Finance and Economy Archive
Take a moment to consider some of today’s largest, most recognizable companies—“some of them may not be around after the next several years,” says G. Michael Maddock, CEO of Maddock Douglas,
Data through December 2012, released this week by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that all three headline composites ended the year with strong gains. The national composite posted an increase of 7.3 percent for 2012. The 10- and 20-City Composites reported annual returns of 5.9 percent and 6.8 percent in 2012. Month over- month, both the 10- and 20-City Composites moved into positive territory with gains of 0.2%; more than reversing last month’s losses.
In addition to the three composites, nineteen of the 20 MSAs posted positive year-over-year growth – only New York fell.
A bipartisan commission of former Cabinet secretaries, former Senators and other leading housing and economic experts unveiled a new vision for housing policy this week, which aims to further our nation’s economic recovery and improve the lives of millions of Americans. The recommendations propose scaling back the government role in the nation’s housing finance system and reforming housing assistance programs to better meet the needs of America’s most vulnerable households.
The commission is co-chaired by former Senate
How long has it been since you heard the words “sold at a premium over list price?” For the past six years, sales prices ended up somewhere south of list prices by at least five percent. Now, in the markets where
Existing-home sales edged up in January, while a seller's market is developing and home prices continue to rise steadily above year-ago levels, according to the National Association of REALTORS®. Sales rose in every region but the West, which is the region most constrained by limited inventory.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.4 percent to a seasonally adjusted annual rate of 4.92 million in January from a downwardly revised 4.90 million in December,
Exceptionally low interest rates helped ensure a slight gain in nationwide housing affordability amid relatively stable house prices in the final quarter of 2012, according to the National Association
Due to a double-digit dip on the typically volatile multifamily side, nationwide housing starts declined 8.5 percent to a seasonally adjusted annual rate of 890,000 units in January,
Although the economy seems to be transitioning to a slightly stronger growth path, unresolved fiscal policy decisions pose significant headwinds in early 2013, according to Fannie Mae's Economic & Strategic Research Group. Increased taxes and reduced government spending will keep growth at a subdued pace in the first half of the year before activity picks up in the second half. Net exports also are expected to create a drag as Europe remains in recession and U.S. export growth tries to bounce back from a slowdown in late 2012.
On the more positive side, the improving performance of the housing market is expected to continue through 2013. Boosted by strengthening home prices,
Though home foreclosures continue to be a challenge in many hard-hit markets, a report released this week by mortgage technology company FNC indicates the ongoing housing recovery should continue for the long haul.
According to FNC’s Foreclosure Market Report
, foreclosure prices have bottomed out in recent months and the foreclosure market has stabilized while underlying home values are rising. Foreclosure prices are at a 10-year low (when the sizes of foreclosed homes are factored in).
This trend of a rising underlying market accompanied by stabilizing foreclosure prices is the first encouraging development in the housing recession, according to FNC Senior Research Economist, Dr. Yanling Mayer.
Fannie Mae recently introduced an expanded HomePath for Short Sales tool to resolve short sale challenges. The tool, a new short sale escalation process, is open to any real estate professional working
Regional Spotlight-- Median home-sale price continues to grow by double-digits in the Bay Area of California, but with such a shortage of inventory and fewer new listings, there soon may be nothing left to buy.
Year-over-year single family inventory continues its drop from January 2012 levels. Santa Clara County and San Mateo Counties were down more than 50 percent compared to the same month last year, for the second month in a row, with other counties falling only slightly less. Sales were mixed in January; San Mateo County was up 5 percent, Santa Cruz County remained flat, and Santa Clara, San Benito, and Monterey sales dipped moderately.
Realogy Holdings Corp., a global leader in residential real estate franchising and provider of real estate brokerage, relocation title and settlement services, has reported financial results for the fourth quarter
Indicators of consumer confidence were mixed in the first month of the new year. Thomson Reuters and the University of Michigan reported that its final estimate of consumer confidence, Consumer Sentiment,
(MCT)—QUESTION: I bought a co-op apartment unit in January 2010 with a conventional mortgage. I am trying to refinance it and have found that big banks are not willing to work with me. Can you please explain what’s happening here?
ANSWER: When you buy a home in a community, there are several ways that you can own it. In a “fee simple” arrangement, you own the land and home outright and the community
The Department of Housing and Urban Development recently allocated $5.4 billion in Community Development Block Grant (CDBG) Disaster Recovery funding to five states