Housing Peak Levels Then vs. Now

DSNews.com, October 17th, 2017

CoreLogic Principal Economist Molly Boesel recently took a look at the overall boom and bust cycle for the housing market in 2017. Looking at the length of the decline and how far prices fell, CoreLogic is revealing parallels between the peak levels of the past and the present.

According to Boesel, while 11 years have gone by since the start of the housing crisis in 2006, U.S. home prices are nearly back to the peak level they were at in April of 2006. “After hitting peak in 2006, the national price level fell for five years, finally reaching bottom in March 2011 after falling 33 percent nationally,” Boesel said.

Today, CoreLogic’s data indicates that the U.S. home price index is almost back to those peak levels, but regionally, some locations are still far from it. When considering the U.S. housing crisis home price declines compared to some other historical declines, this is what CoreLogic’s data discovered.

According to Boesel, in the mid-1980’s, Texas experienced an oil bust that caused home prices to fall by 16 percent over three and a half years.

“At that time, Texas home prices took nearly nine years to recover,” Boesel said.

Another example is California’s market in the early 1990s. Boesel noted that “defense and manufacturing job losses” led to home price declines. And after falling by 15 percent over five years, “home prices in California fully recovered after eight years.”

CoreLogic’s data discovered that after peaking in March 2006, prices in Nevada fell 60 percent. After more than 11 years, home prices in Nevada through July 2017 were still 27 percent below the peak level.

“Not all areas saw such deep declines in home prices, and some areas are far above where they were before the start of the housing crisis,” said Boesel. “For example, Colorado hit a peak in the home price index in August 2007, fell by 14 percent over four years, but since then has surpassed the 2007 peak by 42 percent.”

Overall, the insights noted that 34 states, including the District Columbia, have surpassed their pre-crisis home price levels today.

View the full report by clicking here.

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The Reason Why Fewer US Baby Boomers are now Retiring Owning their Homes Outright

The reason why fewer US Baby Boomers are now retiring owning their homes outright via @buzzbuzzhome#BabyBoomers #Retire

buzzbusshome, October 17th, 2017

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Thinking of Selling? You Should Do It TODAY!!!

KCM Crew, October 16th, 2017

Thinking of Selling? You Should Do It TODAY!! | MyKCMThat headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!

In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”

And this situation will be affected greatly by recent natural disasters. Yun continued by saying:

“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”

NAR, in their August 2017 Realtors® Confidence Index , indicated that:

“Amid sustained job creation and sustained historically low mortgage rates, REALTORS®reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”

The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps

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Cold Weather Countdown: How to Winterize Your House

Cold Weather Countdown: How To Winterize Your House https://patch.com/us/across-america/calendar/event/20171014/234171/cold-weather-countdown-how-to-winterize-your-house#Winter #HomePreparation

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A Killer Strategy for a Tidy Home When you’re Time-Squished

A Killer Strategy for a Tidy Home When You’re Time-Squished https://www.houselogic.com/organize-maintain/cleaning-decluttering/quick-cleaning-tips/#HomeCleaning

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This Fall Real Estate Season is Different: What Buyers and Sellers Should Know

This Fall Real Estate Season is Different: What Buyers and Sellers Should Know https://www.zoocasa.com/blog/this-fall-real-estate-season-is-different/ via @zoocasa#HomeBuying #HomeSelling

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Mortgage Rates Increase for Second Consecutive Week

Once again nearing 4% mark

Mortgage rates increased once again, edging closer to the psychologically important 4% mark, according to Freddie Mac’s latest Primary Mortgage Market Survey.

“The 30-year mortgage rate increased for a second consecutive week, jumping six basis points to 3.91%,” Freddie Mac Chief Economist Sean Becketti said.

Click to Enlarge


(Source: Freddie Mac)

The 30-year fixed-rate mortgage increased to an average 3.91% for the week ending October 12, 2017. This is up from last week’s 3.85%. Last year at this time, the 30-year mortgage interest rate was 3.47%.

The 15-year FRM increased to 3.21% this week, up from 3.15% last week and from 2.76% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage, however, decreased to 3.16%. This is down from 3.18% last week but up from 2.82% last year.

“The 10-year Treasury yield also rose, climbing four basis points this week,” Becketti said.

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