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Posts Tagged ‘CoreLogic’

Housing Economists Projections from NAHB, CoreLogic, Nationwide, and MHVille

February 27th, 2019 Comments off

 

HousingEconomistsProjectionsFromNAHBCoreLogicNationwideandMHVilleManufacturedHousingDailyBusinessNewsMHProNews

There has been scuttlebutt among talking heads in media about a looming recession for months.  People with the ‘right’ credentials are asked, and they soberly express their opinions – which they are entitled to – as to why they think that a recession is looming.  MHProNews has pushed back against that claim editorially, but the question remains, are those sources that warn of recession right or wrong?

 

Depending on the reporter or anchor involved in such an interviews with ‘experts,’ there may or may not be an obvious follow up question to their claims of a looming recession in the U.S.  The media follow up question should go something like this: ‘Given how strong the economy is now, based upon a raft of largely positive economic data, how is it possible that a recession would hit the U.S. so quickly?’

Just a few bullets.

 

1)    A record number of Americans are at work.

2)    Consumer confidence is near record highs.

3)    Small business confidence is also near historic records.

4)    A record number of jobs are open in the U.S.

5)    The Federal Reserve data, plus other economic indicators, suggest that for the foreseeable term, the economy has no apparent risk of recession, barring an unexpected cataclysm of some kind.

 

With those points in mind, let’s turn to a recent report by the OC Register, which interviewed various officials at a recent builders conference.  Their headline reads “Recession Not Likely Before 2021, Housing Economists Say.”

At a recent National Association of Home Builders (NAHB) conference 3 economists weighed in on this specific topic of an alleged looming recession, says the OC Register.  The bullets below are from their recent report.

  • This expansion will come to an end,” said David Berson, chief economist for Nationwide Insurance. But, he added, “the odds of a downturn in the next year are pretty low.”
  • Berson said the next recession probably won’t begin until late 2021 or 2022.
  • Frank Nothaft, chief economist for Irvine-based real estate data firm CoreLogic, said the risk of a possible recession likely will be high toward the end of 2020 and even higher in 2021 — after the next presidential inauguration.
  • After going up 3 percent in 2018, the NAHB predicts single-family home starts will increase 2 percent this year and an additional 4 percent to 928,000 detached houses in 2020.
  • The slowdown in immigration and the weakness in recruiting young Americans to the construction sector has contributed to a labor shortage that persists and continues,” the NAHB’s Dietz said. “Right now … we’re short more than 300,000 construction workers in the U.S.”
  • I think affordability is going to be the key issue (in how) housing advocates view the housing market in 2019,” Dietz said.

These bullets and factoids ought to spell boom times for manufactured housing.  So why is the industry struggling to achieve a mere 100,000 new homes?

Since the Manufactured Housing Institute (MHI) claims to represent all segments of factory-built housing, do they bear any accountability for the poor results?

How does one explain the bonuses paid to top MHI staffers, give the association’s failure to achieve the 500,000 new home shipments that President and CEO, Richard ‘Dick’ Jennison said could be achieved?

 

 

Road Blocks are Post-Production Ones, Says MHARR

The Manufactured Housing Association for Regulatory Reform (MHARR) routinely cites facts – confirmed by third-party, and HUD research, that HUD Code manufactured housing builders are producing the industry’s best homes ever.  The problems, says MHARR, are coming from the post-production sector.

The issues including zoning and placement issues.

A new report, shown from the linked text-image box below, reflects a publicly undisputed troubling fact.  MHI on several test checks made in recent years by MHProNews has not contacted – much less intervened – several of the zoning and placement challenges that are increasingly impacting manufactured housing.

Why not?

The key phrase from a longer message by an MHI member-affiliate attorney told MHProNews on 2.25.2019, the following, “…For Clearlake [CA] however as a government entity, it should not have different standards for MH than stickbuilt for its code, since the whole idea of federal HUD preemption is to prevent unreasonable discrimination in land use and building standard decisions respecting manufactured housing.”

That report is the first of several related topics that are linked below the bylines and notices.

That’s manufactured housing “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, commentary.)

 

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

 

Related Reports:

You can click on the image/text boxes to learn more about that topic.

 

Dramatic Reversal, City Passes Urgency Ordinance Effectively Banning Manufactured Homes, Front & Back Stories

Mobile Home Burns, Woman Dies, Details At Ten – Back Story of Mobile Home Fires, Regulatory Facts

 

Democrats, Republicans Agree – “Manufactured Homes Can Play a Vital Role in Easing” the Affordable Housing Shortage

“Washington Post Article Underscores Clear Need for An Independent Post-Production Association”

MHARR Releases Study Recommending Independent Collective Representation for Post-Production Sector

HUD Code Manufactured Home Production Decline Persists – Time For Action Not Excuses

“The Illusion of Motion Versus Real-World Challenges”

 

 

 

 

 

 

 

 

Lower Priced Homes Increase Most, Per Latest Housing Data from CoreLogic

February 6th, 2019 Comments off

LowerPricedHomesIncreaseMostCoreLogicFeb2019DailyBusinessNewsMHProNews

A new report by CoreLogic revealed a perhaps surprising find to some.  Higher priced homes gained in value the least, while the lowest priced tier of homes gained in value the most in their tracked period.

 

Some bullets from CoreLogic:

  • National prices increased 4.7 percent year over year in December.
  • Full year (average) 2018 appreciation was 5.8 percent.
  • Home prices forecast to rise 4.6 percent from December 2018 to December 2019 and to average 3.4 percent for the full year 2019

Here’s the specific, and surprising to some, CoreLogic analysis of four individual home-price tiers that are calculated relative to the median national home sale price.

  • Their lowest price tier increased 6.7 percent year over year,
  • 5.5 percent for the low- to middle-price tier,
  • 5 percent for the middle- to moderate-price tier, and
  • 3.8 percent for the high-price tier.

 

CoreLogic’s Figure 1 shows the historical levels of the four price tiers indexed to January 2006, before each of the tiers hit its peak index value.

As with the overall CoreLogic Home Price Index (HPI®) Report (HPI – all price tiers combined), the price tiers show a slowing in appreciation ranging between 1 to 1.5 percentage points from the first half of 2018 to the second half of 2018.

The video below provides insights into some of the kinds of data that CoreLogic provides.

 

 

In a related report, CNBC reports that conventional housing sales have taken a bump, even while manufactured home sales have slid. Here are their bullets.

  • Demand for housing is suddenly soaring again, thanks to a drop in mortgage rates that could be temporary.
  • The share of homes with price cuts rose in January, according to Realtor.com, likely leading to the surge in buyers toward the end of the month.
  • Housing affordability remains an obstacle, particularly at the entry level.

JohnThalakerWhatYouAllowIsWhatWillContinueDailyBusinessNewsMHProNews

 

Each of these data points point to a hopeful, yet vexing reality.  Manufactured housing ought to be doing much, much better. See the related reports, further below the byline and notices.

It’s opportunity in disguise.  But it will require changes to tap those options. That’s  “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

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NOTICE 2: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two.

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3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

Related Reports:

You can click on the image/text boxes to learn more about that topic.

Manufactured Home Production Slide Continues – Call it Corruption, Collusion, Incompetence, Attempted Coverup – Self-Evident Failures Mount

New 2019 U.S. Housing Infographic with Manufactured Home Data Points

“Mobile Home Militia,” Retail/Production Sources, Sound Alarm Against Clayton Homes, CMH, New “Anti-Competitive Practices” Allegation

CFPB and 21st, Second Shoe Drops? Flooring w/21st Mortgage Corp? Insider Tips

Independent Clayton Retailers – Insiders, High Cost of Going Along to Get Along?

Market Manipulation, What Does the Law Say?

 

 

 

 

 

 

 

 

 

 

 

7 Reasons Why Manufactured Housing is Poised to for More Rapid Growth

July 14th, 2018 Comments off

7ReasonWhyManufacturedHousingIsPoisedForMoreRapidGrowthCNBCManufacturedHousingIndustryDailyBUsinessNewsMHproNewslogo

Nature abhors a vacuum. At the center of every business’ or industry’s success was the recognition of a need, followed by the steps required to fill that need.

 

The affordable housing crisis is well known and documented. What is less embraced are the causes and potential solutions, which includes manufactured homes, as well as other forms of factory-built or industrialized housing.  That’s opportunity in disguise.

The Daily Business News will spotlight today 7 Reasons Why Manufactured Housing is Poised for More Rapid Growth.

In no particular order of importance, the following are the seven reasons.

The 7 can be summed up in two words, “Money” and “information.”

1)   Record Equity. A decade after the housing/mortgage crash of 2008, the housing markets have recovered.  “The first three months of 2018 saw homeowners’ tappable equity surged by $380 billion to $5.8 trillion, the largest recorded,” states MPA, the Mortgage Professionals of America.

 

2)   There are many retailers and communities that know what the award-winning manufactured home retailer in the video below told MHLivingNews.com. Namely, that a large percentage of manufactured home buyers have first owned a conventional house. When some sell their house, they may pay cash or have more down payment to finance a manufactured home.  Some will borrow against a house in order to buy another home.

 

 

3)   The video above makes another important point for manufactured home professionals, investors, advocates, and the home buying public to know.  There are both entry-level and residential-style manufactured homes.  Both are necessary!  Each one – entry level, and residential style – benefits and complements the other. High-end producers or sellers are wise not to diminish their ‘shade and shelter’ kin, and vice versa.

 

NathanHararyMarketSnapshotAllAboutEquityFamilyFirstFundingManufacturedHousingINdustryDailyBusinessNewsMHproNews598

 

4)   Rapidly Rising Equity in Housing in the 1st quarter of 2018. Nathan Harary, Senior Loan Officer at Family First Funding tells MHProNews that “It’s all about equity.” As proof, he ticks off some specific examples of expert insights. By the way, when he says that 63 percent have a mortgage, that’s like saying that 37 percent don’t. Each kind of home owner is an opportunity in disguise for a savvy, ethical, and long-term thinking manufactured home marketers.

 

HomeownersareIntheMoney63PercentHaveMortgageFamilyFirstFundingLogoDailyBusinessNewsMHproNewslogo

When you say that 63 percent have a mortgage, that’s another way of saying that 37 percent are mortgage free.

 

5)   2018 1st quarter year-over-year growth.  Housing values rapid rise boosted equity by $1 trillion dollars in a a year. Wow!

NationalHomeOwnerEquity1stQuarter2018ManufacturedHousingIndustryMHproNewsFamilyFirstFundingLogo

A trillion dollars is equal to about 16,205,476 of the averaged priced manufactured home sold in December 2017, using Census Bureau data. So about half of that trillion dollars could pay for enough manufactured homes to meet the nation’s 8.3 million unit housing shortage, using NAR data.

 

6)   CoreLogic’s CEO’s statement.

CoreLogicPresCEOFrankMartellQuoteHomeEquityGrowFamilyFirstFundingLogoManufacturedHousingINdustryDailyBusinessNewsMHProNewslogo

 

7)   National Housing Data. The data and the trends, properly understood, are like a road map for the need for more factory-built homes.

HomePriceActivityNationallyFamilyFirstFundingLogoManufacturedHousingIndustryDailyBusinessNewsMHProNewsLogo

All of the above supports a factoid and quote that MHProNews has cited for months, and is shown below.  Namely, what the National Association of Realtor’s Lawrence Yun said about the need for more new homes.

LawrenceYunNARShort8.3MillionHousingUnitsRisingRentsHousingPricesCuredOnlyByMoreBuilding

Collage by MHProNews.

What the above comes down to, as noted previously, is money and information are the paths that must be used to fulfill the aspirations of millions.

Actionable information is motivating to a professional, and to housing seekers.

It should be noted that “poised” means “positioned.” Manufactured homes are in a position – for the 7 reasons cited above, as well as others to grow more rapidly.

So the above are not a guarantee. People, teams, and organizations are known to take a winning hand, and blow it.  The question is, what will you do with the hand dealt to you in your market?

Albert Einstein and Zig Ziglar both made similar observations.  The start of a solution is to start by understanding the problem. A need is a problem.  A problem is an opportunity in disguise.

Every challenge the industry faces – internally and externally – can debatably be met with a simple, effective and profitable solution.

There is work to be done, and opportunities to be tapped. Opportunity comes dressed in overalls. Are you ready to work for the next steps?  The linked items further below can be read for greater depth of understanding. “We Provide, You Decide.” © ## (News, analysis, and commentary.)

(Third-party images are and content are provided under fair use guidelines.)

Related References:

Investors, Heartbroken Home Owners, Site Building Giant DR Horton, and Manufactured Housing

Profits, Understanding Human Events, and Manufactured Housing

Life Hack Success Tip-Any Pro Can Do This-Monday Morning Manufactured Housing Sales, Marketing Meeting

Style or Substance? Lesson from Most Hated in America – Monday Morning Manufactured Home Sales, Marketing Meeting

What are the FACTS about Manufactured Housing Industry Traffic vs. Real Estate? MHVillage, MHProNews, Manufactured Housing Institute Data

IfPrettyPicturesVideosAloneWereEnoughMHIndustryWillOnlyAchieveItsGoalsByResovingItsCoreIssuesLATonyKovachMHProNews1

Learn more about the above, linked here.

FactoryBuiltCarsClothingAppliancesElectronicsCellsSmartPhonesHomesItJustFollowsLATonyKovachC2017MHproNewsBy L.A. “Tony” Kovach.

Tony is the multiple award-winning managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Office 863-213-4090 |Connect on LinkedIn:
http://www.linkedin.com/in/latonykovach

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Hurricane Harvey, Billions in Damage Expected, Tragic Opportunities for Factory Home Builders?

August 25th, 2017 Comments off
HurricaneWarningTexasCreditWeatherChannelDailyBusinessNews

Featured image credit, The Weather Channel.

Texas is meeting Hurricane Harvey.  Currently a Category 2, per the NOAA, it is set to do billions of dollars in property damage.

Hurricane Harvey is threatening Texan’s and nearby coastal states with torrential rainfall and flash flooding.

The heavy rains from the storm are expected to continue, perhaps until next Thursday or even Friday.  It may drop as much as 34 inches of rainfall.

That’s as much or more as parts of the state usually sees in a year, all in the course of one week.

The local weather service is being blunt about the situation, saying “some structures becoming uninhabitable or washed away” and “numerous road and bridge closures with some weakened or washed out” are likely.

According to the Houston Chronicle and a report released by Irvine, CA based CoreLogic, at least 118,000 homes in the Houston area alone are at risk for damage should the hurricane make landfall, especially if it hits as a Category 3 storm.

The cost to rebuild these homes – including labor and materials – is being estimated at $20.8 billion.

HurricaneHarveyDailyBusinessNewsMHProNews

Along the Texas coast there are around 232,721 homes that are also at risk of damage from Category 3 hurricane conditions.  If so, the estimated cost to rebuild statewide is $39.6 billion.

RainfallOutlookTexasHurricaneHarveyCreditWeatherChannelDailyBusiness

Rainfall outlook for Texas during Hurricane Harvey. Credit, The Weather Channel.

These numbers are estimates of course – and until the storm is over there is no way to get a clearer idea of what the total damages will be.

The National Weather Service (NWS) warns that “structural damage to sturdy buildings” and “complete destruction of mobile homes” is likely around the eyewall of the hurricane.  It is unclear, based upon the quotes, if the NWS meant pre-HUD Code mobile home or post-code manufactured homes, or both.

While no one claims manufactured homes are tornado or hurricane proof, the facts reflect a far more durable structure than media and weather services report.

Per a report done in Florida, linked here, the post-storm facts make it clear that manufactured homes – notably those post 1994 – are in several cases performing as well or better than conventional housing.

GoneWithWindstormManufacturedHomeDorthyWizardOzPinterestDailyBusinessNewsMHProNews

You can see for yourself in the MHLivingNews video where people talk about the surprise of coming back after evacuating to their home standing strong and proud as always.

As that previous Daily Business News article points out, some 80% of damages to manufactured homes during hurricanes were due to the improper attachment or tie-down of add-ons, such as porches and carports.  Flying debris is another problem, for all kinds of housing.

Tragic Opportunities for Manufactured and Modular Homes?

While it is too soon to tell, it would not be a surprise if FEMA was called in, post storm.

CollageofFEMAmanufactured-homesToRescue-creditsFEMARuss-Desantis-The-Record-postedDailyBusinessNewsMHProNews-

Graphic from a prior story, to see that report, click here. Credit: Russ Desantis, The Record.

While HUD Code manufactured homes are sturdier and safer than older mobile homes, or some conventional housing, residents should follow hurricane evacuation warnings when they are given. ## (News, analysis.)

Friday Evening Update: This storm has progressed into Category 3, and is now a Category 4 hurricane.

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to the Daily Business News for MHProNews.

 

 

 

Housing’s New Normal: Low Interest Rates, Shifting Demand – MH Opportunity?

November 4th, 2016 Comments off
housingsnewnormalcreditcorelogicurbaninstitute-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: CoreLogic, The Urban Institute.

At the recently held Data, Demand and Demographics: A Symposium on Housing Finance in Washington, D.C., CoreLogic Chief Economist Frank Nothaft shared a strong statement with housing insiders in attendance.

If you’re waiting for any dramatic shifts in housing, interest rates, or anything like them, you’re likely to be left waiting.

I think mortgage rates are going to be with us for a long period of time,” Nothaft said. “The expectation in capital markets is no rate change from the Federal Open Markets Committee (FOMC) today. We may see an increase in federal funds rate in December.

housingsnewnormalcreditfranknothaftcreditcorelogic-postedtothedailybusinessnewsmhpronewsmhlivingnews

Frank Nothaft. Credit: CoreLogic.

HousingWire reports that Nothaft also stated that the recent FOMC announcement could provide more of an indication on the willingness of FOMC members to increase rates before the year is out.

But even if the FOMC does raise rates, mortgage interest rates will stay low, but perhaps not as “dirt cheap” as they are right now.

I think we’ll see rates rise from dirt cheap to a very low level as we move into next year, still remaining below 4% all through next year,” Nothaft said. “We’re evolving into a new era in mortgage rates.

Nothaft also provided predictions on four other trends that he feels will emerge over the next several years that will shape what he has coined the “new normal.

 

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Credit: CoreLogic.

  • A shift in household composition

With the largest age cohort in the U.S. population, ages 24 and 25 and the average age for the first time homebuyer, age 31, moving closer together, the millennial buyers are coming, soon.

housingsnewnormalcreditcorelogicurbaninstitute2-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: As shown.

  • A shift in the head of household

Nothaft sees a shift to 75 percent of new households being minority-headed over the next 10 years. Hispanics are projected to lead the way.

  • Home sales will continue to rise.
  • But homeowners will be holding on to their homes, which could constrain growth.

An Opportunity for the Manufactured Housing Industry

solutionusaffordablehousingcrisishidingplainsight-mhlivingnews-billmatchneertonykovach-posteddailybusinessnewsmhpronews

Credit: MHLivingNews.

MHProNews and MHLivingNews continue to cover the challenges as well as the numerous advantages that the manufactured housing industry provides in the U.S., making affordable, quality housing easily available to most of the population.

latonykovachcreditsmhvillagemhpronews-manufacturedhousingindustrynews-mhpronews

L A ‘Tony’ Kovach, credit, MHVillage.

MHProNews and MHLivingNews publisher L.A. “Tony” Kovach provides deep insight into this opportunity in Obstacles and Opportunities in Affordable Housing – October 2016, and the understanding that the solution to affordable housing is hiding in plain sight.

With new attitudes about housing, millennials are looking for viable economic solutions that also provide the opportunity for sustainability.

Hybrid Prefab Homes president Otis Orsburn sees a tremendous opportunity for his segment of the industry to fill that need.otisorsburnhybridprefabhomes-dailybusinessnewsprefabricatedmodularhomeindustry-mhpronews

Our retail shoppers are typically millennials that embrace technology and are looking for more bang for their buck without sacrificing green, sustainable and energy saving features. They wonder aloud why all homes aren’t built in the hybrid manner,” Orsburn told MHProNews in his A Cup of Coffee With… feature.

Leaders in business also clearly understand the opportunity, such as Warren Buffet and Berkshire Hathaway, which owns Clayton Homes, and Sam Zell, Chairman of Equity LifeStyle Properties, or independents such as John Bostick, with Sunshine Homes.

pencil-head-its-not-a-trailer-park-els-chairman-sam-zell-c2013lifestyle-factory-homes-llc-all-rights-reserved-manufactured-housing-pro-news

To see an exclusive interview with Sam Zell, click here or the image above.

Giants and independents alike are “doubling down” on the manufactured housing industry, with Zell being quoted as saying during this interview “Everyone calls them trailer parks. Pencil head, it’s not a trailer park.

Sunshine Home’s John Bostick knows the challenges facing manufactured housing, as well as the immense opportunities when he reminds professionals that “Easy doesn’t pay well.” What Bostick means is that it is only through effort that manufactured housing will advance to its potential. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Home Prices in Northwest Nearly Double National Average

August 2nd, 2016 Comments off

house price increases  housingwire  credit postedDailyBusinessNewsMHProNewsHome prices rose in June 5.7 percent year-over-year, a slight drop from the 5.9 percent rise in prices in May, as CoreLogic tells nationalmortgagenews. The increase over May was 1.1 percent, MHProNews has learned.

Prices for July will increase 5.3 percent year-over-year, and 0.6 percent on a month-over-month basis, CoreLogic has predicted.

We see prices continuing to increase at a healthy rate over the next year by as much as 5%,” CoreLogic chief executive and president Anand Nallathambi said in a news release.

Oregon and Washington experienced the largest price increases, 10.9 percent and 10.3 percent, respectively, while Connecticut’s home prices slipped 1.7 percent. In New Jersey, prices fell 0.8 percent. ##

Image credit: housingwire–home prices increase)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Home Prices Gain Nearly Ten Percent

July 7th, 2016 Comments off

home_pr_increase___etftrends_creditAccording to what CoreLogic’s Home Price Index, home prices posted a year-over-year gain in May of 5.9 percent, and an increase over April, 2016 of 1.3 percent, above CoreLogic’s expectations of an 0.9 percent rise.

CoreLogic Chief Economist Frank Nothaft said year-over-year home prices have risen by 5-6 percent for 22 consecutive months, as reported by nationalmortgagenews. He added, “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”

In May, Oregon and Washington posted the highest price increases, 11% and 10%, respectively, while three eastern states experienced depreciation: Connecticut 0.9%, New Jersey at 0.2% and Pennsylvania at 0.1%.

MHProNews has learned CoreLogic forecasts an increase of home prices in June as compared to May of 0.8%, and a 5.3% increase year-over-year in May of 2017. ##

(Home prices rising-credit=etftrends-posted DailyBusinessNewsMHProNews)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews)

Home Prices Continue to Rise Faster than Wages

May 3rd, 2016 Comments off

house price increases housingwire creditU. S. house prices rose 2.1 percent between Feb. and March, including distressed sales, and 6.7 percent between March 2015 and March 2016, according to constructiondive. Wages for would-be first time homebuyers likely did not rise that much on the year, MHProNews knows, putting a home out of reach.

Reporting in its Home Price Index, CoreLogic also predicted home prices will increase 0.7 percent between March and April, and 5.3 percent between March 2016 and March 2017. That is a 12 percent jump from 2015 to 2017.

President and CEO of CoreLogic, Anand Nallathambi, said home prices have appreciated nearly 40 percent since bottoming out five years ago, with the West seeing the most appreciation.

Housing helped keep U.S. economic growth afloat in the first quarter of 2016 as residential investment recorded its strongest gain since the end of 2012,” CoreLogic Chief Economist Frank Nothaft said in a release. “Low interest rates and increased home building suggest that housing will continue to be a growth driver.”

Trulia reports starter-home inventory dropped 44 percent in the last five years, and that sector’s prices have increased 5.6 percent.

The National Association of Realtors (NAR) reports continuing price growth is hindering home construction, although some builders complain the regulatory burden is itself a barrier. The National Association of Home Builders (NAHB) testified recently before Congress that regulatory expenses can increase the cost of a house by 25 percent. ##

(Image credit: housingwire–house price increases)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Home Prices have Risen Monthly for over Three Years

April 8th, 2015 Comments off

home_pr_increase___etftrends_creditAs housingwire informs MHProNews, the latest report from CoreLogic says home prices nationwide rose 5.6 percent in Feb. 2015 over Feb. 2014, but increased only 1.1 percent from Jan. 2015 to Feb. 2015, indicating home price growth may only be temporary. Analysts are concerned that stagnant wage growth may hold back growth in the housing market.

Chief economist for CoreLogic Frank Nothaft says, “Since the second half of 2014, the dwindling supply of affordable inventory has led to stabilization in home price growth with a particular uptick in low-end home price growth over the last few months. From February 2014 to February 2015, low-end home prices increased by 9.3% compared to 4.8% for high-end home prices, a gap that is three times the average historical difference.

CoreLogic forecasts home prices will rise 0.6 percent from Feb. to March, and 5.1 percent from Feb. 2015 to Feb. 2016. Home prices have risen for 39 consecutive months. ##

(Image credit: etftrends— housing prices rising)

matthew-silver-daily-business-news-mhpronews-com  Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

More Underwater Homes are Beginning to Float again

September 26th, 2014 Comments off

housing_recovery__globest.com__creditAccording to housingwire.com, the latest CoreLogic report indicates 946,000 properties regained positive equity in the second quarter of 2014, increasing borrower equity year over year by an estimated $1 trillion. The number of homes that remain in negative equity has fallen from 7.2 million, or 14.9 percent of all homes with a residential mortgage, in Q2 2013, to 5.3 million homes, or 10.7 percent in the second quarter 2014, a drop of nearly two million in one year. In dollars, this equates to negative equity declining $432.9 billion in 12 months. The 44 million residential properties with positive equity include nine million, about 19 percent, that have less than 20 percent equity, while 1.3 million have under five percent equity. Anand Nallathambi, president and CEO of CoreLogic, tells MHProNews, “With more and more borrowers regaining equity, we expect homeownership to become an increasingly attractive option for many who have remained on the sidelines in the aftermath of the great recession. This should provide more opportunities for people to sell their homes, purchase a different home or refinance an existing mortgage.” ##

(Image credit: globest.com–housing recovery)