2012 Annual Housing Market Survey

Size: px
Start display at page:

Download "2012 Annual Housing Market Survey"

Transcription

1 2012 Annual Housing Market Survey

2 California Association of REALTORS 2012 Annual Housing Market Survey 2 Table of Contents Introduction... 3 Key Findings... 3 Survey Methodology... 4 Housing Market Outlook... 5 Supply Shortage Intensifies Market Competition... 7 First Time Buyers Benefit from Higher Housing Affordability... 9 Investors Competing Head-to-Head with First-Time Buyers Cash Buyers on the Rise as Competition Intensifies International Buyers Continue to Show Interest in California Real Estate Repeat Buyers Returning to the Market Many Sellers Remained Underwater More Sellers Planning to Repurchase Concluding Remarks List of Exhibits... 19

3 California Association of REALTORS 2012 Annual Housing Market Survey 3 Introduction The 2012 Annual Housing Market Survey takes a comprehensive look at the recent developments in the California real estate market and provides an overview for the housing market from different perspectives. In particular, the report examines the sales trends of the distressed and non-distressed markets, discusses the financial aspects of the real estate environment, and provides insights on investors, first-time buyers, and other tiers of the consumer demographics. Key Findings With an imbalance between supply and demand, home buyers have been fiercely competing with each other. Nearly six of ten home sales (57 percent) received multiple offers. The share of home sales that received multiple offers was the highest in at least the last 12 years. On average, each home sale received 4.2 offers, a slight increase from 3.5 offers in The fierce market competition led to fewer properties being sold under the list price. Historically, 68 percent of all homes sold below their asking price. In 2012, the share of home sales with a discount from the list price dropped to 59 percent, the lowest since Bargain properties typically attracted more multiple offers. Seven of ten REO sales and short sales received multiple offers, while half of equity sales got more than one offer. The share of all cash buyers has been on the rise since Almost one-third of all homebuyers paid with all cash in 2012, and it was more than triple what it was in 2001 when the share was 8.8 percent. Despite a slight dip from 2011, demand for investment properties and second homes remained strong in Sixteen percent of all sales went to investors, and seven percent went to second or vacation homebuyers. For those who purchased an investment property, 83 percent bought it as a rental property and the rest of them bought it as an investment to flip. The share of first-time buyers remained below the long run average of 39 percent but improved from After dropping for two consecutive years since it peaked in 2009, the proportion of first-time buyers increased from 34.2 percent in 2011 to 35.8 percent in Historically low levels of mortgage rates, which led to higher housing affordability across the state, were one of the contributing factors in the hike of the share of first-time buyers. Many first-time buyers were interested in distressed properties with deeply discounted price tags. In fact, 40 percent of all first-time buyers either bought an REO sale or a short sale in With distressed sales properties being relatively more affordable, 41 percent of REO sales and 45 percent of short sales were purchased by first-time buyers. Sellers who planned on purchasing another home rose for the second consecutive years, after six years of decline since Two of five (40 percent) home sellers planned to repurchase as the housing market started slowly recovering. Home buyers bought for many different reasons. A quarter of the buyers bought because they were tired of renting a property. Nearly one of five (18%) bought their home because

4 California Association of REALTORS 2012 Annual Housing Market Survey 4 of investment and/or tax considerations. Other purchased because they desired a better location (15%), they wanted a bigger house (14%), or their family status changed (6%). More than half of the first-time buyers purchased their home because they were tired of renting, while the primary reason to buy for repeat buyers was for investment/tax considerations. With tight lending standards continuing to prevail in the housing market, repeat buyers have been relying mostly on their savings, rather than the proceeds from their previous residence, as their primary source of down payment. Only 18 percent of repeat buyers considered the proceeds as their primary source, slightly above last year, but still the second lowest since the survey started tracking the statistics, and was much lower than 45.1 percent in Meanwhile, the share of repeat buyers who used their savings as the primary source of down payment remained high at 55 percent in 2012, down from 58.6 percent in Survey Methodology C.A.R. has conducted the Annual Housing Market Survey since The questions and methodology have stayed essentially the same throughout that time. The survey was mailed to a random sample of 15,000 REALTORS throughout California. The sample represented the geographical distribution of C.A.R. membership across the state. The survey asked REALTORS to provide information from their most recent sales transaction that closed escrow in the second quarter of The survey instrument was a seven-page questionnaire with both multiple choice and open-ended questions. There were 932 valid survey responses, equivalent to a response rate of 6.2 percent. The margin of error for this survey was +/- 3.2 percent at a 95 percent confidence level.

5 California Association of REALTORS 2012 Annual Housing Market Survey 5 Housing Market Outlook The California housing market ended 2012 with another solid year, with the annual sales of existing single-family home increasing 5.4 percent from 2012 to 525,120. It was the second consecutive year with year-over-year gain in sales, and sales were at the highest level since One reason for strong sales in California was the recordlow interest rate levels reached in Mortgage rates had been trending downward since July 2011 after the Federal Reserve announced its commitment to keep interest rates low until at least The average rate for 30-year fixed rate mortgages had since declined to below four percent, and set a historical record low of 3.35 percent in November 2012 and December With rates dropping consistently since early 2011 and home prices remaining significantly below the level reached in the cyclical peak in 2007, the increase in housing affordability convinced many buyers who were previously on the fence to finally make a home purchase. Sales composition, however, was very different in 2012 as compared to that of three years ago when 60 percent of all sales were Real Estate Owned sales (REO). The market conditions have improved since then, and the share of REO sales had declined to 11 percent of total sales as of December 2012, while the share of equity sales surged to over 60 percent of total sales. The increase in the share of equity sales was due primarily to better overall economic and housing environments, but the lack of REO inventory also played a role in the change in the mix of sales. The statewide median price of existing single-family homes, meanwhile, also showed significant improvement from The median price of existing single-family homes increased 11.6 percent year-over-year to $314,340 in The hike in price was due to upward price pressure resulting from supply constraint, as well as from more demand for higher-priced homes. Unsold Inventory for homes in December 2012, for example, declined 40 percent from the same month of last year and the decrease was more pronounced in the lower-price segments (see Table 1). This was due in part to the lack of supply in REO properties, as REO inventory dropped by more than half from the same time last year.

6 California Association of REALTORS 2012 Annual Housing Market Survey 6 Exhibit 1: Change in Inventory by Price Range (Year-to-Year) Dec % % -40.3% -35.4% -26.9% $0 - $300k $300 - $500k $500 - $750k $750 - $1000k $1000k+ Exhibit 2: Equity Sales and Short Sales Continued to Improved, While REO Sales Dropped % -6 Equity Sales Short Sales REO Sales

7 California Association of REALTORS 2012 Annual Housing Market Survey 7 Supply Shortage Intensifies Market Competition While the California housing market continued to show strong sales growth since early 2012, the lack of inventory remained an issue throughout the year. In December, the California Association of REALTORS (C.A.R.) reported a supply of inventory at 2.6 months, which was less than half of the norm of about seven months, and was at the lowest level since Aug The shortage of supply was across the board, but the decline was especially pronounced for distressed properties, as short sales inventory and bank-owned (REO) inventory declined from last December by 53 percent and 48 percent respectively, while equity sales decreased 11 percent from last year. With an imbalance between supply and demand, home buyers have been fiercely competing with each other. The market competitiveness is evident in the increase in the number of sales with multiple offers, as reported in C.A.R. s latest 2012 Annual Housing Market Survey. Nearly six of ten home sales (57 percent) received multiple offers, and the percent of sales with multiple offers was the highest in the last 12 years. On average, each home sale received 4.2 offers, a slight increase from 3.5 offers in With bank-owned properties being the best bargain in the market, the competition was most intense in the REO segment. More than seven of ten REO sales (71 percent) received multiple offers, an increase from 58 percent in The short sale market was not as competitive as the REO market, but nevertheless, nearly two-thirds of sales received more than one offer, a jump from 58 percent in The intense market competition led to more properties being sold above the asking price. In 2012, the share of homes sold with a price above the list price increased to 33.1 percent, more than doubled the long-run average of 15 percent over the last 20 years. It was also the highest since 2005 when the housing market was extremely competitive. One third (33.6 percent) of the REO properties in 2012 were sold above the asking price, as compared to 30.4 percent for short sales and 19 percent for equity sales.

8 California Association of REALTORS 2012 Annual Housing Market Survey 8 Exhibit 3: Supply Shortage Creates More Market Competition 6 5 % with Multiple Offers # of Multiple offers (Average) 57% Properties also stayed on the market for a much shorter time than they did in 2011 because of the increased market competition. As shown in the graph on the right in exhibit 4, a residential property typically stayed on a multiple listing service (MLS) for five weeks in That s a significant drop from 10.5 weeks in 2011, and was the lowest since Historically, a property stayed on the market for an average of 6.4 weeks. Exhibit 4: Market Competition Leads to More Sales with Above Asking Price % of Sales with Price Discount 59% 1 9% 8% 7% 6% Median Price Discount & Weeks on Market Med. Price Discount 2.1%, 5 weeks % 4% 3% 2% 1% Med. Weeks on MLS

9 California Association of REALTORS 2012 Annual Housing Market Survey 9 With the tight supply conditions not expected to disappear anytime soon, the intense market competition is here to stay. Multiple offers and above-asking-price offers most likely will continue to be the norm of the market in the upcoming year. First Time Buyers Benefit from Higher Housing Affordability One of the main groups of buyers that competed in the housing market was first-time buyers. First-time buyers represented more than one-third of the total home buyers. The share of firsttime buyers remained below the long run average of 39 percent in 2012, but improved from the previous year. It was the first year that the share grew after two consecutive years of decline since it peaked in The share of first-time buyers hit a record high of 47 percent in 2009 and was at 44 percent in 2010 when home buyer tax credits fueled the demand for entry level homes after the Great Recession. The expiration of the credits pulled demand from firsttime buyers back in 2011, but record-setting housing affordability index (HAI) lured them back in Historically low levels of mortgage rates, coupled with home prices remaining at levels significantly below the cyclical peak, led to higher housing affordability across the state. While housing affordability may have retreated slightly from the peak levels in the first quarter of 2012, it remained at levels substantially above those observed in Exhibit 5: First-Time Buyer HAI vs. Effective Interest Rates First-time buyer HAI in CA Effective Interest Rates

10 California Association of REALTORS 2012 Annual Housing Market Survey 10 Exhibit 6: First-Time Buyer HAI vs. Entry Level Median Price Entry Level Median Price First-time HAI in CA $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 First-time buyers bought their property for different reasons, but the primary reason for over half of them was because they were tired of renting. With average rents keep on rising in many areas in California, while the cost of borrowing continues to decline, buying instead of renting makes more sense to these buyers. Other top reasons to buy include: Desire for a larger home (10 percent) Investment and tax considerations (8 percent) Desire for a better location (6 percent). Exhibit 7: Reasons For Buying: First-Time Homebuyers vs. Repeat Homebuyers First-Time Buyers Repeat Buyers

11 California Association of REALTORS 2012 Annual Housing Market Survey 11 Distressed properties continue to play a big part in the first-time buyers housing market, as they are relatively more affordable as compared to non-distressed properties. Four of ten firsttime buyers either bought an REO or a short-sale in Investors Competing Head-to-Head with First-Time Buyers Low home prices not only encouraged first-time buyers to purchase their entry-level home, but also lured investors who wanted to add a piece of real estate to their portfolio. Despite a slight dip from 2011, the demand for investment properties and second homes remained strong in 2012 and stayed above the long run average of 11 percent. Sixteen percent of total sales went to investors as compared to 17 percent in the previous year. Another 7 percent of sales were purchased by vacation/second home buyers, unchanged from The demand for investment properties has grown significantly since At the beginning of the past decade, the share of sales pertaining to investment home buyers was merely 7 percent, but had more than doubled since then. Investors were clearly looking for bargains and were directly competing with first-time buyers in the distressed market. Over half of all properties purchased by investors were either short sales or REO/foreclosures. Furthermore, 24 percent of all REO sales and short sales were bought primarily for investment and tax purposes, while only 9 percent of all equity sales were bought primarily for the same reason. Exhibit 8: Equity Sales vs. REO Sales vs. Short Sales Equity Sales REO Sales Short Sales Median Age of Buyers Median Household Income $120,000 $85,000 $75,000 % of First Time Buyers 30.3% 40.6% 44.9% % of International Buyers 6.7% 3.7% 4.9% % Bought as Investment to Flip 2.2% 4.6% 0.5% % Bought as Investment to Rent 8.8% 19.3% 23.5% Median Down Payment $84,000 $28,000 $23,500 % of Down Payment For those who purchased an investment property, most of them planned to rent it out rather than to flip it. More than eight of ten investors bought the property as a rental property but only 17 percent bought it as an investment to flip. Since flippers typically hold on to their properties for a shorter period of time, this is consistent with survey results that suggest recent investment homeowners are keeping their property longer than investors in the mid 2000 s

12 California Association of REALTORS 2012 Annual Housing Market Survey 12 Exhibit 9: For Those Who Purchased an Investment Property Investment to Flip Rental Property Cash Buyers on the Rise as Competition Intensifies To be competitive in a housing market with tight inventory and a restrictive lending environment, many buyers who wanted to have an edge over other buyers opted to make all cash offers for their home purchase. Since an All Cash transaction does not have to go through lengthy lending approval process, the escrow process would be faster and is less likely to fall through, making the offer more attractive and convenient. Survey results suggest that All Cash buyers has been on the rise since the mid of 2000 s, increasing from 11 percent in 2005 to 30 percent in Almost one-third of all home buyers as seen in exhibit 10, paid with all cash in 2012, which was more than 3 times what it was in 2001 when the share of all cash buyers was merely 8.8 percent. The share of all cash buyers in 2012 was also nearly double the long-run average of 15.1 percent since Exhibit 10: More Buyers Are Purchasing with Cash 3 25% 2 15% 1 5% % of All Cash Sales 3

13 California Association of REALTORS 2012 Annual Housing Market Survey 13 In recent years, we have also seen a persistent participation of international buyers of whom more than a third (36.5 percent) paid with all cash, partly because it was more difficult for international buyers to obtain a loan locally for real estate finance purposes. International Buyers Continue to Show Interest in California Real Estate The share of international buyers increased slightly for the second year, to 5.8 percent, suggesting that international buyers continued to show interest in purchasing real estate in California. Survey results showed that 80 percent of all international buyers bought their property as a primary residence, 14 percent as an investment/rental property, 4 percent as a second/vacation home, and 2 percent as an investment to flip. The majority of international buyers came from China (39.1 percent), Canada (13 percent), India (8.7 percent) and Mexico (8.7 percent). Exhibit 11: Share of International Buyers 9% 8% 7.8% 2 out of 10 REALTORS confirmed that they have 7% 6% 5% 4% % 5.7% 5.8% worked with an international buyer in the past 12 months. 3% 2% 1%

14 California Association of REALTORS 2012 Annual Housing Market Survey 14 Repeat Buyers Returning to the Market While the share of first-time buyers has improved, the housing market continued to be dominated by repeat buyers, as almost two-thirds of all sales in 2012 were purchased by this group. With home prices growing by double-digit in many markets in California, many repeat buyers returned to the market as market conditions have become more favorable than what we observed in the last few years. Increasing home prices in the last year have helped many homeowners who were previously underwater to gain some equity back, and lure those sellers who were looking to upgrade. Nearly a quarter of repeat buyers said their main reason for buying was for investment and tax considerations. Two of ten bought because they wanted to move to a better location, while 17 percent wanted a larger home, and 8 percent were tired of renting. As the housing market continues to recover, many repeat buyers are still relying heavily on their personal savings as a means for their down payment, rather than the proceeds from their previous residence. Only 17 percent of repeat buyers considered the proceeds as their primary source, a slight increase from 2011, but still the second lowest since the survey started tracking the statistic and was much lower than the peak of 45.1 percent reached in On the contrary, the share of repeat buyers who used their savings as the primary source of payment remained at a high level of 53 percent in 2012 in spite of dipping from 57 percent from Exhibit 12: Repeat Buyers Rely on Personal Savings as Down Payment Sale of Previous Residence Savings 53% 17%

15 California Association of REALTORS 2012 Annual Housing Market Survey 15 Many Sellers Remained Underwater Many sellers sold their home with a loss in 2012, and the number of sellers who sold their home with a loss rose after falling two consecutive years and was above the long run average for the fifth year. One-third (33.5 percent) of all sellers sold their home with a loss in 2012, a jump from the 21.8 percent recorded in It was the highest on record since C.A.R started tracking net cash losses, and was more than double the long-run average of 12.3 percent. Exhibit 13: Median Net Cash Gain to Sellers Reaches a Record Low in 2012 $250,000 $200,000 $150,000 $100,000 $50,000 $ $25,000 With more homeowners selling their properties at a loss, the net cash gain that sellers received in general also hit a record low. After two consecutive years of significant declines in prices, the median net cash gain from home sales fell 67 percent from $75,000 in 2011 to $25,000 in The typical equity home sellers had a median net cash gain of $50,000, while short sellers had a median net cash loss of $110,000. With more than a third of the home sales being distressed properties, the primary reasons to sell were obscured by those who were forced to sell for financial reasons. More than a quarter of all home sellers, for example, sold because their properties were in distressed status, as compared to one percent in 2006 before the housing market crashed. To understand if there is any fundamental change to homeowners desire to sell, we examined the reasons to sell for distressed sales separately from those for equity sales. More than four of five (86 percent) distressed sellers sold their property because the property was either in foreclosure, short sales, or default status. Meanwhile, equity home sellers reasons to sell were more in line with those collected in past years. Almost two of ten sold their property because of a change in the family status. Retirement or moving to a retirement community followed with 16 percent. Other reasons to sell include sellers desire for a better location (14 percent), investment/tax consideration (13 percent), and their desire for a larger home (10 percent).

16 California Association of REALTORS 2012 Annual Housing Market Survey 16 Exhibit 14: Reasons for Selling Desired Larger Home, 7.1% Other, 11.9% Changed Jobs, 3.8% Desired Smaller Home, 6.3% Desired Better Location, 9.9% Investment/ Tax Considerations, 10.2% Foreclosure/Sh ort Sale/Default, 26.5% Change in Family Status, 13.3% Retirement/Mo ve to Retirement Community, 11. More Sellers Planning to Repurchase As home prices steadily trend upward while mortgage rates continue to reach record low levels, more sellers want to take advantage of the low borrowing cost and plan to repurchase another home. After six years of decline since 2005, sellers who planned on buying or had already bought another home rose for the second consecutive year in Two of five (40 percent) home sellers planned to repurchase as the housing market started its slow recovery, an increase from 38 percent in Those who planned on purchasing were primarily sellers with non-distressed properties, as 51 percent of them planned to repurchase. Only 22 percent of short sale sellers planned to repurchase, and none of the REO sellers planned to buy another house. Nearly half of those sellers who planned to repurchase said that their new home would be located within the same county, a significant increase from 38 percent reported in the peak year of the recent housing market cycle. Meanwhile, about one-fifth of sellers who planned to purchase a new home decided to buy in another state outside of California, a drop from 31 percent in 2005 when the median price was over $500,000. Higher housing affordability in recent years was probably a big factor in the surge in more sellers wanting to stay within the same county and the steep decline in sellers wanting to move to another state. Since 2005, the statewide median price has declined 39 percent from $522,670 to $317,000(p) in 2012, while the average 30-year fixed rate mortgage dropped from 5.87 percent to 3.8 percent. The decreases in interest rates and home prices pushed the California housing affordability index up from 15 percent in the third quarter of 2005 to 49

17 California Association of REALTORS 2012 Annual Housing Market Survey 17 percent in the same quarter of 2012, making homeowners less inclined to move because of affordability. Despite an increasing number of sellers planning to return to the market, more than six of ten sellers still did not plan to repurchase another home, and their top reason for not planning to buy was because they were lenders/banks. This is not a surprise as 98 percent of REO sellers were either a bank or a lending institution. To better assess the fundamental reasons behind why a true seller decided not to buy, we examined the survey results of REO sales, short sales and equity sales separately: For REO sellers, nine of ten (88 percent) did not plan on buying another home because they were lenders/banks Short sale homeowners did not plan on buying another home primarily because they had poor credit background (31 percent), and also because they did not have the cash for the down payment (17 percent). Top reasons for equity home sellers not planning to repurchase were 1) they prefer to have less financial obligation (20 percent), 2) they already own another house (16 percent), and 3) they moved to or planned on moving to a retirement facility/nursing home (12 percent). Concluding Remarks With home prices in 2012 surging by double-digit from 2011, there are concerns about the market entering into another period of housing speculation like what it went through in the mid 2000 s. Discussions on whether the current housing market recovery is justified surface from time to time and the debate will continue in What is clear from evidence suggested by surveys and research studies, however, is that conditions for the housing market and for real estate financing are healthier than the environment that we observed in the mid of 2000 s before the housing market started deteriorating. The environment for housing finance in 2012 required home buyers to be more responsible financially than they were in Recent home buyers had more skin in the game than many of those who purchased a few years ago when the housing market was at its peak. In general, more buyers were putting a bigger down payment on their home purchased, while there were fewer buyers with zero down payment. The share of buyers who used a second lien to finance their property also shrank significantly from the peak of the current housing cycle, and those who opted for an Adjusted Rate Mortgage (ARM) took a dive from the mid of 2000 s. There were also more buyers offering all cash to pay for their house in 2012, as cash buyers in the current market made up nearly three times what it was in 2006.

18 California Association of REALTORS 2012 Annual Housing Market Survey 18 Meanwhile, the likelihood of default has been reduced as monthly mortgage payments in general are more affordable than a few years ago. Housing affordability has more than quadrupled from what it was in 2006, as the cost of borrowing remained at record low levels and the annual median price for 2012 was 43 percent below the annual median price for As the economy continues to improve slowly but steadily, the housing market condition will remain healthy in With housing affordability hovering near record level, sales will be strong in the upcoming year. The statewide median price is expected to increase modestly in With the change in the mix of sales slanted towards the high-end market, and the shortage of inventory, there is an upward pressure on home prices. The fierce market competition, however, will continue to be the norm in 2013 as tight supply condition remains an issue, especially for areas with a significant share of REO sales. Exhibit 15: Buyers Have More Skin in the Game % of buyers with 20+% down payment 43.2% 54.4% % of buyers with zero down payment 21.1% 4.6% % of cash buyers % of home buyers with a second mortgage 43.4% 1.8% % of buyer with ARM 32.6% 3.5% Exhibit 16: Less Likelihood of Defaulting as Monthly Payment is More Affordable Average mortgage rate (FRM) 6.4% 3.7% Median home price for existing single-family homes $556,430 $319,340 Median household income for home buyers $100,000 $100,000 Housing Affordability Index

19 California Association of REALTORS 2012 Annual Housing Market Survey 19 List of Exhibits Exhibit 1: Change in Inventory by Price Range (Year-to-Year)... 6 Exhibit 2: Equity Sales and Short Sales Continued to Improved, While REO Sales Dropped... 6 Exhibit 3: Supply Shortage Creates More Market Competition... 8 Exhibit 4: Market Competition Leads to More Sales with Above Asking Price... 8 Exhibit 5: First-Time Buyer HAI vs. Effective Interest Rates... 9 Exhibit 6: First-Time Buyer HAI vs. Entry Level Median Price Exhibit 7: Reasons For Buying: First-Time Homebuyers vs. Repeat Homebuyers Exhibit 8: Equity Sales vs. REO Sales vs. Short Sales Exhibit 9: For Those Who Purchased an Investment Property Exhibit 10: More Buyers Are Purchasing with Cash Exhibit 11: Share of International Buyers Exhibit 12: Repeat Buyers Rely on Personal Savings as Down Payment Exhibit 13: Median Net Cash Gain to Sellers Reaches a Record Low in Exhibit 14: Reasons for Selling Exhibit 15: Buyers Have More Skin in the Game Exhibit 16: Less Likelihood of Defaulting as Monthly Payment is More Affordable Exhibit 17: CA Unsold Inventory: Nearing Record Lows Exhibit 18: Equity Sales vs. REO vs. Short Sales Exhibit 19: Equity Sales (2011 vs. 2012) Exhibit 20: REO Sales (2011 vs. 2012) Exhibit 21: Short Sales (2011 vs. 2012) Exhibit 22: Share of International Buyers... 24

20 California Association of REALTORS 2012 Annual Housing Market Survey 20 Exhibit 23: # of Properties Sold to International Buyers in the Last 12 Months Exhibit 24: Demand for Investment & Second/ Vacation Homes Dips Slightly, But Remains Strong Exhibit 25: Distressed Sales Have a Higher Share of First-Time Buyers Than Equity Sales Exhibit 26: Share of First-Time Buyers Remains Below Average But Improves from Exhibit 27: First-Time Buyer Housing Affordability Index (California) Exhibit 28: Reasons for Buying Exhibit 29: Median Down Payment Exhibit 30: Median Down Payment Up 24 Percent from 2011, As Home Prices Increase Exhibit 31: Cash Source for Down Payment Exhibit 32: Percent of Buyers with Zero Down Payment Exhibit 33: Proportion of Transactions with Second Mortgages Exhibit 34: Percent of Buyers with Second Mortgage Exhibit 35: Share of FHA Still Significantly Higher than 2007, But Was the Lowest in 4 years (First Mortgage) Exhibit 36: FHA vs. Conventional (New First Mortgage) Exhibit 37: Seller Household Formation (Equity vs. REO vs. Short Sales) Exhibit 38: Home Seller Profile (By type of Sales) Exhibit 39: As Sellers with Net Cash Loss Hit A Record High Exhibit 40: Years Owned Home Before Selling Exhibit 41: More than a Quarter of Sellers Sold Because Their Properties Were in Distressed Status Exhibit 42: Reasons For Selling Home (Equity vs. REO vs. Short Sales) Exhibit 43: More Sellers are Planning to Buy Another Home As the Market Slowly Recovers Exhibit 44: Location of Seller s New Home... 35

21 California Association of REALTORS 2012 Annual Housing Market Survey 21 Exhibit 45: For Those Who Do Not Plan to Repurchase, Here are Their Top 5 Reasons: Exhibit 46: Reasons Sellers Not Planning to Buy Another Home Exhibit 47: Top Reasons Under Other for Equity Sellers Not Planning to Buy Another Home. 37 Exhibit 48: Property Fallen Out of Escrow Exhibit 49: Reasons Why Property Fell Out of Escrow Exhibit 50: Repair Costs/Price Adjustments Exhibit 51: How Client Found Their Agent... 39

22 California Association of REALTORS 2012 Annual Housing Market Survey 22 Exhibit 17: CA Unsold Inventory: Nearing Record Lows MONTHS Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Exhibit 18: Equity Sales vs. REO vs. Short Sales Equity Sales REO Sales Short Sales Share of Total Sales 64.7% 12.3% 21.7% Median Home Price $448,000 $185,000 $235,000 Square Footage 1,750 1,500 1,600 Price / SF $243 $116 $154 Sales-to-List Price Ratio 97.3% % % of Sales With Multiple Offers 50.9% 70.8% 66.1% Avg. Number of Offers % of All Cash Sales % 26.7% Days on MLS Days in Escrow

23 California Association of REALTORS 2012 Annual Housing Market Survey 23 Exhibit 19: Equity Sales (2011 vs. 2012) Share of Total Sales 64.7% 58.7% Median Home Price $448,000 $431,000 Square Footage 1,750 1,783 Price / SF $243 $250 Sales-to-List Price Ratio 97.3% 95.9% % of Sales With Multiple Offers 50.9% 35.2% Avg. Number of Offers % of All Cash Sales 27.3% 25.5% Days on MLS Days in Escrow Exhibit 20: REO Sales (2011 vs. 2012) Share of Total Sales 12.3% 19.7% Median Home Price $185,000 $240,000 Square Footage 1,500 1,500 Price / SF $116 $112 Sales-to-List Price Ratio % of Sales With Multiple Offers 70.8% 58.3% Avg. Number of Offers % of All Cash Sales 43.1% 34. Days on MLS Days in Escrow 45 35

24 California Association of REALTORS 2012 Annual Housing Market Survey 24 Exhibit 21: Short Sales (2011 vs. 2012) Share of Total Sales 21.7% 20.2% Median Home Price $235,000 $287,000 Square Footage 1,600 1,600 Price / SF $154 $175 Sales-to-List Price Ratio 99.9% 95.9% % of Sales With Multiple Offers 66.1% 57.5% Avg. Number of Offers % of All Cash Sales 26.7% 23.3% Days on MLS Days in Escrow Exhibit 22: Share of International Buyers 9% 8% 7.8% 7% 6% % 5.7% 5.8% 5% 4% 3% 2% 1%

25 California Association of REALTORS 2012 Annual Housing Market Survey 25 Exhibit 23: # of Properties Sold to International Buyers in the Last 12 Months % % 5% 3% 1% 3% # of Properties Exhibit 24: Demand for Investment & Second/ Vacation Homes Dips Slightly, But Remains Strong Investment/Rental Property Vacation/Second Home 25% 2 15% 1 5%

26 California Association of REALTORS 2012 Annual Housing Market Survey 26 Exhibit 25: Distressed Sales Have a Higher Share of First-Time Buyers Than Equity Sales 6 All Sales Equity Sales REO Sales Short Sales % 41% Exhibit 26: Share of First-Time Buyers Remains Below Average But Improves from % First-Time Home Buyers Long Run Average %

27 California Association of REALTORS 2012 Annual Housing Market Survey 27 Exhibit 27: First-Time Buyer Housing Affordability Index (California) Q Q Q Q Q Q Q Q Q Q Q Q Q1 Exhibit 28: Reasons for Buying Desired Smaller Home, 3. Foreclosure/Short Sale/Default, 4. Changed Jobs, 4. Retirement/Move to Retirement Community, 3. Other, 9. Tired of Renting, 25. Desired Larger Home, 14. Change in Family Status, 6. Desired Better Location, 15. Investment/ Tax Considerations, 18.

28 California Association of REALTORS 2012 Annual Housing Market Survey 28 Exhibit 29: Median Down Payment First-Time Buyers Repeat Buyers $140,000 $120,000 $100,000 $100,000 $80,000 $60,000 $40,000 $20,000 $20,500 $ Exhibit 30: Median Down Payment Up 24 Percent from 2011, As Home Prices Increase Median Down Payment % of Down Payment to Price $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 2 $65, % 2 15% 1 5%

29 California Association of REALTORS 2012 Annual Housing Market Survey 29 Exhibit 31: Cash Source for Down Payment First-time Buyers Repeat Buyers All Buyers Personal savings 68.9% 53.2% 59. Proceeds from sale of previous residence % 11.1% Borrowed or gift from relatives 20.3% % Sale of personal assets other than real property 4.5% 12.9% 9.7% Inheritance 1.4% 3.8% 2.9% Proceeds from sale or refi of another property % 2.2% Other 4.8% % Exhibit 32: Percent of Buyers with Zero Down Payment 5 All Hombuyers First-Time Buyers Repeat Buyers % 4.6% 1.8%

30 California Association of REALTORS 2012 Annual Housing Market Survey 30 Exhibit 33: Proportion of Transactions with Second Mortgages 5 Percent of Home Sales with Second Mortgage % Exhibit 34: Percent of Buyers with Second Mortgage First-Time Buyers Repeat Buyers

31 California Association of REALTORS 2012 Annual Housing Market Survey 31 Exhibit 35: Share of FHA Still Significantly Higher than 2007, But Was the Lowest in 4 years (First Mortgage) 4 FHA VA 3 4% % Exhibit 36: FHA vs. Conventional (New First Mortgage) FHA Conventional Median Home Price $250,000 $456,000 Median Down Payment (Dollar) $8,820 $100,000 Median Down Payment (% to Price) 3.5% 20. Share of All Home Sales 23.5% 72.7% Percent of Mortgages with Distressed Property % Percent of First-Time Buyers 76.6% 34.3%

32 California Association of REALTORS 2012 Annual Housing Market Survey 32 Exhibit 37: Seller Household Formation (Equity vs. REO vs. Short Sales) Equity Sales REO Sales Short Sales Single 29.3% 0.9% 27.6% Married Couple with Dependents 27.1% 0.9% 39.1% Married Couple without Dependents 26.1% % 2 or More Individuals (Related or Unrelated) 10.6% % Banks/Lending Institutions 0.6% 98.2% 0.6% Other 6.3% % Total Exhibit 38: Home Seller Profile (By type of Sales) Equity Sales Short Sales Median Age of Sellers Median Household Income $110,000 $65,500 Years Seller Lived in Home 10 7 Percent of Sales with Net Cash Loss 23.7% 71.9% Median Net Cash Gain/Net Cash Loss to Seller $50,000 $-110,000

33 California Association of REALTORS 2012 Annual Housing Market Survey 33 Exhibit 39: As Sellers with Net Cash Loss Hit A Record High 35% 33.5% 3 25% 2 15% 1 5% Exhibit 40: Years Owned Home Before Selling 8 All Sellers

34 California Association of REALTORS 2012 Annual Housing Market Survey 34 Exhibit 41: More than a Quarter of Sellers Sold Because Their Properties Were in Distressed Status 35% 3 25% 2 15% 1 5% % of Homes Sold Due to Foreclosure/ Short Sale/Default 26.5% Exhibit 42: Reasons For Selling Home (Equity vs. REO vs. Short Sales) Equity Sales REO Sales Short Sales All Sales Foreclosure/Short Sale/Default 2% 97% 85% 27% Change in Family Status 17% 1% 13% Retirement/Move to Retirement Community 16% 1% 11% Investment/ Tax Considerations 13% 3% 1% 1 Desired Better Location 14% 2% 1 Desired Smaller Home 9% 1% 6% Changed Jobs 5% 1% 4% Desired Larger Home 1 1% 7% Other 15% 7% 12%

35 California Association of REALTORS 2012 Annual Housing Market Survey 35 Exhibit 43: More Sellers are Planning to Buy Another Home As the Market Slowly Recovers Exhibit 44: Location of Seller s New Home Within the same county 38% 41% 37% 45% 47% 42% 49% 49% In another county in California 23% 18% 24% 17% 21% 21% 19% 18% In another state 31% 28% 29% 27% 19% % Out of US 1% 2% 1% 1% 2% 1% 1% 1% Don't Know/Not sure 7% 11% 9% 1 12% 16% 1 1 Total

2013 LUXURY REAL ESTATE CONSUMER SURVEY EXECUTIVE SUMMARY

2013 LUXURY REAL ESTATE CONSUMER SURVEY EXECUTIVE SUMMARY 3/1/2014 C.A.R. 2013 LUXURY REAL ESTATE CONSUMER SURVEY EXECUTIVE SUMMARY Contents Survey Methodology... 2 Who Are Luxury Clients?... 2 Location, Location, Location!... 2 Luxury Home Buyers... 3 Luxury

More information

2013 HOME BUYER SURVEY

2013 HOME BUYER SURVEY 2013 HOME BUYER SURVEY 2 Table of Contents Survey Methodology... 3 Introduction... 4 Executive Summary... 5 Additional Findings... 5 Who is the 2012 Home Buyer?... 6 Buying Experience... 10 Internet Use...

More information

Texas Homebuyers and Sellers Report 2015 Edition Release date: March 2, 2015

Texas Homebuyers and Sellers Report 2015 Edition Release date: March 2, 2015 Texas Homebuyers and Sellers Report 2015 Edition Release date: March 2, 2015 Contact: Stacy Armijo Pierpont Communications 512-448-4950 sarmijo@piercom.com About the Texas Homebuyers and Sellers Report

More information

REAL ESTATE REPORT 3RD QUARTER 2015 SOURCES: BUFFINI & COMPANY,

REAL ESTATE REPORT 3RD QUARTER 2015 SOURCES: BUFFINI & COMPANY, REAL ESTATE REPORT 3RD QUARTER 2015 SOURCES: BUFFINI & COMPANY, INDUSTRY FACTS MEDIAN DAYS ON THE MARKET: 39 Days in April 2015 vs. Home sales in April reached a seasonally adjusted rate of 5.04 million,

More information

Texas Homebuyers and Sellers Report 2014 Edition Release date: March 3, 2014

Texas Homebuyers and Sellers Report 2014 Edition Release date: March 3, 2014 Texas Homebuyers and Sellers Report 2014 Edition Release date: March 3, 2014 Contact: Stacy Armijo Pierpont Communications 512-448-4950 sarmijo@piercom.com About the Texas Homebuyers and Sellers Report

More information

Steven Young, Jr's. REAL ESTATE REPORT WINTER 2015

Steven Young, Jr's. REAL ESTATE REPORT WINTER 2015 Steven Young, Jr's. REAL ESTATE REPORT WINTER 2015 Steven Young, Jr's Real Estate Report PAGE 1 INDUSTRY FACTS MEDIAN DAYS ON THE MARKET: 56 Days in September 2014 Existing home sales in September increased

More information

C.A.R. 2014 HOME BUYER SURVEY EXECUTIVE SUMMARY

C.A.R. 2014 HOME BUYER SURVEY EXECUTIVE SUMMARY C.A.R. 2014 HOME BUYER SURVEY EXECUTIVE SUMMARY Contents Survey Methodology... 2 Who is the 2014 Home Buyer?... 2 The Home Buying Experience... 4 Technology in the Buying Process... 8 Financing... 9 Buyer

More information

2013 Profile of Home Buyers and Sellers Massachusetts Report

2013 Profile of Home Buyers and Sellers Massachusetts Report Prepared for: Massachusetts Association of REALTORS Prepared by: Research Division December 2013 Table of Contents Introduction... 2 Highlights... 3 Conclusion... 6 Methodology..7 Report Prepared by: Jessica

More information

2015 NAR Investment And Vacation Home Buyers Survey

2015 NAR Investment And Vacation Home Buyers Survey 2015 NAR Investment And Vacation Home Buyers Survey NATIONAL ASSOCIATION OF REALTORS Research Division April 2015 2015 NAR Investment and Vacation Home Buyers Survey Contents Introduction... 3 Market Environment...

More information

hometrends The State of the Market December 2013

hometrends The State of the Market December 2013 hometrends The State of the Market December 2013 A letter from Joseph A. Horning, President of Shorewest, REALTORS Southeastern Wisconsin s solid real estate market started to slow in October; sales of

More information

Salt Lake Housing Forecast

Salt Lake Housing Forecast 2015 Salt Lake Housing Forecast A Sustainable Housing Market By James Wood Director of the Bureau of Economic and Business Research Commissioned by the Salt Lake Board of REALTORS By year-end 2013 home

More information

HOUSING MARKETS HOUSING CONSTRUCTION TRENDS JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY

HOUSING MARKETS HOUSING CONSTRUCTION TRENDS JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY 2 HOUSING MARKETS Although the news was mixed in 214, housing markets made some advances that set the stage for moderate growth. Singlefamily construction continued to languish, but multifamily construction

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners July 2014 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S

More information

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners February 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research

More information

Homeownership HOMEOWNERSHIP TRENDS JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY

Homeownership HOMEOWNERSHIP TRENDS JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY 4 Homeownership The national homeownership rate marked its ninth consecutive year of decline in 213, affecting most segments of the population. The drop among minorities is particularly troubling, given

More information

Summary. Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield

Summary. Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield The State of the Economy: Kern County, California Summary Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield Kern County households follow national trends. They turned less

More information

Minneapolis St. Paul Residential Real Estate Index

Minneapolis St. Paul Residential Real Estate Index University of St. Thomas Minneapolis St. Paul Residential Real Estate Index Welcome to the latest edition of the UST Minneapolis St. Paul Residential Real Estate Index. The University of St Thomas Residential

More information

LHFS Wholesale. HECM for Purchase Training Home Equity Conversion Mortgage. Great Rates. Great Programs. Great Service.

LHFS Wholesale. HECM for Purchase Training Home Equity Conversion Mortgage. Great Rates. Great Programs. Great Service. LHFS Wholesale HECM for Purchase Training Home Equity Conversion Mortgage Great Rates. Great Programs. Great Service. Discover the HECM for Purchase Loan The HECM for Purchase Program is a Federal Housing

More information

2014 Profile of Home Buyers and Sellers Boston, MA Report

2014 Profile of Home Buyers and Sellers Boston, MA Report Boston, MA Report Prepared for: Boston Association of REALTORS Prepared by: Research Division December 2014 Boston Report Table of Contents Introduction... 2 Highlights... 3 Methodology..6 Report Prepared

More information

REAL ESTATE MARKETING UPDATE

REAL ESTATE MARKETING UPDATE From the Desk of Renee Carnes-Rook Vice President, Real Estate Services In the midst of unprecedented economic and market pressures, tight credit markets, difficult-to-obtain loans, and a cloudy employment

More information

2013 BUYERS GUIDE. KW Market Navigator

2013 BUYERS GUIDE. KW Market Navigator KW Market Navigator 2013 BUYERS GUIDE Am I ready to buy? How much can I afford? Where do I find homes? Why buy now? How s the market? Is there a right time to buy? What is this home worth in today s market?

More information

The Distressed Property Market and Shadow Inventory in Florida: Estimates and Analysis

The Distressed Property Market and Shadow Inventory in Florida: Estimates and Analysis The Distressed Property Market and Shadow Inventory in Florida: Estimates and Analysis Introduction Florida was one of the states hardest hit by the real estate downturn. Delinquencies, foreclosures and

More information

2014 Profile of Home Buyers and Sellers Massachusetts Report

2014 Profile of Home Buyers and Sellers Massachusetts Report Prepared for: Massachusetts Association of REALTORS Prepared by: Research Division December 2014 Table of Contents Introduction... 2 Highlights... 3 Methodology..6 Report Prepared by: Jessica Lautz Nadia

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners April 2014 U.S. Department U.S Department of Housing of Housing and Urban and Urban Development Development

More information

2014 Profile of Home Buyers and Sellers Cincinnati, OH Report

2014 Profile of Home Buyers and Sellers Cincinnati, OH Report Cincinnati, OH Report Prepared for: Ohio Division of Real Estate Prepared by: Research Division December 2014 Cincinnati Report Table of Contents Introduction... 2 Highlights... 3 Methodology..6 Report

More information

The State of Mortgage Lending in New York City

The State of Mortgage Lending in New York City The State of Mortgage Lending in New York City Mortgage lending trends provide an important window into the housing market and the changing availability of credit, both of which have been profoundly affected

More information

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners March 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S

More information

Owner spending on improvements to existing homes also rose over the past year. Benefiting from strengthening house sales, CONSTRUCTION RECOVERY

Owner spending on improvements to existing homes also rose over the past year. Benefiting from strengthening house sales, CONSTRUCTION RECOVERY 2 Housing Markets After another year of healthy growth in 213, the housing market paused in the first quarter of 214. The renewed weakness in residential construction, sales, and prices raised fears that

More information

Report on Nevada s Housing Market

Report on Nevada s Housing Market June Report on Nevada s Housing Market This is the first of a series of reports on Nevada s Housing Market co-presented by the Lied Institute for Real Estate Studies at the University of Nevada, Las Vegas

More information

BUYER Guide. Toledo Area Real Estate. A Tradition of Trust in Ohio Real Estate. (419) 874-1188 Jon@Modene.com www.modene.com

BUYER Guide. Toledo Area Real Estate. A Tradition of Trust in Ohio Real Estate. (419) 874-1188 Jon@Modene.com www.modene.com BUYER Guide (419) 874-1188 Jon@Modene.com www.modene.com Toledo Area Real Estate A Tradition of Trust in Ohio Real Estate Sell Your Home From childhood to parenthood to retirement, your home is a statement

More information

ARLA Members Survey of the Private Rented Sector

ARLA Members Survey of the Private Rented Sector Prepared for The Association of Residential Letting Agents ARLA Members Survey of the Private Rented Sector Fourth Quarter 2013 Prepared by: O M Carey Jones 5 Henshaw Lane Yeadon Leeds LS19 7RW December,

More information

2014 Profile of Home Buyers and Sellers Florida Report

2014 Profile of Home Buyers and Sellers Florida Report 2014 Profile of Home and Sellers Report Prepared for: REALTORS Prepared by: NATIONAL ASSOCIATION OF REALTORS Research Division December 2014 2014 Profile of Home and Sellers NATIONAL ASSOCIATION OF REALTORS

More information

Florida: An Overview of Foreclosures

Florida: An Overview of Foreclosures Florida: An Overview of Foreclosures February 4, 2015 Presented by: The Florida Legislature Office of Economic and Demographic Research 850.487.1402 http://edr.state.fl.us Foreclosure Timeline... The housing

More information

Home Buying Seminar. A presentation by The Summit Federal Credit Union

Home Buying Seminar. A presentation by The Summit Federal Credit Union Summit Branches are located in Rochester (7), Seneca Falls (1), Buffalo (3), Syracuse (5) and Cortland (2) Home Buying Seminar A presentation by The Summit Federal Credit Union What We Will Cover Today

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics July 2 (May 2 data) Highlights First quarter data revisions were modest. The number of credit unions was revised down by and assets and loans were

More information

Why home values may take decades to recover. by Dennis Cauchon, USA TODAY

Why home values may take decades to recover. by Dennis Cauchon, USA TODAY Why home values may take decades to recover by Dennis Cauchon, USA TODAY 200 180 160 140 120 100 80 The history of housing as an investment 1950 1952 1954 1956 1958 1960 1962 1964 1966 1968 1970 1972 1974

More information

Tracking Real Estate Market Conditions Using the HousingPulse Survey

Tracking Real Estate Market Conditions Using the HousingPulse Survey Tracking Real Estate Market Conditions Using the HousingPulse Survey May 2011 Copyright 2011 Campbell Communications, Inc. Tracking Real Estate Market Conditions Using the HousingPulse Survey May 2011

More information

Has an Unavoidable Decline in Home Prices Begun?

Has an Unavoidable Decline in Home Prices Begun? Has an Unavoidable Decline in Home Prices Begun? October 6, 2014 by Keith Jurow In late September, the former head of Goldman Sachs housing research team sent a lengthy report to President Obama. In it,

More information

House Republican Housing Plan The Responsible Homeowners Act

House Republican Housing Plan The Responsible Homeowners Act House Republican Housing Plan The Responsible Homeowners Act Keeping Families in Their Home, Lowering Costs for All Homeowners: $5,000 Refinancing Credit: House Republicans propose to provide a $5,000

More information

2013 PROPERTY MANAGER SURVEY EXECUTIVE SUMMARY

2013 PROPERTY MANAGER SURVEY EXECUTIVE SUMMARY 3/1/2014 C.A.R. 2013 PROPERTY MANAGER SURVEY EXECUTIVE SUMMARY Contents Survey Methodology... 2 General Property Management Business... 2 Client/Agent Relationship... 5 Who is the 2013 Property Manager?...

More information

THE IMPACT OF THE FIRST-TIME BUYER ON THE ILLINOIS ECONOMY WHY IT MATTERS AND HOW TO BRING THEM BACK INTO THE MARKETPLACE

THE IMPACT OF THE FIRST-TIME BUYER ON THE ILLINOIS ECONOMY WHY IT MATTERS AND HOW TO BRING THEM BACK INTO THE MARKETPLACE THE IMPACT OF THE FIRST-TIME BUYER ON THE ILLINOIS ECONOMY $ WHY IT MATTERS AND HOW TO BRING THEM BACK INTO THE MARKETPLACE A As the U.S. housing market continues its rebound, many buyers and lenders are

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT $ in Billions CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics July 216 (May 216 Data) Highlights During May, credit unions picked-up 431, in new memberships, loan and savings balances grew at an

More information

Homeownership. b y B R A D S H U ST E R

Homeownership. b y B R A D S H U ST E R INDUSTRY TRENDS Millennials AND Homeownership b y B R A D S H U ST E R Homeownership is not as out of reach as millennials may think. Many misperceptions abound that the industry could help dispel. In

More information

Real Estate Trends. in the Sacramento Region. Key Points

Real Estate Trends. in the Sacramento Region. Key Points Real Estate Trends The opening of Golden 1 Center in the fall of 2016 will certainly be one of the most significant events in recent Sacramento history. Golden 1 Center Downtown Sacramento photo credit:

More information

CAL VET: What is it? Should You Apply for a Loan Here? Advantages and Disadvantages of Cal Vet vs. a Traditional VA Home Loan

CAL VET: What is it? Should You Apply for a Loan Here? Advantages and Disadvantages of Cal Vet vs. a Traditional VA Home Loan CAL VET: What is it? Should You Apply for a Loan Here? Advantages and Disadvantages of Cal Vet vs. a Traditional VA Home Loan From the Book, What Every Veteran Needs to Know by Peter Van Brady People often

More information

FIRST HERITAGE FOOTNOTES A QUARTERLY NEWSLETTER FOR OUR PARTNERS

FIRST HERITAGE FOOTNOTES A QUARTERLY NEWSLETTER FOR OUR PARTNERS FIRST HERITAGE FOOTNOTES A QUARTERLY NEWSLETTER FOR OUR PARTNERS VOLUME 1, ISSUE 1 MARCH 22, 2013 LETTER FROM THE CHAIRMAN The mortgage industry experienced a record year in 2012, and on behalf of the

More information

First Time Underwater

First Time Underwater First Time Underwater The Impact of the First-time Homebuyer Tax Credit Dean Baker April 2012 Center for Economic and Policy Research 1611 Connecticut Avenue, NW, Suite 0 Washington, D.C. 20009 202-293-53

More information

Sun Life Canadian UnretirementTM

Sun Life Canadian UnretirementTM Sun Life Canadian UnretirementTM Index 2013 Canadian Unretirement Index Report Life s brighter under the sun Table of contents Five years of the Canadian Unretirement Index 2 Section 1: A late retirement

More information

Federal Reserve Monetary Policy

Federal Reserve Monetary Policy Federal Reserve Monetary Policy To prevent recession, earlier this decade the Federal Reserve s monetary policy pushed down the short-term interest rate to just 1%, the lowest level for many decades. Long-term

More information

How to create a winning CMA

How to create a winning CMA Purpose: This 3-hour course is will teach you how to create a Comparative Market Analysis (CMA) before listing a home for sale. We will show you how to research a home using the Internet, Tax Records,

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners March 21 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department

More information

US HOUSING MARKET MONTHLY

US HOUSING MARKET MONTHLY US HOUSING MARKET MONTHLY th Oct. Editor: Ed Stansfield New build sales finally making some headway Overview: The drop in mortgage rates towards the end of September has given mortgage applications a boost,

More information

LOOK WHO ELSE IS BUYING THEIR FIRST HOME FIRST-TIME HOMEBUYER SURVEY

LOOK WHO ELSE IS BUYING THEIR FIRST HOME FIRST-TIME HOMEBUYER SURVEY LOOK WHO ELSE IS BUYING THEIR FIRST HOME FIRST-TIME HOMEBUYER SURVEY OVERVIEW This survey was administered to agents who have worked with first-time buyers in 2009. 2,453 Keller Williams agents responded

More information

Housing Highlights. A Snapshot of the Market in Summit County, CO. Key Findings. Key Indicators. May 2010. Rees Consulting, Inc.

Housing Highlights. A Snapshot of the Market in Summit County, CO. Key Findings. Key Indicators. May 2010. Rees Consulting, Inc. May 2010 Housing Highlights A Snapshot of the Market in Summit County, CO Key Indicators 2010 Median Income (4 persons) $87,200 Affordable Price $343,384 Affordable Rent $2,180 Median Price -- Single Family

More information

A. Volume and Share of Mortgage Originations

A. Volume and Share of Mortgage Originations Section IV: Characteristics of the Fiscal Year 2006 Book of Business This section takes a closer look at the characteristics of the FY 2006 book of business. The characteristic descriptions include: the

More information

Homebuyer Education: What You Need to Know

Homebuyer Education: What You Need to Know Homebuyer Education: What You Need to Know Today s Objectives Prepare your finances for home ownership Steps to mortgage prequalification Shopping for a home- who are the major players? Choosing the correct

More information

How to Sell Your House Fast

How to Sell Your House Fast How to Sell Your House Fast If you are reading this report then you are interested in selling your house as fast as you possibly can. Usually this is because you are in foreclosure, are behind on payments

More information

Recent Developments in Small Business Finance

Recent Developments in Small Business Finance April 1 Recent Developments in Small Business Finance Introduction In 1, a Small Business Panel was formed by the Reserve Bank to advise it on the availability of finance to small business. At about the

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners August 2013 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department

More information

Barriers to Homeownership.

Barriers to Homeownership. Who Could Afford to Buy a House in 995? 995 Issued August 999 Highlights In 995, about 56 (+/- 0.8) percent of American families (current owners as well as renters) could afford to purchase a modestly

More information

March 2015 Las Vegas Metro Residential Housing Sales

March 2015 Las Vegas Metro Residential Housing Sales March 2015 Las Vegas Metro Residential Housing Sales SFR Transactions - Inventory While one data point does not a trend make the increasing amplitude in weekly closings combined with a look at March closings

More information

Executive Summary. 3 Attracting ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Executive Summary. 3 Attracting ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Visa Small Business REPORT AUGUST 0 Spend Insights Visa Small Business Spend Insights monitors the economic confidence of U.S. small business owners by analyzing Visa Business card spend data and responses

More information

An Economic Analysis of New Jersey s Realty Transfer Fee. Prepared for the. New Jersey Association of Realtors Government Research Foundation, Inc.

An Economic Analysis of New Jersey s Realty Transfer Fee. Prepared for the. New Jersey Association of Realtors Government Research Foundation, Inc. An Economic Analysis of New Jersey s Realty Transfer Fee Prepared for the New Jersey Association of Realtors Government Research Foundation, Inc. By the Rutgers Economic Advisory Service Center for Urban

More information

New Home Market Single starts highest since 1987

New Home Market Single starts highest since 1987 Canada Mortgage and Housing Corporation www.cmhc.ca New Home Market Single starts highest since 1987 CMHC is forecasting 850 singledetached housing starts for 2006, the highest number of single starts

More information

Investment Symposium March 14-15, 2013 New York, NY. Session E5, U.S. Economic Conditions and the Housing/Mortgage Market

Investment Symposium March 14-15, 2013 New York, NY. Session E5, U.S. Economic Conditions and the Housing/Mortgage Market Investment Symposium March 1-15, 213 New York, NY Session E5, U.S. Economic Conditions and the Housing/Mortgage Market Moderator: Jonathan Glowacki Presenter: David Berson Housing & Mortgage Market Outlook

More information

Special Report 23 ways to buy properties at deep discount

Special Report 23 ways to buy properties at deep discount Special Report 23 ways to buy properties at deep discount Special Report 23 ways to buy properties at a DEEP discount This special report lists many ways to buy properties at a discount. It is by no means

More information

Mortgage Retention: Predicting Refinance Motivations

Mortgage Retention: Predicting Refinance Motivations Mortgage Retention: Predicting Refinance Motivations Nothing endures but change - Heraclitus (540 BC 480 BC) Changing Trends in the Mortgage Industry In 2001, at the dawn of the new millennium, long term

More information

2013 Real Estate Report Portland, OR

2013 Real Estate Report Portland, OR Nick krautter, pc Principal Broker 2013 Real Estate Report Portland, OR Market Trends Unique Benefits Distressed Properties Positive Leverage Your real estate team Current Opportunities SellPDX.com Market

More information

Texas Homebuyers and Sellers Report Release date: March 1, 2016

Texas Homebuyers and Sellers Report Release date: March 1, 2016 Texas Homebuyers and Sellers Report Release date: March 1, 2016 Contact: Danielle Urban Pierpont Communications 512-448-4950 durban@piercom.com About the Texas Homebuyers and Sellers Report The Texas Homebuyers

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners July 2013 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department

More information

Kansas City Area Local Market Report, First Quarter 2015. Median Price (Red Line) and One-year Price Growth 2015 Q1. Local Price Trends.

Kansas City Area Local Market Report, First Quarter 2015. Median Price (Red Line) and One-year Price Growth 2015 Q1. Local Price Trends. Area Local Market Report, First Quarter 2015 Today's Market $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 Median Price (Red Line) and One-year Price Growth 2006 2007 2008

More information

Home Equity Conversion Mortgage (HECM) for Home Purchase

Home Equity Conversion Mortgage (HECM) for Home Purchase Home Equity Conversion Mortgage (HECM) for Home Purchase A Guide to HECM s Home Equity Conversion Mortgage (HECM) for Home Purchase A Home Equity Conversion Mortgage for Purchase can be life-changing for

More information

Fifth Third Home Buying Guide. A Guide to Residential Home Buying.

Fifth Third Home Buying Guide. A Guide to Residential Home Buying. Fifth Third Home Buying Guide A Guide to Residential Home Buying. Important Contacts and Numbers. Use this page to record important information as you move through the homebuying process. Realtor/Builder

More information

Fannie Mae National Housing Survey. What Younger Renters Want and the Financial Constraints They See

Fannie Mae National Housing Survey. What Younger Renters Want and the Financial Constraints They See Fannie Mae National Housing Survey What Younger Renters Want and the Financial Constraints They See Copyright 2014 by Fannie Mae May 2014 Table of Contents Research Methodology... 4 Executive Summary.....

More information

UNDERSTANDING CALIFORNIA S HOUSING MARKET: AN ANALYSIS OF HOMEBUYING AND SELLING TRENDS

UNDERSTANDING CALIFORNIA S HOUSING MARKET: AN ANALYSIS OF HOMEBUYING AND SELLING TRENDS UNDERSTANDING CALIFORNIA S HOUSING MARKET: AN ANALYSIS OF HOMEBUYING AND SELLING TRENDS TABLE OF CONTENTS INTRODUCTION... 3 2014 HOME BUYERS SURVEY... 4 2013 RENTERS SURVEY... 9 HOUSING AFFORDABILITY:

More information

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 TYPES OF HOMES Buying a house will be one of the biggest investments one will ever

More information

Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014

Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014 Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014 ABOUT THE AFFORDABLE HOUSING CORPORATION OF LAKE COUNTY AHC is a nonprofit agency that increases and preserves affordable housing opportunities

More information

Down Payment Assistance Myths Debunked

Down Payment Assistance Myths Debunked Down Payment Assistance Myths Debunked Top 10 surprisingly common down payment assistance myths are debunked. This ebook is designed for real estate and housing industry professionals to understand the

More information

2012 REALTORS Use of Mobile Technology & Social Media

2012 REALTORS Use of Mobile Technology & Social Media 2012 REALTORS Use of Mobile Technology & Social Media CALIFORNIA ASSOCATION OF REALTORS RESEARCH AND ECONOMICS 1 Table of Contents LIFE IS CLOSE TO BEING FULLY MOBILE... 2 Mobile Technology and Social

More information

Home loan affordability report

Home loan affordability report Home loan affordability report Joint Quarterly Survey No. 89. ember Quarter Low affordability challenges Gen X, Y Home loan affordability has taken another beating as the proportion of family income required

More information

10 Best States for First-Time Homebuyers

10 Best States for First-Time Homebuyers 10 Best States for First-Time Homebuyers July 6, 2015 By Elyssa Kirkham, Editor Buying a home is a financial goal that has been delayed for many Americans thanks to the recent recession. With the economy

More information

The 2010 NAR Profile of International Home Buying Activity

The 2010 NAR Profile of International Home Buying Activity The 2010 NAR Profile of International Home Buying Activity Prepared by the Research Division of the National Association of REALTORS June 2010 National Association of REALTORS 500 New Jersey Avenue, N.W.

More information

Market Segmentation: The Omaha Condominium Market

Market Segmentation: The Omaha Condominium Market Market Segmentation: The Omaha Condominium Market Page 1 Market Segmentation: The Omaha Condominium Market Roger P. Sindt Steven Shultz Department of Economics and Real Estate University of Nebraska at

More information

Guide to Buying & Protecting Your Home Investment

Guide to Buying & Protecting Your Home Investment Guide to Buying & Protecting Your Home Investment Presented by: Guide to Buying & Protecting Your Home Investment 1 In the current market and economy, when it comes to your home and its value, it seems

More information

Virginia Housing Market and Foreclosure Status

Virginia Housing Market and Foreclosure Status Virginia Housing Market and Foreclosure Status Virginia Foreclosure Task Force September 17, 2013 Virginia Housing Development Authority Overview 1. Looking back: Market conditions and foreclosure trends

More information

The Unsweet Sixteen. The Top 10 Factors Impacting the Economy in 2016. 2007 We are here > Treasury notes. Cash

The Unsweet Sixteen. The Top 10 Factors Impacting the Economy in 2016. 2007 We are here > Treasury notes. Cash The Unsweet Sixteen The Top 10 Factors Impacting the Economy in 2016 Ben Miller, CEO 2007 We are here > 2008 2009 Peak Best-Performing Asset Classes Commodities Recession Bottoming Recovery Expansion Treasury

More information

BUILDING TOWARDS BALANCE

BUILDING TOWARDS BALANCE Fiscally Responsible Proposals for Economic and Job Growth to the House of Commons Standing Committee on Finance The Canadian Real Estate Association (CREA) is one of Canada s largest single-industry trade

More information

Spotlight on the Housing Market in the Las Vegas-Henderson-Paradise, NV MSA

Spotlight on the Housing Market in the Las Vegas-Henderson-Paradise, NV MSA Spotlight on the in the Las Vegas-Henderson-Paradise, NV MSA The Las Vegas-Henderson-Paradise, NV Metropolitan Statistical Area (Las Vegas MSA) is located at the southern tip of Nevada and contains the

More information

Home Equity Conversion Mortgage Basics

Home Equity Conversion Mortgage Basics Home Equity Conversion Mortgage Basics Kelly Zitlow NMLS#164330 Vice President, CMPS 480.398.4908 kzitlow@ccmclending.com www.kellyzitlow.com Cherry Creek Mortgage Co., Inc. NMLS#3001 AZ BK#0904024 17015

More information

CAN MEAN A LOWER COST

CAN MEAN A LOWER COST REALTOR Presentation FOR MOST HOME BUYERS, A CONVENTIONAL LOAN CAN MEAN A LOWER COST Right for You, Right for the Buyer Carolyn Delaney Senior Account Executive Cell: 571-212-1411 carolyn.delaney@ugcorp.com

More information

Gulf Coast Florida Association of Mortgage Professionals Pinellas REALTOR Organization (PRO)

Gulf Coast Florida Association of Mortgage Professionals Pinellas REALTOR Organization (PRO) Presented By: Pam Marron Sponsored By: Gulf Coast Florida Association of Mortgage Professionals Pinellas REALTOR Organization (PRO) Pam Marron Innovative Mortgage Services, Inc., NMLS#246438 GulfCoast

More information

MMI Omnibus Survey. Homeownership. Top-Line Results and Suggested Story Lines

MMI Omnibus Survey. Homeownership. Top-Line Results and Suggested Story Lines MMI Omnibus Survey Homeownership Top-Line Results and Suggested Story Lines Methodology: Cynapsus and Money Management International (MMI) developed a series of questions on the topic of homeownership,

More information

The Wealth of Households: An Analysis of the 2013 Survey of Consumer Finances

The Wealth of Households: An Analysis of the 2013 Survey of Consumer Finances November 214 The Wealth of Households: An Analysis of the 213 Survey of Consumer Finances By David Rosnick and Dean Baker* Center for Economic and Policy Research 1611 Connecticut Ave. NW Suite 4 Washington,

More information

Mortgage Lending During the Great Recession: HMDA 2009

Mortgage Lending During the Great Recession: HMDA 2009 F U R M A N C E N T E R F O R R E A L E S T A T E & U R B A N P O L I C Y N E W Y O R K U N I V E R S I T Y S C H O O L O F L AW WA G N E R S C H O O L O F P U B L I C S E R V I C E N O V E M B E R 2 0

More information

MBA Forecast Commentary Joel Kan, jkan@mba.org

MBA Forecast Commentary Joel Kan, jkan@mba.org MBA Forecast Commentary Joel Kan, jkan@mba.org Weak First Quarter, But Growth Expected to Recover MBA Economic and Mortgage Finance Commentary: May 2015 Broad economic growth in the US got off to a slow

More information

SHOPPING FOR A MORTGAGE

SHOPPING FOR A MORTGAGE SHOPPING FOR A MORTGAGE The Traditional Fixed-Rate Mortgage Key characteristics: Level payments, fixed interest rate, fixed term. This mortgage is the one which most of us know, and it is still the loan

More information

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan Stronger Data Lead to Upward Revisions in Purchase Originations Forecast for 2015 and 2016 MBA Economic and Mortgage Finance Commentary: July

More information

Historically, employment in financial

Historically, employment in financial Employment in financial activities: double billed by housing and financial crises The housing market crash, followed by the financial crisis of the 2007-09 recession, helped depress financial activities

More information