Author: Carrie B. Reyes

Rising gas prices encourage city living

The next time your client moves, will reducing the distance between their home and work be an important factor? Yes! They will only rent or buy a property that is much closer to their work than their current property. (73%, 8 Votes) Sort of. They will prefer to move closer to work, but their commute is not a significant housing factor. (18%, 2 Votes) No! My clients are happy with their current commute time. (9%, 1 Votes) Total Voters: 11 American thought too often aches for the past – the 1990s or earlier, to be specific. The ‘90s were...

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Homeownership drivers: the American Dream soldiers on

Which demographic do you focus your FARMing campaigns on? Negative-equity owners. (29%, 15 Votes) Homeowner occupants. (27%, 14 Votes) Renters. (17%, 9 Votes) Absentee owners. (13%, 7 Votes) Positive-equity owners. (13%, 7 Votes) Total Voters: 52 Fannie Mae’s recently released 2011 National Housing Survey asked homeowners and renters about their future plans to either own or rent the next time they moved. Demographic lifestyle shifts played a key role for the free and clear homeowners, i.e. retirees or prospective retirees, who mostly said they would buy. Mortgaged homeowners’ and renters’ attitudes about their future housing were more heavily influenced...

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Put back risk is huge for Big Banks – or is it?

Why do you think Wells Fargo is taking so much of the mortgage market? They have the best customer service. (50%, 6 Votes) They have the lowest rates. (25%, 3 Votes) They have low buyer standards. (25%, 3 Votes) Total Voters: 12 Wells Fargo reported a $2.6 billion potential loss in the second quarter (Q2) of 2012. This potential loss was the result of put-backs induced by Fannie Mae and Freddie Mac (Frannie). The risk of Frannie putting back loans has been blamed for decreased participation in Frannie-sponsored programs. Still, Wells Fargo reported its Q2 2012 earnings increased a...

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July 2012 home sales: a slipping trend?

39,507 homes were sold in July 2012, down 3.7% from June, yet up 14% from one year earlier. This is the second consecutive month of declining home sales, however sales volume is higher than it was last summer, which was mostly low and flat. Here are some other key factors controlling California’s housing market: Absentee homebuyers, to hold or to fold Absentee homebuyers (a group generally composed of speculators, buy-to-let investors and renovation contractors) accounted for 27% of Southern California (SoCal) July sales, remaining level with June 2012, near the record high of 30% set in February 2012. Absentee buyers made up 23% of Bay Area homebuyers in July, remaining level with June and up from 21% one year earlier. Sales of single family residences (SFRs) to owner-occupant homebuyers, the core demographic for a sustainable recovery, remained low. first tuesday forecasts that sales volume and prices will not rise beyond the rate of inflation until 2016. As absentee buyers of the speculator/flipping variety realize this, many will fold and leave the market. The inventory they leave behind will be consumed primarily by the low-level demand of occupying homebuyers. Jumbo loans Jumbo loans (loans over the old conforming limit of $417,000) accounted for 20% of July 2012 sales in SoCal, remaining level with the prior month and up from 18% one year earlier. Jumbos made up 39% of Bay Area...

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Zestimates are great conversation starters with sellers and buyers. Zillow has done more for our bottom line than NAR ever has or will. Don’t fight the current of the river, learn to run with it. Disruption is inevitable in any industry that is fragmented or inefficient. Granted, it does feel like armchair experts and platforms are plentiful in real estate these days, but when the tide rolls out we will see the value proposition of the truest professionals in this industry shine once again.

Justin Bonney, on Zillow’s impact on the real estate industry

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