Today’s Top Story – Consumer

Recovery Act’s Homebuyer Tax Credit Can Immediately Help Thousands of First-Time Homebuyers

RISMEDIA, June 1, 2009-Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan announced that the Federal Housing Administration (FHA) will allow

Consumer Confidence Index Increases to Highest Level in Eight Months

RISMEDIA, May 27, 2009-The Conference Board Consumer Confidence Index, which had improved considerably in April, posted another large gain in May. The Index now stands at 54.9 (1985=100), up from 40.8 in April. The Present Situation Index increased to 28.9 from 25.5 last month. The Expectations Index rose to 72.3 from 51.0 in April. The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted

Rethinking Remodeling: Homeowners Want More Bang for Their Home-Improvement Buck

RISMEDIA, May 25, 2009-(MCT)-Fewer homeowners may be starting complete kitchen remodels, but they're still replacing countertops and re-facing cabinets. They're also investing in improvements to make their homes more energy-efficient, according to a recent home remodeling and repair report by ServiceMagic.com. Others are splurging on hot tubs and home theaters after realizing that they may be in their homes for some years to come-and want to make them as comfortable as possible.

Single-Family Starts and Permits Edge Higher in April

RISMEDIA, May 21, 2009-Production of single-family homes edged upward in April 2009 as builders responded to improving conditions for new-home buyers, according to newly released figures by the U.S. Commerce Department. While overall starts fell 12.8% to a record-low seasonally adjusted annual pace of 458,000 units, the decline was entirely confined to the multifamily sector, where production fell 46% to a 90,000-unit pace for the month, while single-family starts posted a 2.8% gain to 368,000 units.

Housing Affordability Surges to Highest Level in 18 Years

RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income

Distressed Properties and First-Time Home Buyers – The Recipe for Real Estate Recovery?

RISMEDIA, May 23, 2009-(MCT)-Value-conscious, first-time buyers have become key to the housing market's recovery, and they are snapping up priced-right foreclosures despite the warts-and-all, sold-as-is condition of the properties. Half of the sales made in the year's first quarter were to first-time buyers and almost half of all these sales were distressed properties, the National Association of Realtors reported. Distressed properties include foreclosures and short sales

Housing Affordability and Low Interest Rates Entice Buyers to Return to the Market

RISMEDIA, May 18, 2009-Historically high housing affordability and low mortgage interest rates, combined with buyer opportunities in the distressed sales market, have increased home sales in many areas of the country. "There has never been a better time to buy," said National Association of Realtors Chief Economist Lawrence Yun, who presented NAR's economic outlook at the Economic Issues and Residential Real Estate Business Trends Forum

Homeowner Confidence Shrinks – Most Americans Now Believe Their Home’s Value Has Declined

RISMEDIA, May 16, 2009-American homeowners have a solid understanding of what has happened to the values of their own homes over the past year. A majority (60%) believe their own home lost value during the past 12 months, according to the Zillow Q1 Homeowner Confidence Survey. In reality, 80% of homes across the country lost value during the past 12 months, according to Zillow's first quarter Real Estate Market Reports. Additionally, 18% believe their own home gained value in the past 12 months

Top 5 Home Staging Trends to Help You Compete in Today’s Market

RISMEDIA, May 16, 2009-Staging your home before listing it on the market is a crucial step that many homeowners often overlook. While the competition continues to be fierce in today's market, homeowners must take the necessary steps in order to make their home stand out from the others. The International Association of Home Staging Professionals (IAHSPR) offers 5 home staging tips to help you compete in today's market:

Are Banks Making Short Sales a Long Process?

RISMEDIA, May 16, 2009-(MCT)-Short sales are making up a larger percentage of distressed home listings in several of the more harder hit markets around the country, such as Las Vegas, for example. And local real estate agents there say banks continue to drag their feet on approval. Although short-sale listings, or homes offered for less than the mortgage owed, have climbed steadily since January, short-sale closings declined to 7 percent of all resales in March from about 10 percent in August

5 Trouble Spots Homeowners Can’t Afford to Ignore

RISMEDIA, May 9, 2009-Homeowners might be tempted to put off fixing their home until the economy rebounds. But Consumer Reports warns that some problems, if left unchecked, can lead to thousands of dollars in repairs and might even compromise your family's health. The trouble signs are easy to spot, provided homeowners know what to look for. What's more, contractors aren't as busy now

Realtors Urge Congress to Stop Foreclosure Rescue Scams

RISMEDIA, May 8, 2009-Foreclosure rescue scams and other predatory and irresponsible lending practices have been on the rise, negatively impacting families, communities, and the housing market. The National Association of Realtors® recently testified on the importance of protecting homeowners from these anti-consumer practices. "Foreclosures lead to families losing their homes and their savings, and can cause entire neighborhoods to lose home value," said John W. Anderson, a broker-owner

More Than One Fifth of All American Homeowners Underwater on Their Mortgage

RISMEDIA, May 7, 2009-Home values in the United States fell again in the first quarter, posting a year-over-year decline of 14.2% to a Zillow Home Value Index of $182,378, according to the first quarter Zillow Real Estate Market Reports, which encompass 161 metropolitan areas and cover the value changes in all homes, not just homes that have recently sold. Declining home values left one fifth (21.9%) of all American homeowners with negative equity by the end of the first quarter. By comparison, 17.6% of all homeowners owed

Relocation.com Survey Shows Consumers Moving Further Due to Economy

RISMEDIA, May 6, 2009-Just as the Great Depression contributed to large-scale migrations from certain parts of the U.S., the current recession could be having a similar, historic effect, a new survey from Relocation.com, one of the leading online consumer resources for moving services, suggests. Data from Relocation.com showed that consumers are moving longer distances and making more out-of-state moves compared to a year ago

Upward Bound – Housing Affordability Conditions Cause for Rise in Pending Home Sales

RISMEDIA, May 5, 2009-Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2% to 84.6 from a level of 82.0 in February, and is 1.1% higher than March 2008 when it was 83.7. Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum.

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