Tag Archives: Home Prices

Single-family and condominium sales in California closed 2013 on a cautiously positive note, even though overall sales were down notably from the year prior, according to the latest quarterly market report from PropertyRadar. December sales in the Golden State's home and condo market grew 1.4 percent over November 2013 sales, but were down nearly 20 percent from December 2012. Overall, last year’s property sales finished the year at their lowest level since 2007.

Despite recent gains, which some of us believe are more of a mirage than an oasis, the economy still isn't creating enough good-paying full-time jobs to drive a full recovery in the housing market. At the same time, stricter lending requirements--and a lending environment likely to get more challenging before it gets easier--are the other major headwinds that could slow down housing.

Looking at ongoing trends, Zillow made four major predictions about the course of housing over 2014, and while the company expects conditions next year to be a bit friendlier to homebuyers, that doesn't mean we'll necessarily see more owner-occupied housing. Zillow also combined data on unemployment, population growth, and its own Home Value Forecast to glimpse into what it believes will be the hottest markets in 2014.

Many economists and market observers have suggested the market is poised for continued growth as the recovery enters its third year, and there are positive elements in play that provide some reasons for optimism. Recent loan vintages continue to perform at levels better than historical norms, which has allowed the industry to work through its backlog of distressed assets; foreclosure activity is declining; and housing starts have begun to rise.

With fewer properties entering the foreclosure process and more delinquent borrowers avoiding foreclosure, the number of foreclosed single-family homes held by lenders and government agencies has rapidly declined. In the April issue of DS News magazine, contributing writer Keith Button explored the many market drivers taking their toll on the once-strong stock of bank-owned homes.

The National Association of Realtors recently released the results of a national survey conducted in July 2013 among homebuyers who had made their purchase within the previous year. The data collected brings fresh insights into all phases of the homebuying process and helps recognize emerging trends to help real estate professionals understand the needs and expectations of their clients. What did the study uncover?

Based on a poll of borrowers that have been subject to foreclosure, authorities at LoanSafe.org and AfterForeclosure.com say they're confident that 2014 will be the year of the ""boomerang"" borrower. They say changes in lending guidelines and population shifts make these buyers essential to the recovery of the housing market, particularly since developments that naturally advance housing have been largely disrupted in today's environment.

Existing-home sales dipped on both a monthly and annual basis in November, marking the first year-over-year decline in sales in nearly two and a half years. Hurt by higher mortgage interest rates, constrained inventory, and tight credit, sales of previously owned homes came in at an annualized rate of 4.90 million last month, the National Association of Realtors reported.

About 6.4 million homes remain underwater after nearly 800,000 homes returned to a state of positive equity during the third quarter, according to the latest data from CoreLogic. The real estate analytics and services provider says the increase in equity brought the share of underwater properties down to about 13 percent nationally, compared to 14.7 percent in the second quarter.

According to Fannie Mae's November National Housing Survey, positive momentum in the housing market has slowed as Americans remain cautious about their personal finances and the overall state of the economy. Nearly two-thirds of those surveyed believe the economy is on the wrong track. Within the next year, 22 percent expect their personal finances to worsen and only 45 percent expect home prices to increase.