Category: Residential
Seriously Underwater U.S. Properties Increase From A Year Ago
RVINE, Calif. — May 9, 2019 — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q1 2019 U.S. Home Equity & Underwater Report, which shows that at the end of the first quarter of 2019, more than 5.2 million (5,223,524) U.S. properties were seriously underwater (where the combined balance of loans secured by the property was at least 25 percent higher than the property’s estimated market value), up by more than 17,000 properties from a year ago.
The 5.2 million seriously underwater properties at the end of Q1 2019 represented 9.1 percent of all U.S. properties with a mortgage, up from 8.8 percent in the previous quarter but down from 9.5 percent in Q1 2018.
Click Here For The Full Article
Picture: Attom Data Solutions
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Americans still favor owning over renting, but for how long?
67% of American homeowners believe owning is easier than renting.
With a homeownership rate of 64.2%, it’s safe to say the American dream of homeownership is alive and well. However, lackluster growth in the sector suggests the market might be turning, especially as affordability remains a top concern.
In a recent analysis, LendingTree surveyed 2,095 American homeowners aged 22 and older about their perceptions of owning a property versus renting.
According to the company’s study, 67% of American homeowners believe owning a home is a better option than renting. However, LendingTree discovered that for many American homeowners, renting is still a viable option.
Click Here For The Full Article
Picture: Pixabay
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Top Markets with Greatest Seller Gains
ATTOM Data Solutions just released its Q1 2019 Home Sales Report and the data shows that U.S. homeowners who sold in the first quarter of 2019 realized an average home price gain since purchase of $57,500, down from an average gain of $60,000 in Q4 2018 but up from an average gain of $56,733 in Q1 2018. The average home seller-gain of $57,500 in Q1 2019 represented an average 31.5 percent return as a percentage of original purchase price. While the percent of gains dropped both quarterly and annually, homeowners are still reaping some nice profits.
The data is derived by looking at what a homeowner originally paid on their property versus what they sold it for. For a historical snapshot of historical seller gains, check out the chart below. Our seller gains data stretches back to Q1 2005 but can go further upon request. The peak quarter when seller dollar gains were at their highest occurred in the fourth quarter of 2005, with $81,006 being made on average, while home sellers selling in the first quarter of 2019 were losing around $53,500…on average.
Click Here For The Full Article
Picture: ATTOM Data Solutions
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Young People Can’t Buy Homes Until Older Owners Move: Conor Sen
Homeowners over the age of 55 currently own almost 42 million homes, or 53 percent of the owner-occupied housing stock.
(Bloomberg Opinion)—For a generation of prospective homebuyers in the U.S., there are two chronic problems with the housing market: an overall lack of supply, and low affordability in many markets. As policymakers think about this, they usually focus on how to create more supply by building. While that idea should be pursued to its fullest, the reality is that development takes time, and many areas resist it — so much so that the more likely significant relief for the housing crisis will come as baby boomers’ houses go on the market.
To put the supply situation for young would-be buyers in perspective, it helps to look at the change in the age composition of homeowners since the peak of the last cycle. With newly-released 2018 data now available, we can see that since 2006, the number of homeowning households in the U.S. has increased by 2.8 million, with 2 million of that increase occurring in 2018 alone. Broken down by age, older homeowners — those 55 and over — have increased by 9.6 million, while younger homeowners — those under 45 — have decreased by 4.3 million.
Click Here For The Full Article
Picture: Pixabay
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Redfin: This is how much an open house can boost your home sale
Homes with open houses sell faster and for more money.
Technology has transformed the housing market by digitizing almost every aspect of the home buying process.
In 2019, Americans are able to sell, purchase and finance a property all from the comfort of their own home.
However, despite these technological advancements, data suggests that traditional selling methods might still have the upper hand.
According to a recent analysis by Redfin, American home sellers are now making $9,046 more on average just by hosting open houses.
“Holding an open house is an efficient way for sellers to get more eyes on a home, and a bigger pool of potential buyers can help lead to a higher ultimate sale price,” Redfin Chief Economist Daryl Fairweather said. “In many areas, homes that are already primed for competition tend to be the ones with open houses because the listing agent knows it will attract a lot of attention and wants to set up a convenient way for multiple potential buyers to pop in at once instead of making several appointments for private tours.”
Click Here For The Full Article
Picture: Pixabay
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Trump’s Housing Agency Cracks Down on No-Money-Down Home Loans
The administration is concerned about the risk to the government’s portfolio of federally-insured mortgages.
(Bloomberg)—The Trump Administration is cracking down on national affordable housing programs because of concern over growing risk to the government’s almost $1.3 trillion portfolio of federally insured mortgages.
The effort targets providers of money for borrowers who can’t afford the 3.5 percent down payment typically required on Federal Housing Administration loans. Such help — from government agencies and families — enables 4 in 10 FHA loans. Borrowers in government down-payment assistance programs become delinquent at about twice the rate of those who put up their own money.
Click Here For The Full Article
Picture: Pixabay
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Owners will spend almost $21,000 to sell their home in 2019, Zillow says
8 out of 10 will finish at least one project prior to listing
Homeowners in the U.S. will spend an average $20,851 to sell in 2019, according to a report released Tuesday from Zillow. That includes real estate commissions, taxes and projects such as painting and landscaping to prepare for listing.
The total transaction expense will include an average $14,281 in agent commissions and transfer taxes, according to the report. Those are based on sale price, and will range from about $76,015 in San Jose, California, one of the nation’s priciest markets, to about $9,046 in Cleveland, Ohio.
Some of the other markets covered by the report included San Francisco, where sellers will spend an average $58,534 this year just for commissions and transfer taxes; Philadelphia, where the average will be $16,296; Chicago, at $13,825; Dallas, Texas, at $14,580; and Boston, at $30,085.
Click Here For The Full Article
Picture: Pixabay
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Bank of America aims to boost homeownership, will give borrowers up to $10,000 to close a loan
Launches $5 billion affordable homeownership initiative
Bank of America is committing $5 billion to help boost homeownership for “low- to moderate-income and multicultural homebuyers and communities” across the country, the bank announced Tuesday.
According to the bank, it plans to commit an additional $5 billion over the next five years to its Bank of America Neighborhood Solutions program, which “will help more than 20,000 individuals and families thrive through the power of homeownership.”
And as part of the program, Bank of America is rolling out a host of new loan programs and options, including grants of as much as $10,000 to help a borrower close a loan.
One of the new options in the Neighborhood Solutions program, which is set to launch in the second quarter, will see the bank giving “eligible borrowers” as much as $10,000 that can be used toward their down payment or closing costs when they get a Freddie Mac Home Possible mortgage.
Click Here For The Full Article
Picture: Bank of America
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Zillow is now a mortgage lender, launches Zillow Home Loans
Rebrands Mortgage Lenders of America to carry Zillow name
Zillow has owned a mortgage company for approximately six months, having purchased Mortgage Lenders of America in November 2018, but now, the online real estate giant has truly become a mortgage lender as well.
Zillow announced Tuesday that it is launching its own mortgage lending operation, which it is calling Zillow Home Loans.
For years, prospective homebuyers could search for a mortgage through Zillow’s site, as lenders paid to have their interest rates and terms listed on Zillow’s mortgage marketplace. Now, they’ll have a new competitor: Zillow itself.
The company is rebranding Mortgage Lenders of America to carry the Zillow name, and will use the lender to finance home buying and selling through its Zillow Offers platform.
Click Here For The Full Article
Picture: Pixabay
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Home-price growth expected to pick up in year ahead
Strong spring home buying season may spur growth
Home prices have been appreciating rapidly since the housing market’s recovery, but they’ve stepped off the fast track in recent months, displaying a notable slowdown in appreciation.
But CoreLogic predicts a turnaround thanks to low mortgage rates, which should spur strong home buying activity this spring and nudge home prices upward.
In February, home prices revealed a modest month-over-month increase of just 0.7% – an unusually slow start to the year, CoreLogic revealed.
“During the first two months of the year, home-price growth continued to decelerate,” said CoreLogic Chief Economist Frank Nothaft. “This is the opposite of what we saw the last two years when price growth accelerated early.”
On an annual basis the picture was slightly rosier, with a 4% increase over February 2018.
Click Here For The Full Article
Picture: Pixabay
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.