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26 01, 2016

National Home prices rose in November

CK Evans2016-01-26T19:34:14-05:00Categories: Homes for sale Corolla, homes for sale outer banks, income properties corolla, income properties outer banks, investment properties outer banks, new construction corolla, new construction corolla nc, New Homes for Sales Corolla, Outer Banks, Outer Banks Investment Properties, Outer Banks Real Estate Sales, Uncategorized|Tags: income properties corolla, income properties outer banks, investment properties, new construction corolla, New Homes for Sales Corolla, obx new homes, outer banks new homes|Comments Off on National Home prices rose in November

Home prices rose in November, as the S&P/Case-Shiller U.S. National Home Price Index (HPI) increased
0.9 percent on the month. Nationally, home prices have risen 5.3 percent over the past year.

Western Cities Lead the Way

U.S. home prices, as measured by the S&P/Case-Shiller
National HPI, picked up 0.9 percent in November. The 10-City
and 20-City HPIs both rose solidly, each posting increases of
0.9 percent over the month. Western cities led the way, as
Portland, San Francisco and Denver saw the greatest gains.
In a separate report released today, the FHFA HPI, which
reflects homes securitized by Fannie Mae or Freddie Mac, rose
5.9 percent over the year.

Supply & Demand Driving Prices

Historically low levels of inventory for new and existing homes
should continue to support home prices into 2016. Meanwhile,
housing demand is likely to remain solid as underlying
fundamentals, including improving labor market conditions and
household formations, continue to strengthen.
We are looking for home price appreciation to decelerate
modestly in 2016, to 4 to 4.5 percent, as supply gradually comes
back online and demand from foreign buyers cools off.

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25 01, 2016

Why the December rebound in home sales?

CK Evans2016-01-25T14:35:55-05:00Categories: Homes for sale Corolla, homes for sale outer banks, income properties corolla, income properties outer banks, investment properties outer banks, new construction corolla, new construction corolla nc, New Homes for Sales Corolla, Outer Banks Investment Properties, Outer Banks Real Estate Sales, Uncategorized|Tags: income properties corolla, income properties outer banks, investment properties, new construction corolla, obx new homes, outer banks new homes|Comments Off on Why the December rebound in home sales?

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Why the December rebound in home sales?

Diana Olick | @DianaOlick

Sales of existing homes jumped 14.7 percent in December compared to November, according to the National Association of Realtors, but not because the housing market is suddenly outperforming all expectations. The jump in December had all to do with the nearly 11 percent monthly drop in home sales in November, and that drop in November had all to do with something in the mortgage market called “TRID.”

TRID is an acronym for TILA-RESPA Integrated Disclosure. It’s a new set of rules from federal regulators, deemed “Know Before You Owe,” designed to protect borrowers from hidden fees and costs in a home loan. It requires lenders to present borrowers with a simple disclosure form listing all facets of the loan three business days prior to closing. This is so borrowers can ask educated questions if they need to.

“(Friday’s) data just confirms that the November drop was due to delays in closings that were pushed to December,” said Lawrence Yun, chief economist for the NAR.

TRID went into effect in October, and first began to delay closings in November. Even though lenders had over a year to prepare, shifting their computer systems and adapting to the new protocol did cause problems. These delays, in addition to November having the Thanksgiving holiday, pushed a fair amount of closings to December.