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Texas Real Estate Market Finishes 2013 Strong | Chappaqua NY Real Estate

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The Texas real estate market finished 2013 strong, with continued year-over-year increases in sales volume and prices for single-family homes, according to the Texas Association of Realtors’ Texas Quarterly Housing Report released today.

“The Texas real estate market showed strength in sales volume and price all year long and the fourth quarter was no exception,” said Dan Hatfield, chairman of the Texas Association of Realtors. “We’ve now seen year-over-year increases in both sales volume and price every quarter for more than two years. This makes it clear – demand for Texas homes is strong and enduring.”

According to the Texas Quarterly Housing Report, 60,998 single-family homes were sold in Texas in the fourth quarter of 2013, which is 6.78 percent more than the same quarter of 2012. During the same time frame, the median price for Texas homes was $172,600, up 8.48 percent from 2012-Q4, and the average price was up 8.88 percent to $226,216.

Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University, explained, “One thing that is notable about the price increases seen in the fourth quarter is that they are relatively consistent across the state. Those increases are being seen in markets of every size, not just in the largest Texas markets, so that indicates broad-based appreciation for Texas real estate.”

This high demand continued to contribute to a shrinking inventory of homes in Texas. During the fourth quarter of 2013, the statewide inventory of homes decreased by one full month to 3.6 months. That figure is well below the 6.5 months that the Real Estate Center at Texas A&M University cites as a market balanced between supply and demand.

Read more here: http://www.heraldonline.com/2014/02/03/5639176/texas-real-estate-market-finishes.html#storylink=cpy

Housing Market Resumes This Downtrend | Chappaqua NY Real Estate

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Despite a slight improvement in interest rates, mortgage applications and refinancing activity declined in the latest update from the Mortgage Bankers Association. For the week ended January 24, 2014, applications for home loans decreased 0.2 percent on a seasonally adjusted basis from one week earlier.

On an unadjusted basis, mortgage applications plunged 9 percent from the prior week. There have only been a handful of increases over the past nine months as the housing market is starting to return to a more sustainable pace. The Refinance Index and Purchase Index both declined 2 percent from the previous week. Meanwhile, the unadjusted Purchase Index decreased 3 percent compared with the previous week and was 12 percent lower than the same week one year ago.

Overall, the refinance share of mortgage activity accounted for 62 percent of total applications, down from 64 percent a week earlier, which was the highest level in a month. Interest rates have rebounded higher in recent months, but a disappointing jobs report earlier this month could keep rates under control for the near future as the Federal Reserve maintains a loose monetary policy. In December, the U.S. economy added only 74,000 jobs, the smallest monthly gain in three years and a far cry from the 200,000 jobs estimated by economists

 

 

http://wallstcheatsheet.com/stocks/housing-market-resumes-this-downtrend.html/?ref=YF

Buyer’s agent builds blog audience by cutting Greenwich, Conn., down to size | Chappaqua Real Estate

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Instead of singing the praises of his local market, Greenwich, Conn., buyer’s agent Christopher Fountain has built an audience for his blog, “For What It’s Worth,” by tearing it down.

“The essence of his complaint,” writes the New York Times’ Landon Thomas Jr. in a profile of Fountain, is that “decades of easy money and ceaseless greed have created a glut of unsalable houses that will remain a blight on his hometown for many years.”

Fountain catalogs residents’ “run-ins with the law, debt-fueled implosions or plain old bad taste,” Thomas says, winning a “cult following” among the very people he’s making fun of: “financial titans who can afford to plunk down $5 million or more on a house.” Source: New York Times.

– See more at: http://www.inman.com/wire/greenwich-conn-agent-nabs-attention-with-blog-that-lambastes-local-real-estate/?utm_source=20140127&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.VtsefwpH.dpuf

A look at shifting trends in home ownership by occupation | Chappaqua NY Homes

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The housing crisis didn’t hit all professions equally. In fact, construction workers and builders  are the only group who increased their rate of home ownership in the years after the recession, new research shows.

In an analysis of over 70 different professions before and after the recession (2007 to 2009, vs. 2010 to 2012), home ownership among construction workers rose 1 percentage point to 55.4% — the highest growth of any profession — and increased 0.7 percentage points to 65.4% among carpenters during the same period, according to real-estate website Trulia, which mined U.S. Census data for the statistics. Home ownership among electricians remained steady at 75% before and after the recession, the study found.

Construction workers did especially well, given the crash in the property market after 2008, says Susan M. Wachter, professor of real estate and finance at Wharton University of Pennsylvania. “The only sectors that saw growth are groups that have access to bargains and distressed housing and have the expertise to fix them up,” she says. Others are more perplexed by the increase among laborers, especially since they were among the hardest-hit professionals when the housing market crashed in 2008. “It’s certainly ironic,” says Don Frommeyer, president of the National Association of Mortgage Professionals, which represents mortgage brokers. Still, he says, the recovery in the housing market in 2013 should be of some consolation to those who are ready to get back on the property ladder.