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Posts Tagged ‘metropolitan areas’

Improving Markets Index Slips Slightly

August 6th, 2013 Comments off

The National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) for August lost eight markets from the listing in July, dropping to 247 metropolitan areas that show improvement, but three times the number included one year-ago August. The index measures job growth, home price appreciation and single-family housing permit growth, areas that must show improvement for six consecutive months before a metro area can be included on the list. NAHB Chairman Rick Judson says, “In all, 244 metros that were listed as improving in July retained that status in August, and this is an encouraging sign of the continuing housing recovery.” As MHProNews has learned, nearly 70 percent of all U. S. metro areas are represented on the list which includes 49 of the states and the District of Columbia.

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Median Home Price Rises, Distressed Home Sales Drop

February 11th, 2013 Comments off

HousingWire reports the National Association of Realtors (NAR) says Q4 2012 witnessed the strongest year-over-year median home price rise in seven years. NAR’s chief economist Lawrence Yun says with the lowest unsold inventory of homes in 12 years, and the population growing faster than the housing stock, the existing median single-family home price rose in 133 out of 152 metropolitan areas in the fourth quarter of 2012. The national median price hit $178,900 in Q4, ten percent higher than last year. Distressed homes made up 23 percent of fourth quarter sales, a drop from 30 percent the previous fourth quarter. As MHProNews has learned, total Q4 home sales rose five percent to a seasonally-adjusted annual rate (SAAR) of 4.9 million, up from 4.66 million the previous quarter and 12.1 percent above the 4.37 million for the same quarter 2011.

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NAHB Housing Index is Moving on Up

January 8th, 2013 Comments off

The National Association of Home Builders (NAHB) says its First American Improving Markets Index (IMI) rose from 201 in Dec. to 242 this month, an increase of over 20 percent. Now including 48 states and the District of Columbia, before being added to the list the metro area must show improvements for six consecutive months in employment, house prices, and housing starts. As MHProNews has learned, 47 new metropolitan areas were added to the list this month and six were dropped. Says NAHB Chief Economist David Crowe, “The IMI has almost doubled in the past two months as stronger demand during prime home buying season boosted prices across a broader number of metropolitan areas. Similar home price gains, and hence the IMI, may be tempered in the future as we see data from typically slower months for home sales.”

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D.C. has Highest Mortgage Payment

November 28th, 2012 Comments off

OriginationNews informs MHProNews at $1,642 a month Washington, D.C. has the highest mortgage payment, accounting for 31 percent of household income, according to Lending Tree. Hawaii ranked second with a monthly average payment of $1,536, and California was third at $1,446 a month. Both Hawaii’s and California’s payments represented 30 percent of household income. D.C. also had the highest loan amount at $331,886. In the survey, 15 of the 51  areas studied have an average monthly payment above $1,000. At $711 a month, Nebraska had the lowest mortgage payment, followed by Arkansas, Iowa, Oklahoma and Missouri.

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More Good Housing News

September 10th, 2012 Comments off

The National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) says the number of improving housing markets increased from 81 in August to 99 in Sept., further indication that the housing market is recovering. Based on employment growth,
house price appreciation, and single-family housing permit growth for six consecutive months, the survey shows 68 metropolitan areas retained their ranking, 31 new metros were added, and only 12 dropped from the list. While noting tight lending conditions continue to slow more rapid growth, NAHB Chief Economist David Crowe says, “More metros across the country are experiencing a sustained uptick in house prices, employment and new building activity as rising consumer confidence in local market conditions pushes more people to consider a new-home purchase.” As MHProNews has learned, the list includes cities in 33 states and the District of Columbia.

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Foreclosures Hit High in Warm Climes

September 3rd, 2012 Comments off

CNNMoney tells MHProNews while Las Vegas has the record for the worst foreclosure rate in the country, the following cities had the fastest-growing rate in 2010. Spartanburg, South Carolina had a foreclosure rate of one in 60 homes, a 228% increase in 2010, due to questionable mortgages and unemployment that hit 12.7 percent in 2009, dropping to 10.9 percent the following year. One of the fastest-growing metropolitan areas in the country over the last ten years due to the draw of warm weather and job growth, Albuquerque, New Mexico had a foreclosure rate of one in 46 homes, a 60.32% increase in 2010. The recession hit hard, causing a 13 percent drop in construction jobs, and leaving the city with an 8.6% unemployment rate last November. With a foreclosure rate of 44% in 2010 (down from 446% in 2009), Myrtle Beach, South Carolina was in third place, largely because the vacation dollar fell during the recession and many of the foreclosures were second homes. Unemployment was at 11.8 percent last November. Rounding out the top five are Savannah, Georgia with a 37% increase in 2010, and Charlotte, North Carolina also with a 37% rise in 2010.

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Rents on the Rise, Home Prices on the Fence

July 5th, 2012 Comments off

CNNMoney says Trulia reports rents in the U.S. rose an average of 5.4 percent June 2011 to this past June, as foreclosed former homeowners and would-be homebuyers turned away by lenders drive up demand. Asking prices on for sale homes only increased 0.3 percent for the same period. In metropolitan areas, San Francisco registered the steepest rent hike in the last 12 months: Rents rose 14.7 percent, while home prices edged up 2.5 percent. Oakland, Denver, Miami and Boston also experienced significant rent increases, from 10.3 percent to 11.2 percent. The rise in rents in those cities makes buying more affordable, but as MHProNews.com has learned, home buyers still have to get by the credit squeeze.

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Moody’s Adversity Index Pinpoints Weak Areas

June 15th, 2012 Comments off

MSNBC reports the Adversity Index from Moody’s Analytics says the economy improved in all regions of the nation, and though not one state remains in recession, 44 of the 50 are recovering at a snail’s pace. Two states, Alaska and North Dakota are in steady recovery, but five—Rhode Island, Wisconsin, Mississippi, Illinois and Maine could slip back into recession. The index is based on in changes in jobs, housing starts, industrial production and home prices through April 2012. Of the nation’s 384 metropolitan areas, 90 percent are in modest recovery. The number of metro areas still in recession in April was the lowest since July 2011. The index lists 21 metro areas in steady expansion, 76 at risk of slipping into recession, and 14 in unrelenting recession. MHProNews has learned the remaining 242 metropolitan areas are slowly improving. For a complete listing, click here.

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Median Home Prices Rise

April 24th, 2012 Comments off

According to RealtorMag’s survey of 146 metropolitan areas, MHProNews.com has learned median home prices nationwide rose five percent in March compared to Feb., to $189,900. Only five of the metro areas saw home prices decline including Minneapolis-St. Paul, Columbia, MO and Reading, PA. The areas that witnessed the largest month-over-month increase in median home prices include San Francisco, up 6.10 percent, to $649,000; Washington, D.C., VA, West VA, MD, up 5.29 percent to $270,000; San Jose, CA up 5.57 percent to $495,000; Oakland, CA up 5.04 percent to $336,120; and Toledo, Ohio, up 4.90 percent to $104,900.

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Rents Rise as Housing Prices Sleep

April 12th, 2012 Comments off

According to Trulia Inc., the National Association of Realtors (NAR) reports in RealtorMag rents increased five percent over the last 12 months as the asking price for homes declined 0.7 percent, reflecting a continuing stall in the homes-for-sale market. Reis Inc. says the rental vacancy rate fell to its lowest point in eleven years. The median rent nationally was $1,350 in March, an increase of $65/mth over last March, and is reflected in increases in metropolitan areas where many people lost their homes. MHProNews.com has learned rents are up 12.9 percent in Sarasota, Fla., 12.1 percent in Miami, 11.1 percent in San Francisco, 10.6 percent in Middlesex County, Mass. (outside Boston), and 10.5 percent in Edison, NJ (outside NYC).

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