July 2015

Found 26 blog entries for July 2015.

The US Census Bureau and Department of Housing and Urban Development (HUD) announced estimate for sales of new construction single-family houses dropped almost 7% in June compared to the previous month. However, even with the drop, home sales overall, are still 18.1 percent higher than last years estimate.

This, in addition to current figures confirming existing home sales have been rising and building permits have reached 8-year highs, leading economists aren't concerned with the sluggish sales in June (below expectations) and don't foresee warning signs of trouble in the housing market. In contrast, most analysts predict further continued improvement in real estate.

The report also revealed that the total of new homes available for sale was up 3.4

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Fannie Mae releases monthly the results of Economic & Strategic Research Group which amends the outlook for the real estate housing market and overall economic growth. The most current estimate reveals evidence of stronger than expected economic activity during the 2nd quarter of this year and should raise consumer confidence and boost the housing market for the remainder of the year.

With this news, Fannie Mae's chief economist Doug Duncan believes we should see continued gains in the real estate market. Mr Duncan was quoted as saying, “We expect to see strong sales, lean inventories, and rising confidence through the rest of the year, which should support increased home building activity and give an added boost to economic growth.” He added,

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The National Association of Realtors® release findings that during the month of June, existing home sales reached their quickest stride since February 2007. Sales increased 3.2 percent higher than the previous month and are currently just under 10 percent higher that they were last year at this time.

NAR's® chief economist, Lawrence Yun indicated 2015's springtime buying season has yielded the strongest results since the market downturn. According to Mr Yun, “Buyers have come back in force, leading to the strongest past two months in sales since early 2007. This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that's giving households the financial wherewithal and incentive to buy.”

It is also speculated as

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The Mortgage Bankers Association recently discovered the amount for an average loan is currently at its lowest point since February of this year.  The decrease is actually good news for Fort Lauderdale real estate and the real estate market overall, as it signals more first-time home buyers are purchasing homes and condos for sale this year.

Mike Fratantoni, chief economist at MBA, recently said, “Given the overall increase in purchase volume, we view this as a positive development, as it signifies more first-time home buyers are getting into the market. We are not back to levels typical of a healthy market, but for the first time in a while it is steadily improving.”

While there was a one percent dip in the Refinance Index, purchase applications to

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RealtyTrac defines Boomerang Buyers as millions of former distressed homeowners who surrendered their real estate homes and condos during the past financial meltdown. It is estimated there could be as many as 7.3 million boomerang buyers, and of this group, only 1 million have purchased a home again. 

This indicates the possibility of 6 million former homeowners sitting on the sidelines with the possibility of returning to the real estate market as potential homebuyers in the near future. Adding to this, confirmed data shows younger buyers are also beginning to purchase homes after a time when first-time buyers were underrepresented. These return buyers could further strengthen an already established outlook for a real estate recovery.

So, the

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The latest findings shows the average household in America is getting smaller, but you wouldn't know it by looking at the average home; which by contrast, is getting larger. Americans today are living in homes, condos and townhomes with more square feet per person than ever before.

The American Enterprise Institute completed an analysis of the Census Bureau's Characteristics of New Housing and found on average, the amount of living area per person has doubled since 1973. Over the past 40 years, the typical home in America has grown from 1,660 square feet to just under 2,700 square feet, an increase of one thousand square feet. In contrast, the typical household has decreased from 3.01 persons in 1973 to 2.54 persons in 2015 representing an all-time

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The Department of Housing and Urban Development (HUD) and US Census Bureau indicates the latest estimates that new construction for residential properties increased almost 10 percent in June of this year and is currently 26.6 percent higher than last year. A large portion of the growth can be attributed to the boost in multi-family homes.

This is exciting news for the real estate market overall as it is an indication how the job market gains has increased demand. Positive conditions for employment have inspired many buyers to begin the process of looking for either a home for sale or condo for sale and this trend is particularly evident with first-time home buyers.

This upswing in home buyers considering a home purchase along with astounding

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Home Builders/ Developers are widely considered to have a very good handle on the strength and weakness of the real estate housing market because of their distinct viewpoint on new construction homes for sale and the development of townhouse projects and condominiums for sale.  For this reason, the National Association of Home Builders has been surveying builders for the past thirty years to comment on the amount of current home buyers looking at properties, home sales conditions and their assessment for the up coming six months.

When the survey is tallied, a score of 50 or more indicates the majority of builders forecast positive conditions in the housing market going forward. The NAHB's survey in July scored it's highest level in 10 years with a

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Results from the Mortgage Bankers Association's Weekly Applications Survey reveal a movement in rates two weeks ago.  Rates were up across the board for most loan types as compared to the previous week which saw rates falling. By week's end, mortgage interest  rates remained the same for a 30-year fixed with conforming loan balances but increased for jumbo loans, FHA Loans and 15-year fixed mortgages.

Even with a small tick upward in mortgage interest rates, the buying power for home buyers wanting to purchase a house for sale or condo for sale is decreased.

"Interest rates rose on Friday after dropping throughout the middle of the week" MBA's chief economist Mike Fratantoni told CNBC. "However, refinance activity saw a pick-up." 

While the

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Homeownership Equity - a term that refers to the value of a given property after the mortgage debt is subtracted out, or more easily stated, the value of how much of a property you actually own.  With each loan payment paid on time, the amount of equity in the property increases. When local property values rise, home equity also increases.  Similarily, when properties decrease in value, home equity value also decreases.

The Federal Reserve stated homeownership equity reached a peak of 13.1 trillion in 2005 when prices for homes for sale were up and buying a condo or single family house was considered a good investment strategy for increasing one's net worth.

However, in 2011, as the US experienced a financial meltdown, home prices plummeted. During

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