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Posts Tagged ‘metropolitan markets’

California Takes Prize for Most Expensive Homes

August 12th, 2015 Comments off

santa_cruz_ca___santacruzpictures_slash_rick_puckettThe National Association of Realtors (NAR) informs MHProNews that the median existing single-family home price increased in 93% of 176 metropolitan areas during Q2 2015, up from 85 percent of metro areas in the first quarter. Compared to the second quarter of 2014, home prices rose 8.2 percent.

According to marketwatch, the five most expensive U. S. metro housing markets in Q2 (four of which are in CA) were San Jose, CA where the median existing single-family price was $980,000, followed by San Francisco at $841,600, Anaheim-Santa Ana CA at $685,700, Honolulu at $698,600 and San Diego, $547,800.

The five least expensive metro housing markets in Q2, all east of the Mississippi River, were Cumberland, MD, where the median single-family home cost $82,400, followed by Youngstown-Warren-Boardman, Ohio, $85,000; Rockford, Ill., $94,700; Decatur, Ill., $96,000; and Elmira, N.Y., $98,300.

If wages continue to stagnate and/or rise slower than the prices of homes, manufactured homes will appear more and more as a better option. ##

(Photo credit: santacruzpictures/Rick Puckett-Santa Cruz, CA)

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

New Index to Measure Housing Market Progress

September 30th, 2013 Comments off

The National Association of Home Builders (NAHB) is replacing its Improving Markets Index (IMI) with the Leading Markets Index, shifting the focus from improving markets to those that are exceeding their normal levels of housing market progress. The new index will measure the same three components—single-family building permits, home prices and employment—and compare those numbers to when those values were sustainable. For home prices and permits, that was 2002-2003. For employment the year is 2007, before the Great Recession hit. As MHProNews has learned, individual markets will be compared to others, and all 350+ metropolitan markets will be rated.

(Photo credit: Fotosearch–house under construction)

Center for Housing Studies says Housing Recovery is Real

July 29th, 2013 Comments off

While the Census Bureau says home ownership is at its lowest point in 15 years, Harvard University’s Joint Center for Housing Studies reports “After across-the-board declines in 2011, all major house price indexes registered significant increases in 2012.” As documentation, the Center says the March 2013 median house price was up 11.6 percent over March 2012, and as of April 2013, home prices have risen in all except two states and in 94 of 100 major metropolitan markets. Between Q4 2011 and Q4 2012, the number of underwater borrowers dropped 1.7 million to 10.4 million, which represents 23 percent of all mortgage holders. Further, as philly.com informs MHProNews, the rise in prices resulted from increased sales and fewer listings. April 2013 marked the 34th consecutive month of rent increases as ranked by the Consumer Price Index, and last year rental households grew by 1.1 million. Eric S. Belsky, the joint center’s managing director, says, “Even as historically low interest rates have helped make the monthly cost of owning a home more favorable than any time in the past 40 years, the national homeownership rate fell for the eighth straight year in 2012.” He adds, noting the challenges still ahead, “Long-term vacancies are at elevated levels in a number of places, millions of owners are still struggling to make their mortgage payments, and credit conditions for home buyers remain extremely tight.”

(Photo credit: knoxnews)

YES! Adds to Portfolio

April 5th, 2013 Comments off

MarketWatch reports Denver-based YES! Communities has acquired a portfolio of 64 manufactured housing communities (MHCs) comprised of 14,000 home sites mostly in the Atlanta and Dallas metropolitan markets, but also including Corpus Christi and El Paso, Texas, as well as Las Cruces and Las Alamos, New Mexico. With the completion of this purchase from American Residential Communities (ARC), YES!, now one of the largest privately-held MHC owners in the nation, operates 181 communities with 46,000 home sites in 17 states. As MHProNews has learned, YES! will also hire 180 ARC employees.

(Image credit: YES! Communities)

Underwater Borrowers Beginning to Float?

January 30th, 2013 Comments off

CNNMoney says the S&P CaseShiller home price index (HPI) of 20 major metropolitan markets indicates prices in Nov. were up 5.5 percent over Nov. 2011, the largest monthly increase since Aug. 2006, before the housing balloon deflated. As MHProNews understands, rising prices means fewer homeowners will be underwater on their mortgages, which will allow them to refinance at a more favorable rate, thereby stimulating the economy. Only New York of the 20 posted a modest decline. Still, the HPI is 29 percent below the summer of 2006 home price peak.

(Image credit: texaslendingtoday)

Housing Market Inching Back

October 5th, 2012 Comments off

The National Association of Home Builders tells MHProNews the NAHB/First American Improving Markets Index (IMI) indicating positive movement in the housing industry rose four notches from last month to include 103 metropolitan markets. Measuring housing permits, employment and house prices for at least six consecutive months, the Oct. reading marks the highest number since the list was created one year ago. “While 11 new housing markets were designated as improving in October, 92 metros retained their spots on the IMI and just seven slipped from the list,” noted Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “This is an encouraging sign that the housing recovery is proceeding at a steady pace as firming prices and employment help spur new building activity, which in turn generates new jobs and more home sales.” New markets added to the list include: Santa Cruz, CA; Pocatello, ID; Savannah, GA; and Abilene, TX.

(Image credit: Wikipedia)

Rental Market Growing

June 12th, 2012 Comments off

Moody’s Analytics says in HousingWire stagnant income growth and lack of adequate down payment is driving rental demand higher, with rents increasing five percent in the larger metropolitan markets, and climbing. Multifamily properties of five or more units saw vacancies fall from 12.5 percent at the start of 2010 to below 10.5 percent trough 2011. Multifamily construction starts averaged 221,000 units from Feb. to April 2012, compared to 67,000 units at the close of 2009. Moody’s suggests investors can convert distressed borrowers into renters, and then selling the property once appreciation occurs. “Conversions to rental units are the main way of adding to supply,” Moody’s tells MHProNews.com.

(Photo credit: Home-for-Rent)

Foreclosure Filings Drop Nationwide

May 18th, 2012 Comments off

NationalMortgageNews reports RealtyTrac says foreclosure filings fell to their lowest level since July 2007, dropping five percent from March 2012 and 14% from a year ago. The 188,780 notices of default also include scheduled auctions and bank repossessions. Following three months of increases, foreclosure filings were down four percent April over March, and two percent lower than the same time last year. The foreclosure process dropped 26% from April 2011, marking the 18th month of decline in REO (real estate owned) activity. States where foreclosures dropped the most include Nevada (71%), Arizona (70%), Washington (67%), California (53%), Virginia (47%), and Maryland (47%). However, MHProNews.com has learned eleven of the largest 20 metropolitan markets witnessed increases in foreclosures, led by Tampa (59%) and Miami (38%). Nevada led the nation in highest foreclosures, with one in every 300 homes having filed. Brandon Moore, CEO of RealtyTrac, says, “More distressed loans are being diverted into short sales rather than becoming completed foreclosures.”

(Image credit: CondoMetropolis)

Making Dollars from Distress

March 26th, 2012 Comments off

Although it requires twice the manpower, takes three times longer, and nearly doubles the cost to deconstruct a home than demolish it, a Cleveland company, A Piece of Cleveland, and the Cleveland Institute of Art are conducting a test program to make furniture, mill work, and other items from the ceiling joists and flooring of some of the 12,000 abandoned homes in the city. Cleveland says the goal is to make the process profitable. On average 40 percent of the materials in vacant homes, most already stripped of wiring, plumbing, fixtures, and other sale-able items, are re-usable. “The theory behind deconstruction is that even though it is more expensive to do — because it is more labor intensive — that you will reclaim and salvage enough usable material and resell it, and that that income will offset the additional expense,” said Frank Ford, senior vice president for research and development at the nonprofit Neighborhood Progress Inc. (NPI). The city has received $780,000 in federal grants to subsidize the difference between demolition and deconstruction, giving jobs to many ex-cons, veterans, and other challenged job-seekers. MHProNews.com has learned that Cleveland is one of the top ten metropolitan markets in which it makes more sense to buy a home than rent one.