgage rate history,” and said some lenders’ rates rose as high as 4.875%.

SOURCE: Wall Street Journal & Mortgage Daily News

CONSIDERING SELLING? Why Settle For 1989 Marketing & Technology

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As always . . . we’re here to help.

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