News
Alameda, CA (PRWEB) January 31, 2012
For the second year in a row, the Midwest and Southern markets dominated Inman News’ 10 Real Estate Markets to Watch in 2012, a list of 10 fast-rising real estate markets nationwide. The Des Moines (IA) and Bloomington-Normal (IL) metros are the only ones to rank in the top 10 for two years running.
Inman News examined housing, economic and demographic data for metropolitan areas nationwide in compiling a list of 10 housing markets that are showing signs of strength and may outperform other housing markets in 2012 in several key metrics. They include above-average price appreciation, a flourishing job market, a high rate of sales in proportion to population, a high level of home affordability, low foreclosure activity, a below-average share of distressed sales, a low vacancy rate, and other characteristics indicating a healthy housing market.
The markets are, in order:
Raleigh-Cary, NC
Wichita, KS
Rochester, NY
Des Moines-West Des Moines, IA
Chattanooga, TN ? GA
Peoria, IL
Amarillo, TX
Binghamton, NY
Waterloo-Cedar Falls, IA
Bloomington-Normal, IL
The 10 markets are ranked according to population, sales volume, and median sales price appreciation. Population was weighted most heavily in the rankings, followed by sales volume in proportion to population and rate of price appreciation.
For the complete 2012 report, click here.
About Inman News | Agents and brokers around the world turn to Inman News first for accurate, innovative and timely information about the industry. Known for its award-winning journalism, cutting-edge technology coverage and forward thinking conferences, Inman News is the leading independent source of real estate news, advice and commentary.
In addition, Inman News produces the Real Estate Connect
Category : Real Estate Market
Alameda, CA (Vocus/PRWEB) December 14, 2010
Inman News?, the leader in real estate and technology news, today released its annual report of the real estate industry?s 100 most influential people in real estate. The people selected for the Inman 100 embody leadership, innovation, ingenuity, power and persistence in the real estate community.
Known as the “Inman 100,” the list showcases those who have risen to the challenge through the real estate downturn and whose actions have helped change the industry. It also includes individuals from outside of the real estate industry who impact the business of buying and selling homes.
Categories in this year?s Inman 100 include: brokers, technologists, trade group and multiple listing service representatives, government officials, journalists, economists, academics, consultants, mortgage industry and title company executives, bloggers and social media experts.
Inman News CEO Tim Smith said, ?The Inman 100 represents the best of the best — the true leaders throughout the real estate industry. The caliber of people on this list represents the finest in real estate and technology who are continuing to push the bounds of innovation in 2010 and beyond. I can?t wait to see what they have in store for 2011.?
Also included in the 2010 edition of the list is the “People?s Choice: Real Estate?s Most Influential” honoree. Inman News readers voted for one individual who they believe has had the biggest impact on the industry in 2010. Based on popular vote, Chris Smith of Tech Savvy Agent was named the People?s Choice.
A free copy of the complete “100 Most Influential Real Estate Leaders” report is available for download at http://www.inman.com/inman100. Follow the conversation on Twitter (@InmanNews) ? follow the hashtag #Inman100.
About Inman News | Agents and brokers around the world turn to Inman News first for accurate, innovative and timely information about the industry. Known for its award-winning journalism, cutting-edge technology coverage and forward thinking conferences, Inman News is the leading independent source of real estate news, advice and commentary.
In addition, Inman News produces the Real Estate Connect
Category : Real Estate Market
Some current real estate issues coming across my desk. First, as we all are probably aware, credit has been extremely tight the pasts few years, especially for borrowers in the jumbo arena. Most creditworthy borrowers have struggled to secure home loans of more than 9,750. This is the cutoff for conventional conforming loans backed by Fannie Mae and Freddie Mac.
As of July, the number of lenders offering jumbo loans has jumped, and the typical rate as decreased from almost 7 percent a year ago to about 5.5 percent. Stats as of this summer have sales of existing homes priced at 0,000 and above jumping 30 percent.
Obviously this is good news for buyers of Fairfax real estate and homes throughout Northern Virginia which have a higher average sales price than most of the country.
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In other news, those homeowners who are underwater, who owe more than their home is worth, are engaging in strategic defaults. These are defaults by buyers who have the capacity to pay but don’t, or who don’t complete a workout alternative in good faith.
Violators will be ineligible for another Fannie Mae-backed loan for seven years, and will also seek deficiency judgments against borrowers if allowed by state law. This applies to borrowers of Fannie Mae-backed mortgages who engage in this practice.
Finally, there’s been increased talk among ‘experts’ about the need to eliminate or trim the mortgage interest deduction. Let me just give you a few stats in the hopes that you’re prepared to yell at your representatives at how stupid this idea is should it gain more momentum.
First, homeowners already pay 80 to 90 percent of the income tax in our country, and among those who claim the mortgage interest deduction, almost two-thirds are middle-income earners. This move would hurt households who are the pillars of the federal income tax revenue. Home values would also drop 15 percent as buyers discount the value of the deduction in their purchase offers.
The government takes enough of our money. Don’t let them take away the few tax deductions we are afforded.
Fairfax Homes, http://www.kolaschrealestate.com For more information on Fairfax homes and Fairfax real estate, please click the link
Category : Real Estate Market
Looking back now as we approach the end of April, this was an active month for the real estate scene. Here are some of the highlights of the April housing scene – some good, some not so good:
Finally for the first time in decades, it is cheaper to lock into a long term mortgage rate. Imagine that – mortgage financing that helps the buyer!
According to the latest results of the Primary Mortgage Market Survey (PMMS) released by Freddie Mac, the 30-year fixed-rate has dropped down to an average of 4.80 percent. Same time last year, the rate was 6.03 percent.
A one-year Treasury-indexed adjustable-rate mortgage (ARMs) averaged at 4.82 percent. Same time last year, the same mortgage was 5.29 percent.
A five-year Treasury-indexed hybrid ARM averaged at 4.85 percent, down from 5.68 percent last year, and the lowest rated since January 2005.
For the months of January and February, house prices rose consecutively. The last time this happened was in April 2007. Then March came along and the median home price declined by 12% from the previous year.
The famous Bailey Mansion in New York (previously owned by circus owner James Bailey), has dropped in price from million to .5 million in less than 6 months.
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Washington’s most expensive home listing, Evermay, has dropped its asking price from million to million. This 3.58-acre, 12,000 square foot Georgian Revival estate has been on the market since September.
Probably the largest price reduction for a piece of U.S. real estate, the Greenwich, Conn. mansion formerly owned by the late Leona Helmsley can be had for only million. This is a far cry from the original asking price of 5 million.
After seeing foreclosure rates dip in January, they shot up by 44 percent in March, increasing to record high 175,199. Apparently there is still a backlog of unprocessed claims that will be appearing in the next couple of months as lenders scramble to deal with the volume.
David B. Kellermann, the acting CEO at Freddie Mac committed suicide, leaving behind his wife and daughter. Sadly, he was only one of the many victims resulting from this global financial crisis.
It appeared jumbo loans had fallen by the wayside, but now lenders are looking at these loans as a new opportunity to make money, and they are definitely making a comeback. Among the many banks offering them, ING has a 30-year fixed rate loan running in the upper 5% range.
This much awaited bill was introduced in early April in an effort to change the way lenders do business and encourage no frill mortgages with lengthy terms. It’s a shame this bill wasn’t introduced 7 years ago, much of the housing crisis may have been averted.
Our vulnerable market has created a perfect climate for real estate fraud and other types of scams. Following right on the heels of Bernie Madoff, who was convicted of committing the largest investor fraud by a single person, spring has sprung with a new collection of real estate related “tom foolery”.
In early April twenty-four people in San Diego were charged with racketeering in an elaborate mortgage scheme. In Dallas, the Stanford Financial Group was recently accused of selling certificates of deposit that were never invested, in addition to numerous other fraud allegations. A Twin Cities realtor was recently convicted of mortgage fraud. A Georgia attorney recently pleaded guilty to a million investment fraud scheme.
The seemingly endless flow goes on, touching on every aspect of the real estate and investment industry, from appraisers, to real estate agents, attorneys, investment brokers, mortgage brokers, and bank managers.
Begin your search for Montgomery County MD real estate at LaurenKlineRealEstate.com. Her team will help you find the perfect Penn Quarter DC real estate.
Category : Real Estate Market
The Spanish government will make properties purchasing easier for foreigners
The goal of the Spanish government to heal the housing sector seems clear: get rid of the ‘stock’ as soon as possible. For this, the Industry Minister, José Blanco, has announced a new measure: the Government will establish a commission to assess the reforms undertaken and to share strategies for the development of properties and land packages that could be offered domestically and internationally.
In the Housing Commission of the Congress of Deputies, the Minister underlined that the first meeting of that organization will be held in the first half of January. It will be permanent and will involve representatives from the financial and barcelona real estate news sectors. Only in the second quarter of 2010, sales of properties to foreigners, encouraged by falling prices, already increased by 46%.
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Focusing on the international market, Blanco says, “We will take steps to enhance legal certainty for those who want to purchase a property” in Spain. For instance, one of the measures will argue that when you start a file for illegal license, the buyer will not be affected, except if this irregularity has already been recorded in the registry.
In addition, the Industry Minister said that “in order to facilitate property acquisition to foreigners” an international information campaign will be conducted to explain these new measures which “provide greater legal certainty.”
In any case, the minister wanted to make clear that the State’s role in reducing the ‘stock’ is “limited.” He added that eliminating the surplus of unsold flats “is a sensitive task, which cannot be completed at one, but neither, can last forever.” “The main mechanism to achieve this is a market based mechanism, which consist in having a competitive offer for the type of properties and land for which the supply excess is more obvious” he said
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Category : Real Estate Market
