Americans moved across states lines in 2010 at the lowest rate since World War II, according to Housing Predictor.
The Obama administration’s long-awaited proposal for reforming the U.S. mortgage market calls for shuttering both Fannie Mae and Freddie Mac over a period of five years or more. The two agencies, along with the Federal Housing Administration, currently provide more than 90 percent of housing finance.
The ratio of home price to annual household income fell to pre-housing boom levels in 47 of the 74 markets that Moody’s Analytics measures, indicating the homes in those areas currently are highly affordable. Those 47 markets have either passed or surpassed the average ratio between 1989 and 2003, when economist believe the housing boom started.
Although borrowers who modify their loans are likely to default again within a year, the redefault rate is falling, the Wall Street Journal reported.
Michael Sweeney, media relations manager for Sto Corp., passed away on January 4, 2011. He was 47. Michael was responsible for public relations and advertising at the company, where he worked for 10 years.
An index measuring the confidence of 150 kitchen and bath dealers shows that they believe sales will increase in the next quarter. Seventy percent of the surveyed dealers said they expected showroom sales to increase due to kitchen and bath remodels. The prediction is line with recent home sale trends.
In this exclusive one-hour webinar, Ivy Zelman, the leading home building and building products research analyst on Wall Street, discusses recent dynamics in the home building, mortgage, home improvement, and non-residential construction sectors and offers her firm’s outlook and forecast for 2011. This free webinar will take place Wed, Feb 16, 2011 at 1:00 PM CST.
The housing markets in 17 states will experience housing inflation in 2011, according to a forecast by Housing Predictor. Although the prediction shows that the overall housing market should make a slight recovery this year, these particular markets are poised for more-substantial growth because they were less affected by the mortgage lending and foreclosure crisis.
The mortgage-interest deduction, a pillar of the nation’s long-held support for housing and the American Dream, is under assault, say NAHB observers who make it their full-time job to stay on top of the shifts in thinking in Washington. According to NAHB chief lobbyist Joe Stanton, the mortgage-interest deduction is in the mix this spring as a new Congress meets for the first time and begins wrestling with ideas for reducing the deficit. Some economists estimate that removal of the deduction would lower home values another 15 percent.
New single-family homes sales were at a seasonally adjusted rate of 329,000 in December, based on estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. The rate rose 17.5 percent between November and December, but was 7.6 percent below the December 2009 rate.