Multifamily Market Expected to See Big Growth

The multifamily housing market is expected to see a multi-billion dollar boost as millions of home owners who were foreclosed upon are now forced to rent, according to a new report by Morgan Stanley. 

Many of these former home owners will now have to likely pay rent over the next five years as their credit repairs, which would equal $72.7 billion in incremental rental payments instead of mortgage payments, according to Morgan Stanley.

http://realtormag.realtor.org/daily-news/2011/10/31/multifamily-market-expect...

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Is the New-Home Market Finally Leveling Off?

This week, the Commerce Department reported that for the first time in five months new-home sales rose, increasing 5.7 percent in September. Builder confidence also rose, reaching its highest level in a year in October, according to an index of builder sentiment by the National Association of Home Builders.

http://realtormag.realtor.org/daily-news/2011/10/28/new-home-market-finally-leveling

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Survey Reveals 5 Home Buying Myths

Appreciation: About 42 percent of home buyers believe home values will appreciate by 7 percent a year. Reality: Historically, home values in a normal market appreciate by 2 to 5 percent in a year.

http://realtormag.realtor.org/daily-news/2011/10/28/survey-reveals-5-home-buying-myths

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Demand for Mortgage Applications Climbs

Mortgage applications for purchase -- a gauge for future home buying -- jumped 6.4 percent last week, according to the Mortgage Bankers Association.

http://realtormag.realtor.org/daily-news/2011/10/26/demand-for-mortgage-appli...

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Renters Spending 5% More Than Home Owners

Since 2005, home owners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. On the other hand, in that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.

http://realtormag.realtor.org/daily-news/2011/10/26/renters-spending-5-more-h...

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Bargains Abound: What Are Buyers Waiting for?

“It’s hard to see the possibility of losing on a home purchase right now, with these mortgage rates,” says economist Dean Baker. “Prices may go lower, but not by much.”

The article notes the following scenario: Buying a $300,000 home with a 4 percent mortgage rate and a 20 percent down payment would mean a $1,145 monthly payment. The Mortgage Bankers Association recently predicted that home prices may fall another 3.5 percent by mid-2012 but mortgage rates will increase by a half-point. So for that same loan under that scenario, a home would sell for $289,000 while the monthly mortgage bill would be $1,171--only a $26 difference.

For those who can qualify for a mortgage, "playing the waiting game" won't result in much gain, Nariman Behravesh, chief economist at IHS in Englewood, Colo., told Bloomberg Businessweek.

http://realtormag.realtor.org/daily-news/2011/10/25/bargains-abound-what-are-buyers-waiting-for

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A guide to administration's new mortgage-refi plan

By easing eligibility rules, the administration hopes 1 million more homeowners will qualify for its refinancing program and lower their mortgage payments — twice the number who have already. The program has helped only a fraction of the number the administration had envisioned.

http://bottomline.msnbc.msn.com/_news/2011/10/24/8470326-a-guide-to-administrations-new-mortgage-refi-plan

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2010 Census Shows Second Highest Homeownership Rate on Record Despite Largest Decrease since 1940

The U.S. Census Bureau today released a 2010 Census brief, Housing Characteristics: 2010, that shows the homeownership rate is the second highest on record, behind only 2000, since homeownership data collection began in 1890.

http://2010.census.gov/news/releases/operations/cb11-cn188.html

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Why it can pay to try a short sale Lenders may be viewing short sales as a better alternative

Are short sales getting easier? Some home owners are reporting that banks are now not only more willing to consider a short sale, but are even offering incentives to complete a short sale. For example, a home owner in Chicago says his lender approved his short sale and then gave him a $20,000 check after the deal was finalized for selling the home as a short sale instead of letting it sink into foreclosure.

http://www.marketwatch.com/story/why-it-can-pay-to-try-a-short-sale-2011-10-20

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New-Home Building Soars 15% in September

Last month, home building was at its fastest pace in 17 months, rising 15 percent from August and posting the new-home sector’s best pace since April 2010, the Commerce Department reported Wednesday.

http://www.washingtonpost.com/business/economy/september-home-building-rose-1...

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Rental Market Emerges as Housing’s Bright Spot

An increase of 1.4 million households moved into rental housing in the year ending June 2011--a 4 percent rise in the number of tenant households in one year alone, the Census Bureau reports. Meanwhile, the home ownership rate dropped about 1.5 percent over the past year.

http://www.freddiemac.com/news/finance/docs/Oct_2011_public_outlook.pdf

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It's Time to Buy That House

The good news? Two key measures now suggest it's an excellent time to buy a house, either to live in for the long term or for investment income (but not for a quick flip). First, the nation's ratio of house prices to yearly rents is nearly restored to its prebubble average. Second, when mortgage rates are taken into consideration, houses are the most affordable they have been in decades.

http://online.wsj.com/article/SB10001424052970204774604576629443313035736.htm...

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Triggers for rejection

Last year, more than two million people were turned down for homes, according to federal data,

often because the applicants didn’t meet certain lender requirements or because their

applications were incomplete or otherwise problematic. With lenders’ underwriting criteria

becoming more rigorous in recent years, it’s important buyers know the most common triggers

for mortgage-loan rejection

http://www.car.org/media/pdf/consumer/Beyond_the_Headlines__101311.pdf

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NAR: Gov’t Plays Valuable Role in Homeownership

Owning a home has had long-standing government support in the U.S. because homeownership benefits individuals and families, strengthens communities, and is integral to the nation’s economy, the National Association of REALTORS® said in testimony today.

http://realtormag.realtor.org/daily-news/2011/10/13/nar-gov-t-plays-valuable-...

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Buyers Want a Deal--or a Steal?

Buyers are still looking for homes, but they won’t settle for anything less than a great deal, say real estate professionals. 

"All the buyers across the board want everything in a house,” says Karin Batterton, a Coldwell Banker real estate agent in Baltimore. "They want it completely done. They want all the newest, trendy materials, and they want it for 2005 prices."

http://realtormag.realtor.org/daily-news/2011/10/12/buyers-want-deal-or-steal

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Scammers Use Vacant Homes as Bait

Scammers are posting housing ads online, such as on Craig’s List, that promote a vacant home available for rent. The unsuspecting renter pays a security deposit and sends monthly rent checks to who they believe is their landlord.

http://realtormag.realtor.org/daily-news/2011/10/11/scammers-use-vacant-homes...

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DEAL OF THE MONTH!

8 Mistyvale CT, Sacramento, CA 95823 Click for more information See additional photos below Offered at: $145,000 Property Status: Active Bedrooms: 3 Bathrooms: 2 Full Lot Size: 5672 Interior Size: 1593 sq. ft. SqFt   Beautiful Home in Great Neighborhood. Sellers Loss is Your Gain! Home is Well Worth the Price. Stove Does Not Stay. Seller will Change for Another. Secluded Court Location, Safe & Private for your Children. Close to Schools, Library, Shopping, Parks & Freeways! Don't Miss This One! For more information, contact Shan Saigal at 408-505-9302 Shan Saigal Phone: 408.505.9302 Work: 408.727.8800 Email: Shan@ShanSaigal.com Website: SiliconValleyHomePrice.com   License #: 00768704   Referral Realty Silicon Valley 3028-A Scott Blvd. Santa Clara, CA 95054 View : Add Shan Saigal to your contacts:

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DEAL OF THE MONTH!

221 ORONSAY WY, San Jose, CA 95119 Click for more information See additional photos below Offered at: $515,900 Property Status: Active Bedrooms: 4 Bathrooms: 2 Full,1 Partial Lot Size: 7540 Interior Size: 2386 sq. ft. SqFt   Beautiful Home Adjoining Santa Teresa Hills,Trails & School Grounds for After Hours Sporting Events for Youth.Home w/Vaulted Ceilings,Large Living & Dining w/Fireplace.Remodeled Kitchen w/Granite Tile Counters.Open Layout w/Family Nook & Kitchen Area.Huge Master Bd Suite w/Sitting Area,Dual/Mirrored Closets.All bds Large size.Beautifully Maintained Front & Backyard w/Fruit Trees & Vegetable Garde. Walking Distance to Award Winning Stratford School.  For more information, contact Shan Saigal at 408-505-9302 Shan Saigal Phone: 408.505.9302 Work: 408.727.8800 Email: Shan@ShanSaigal.com Website: SiliconValleyHomePrice.com  License #: 00768704   Referral Realty Silicon Valley 3028-A Scott Blvd. Santa Clara, CA 95054 View http://www.221oronsayway.com: Add Shan Saigal to your contacts:

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30-Year Mortgage Rates Drop Below 4%

Mortgage rates are expected to stay well-below 5 percent through 2013, Fannie Mae economists are projecting. Home buyers taking out loans for purchase is expected to more than double in the next two years too, Inman News reports.

http://realtormag.realtor.org/daily-news/2011/10/07/30-year-mortgage-rates-drop-below-4

Comments: This creates the best opportunity for Renters to become Homeowners.

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Housing Can Be 'Key Engine of Job Growth'

The National Association of Home Builders is stressing the need for policymakers to remove anti-housing barriers that they say are preventing a housing market recovery. After all, NAHB says, housing can be the answer policymakers have been searching for in boosting jobs and economic recovery.

http://realtormag.realtor.org/daily-news/2011/10/06/housing-can-be-key-engine-job-growth

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Buy And Be Happy

My Question is "Would You Be an Investor in the Stock Market now, or Invest/Buy a Home?"

Here, in a nutshell, is the case for owning a home:

Affordability. Low mortgage interest rates and deflated house values have made homes downright affordable to purchase and own compared with earlier this decade. In fact, house payments are now back in line with incomes, according to Richard Green, director of the Lusk School of Real Estate at the University of Southern California in Los Angeles. That means more people can own a home without having to stretch beyond their financial comfort zone.

http://www.onlinedigitalpubs.com/display_article.php?id=796922

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Has the Housing Market Hit Bottom?

"In the Bay Area Home Prices seem to have hit bottom-Most Homes are being Sold by Multiple Offers"

Rick Sharga, executive vice president with Carrington Mortgage Holdings, says the housing market is in a “catfish recovery,” with the market hitting bottom this year but prices mostly remaining flat until 2014.

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