Economists Say Housing Market Continues to Slowly Brighten

deec@kentwoodcity.com

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Economists Say Housing Market Continues to Slowly Brighten

Thursday, May 3rd, 2012

Mirroring the uneven economic recovery, the housing market is expected to move in a slow, gradual upward path in 2012, while encountering its share of speed bumps along the way, according to economists participating in a recent National Association of Home Builders (NAHB) construction forecast webinar on the housing and economic outlook.

While the latest monthly housing data have shown signs of a slight softening, NAHB Chief Economist David Crowe said this is more reflective of More...

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Refinance Applications Up, Purchase Applications Down in Latest MBA Survey

Mortgage applications increased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 13, 2012.

The Market Composite Index, a measure of mortgage loan application volume, increased 6.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 6.5 percent compared with the previous week. The refinance index increased 13.5 percent More...

Forecast Says the Home Prices Have Hit Bottom

Bank of America and Merrill Lynch has changed its forecast from November when it expected home prices to fall 3.5 percent in 2012. Now, it expects a modest gain of 0.5 percent, which is a good sign for the real estate business.

The firm is still forecasting a slow recovery, projecting home prices to gain 2.8 percent in 2014, which is below its prior estimate of 8.1 percent. The prediction for 2020 remains much the same, with prices recovering by 42 percent.

Inventory in Metro Denver Slips to Lowest Level in Decade

The number of homes on the market in metro Denver in December 2011 slipped to the lowest level in more than a decade.

There were 12,531 homes on the market in December, down 33.6 percent from the same month in 2010. In 2000, the inventory hit a low of about 9,000.

Most experts say that if inventory continues to drop, it could have a dramatic impact on the market, perhaps reducing the number of transactions.

Mortgage Redefaults Decline Following Larger Payment Deductions

Homeowners whose mortgage payments were changed under a program aimed at reducing foreclosures redefaulted at a slower rate after lenders gave more generous modifications, according to the U.S. Comptroller of the Currency.

In an article penned by John Gittelsohn on Businessweek.com, about 18 percent of modified loans were at least 90 days delinquent within a year in the third quarter, compared with 20 percent in the previous three months, according to the Comptroller’s Mortgage More...

Construction Permits Climb to Highest Level Since March 2010

Builders broke ground on more homes than forecast in October and construction permits climbed to the highest level since March 2010, according to Bloomberg.com. Some believe that this increase is a sign that housing may become less stagnant in the third year of economic recovery.

Starts decreased 0.3 percent to a 628,000 annual rate from September’s 630,000 pace that was slower than previously reported, according to the Commerce Department. The median estimate of economists More...

More People are Fulfilling their Dream of Owning a Vacation Home…Will You?

A California couple recently purchased there first vacation home at a California ski resort. At $200,000, the condo was a bargain compared to a past price of more than $400,000. The couple also realized they could rent the condo to help pay their mortgage and expenses.

More and more people are considering the purchase of a vacation retreat because conditions are ripe to fulfill this dream. Prices on vacation homes have fallen even more sharply than primary homes. More...

Kentwood Agents Close 450 Madison in Cherry Creek North at $1,596,000

Dee Chirafisi of Kentwood City Properties and Tricia Potucek of The Kentwood Company at Cherry Creek have announced the sale of 450 Madison in Cherry Creek North for $1,596,000, one of the highest sales prices garnered in Cherry Creek North to date in 2011. Chirafisi and Potucek co-listed the property, with Gary Carlson of The Kentwood Company at Cherry representing the buyer.

“This was a great sale and there was exceptional cooperation between the two Kentwood More...

Metro Denver Home Prices on the Rise

Denver real estate appears to be making a comeback. According to published reports, the median sale price for single-family homes in metro Denver rose 7.3 percent last year to $235,000. Condominium sale prices rose slightly from $135,000 to $136,000.

Pending Home Sales Increase in October

A recent analysis of pending sales of homes rose 10.4 percent in October due to attractive housing affordability conditions, according to an article in the Denver Post.