Coming in at the strongest gain in seven and a half years, the national year-over-year median home prices continued to increase in the majority of metropolitan areas in the second quarter, according to the latest quarterly report by the National Association of Realtors.Buyers remain well positioned to afford a home in their area, despite rising prices and higher mortgage interest rates, the report revealed.
via Median home price hits 8-year high | 2013-08-08 | HousingWire.
PHOENIX — President Obama came here shortly after his first inauguration 41 / 2 years ago, pledging to arrest a tide of home foreclosures and to stabilize the deeply wounded housing market.
The next few years were a personal and political embarrassment for him: More people lost their homes, housing prices continued to sink, and economic growth was held back by the depressed real estate market.
via Obama touts housing recovery, lays out strategy to build on gains – The Washington Post.
A new report from Fannie Mae shows that everyone in the real estate market is primed for action, from buyers and sellers to the banks that make the deals possible. Fannie Mae’s latest survey indicates banks are easing up on lending restrictions, while buyers and sellers are becoming more engaged as prices and values increase and the market strengthens. A majority of survey takers believe home prices will continue to rise, although not as fast as the current pace, but even so the sentiment is expected to help keep the recovery on track.
via US Real Estate Market Ripening.
Atlanta—Multifamily experts were optimistic about prospects for the sector at the midyear forecast at the National Association of Real Estate Editors conference in Atlanta. Most locations won’t overbuild, single-family rentals are not overtaking the market and the Millennial generation is likely to usher in a longer-term interest in renting by choice, they said.
via Special Report: Apartment Rentals to Remain Healthy | Multi-Housing News Online.
The National Association of Realtors says its seasonally adjusted index for pending home sales rose 0.3% to 106. Thats the highest since April 2010, when a homebuyer tax credit inflated sales.Signed contracts have jumped 10.3% in the past 12 months. There is generally a one- to two-month lag between a signed contract and a completed sale.
via Pending home sales at highest level since 2010.
“Washington, D.C.—The Housing Partnership Equity Trust (HPET), which was formed as a social-purpose REIT, announced that it has raised $100 million from Citi, Morgan Stanley, Prudential Financial Inc., the John D. and Catherine T. MacArthur Foundation and the Ford Foundation. It will begin investing in multifamily communities in partnership with 12 high-performing nonprofit housing providers.”
via Housing Partnership Equity Trust Launches with $100M in Funding for Affordable Communities | Multi-Housing News Online.
Housing starts in the U.S. surged 15 percent in September to the highest level in four years, adding to signs of a revival in the industry at the heart of the financial crisis.
Beginning home construction jumped last month to an 872,000 annual rate, the fastest since July 2008 and exceeding all forecasts in a Bloomberg survey of economists, Commerce Department figures showed today in Washington. An increase in building permits may mean the gains will be sustained.“It’s no longer a question of whether the industry is rebounding,” Larry Sorsby, chief financial officer of Red Bank, New Jersey-based Hovnanian Enterprises Inc. HOV, the best-performing home building stock this year, said in a telephone interview today. “There is clear evidence that we have bounced off the bottom and are in the midst of a recovery.”
via Housing Starts Jump 15% to Four-Year U.S. High: Economy – Bloomberg.