Are Homes More Affordable – Chuck Barberini Real Estate

Chuck Barberini Real Estate – BR Real Estate Group

Check out this article from Realtor Magazine Online. It is a real unique look at the housing market and offers a very original point of view. It gives us some good insight into the rapid rise of house prices and how they compare to the prices prior to the pre-crash prices.

Homes Are More Affordable Than 20 Years Ago

DAILY REAL ESTATE NEWS | WEDNESDAY, NOVEMBER 08, 2017

Homes are actually more affordable now than they were in the late 1990s, according to the latest Mortgage Monitor Report by Black Knight Inc., a mortgage data and performance information provider.

A Closer Look: NAR’s Housing Affordability Index

Interest rates have plunged by 40 basis points over the past six months. However, the bulk of the potential savings is offset by the accelerating rate of home price appreciation across the country.

“Rising home prices continue to offset the majority of would-be savings from recent interest rate declines, which has kept affordability near a post recession low,” says Ben Graboske, executive vice president of data & analytics for Black Knight. “That being said, when viewing the market through a longer-term lens, affordability across most of the country still remains favorable to long-term benchmarks.”

As of September, 21.4 percent of the median income nationwide was required to purchase a median-priced home. From 1995 to 1999, that percentage was 24.2 percent, and from 2000 to 2003 it was 26.2 percent, according to Black Knight’s report.

While the monthly payment needed for a median-priced home is up $100 from a year ago, the national “payment-to-income” ratio remains 2.8 percent below averages from the late 1990s, according to the report.

“In looking at the affordability landscape across the country, we certainly see varying levels of affordability in each market compared to their own long-term benchmarks,” Graboske says. “But, by and large, the overall theme is that affordability in most areas, while tightening, remains favorable to long-term norms.”

Black Knight researchers note that 47 of 50 states’ payment-to-income ratios remain below their 1995–2003 averages. Hawaii, California, Oregon, and Washington, D.C., are the lone exceptions, where payment-to-income ratios are higher today than their long-term benchmarks.

Source: Black Knight Inc.

REALTOR® Magazine Online Comment Policy

REALTOR® Magazine staff personally approve each comment on our site, so we appreciate your patience.

 

#TodaysMortgageRates#M453#EXPRealty

 #Taxdeferredsystem  –  #PhoenixPropertyManagement

#ExperienceTranont

Search For Properties

 Chuck Barberini Real Estate – BR Real Estate Group

It’s Christmas – A Different Kind of Poem – Chuck Barberini

It’s Christmas – My boy Christopher is home for a couple of weeks and I saw this last night and it really hit me… It touched me and made me sad, it made me happy and proud, it made me think about the sacrifices of so many and how blessed we are to be American… Thank you to those in service all over the world, away from home… Merry Christmas.

Take a minute to read this poem and let me know what you think.

Different Christmas Poem

 

 

 

 

The embers glowed softly, and in their dim light,
I gazed round the room and I cherished the sight.
My wife was asleep, her head on my chest,
My daughter beside me, angelic in rest.


Outside the snow fell, a blanket of white,
Transforming the yard to a winter delight.
The sparkling lights in the tree I believe,
Completed the magic that was Christmas Eve.


My eyelids were heavy, my breathing was deep,
Secure and surrounded by love I would sleep.
In perfect contentment, or so it would seem,
So I slumbered, perhaps I started to dream.


The sound wasn’t loud, and it wasn’t too near,
But I opened my eyes when it tickled my ear.

Perhaps just a cough, I didn’t quite know,
Then the sure sound of footsteps outside in the snow.


My soul gave a tremble, I struggled to hear,
And I crept to the door just to see who was near.

Standing out in the cold and the dark of the night,
A lone figure stood, his face weary and tight.


A soldier, I puzzled, some twenty years old,
Perhaps a Marine, huddled here in the cold.
Alone in the dark, he looked up and smiled,
Standing watch over me, and my wife and my child.


“What are you doing?” I asked without fear,
“Come in this moment, it’s freezing out here!
Put down your pack, brush the snow from your sleeve,
You should be at home on a cold Christmas Eve!”


For barely a moment I saw his eyes shift,
Away from the cold and the snow blown in drifts…
To the window that danced with a warm fire’s light
Then he sighed and he said “It’s really all right.


I’m out here by choice. I’m here every night. ”
“It’s my duty to stand at the front of the line,
That separates you from the darkest of times.
No one had to ask or beg or implore me,

I’m proud to stand here like my fathers before me.


My Gramps died at ‘ Pearl on a day in December,”
Then he sighed, “That’s a Christmas ‘Gram always remembers. ”
My dad stood his watch in the jungles of ‘ Nam ‘,
And now it is my turn and so, here I am.


I’ve not seen my own son in more than a while,
But my wife sends me pictures, he’s sure got her smile.
Then he bent and he carefully pulled from his bag,
The red, white, and blue… an American flag.


I can live through the cold and the being alone,
Away from my family, my house and my home.
I can stand at my post through the rain and the sleet,
I can sleep in a foxhole with little to eat.


I can carry the weight of killing another,
Or lay down my life with my sister and brother.
Who stand at the front against any and all,
To ensure for all time that this flag will not fall.”


”  So go back inside,” he said, “harbor no fright,
Your family is waiting and I’ll be all right. ”
“But isn’t there something I can do, at the least,
“Give you money,” I asked, “or prepare you a feast?

It seems all too little for all that you’ve done,
For being away from your wife and your son. “


Then his eye welled a tear that held no regret,
“Just tell us you love us, and never forget.
To fight for our rights back at home while we’re gone,
To stand your own watch, no matter how long.


For when we come home, either standing or dead,
To know you remember we fought and we bled.
Is payment enough, and with that we will trust,
That we mattered to you as you mattered to us. “

 


PLEASE, would you do me the kind favor of sending this to as many
people as you can? Christmas will be coming soon and some credit is due to our
U. S. service men and women for our being able to celebrate these
festivities. Let’s try in this small way to pay a tiny bit of what we owe. Make people stop and think of our heroes, living and dead, who sacrificed themselves for us.

LCDR Jeff Giles, SC, USN
30th Naval Construction Regiment
OIC, Logistics Cell One
Al Taqqadum, Iraq

“Real Integrity is doing the right thing, knowing that no body’s going to know whether you did it or not. “

PFC Christopher Barberini

 

 

 

 

 

 

 

SF Bay Agents

B|R Real Estate Group

Phoenix Property Management

 

 

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

 

Search for homes now

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)

 

#MartinezRealEstate #InteroWalnutCreek #ChuckBarberiniRealtor #ContraCostaCountyRealEstate
Homes for sale Walnut Creek CA – Homes for sale Concord CA -Homes for sale Pleasant Hill CAHomes for sale Martinez CA – Homes for sale Pittsburg CA – Homes for sale Antioch CA

Homes for sale Clayton CA

 

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®

 

Search for properties

Blog.ChuckBarberini.com

Follow Chuck on Facebook

Follow Chuck on Twitter

Follow Chuck on Linkedin

 

#MartinezRealEstate

#InteroWalnutCreek

#ChuckBarberiniRealtor

#ContraCostaCountyRealEstate

 

Homes for sale Walnut Creek CA

Homes for sale Concord CA

Homes for sale Pleasant Hill CA

Homes for sale Martinez CA

Homes for sale Pittsburg CA

Homes for sale Antioch CA

Homes for sale Clayton CA

 

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)

Blog.ChuckBarberini.com

Follow my daily insights by subscribing to my blog. Enter your e-mail address and click on the submit button.

Follow Chuck on Facebook

Follow Chuck on Twitter

Follow Chuck on Linkedin

 

#MartinezRealEstate

#InteroWalnutCreek

#ChuckBarberiniRealtor

#ContraCostaCountyRealEstate

 

Homes for sale Walnut Creek CA

Homes for sale Concord CA

Homes for sale Pleasant Hill CA

Homes for sale Martinez CA

Homes for sale Pittsburg CA

Homes for sale Antioch CA

Homes for sale Clayton CA

 

Happy Independence Day 2015 – Chuck Barberini Realtor

4th of July

As we celebrate our countries independence, let’s remember those that have fought and gave their all for us.

Remember our national pride – Remember who we are – Let’s take our country back.

Happy Independence Day 2015 US

6 Myths about credit scores – Chuck Barberini Realtor

CAR

 

Some interesting information from the California Association of Realtors…