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NAR: First Quarter Metro Area Home Prices Stabilizing, Sales Up and Inventory Down
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Median existing single-family home prices are firming in many metropolitan areas, while improving sales and declining inventory are creating more balanced conditions, according to the latest quarterly report by the National Association of REALTORS.
The median existing single-family home price rose in 74 out of 146 metropolitan statistical areas1 (MSAs) based on closings in the first quarter from the same quarter in 2011, while 72 areas had price declines. In the fourth quarter of 2011 only 29 areas were showing gains from a year earlier. A new breakout of income requirements on a metro basis shows most buyers have the necessary income to buy a home in their area, assuming a favorable credit rating.
Lawrence Yun, NAR chief economist, said there is some volatility in the price performance. "Home prices are more volatile than normal because of sudden upswings in buyer activity in some localities, and also are affected by the prevalence of distressed sales," he said. "Home prices lag sales activity because the transactions were negotiated mostly in the previous quarter. Given the steadily dwindling supply of inventory and notably higher listing prices that are being negotiated today, prices are expected to show further improvements in the near future."
Yun said a big part of the story is housing inventory. "We now have broad shortages of lower priced homes in much of the country, with very tight supply in Western states for homes through the middle price ranges. This is good news for many sellers who wish to list now, or for those waiting for prices to improve."
For more, please see the complete NAR news release or access 1Q 2011 report data here.
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FHA Preforeclosure Sale Program Training Webinar For Real Estate Professionals, June 7
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FHA, through its National Servicing Center, is looking to close the education and communication gap between FHA servicers and real estate professionals to aid FHA borrowers in the preforeclosure process (otherwise known as the short sale). The webinars are designed for all real estate professionals but HUD specifically asked NAR for broad participation from our REALTOR members. FHA is offering a series of eight regional Webinars to ensure real estate agents and their clients have the most up-to-date information on the HUD pre-foreclosure program and other resources available to reduce foreclosures for borrowers. The webinars have the following objectives:
• Identify REALTOR "Best Practices when utilizing FHA's Preforeclosure Program. • Describe how HUD Servicers are required to apply loss mitigation tools to customers in need.
• Identify the benefits, features, and qualification criteria for FHA's Preforclosure Program.
• Recognize the difference between the market/appraised value for a property and the minimum acceptable net sale proceeds.
The webinar for Region 6 (Arkansas, Louisiana, New Mexico, Oklahoma, Texas) is scheduled for Thursday, June 7, from 2-4 p.m. Click here to register for the webinar or contact Stacey Brown at HUD with webinar questions.
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How Low Will Mortgage Rates Go?
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For the second consecutive week, fixed-rate mortgages reached new all-time records lows, offering another big boost to home buyer affordability.
The 30-year fixed-rate mortgage averaged 3.83 percent for the week ending May 10, posting a new record low from the previous week's 3.84 percent average. The 15-year fixed-rate mortgage also posted a new record, averaging 3.05 percent last week.
Here's a closer look at last week's mortgage rates:
• 30-year fixed-rate mortgages: averaged 3.83 percent, with an average 0.7 point, down from the previous week's record of 3.84 percent. A year ago at this time, 30-year mortgages averaged 4.63 percent. The 30-year fixed-rate mortgage, the most popular choice among home buyers, has averaged below 4 percent for nearly every week — except for one — since Dec. 8, 2011, according to Freddie Mac.
• 15-year fixed-rate mortgages: averaged 3.05 percent, with an average 0.7 point, dropping from the previous week's record low of 3.07 percent. Last year at this time, the 15-year fixed-rate mortgage averaged 3.82 percent.
• 5-year adjustable-rate mortgages: averaged 2.81 percent, with an average 0.5 point, dropping from the previous week's 2.85 percent average. Last year, 5-year ARMs averaged 3.41 percent.
• 1-year ARMs: averaged 2.73 percent, with an average 0.5 point, rising from the previous week's 2.70 average. A year ago, 1-year ARMs averaged 3.11 percent.
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NAR Kicks-off 5-Year Flood Insurance Coalition Push
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As part of a historic "Flood the Hill" coalition of real estate, construction, financial services, insurance, consumer, taxpayer and environmental groups, the National Association of REALTORS stepped up pressure on Congress to pass the 5-year Flood Insurance Reauthorization Bill:
• On May 9, 2012, NAR President Moe Veissi testified before Congress.
Download his testimony before a Senate Banking subcommittee.
• That same day President Veissi co-wrote the linked Op-Ed which ran in Capitol Hill's major publication Roll Call.
Download the Op-Ed • NAR simultaneously ran ads, co-sponsored by nearly 20 coalition partners, in all the Hill newspapers.
Download the ad • The Coalition recently wrote Senate leaders calling on them to bring up the bill for floor consideration.
Download the coalition letter
NAR has timed this campaign to coincide with this week's REALTOR Rally and 2012 Midyear Legislative Meetings & Trade Expo in Washington, D.C. Flood Insurance is one of five talking points with members of Congress. NAR will keep working to reauthorize national flood insurance before the program expires on May 31, 2012.
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Tech Tip: Retarget Site Visitors to Convert Leads
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You do a lot of work to drive traffic to your Web site. Blogging, social media, SEO, pay-per-click ads, postcard campaigns, drip messaging... all of that can be overwhelming, and some of those things can take up a fair amount of your time and money.
The biggest problem with that investment is this: Many visitors who land on your site once via those methods never come back. You can increase the odds of online visitors returning to your site and engaging with you by running an effective retargeting campaign. The amazing thing is it's very easy to do and costs far less than you think.
To learn more about retargeting and how to boost return visits to your website, read the complete REALTOR Magazine Online feature.
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Will Regulators Make the QRM Mistake All Over Again?
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If you're applying for a loan, what determines whether or not you can repay that loan?
That's what a federal regulator is trying to determine right now, and based on a proposed rule they've written, they're thinking about setting standards that the National Association of REALTORS and other industry groups — and consumer groups, too — think will make it hard for even creditworthy households to get a home loan.
The regulator is the new Consumer Financial Protection Bureau and the rule it's writing is called the qualified mortgage (QM) rule. CFPB is trying to define the way banks measure a loan applicant's ability to repay a loan: what the applicant's monthly debt-to-income ratio is, what the monthly mortgage payment would be, what the applicant's credit history is, and so on.
NAR and some 40 partners in a coalition sent CFPB a letter not long ago saying "ability to repay" should be defined in broad terms, otherwise lenders' ability to make loans to all but the most creditworthy households would be constrained. It's like last year's battle over the proposed QRM rule all over again.
For more, see Robert Freedman's full blog post at REALTOR org.
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Fall Convention: Take Advantage of Big Early Registration Discounts, Chance to Win iPad 4
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The Louisiana REALTORS 2012 Fall Convention & Expo, the state's biggest annual REALTOR event, will be in Shreveport at the Hilton Convention Center Hotel on September 18-21, 2012, and registration is now open. Join REALTORS for a powerful collection of national speakers and programs designed to inform, educate, and UNLOCK YOUR SUCCESS!
Oliver Frascona - the top real estate risk management expert in the nation, Shannon King - top mobile real estate technology expert, Louie Larimer - negotiation guru, Adorna Carroll - star residential real estate instructor, and Terry Watson - one of the most sought after real estate trainers in America, headline our convention programming. Residential and commercial REALTORS will experience great CE education and networking opportunities in Shreveport this fall - this is the one major REALTOR event you can't afford to miss!
Take advantage of the early full conference registration fee of $119 until June 1st ($149 after June 1st). We're also offering a discounted group registration fee of $99 per attendee for offices registering 5 or more agents for the full convention before June 1 ($129 group rate after June 1). Don't have five agents in your office? Team up with another company to take advantage of the group rate!
For full registration options and details, click here.
We'll also be giving away an Apple 4G Wi-Fi 32GB iPad at the REALTOR Expo on September 19, and the first 100 full convention registrants (group or individual signup) will double their chance to win in that drawing! All REALTORS registered for the full convention will get one chance in the iPad drawing, with the first 100 registrants receiving two chances. All the more incentive to make your plans NOW to join Louisiana REALTORS in Shreveport this fall!
A discounted room block at the Hilton Shreveport is also available for convention participants. For more information or to register online, visit www.LAREALTORS.org/meetings/fall.
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Fall Convention: Take Advantage of Big Early Registration Discounts, Chance to Win iPad 4
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The Louisiana REALTORS 2012 Fall Convention & Expo, the state's biggest annual REALTOR event, will be in Shreveport at the Hilton Hotel and Shreveport Convention Center Hotel on September 18-21, 2012, and registration is now open. Join REALTORS for a powerful collection of national speakers and programs designed to inform, educate, and UNLOCK YOUR SUCCESS!
Oliver Frascona - the top real estate risk management expert in the nation, Shannon King - top mobile real estate technology expert, Louie Larimer - negotiation guru, Adorna Carroll - star residential real estate instructor, and Terry Watson - one of the most sought after real estate trainers in America, headline our convention programming. Residential and commercial REALTORS will experience great CE education and networking opportunities in Shreveport this fall - this is the one major REALTOR event you can't afford to miss!
Take advantage of the early full conference registration fee of $119 until June 1st ($149 after June 1st). We're also offering a discounted group registration fee of $99 per attendee for offices registering 5 or more agents for the full convention before June 1 ($129 group rate after June 1). Don't have five agents in your office? Team up with another company to take advantage of the group rate!
For full registration options and details, click here.
We'll also be giving away an Apple 4G Wi-Fi 32GB iPad at the REALTOR Expo on September 19, and the first 100 full convention registrants (group or individual signup) will double their chance to win in that drawing! All REALTORS registered for the full convention will get one chance in the iPad drawing, with the first 100 registrants receiving two chances. All the more incentive to make your plans NOW to join Louisiana REALTORS in Shreveport this fall!
A discounted room block at the Hilton Shreveport is also available for convention participants. For more information or to register online, visit www.LAREALTORS.org/meetings/fall.
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This
week's REALTOR events...
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FULL CALENDAR
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eNEWS DIGEST BACK ISSUES ARCHIVE
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Source: Freddie
Mac
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30-YR Fixed:
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3.92
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15-YR Fixed:
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3.16
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5/1-YR ARM:
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2.83
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1-YR ARM:
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2.79
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