Homelessness Rising Among Families – Chuck Barberini Real Estate

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Homelessness Rising Among Families – Chuck Barberini Real Estate

Chuck Barberini Realtor – Contra Costa County Real Estate – Intero Walnut Creek

DAILY REAL ESTATE NEWS | FRIDAY, AUGUST 21, 2015

Homeless Shelter

Total homelessness has fallen 10 percent in the country since 2010, but among one segment, homelessness is on the rise. A new blog post from Harvard University’s Joint Center for Housing Studies notes that homelessness among families remains persistently high.

Read moreNever Taking a Home For Granted

More than a third of the total homeless population is made up of people in families, and more than 60 percent of this segment have children who are under the age of 18.

The number of homeless families living in shelters – such as emergency shelters, transitional housing programs, or safe havens – is growing. Nearly nine in 10 homeless people in families were staying in shelters in 2014.

In some pockets across the country, the number has risen to the highest on record, JCHS notes. For example, in New York City, homeless families are estimated to comprise the majority of homeless shelter residents, rising by 67 percent alone between January 2005 and January 2015, according to the advocacy group Coalition for the Homeless.

“Since the end of the recession, the affordable housing shortage has continued to play a major role in rising rates of family homelessness,” JCHS research assistant Irene Law notes on the Housing Perspectives blog. “Between 2010 and 2014, in high-cost locations where affordable rentals are in short supply, the number of homeless people in families increased substantially: by 50 percent in the District of Columbia, 41 percent in Massachusetts, and 22 percent in New York.  The problem is acute in urban areas across the country.”

Indeed, 45 percent of all homeless families lived in major cities in 2014. Nearly 20 percent lived in New York City, which had the highest concentration of homeless families nationwide at 41,633, followed by Los Angeles City and County at 6,229.

“The current inventory of permanent supportive housing largely targets single adults, especially those with chronic patterns of homelessness,” notes Lew at the JCHS blog. “Although the number of permanent supportive housing beds has increased significantly since 2007, a substantial share of permanent supportive housing beds are set aside for individuals rather than families.  The limited availability of subsidies for the services component, as well as higher operating expenses compared to affordable housing, present challenges for expanding the supply of permanent supportive housing.”

Source: “Despite Declines in Homelessness, Family Homelessness Persists,” Harvard University’s Joint Center for Housing Studies (Aug. 12, 2015)

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6 Key Housing Stats to Gauge the Market – Chuck Barberini Real Estate

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Chuck Barberini Realtor – Contra Costa County Real Estate – Intero Walnut Creek
6 Key Housing Stats to Gauge the Market
DAILY REAL ESTATE NEWS | FRIDAY, AUGUST 21, 2015Housing

Existing-home sales were back on the rise in July, marking the third consecutive month of increases, while low inventories of homes for-sale and rising prices were the reason behind first-time buyers falling to their lowest share since January, according to a new report from the National Association of REALTORS®.

Regional Breakdown
Here’s how existing-home sales fared across the country in July:
• Northeast: sales fell 2.8 percent to an annual rate of 700,000, but are 9.4 percent above a year ago. Median price: $277,200, which is 1.3 percent higher than a year ago.
• Midwest: sales held steady at an annual rate of 1.32 million, unchanged from June but 10.9 percent above a year ago. Median price: $186,500, up 6.6 percent from a year ago.
• South: sales rose 4.1 percent to an annual rate of 2.29 million in July, and are 9.6 percent higher than a year ago. Median price: $203,500, up 7 percent from a year ago.
• West: sales increased 3.2 percent to an annual rate of 1.28 million in July, and are 11.3 percent above a year ago. Median price: $327,400, which is 8.4 percent above a year ago.
Source: National Association of REALTORS®

Total existing-home sales – which include single-family homes, townhomes, condos, and co-ops – rose 2 percent in July to a seasonally adjusted annual rate of 5.59 million. Sales are at the highest pace since February 2007, and are 10.3 percent above a year ago.

“The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more household to buy now,” says Lawrence Yun, NAR’s chief economist. “As a result, current home owners are using their increasing housing equity toward the down payment on their next purchase.”

Here’s a look at five main indicators from NAR’s latest housing report:
1. Home prices: The median existing-home price for all housing types was $234,000 in July – 5.6 percent above a year ago. “Despite the strong growth in sales since this spring, declining affordability could begin to slowly dampen demand,” says Yun. “REALTORS® in some markets reported slower foot traffic in July in part because of low inventory and concerns about the continued rise in home prices without commensurate income gains.”

2. Housing inventories: At the end of July, the inventory of homes for-sale fell 0.4 percent to 2.24 million existing homes available for sale. The inventory now is 4.7 percent lower than a year ago and at a 4.8-month supply at the current sales pace.

3. First-time home buyers: The percentage of first-time home buyers fell for the second consecutive month, reaching 28 percent in July – the lowest share since January. Last year at this time, first-time buyers comprised 29 percent of all buyers.

“The fact that first-time buyers represented a lower share of the market compared to a year ago even though sales are considerably higher is indicative of the challenges many young adults continue to face,” says Yun. “Rising rents and flat wage growth make it difficult for many to save for a down payment, and the dearth of supply in affordable price ranges is limiting their options.”

4. Days on the market: Properties stayed on the market for an average of 42 days in July, below the 48 days average from a year ago. Forty-three percent of homes were on the market for less than a month in July. Short sales were on the market the longest at a median of 135 days while foreclosures were on the market for 49 days and non-distressed homes sold in 41 days.
5. All-cash sales: The percentage of all-cash sales rose to 23 percent of transactions in July, down from 29 percent a year ago. The share of individual investors – who account for the bulk of cash sales – was 13 percent in July, down from 16 percent a year ago.

6. Distressed sales: The percentage of foreclosures and short sales declined to the lowest share since NAR began tracking it in October 2008. Distressed sales fell 7 percent in July month-over-month and are 9 percent below a year ago. In July, 5 percent of sales comprised foreclosures while 2 percent were short sales. On average, foreclosures sold for a discount of 17 percent below market value while short sales sold for an average discount of 12 percent.

“Five years ago, distressed sales represented 33 percent of the market in July,” says Chris Polychron, NAR’s president. “For many previously distressed homeowners throughout the country, rising home values in recent years have helped recover equity and the vast improvement in several local job markets means fewer are falling behind on their mortgage payments.”
Source: National Association of REALTORS®

“You can’t use up creativity.

The more you use, the more you have.”

Maya Angelou

Rates improved today upon the release of weaker than expected economic news. 

Mortgage Rates and Market Data

Chuck Barberini Real Estate – It’s Not Easier to Get a Mortgage

Chuck Barberini Realtor – Contra Costa County Real Estate – Intero Walnut Creek – http://barberinico.com/archives/154

Chuck Barberini Real Estate – It’s Not Easier to Get a Mortgage

DAILY REAL ESTATE NEWS | MONDAY, AUGUST 10, 2015

Home sales are improving, so does that mean it’s easier to get credit access for a mortgage? Not necessarily, writes Jonathan Smoke, realtor.com®’s chief economist.

Read more: Getting a Mortgage is Easy, Consumers Say

Last fall, mortgage giant backers Fannie Mae and Freddie Mac urged lenders to ease their requirements and also introduced new 3 percent down payment programs for qualified buyers. The Federal Housing Administration also has lowered its insurance premiums.

The Mortgage Bankers Association’s Credit Availability Index was at 122 in June, a 5 percent increase year-over-year in the expansion of credit. However, the index peaked at 869 in June 2004 – indicating that June’s reading is still far from that peak or even a normal reading.

Smoke says that the average FICO score on a closed purchase mortgage in June was 727. Average FICO scores for the past 24 months have hovered between 724 and 742. That represents above-median credit quality households, Smoke says. The average denied FICO score was 672 in June, down from 686 a year ago.

What that means, Smoke notes, is that “more lower credit-quality households are applying but not getting approved. Yet at the same time, the percentage of purchase applications making it to closing has risen from 64 percent last June to 69 percent this June. Times are still tough for those with tarnished credit.”

On the other hand, wealthier households seeking a jumbo mortgage may be having an easier time. Lenders are showing signs of loosening up on jumbo mortgage requirements.

A more widespread change may be on the horizon for the market. A July Senior Loan Officer survey report from the Federal Reserve did show that over the past three months banks have been easing lending standards on several categories of mortgage loans. Smoke notes that those changes may start appearing in the closing averages in the coming months.

Still, “today’s limited credit availability is at least partly to blame for the tight supply that’s leading to higher prices and higher rents,” Smoke writes. “Builders are not convinced that there’s enough depth of demand to absorb higher levels of new construction, so they are holding back and focusing on their profitable growth instead. Meanwhile, a substantial percentage of today’s home owners with mortgages underwritten years ago fear not being able to qualify for a new mortgage today, so they stay on the sidelines and keep their homes off the market.”

Source: “Is It Really Easier to Get a Mortgage These Days? Well …” realtor.com® (Aug. 6, 2015)

Rates improved today upon the release of weaker than expected economic news. 

Mortgage Rates and Market Data

 

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Chuck Barberini Real Estate – Builders Feel Like It’s the Housing Boom Days

Chuck Barberini Realtor – Contra Costa County Real Estate – Intero Walnut Creek
DAILY REAL ESTATE NEWS | TUESDAY, AUGUST 18, 2015

Builders are feeling more confident as sentiment over the new single-family home market rose to its highest level since November 2005, according to the latest National Association of HomeBuilders/Wells Fargo Housing Market Index. Read more: New-Home Market Expected to Strengthen
The index gauges builder perceptions of current single-family home sales, sales expectations for the next six months, and buyer traffic. The index rose one point in August to 61. Any reading above 50 indicates that more builders view conditions as “good” than “poor.” Broken out, the index measuring buyer traffic rose two points in August to 45; current sales conditions rose one point to 66; and the index measuring sales expectations in the next six months held steady at 70.

builder
“Today’s report is consistent with our forecast for a gradual strengthening of the single-family housing sector in 2015,” says David Crowe, NAHB chief economist. “Job and economic gains should keep the market moving forward at a modest pace throughout the rest of the year.”
Regionally, the index rose by the most in the West and Midwest in August, both seeing a three-point increase to 63 and 58, respectively. The South also saw a two-point increase to 63 while the Northeast held steady at 46.
“The fact the builder confidence has been in the low 60s for three straight months shows that single-family housing is making slow but steady progress,” says NAHB Chairman Tom Woods. “However, we continue to hear that builders face difficulties accessing land and labor.”
Source: National Association of Home Builders

 

Chuck Barberini Real Estate – How High Will Mortgage Rates Actually Climb?

Chuck Barberini Realtor – Contra Costa County Real Estate – Intero Walnut Creek

DAILY REAL ESTATE NEWS | MONDAY, AUGUST 17, 2015

The lowest mortgage rates on record have lured buyers during the last few years, but the Federal Reserve has already given plenty of signals that will soon come to an end.

Read moreRising Mortgage Rates May Spark Buying Frenzy

house2

Mortgage rates are already inching up, ever-so-slightly. From January to June, the 30-year fixed-rate mortgage climbed from 3.7 percent to 4.2 percent. Mortgage rates recently have been hovering around 4 percent.

In this latest era of super-low mortgage rates, what’s normal? A 6 percent interest rate is “normal,” says Jonathan Smoke, realtor.com®’s chief economist. He says mortgage rates likely won’t hit that point in the next two years, however.

“We will likely see less than a 100 basis point increase over the next two years, which would bring us to around 5.5 percent in 2017,” he says.

If Smoke’s prediction holds true, mortgage rates will then remain below normal even in two years. However, that increase in rates would translate into a 12 percent increase in monthly payments over current rates, according to Smoke.

For now, mortgage rates remain low, and in 80 percent of the U.S. markets, it’s more affordable to buy a home than rent, according to realtor.com®.

Source: “Just How High Might Mortgage Rates Go?” realtor.com® (Aug. 14, 2015)

 

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Chuck Barberini Realtor – Home Prices Rise in Nearly Every U.S. Metro

Chuck Barberini Realtor – Contra Costa County Real Estate – Intero Walnut Creek

“Life begins at the end of your comfort zone.”

Neale Donald Walsch

 

DAILY REAL ESTATE NEWS | WEDNESDAY, AUGUST 12, 2015

for sale

The nationwide inventory crunch has pushed up home prices year-over-year in 93 percent of the country’s 176 major metro areas during the second quarter, according to the National Association of REALTORS®. Nineteen percent of those metros, or 34, saw double-digit increases in the second quarter.

 

“Steady rent increases, the slow rise in mortgage rates, and stronger local job markets fueled demand throughout most of the country this spring,” says NAR Chief Economist Lawrence Yun. “While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas.”

 

For renters considering home ownership, affordability is becoming a growing problem, Yun says. “With home prices and rents continuing to rise and wages showing only modest growth, declining affordability remains a hurdle for renters considering home ownership — especially in higher-priced markets,” Yun says.

The national median price for an existing single-family home in the second quarter was $229,400 — an 8.2 percent increase from a year ago. “The ongoing rise in home values in recent years has greatly benefited home owners by increasing their household wealth,” says Yun. “In the meantime, inequality is growing in America because the downward trend in the home ownership rate means these equity gains are going to fewer households. “The median household income in the U.S. rose slightly to $66,637 in the second quarter, but it would still take annual earnings of $49,195 to buy a home at the national median price with a 5 percent down payment; $46,605 for a 10 percent down payment; and $41,427 for a 20 percent down payment, according to NAR.

 

Regional Snapshot on Home Sales

Here’s a look at how home sales fared across the country in the second quarter:

  • Northeast: Total existing-home sales rose 10.3 percent and are 8.6 percent ahead of this time last year. Median single-family price: $269,300, up 5.2 percent from a year ago.
  • Midwest: Existing-home sales climbed 13.4 percent and are 12.7 percent higher than a year ago. Median single-family price: $182,000, a year-over-year increase of 8.7 percent.
  • South: Existing-home sales dropped 1.1 percent but are 6.3 percent above the second quarter of 2014. Median single-family home price: $202,900, up 8.7 percent compared to a year ago.
  • West: Existing-home sales climbed 8.1 percent and are 8.1 percent above a year ago. Median single-family home price: $325,200, up 9.6 percent over year-ago levels.

 

5 Priciest Housing Markets

  1. San Jose, Calif.: $980,000 (median single-family price)
  2. San Francisco: $841,600
  3. Anaheim-Santa Ana, Calif.: $685,700
  4. Honolulu: $698,600
  5. San Diego: $547,800

5 Most Affordable 

  1. Cumberland, Md.: $82,400 (median single-family price)
  2. Youngstown-Warren-Boardman, Ohio: $85,000
  3. Rockford, Ill.: $94,700
  4. Decatur, Ill.: $96,000
  5. Elmira, N.Y.: $98,300

Source: National Association of REALTORS®

 

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Chuck Barberini Realtor – ‘Prices Are Rising Just Too Fast’

DAILY REAL ESTATE NEWS | TUESDAY, AUGUST 11, 2015

house1

The tight supply of available homes is prompting more house hunters to bid up home prices, housing analysts say.Read moreHome Prices Reach an All-Time High

“Prices are rising just too fast,” says Lawrence Yun, chief economist with the National Association of REALTORS®. “And certainly far ahead of people’s income.” NAR recently reported that the limited number of homes for sale was pushing the national median sales price above its 2006 peak. In its latest existing-home sales report, NAR noted that the median home price for all housing types reached $236,400 in June – 6.5 percent above year ago levels and surpassing the peak median sales price set in July 2006 at $230,400.

Housing’s inventory problem is occurring across housing types. Condos made up just 5.5 percent of all multifamily building in the first quarter of this year, the lowest on record for the Commerce Department, which has been tracking such information for more than four decades. Single-family construction is also about half of what it should be, according to Bob Denk, senior economist at the National Association of Home Builders.

As for what’s hindering the new-home supply, Denk points to a skilled labor shortage in the building industry as well as a shortage in the number of lots to build on. “We are having these supply chain headwinds,” Denk says. “It’s hard to just double overnight. But the other part of that is we have produced at this level before, so it’s not impossible.”

Source:A Lack of Supply Drives Up Housing Prices,” Market Place (Aug. 10, 2015)

 

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One Cool Thing … Chuck Barberini Realtor

Chuck Barberini Realtor – Contra Costa County Real Estate – Intero Walnut Creek

One Cool Thing … Check out some interesting information from the CALIFORNIA ASSOCIATION OF REALTORS®

Credit Knowledge and Confidence-page-001 (2)

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