The number of Americans who own their homes fell to 65 percent in Q1, 2013, down from 65.4 percent the first quarter of 2012, and the lowest level since the third quarter of 1995. While it peaked at 69.2 percent in June 2004 because of easy credit, Paul Diggle of …
In an interview in Forbes, Nicolas P. Retsinas, former Federal Housing Commissioner and Director Emeritus of Harvard University’s Joint Center for Housing Studies, says the housing recovery is being spurred by new household formation, which in turn has been sparked by the improving job market, and abnormally low interest rates. …
Housing Expert: Modify the Mortgage Interest Deduction Read More
In a video on the nationalrealestatepost, hosts Frank Garay and Brian Stevens, in noting the importance of manufactured housing to 22 million Americans, stress the need for Congress to enact HR 1779, the Preserving Access to Manufactured Housing Act. One commentator says manufactured housing is superior to conventional housing because …
MHProNews has learned from HousingWire the National Association of Realtors (NAR) says its pending home sales index (PHSI) rose 1.5 percent to 105.7 in March after sliding 0.4 percent in Feb., but the index is seven percent above the 98.8 reading in March 2012. The index is based on 2001 …
As nationalmortgagenews tells MHProNews, according to the Zillow Home Valaue Index, the home value appreciation rate slowed in the first quarter, dropping to 0.5 percent, as compared to 2.1 percent in the last quarter of 2012, even though overall national home prices rose in March for the 16th consecutive month. …
During testimony before the House Ways and Means Committee on residential real estate and tax reform, Robert Dietz of the National Association of Home Builders (NAHB), noting 40 percent of renters pay more than 30 percent of their income for household rent, urged Congress to maintain the mortgage interest deduction, …
Noting that baby boomers are poorer than their parents, with half of those facing retirement having less than $10,000 in the bank and one of six of them living in poverty, psmag informs MHProNews the residents of the 333 factory-built homes at Pismo Dunes Senior Park in central Calif. have …
According to nationalmortgagenews, banks are the ones walking away from vacant homes these days, starting but not completing the foreclosure process because they do not want the responsibility for maintaining the property, resulting in hundreds of thousands of homes being withheld from the market. In some cases, homeowners who have …
Abandoned Homes Continuing to Hold Back the Market? Read More
MHProNews has learned from the Wall Street Journal there is rare bipartisan support in Congress to roll back a provision in the Dodd-Frank Act that could produce a decline in manufactured home lending, thereby hurting builders, lenders, and owners. A part of Dodd-Frank sets a threshold for interest rates beyond …
Both Parties in Congress Favor Revising Dodd-Frank Read More
The National Association of Home Builders reports newly-released figures from the Dept. of Housing and Urban Development (HUD) and the Census Bureau indicate sales of newly-built single-family homes rose 1.5 percent in March, a seasonally-adjusted annual rate of 417,000 units. Says NAHB Chief Economist David Crowe, “The latest sales report …
MHProNews has learned while many indicators continue to show improvement in the housing market, sales of existing homes nudged down 0.6 percent in March from Feb. to an annualized rate of 492,000, but rose 10.3 percent from last Feb. CNNMoney reports average time homes were on the market fell from …
CNNMoney informs MHProNews Federal Reserve Governor Sarah Bloom Raskin says now that the housing market is improving, middle class families who have not been able to take advantage of the low interest rates may now have that opportunity. Speaking at the Levy Economics Institute’s Minsky Conference, Raskin said, “As house …
CNNMoney tells MHProNews some industry experts forecast the housing recovery may not last. While home prices have risen eight percent, investors are driving the surge, taking advantage of low interest rates and depressed home prices. When rates and home prices rise, the recovery may stall, especially as investors receive a …
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) survey reports builder confidence dropped two points to a composite score of 42 in March as concerns over rising material costs, tight credit, shortages of skilled labor and available lots nag at the market for newly built, single-family …
According to nationalmortgagenews, bankers were relieved when the Consumer Financial Protection Bureau (CFPB) released its qualified mortgage rule (QM) in January, which gives the lender protection if a borrower defaults. But now some bank executives are hesitant to make loans outside the QM rule, and worry they could be rapped …
MHProNews has learned from the National Association of Home Builders that House Resources Committee Chairman Rep. Doc Hastings (R-Wash.) has drafted legislation that would increase timer production on federal lands which in turn would help maintain healthy forests. Justin Wood, vice president of construction for Fish Construction NW Inc., based …
Rising Wood Prices could Hamper the Housing Market Recovery Read More
As MHProNews has learned from CNNMoney, the seasonally-adjusted annual rate (SAAR) of housing starts topped one million in March for the first time since June 2008, 1.4 million, seven percent better than Feb. 2013 and a 47 percent improvement since last March, primarily attributable to the growth in multifamily construction …
NationalMortgageNews informs MHProNews the composite index default rate for first time mortgages gained five basis points from February, 2013 and a 46 basis point improvement from March a year ago, according to S&P/Experian Consumer Credit Default Indexes. The composite index for first mortgage loans ended March at 1.41%, compared to …
MHProNews has learned from the National Association of Home Builders (NAHB) figures released by HUD and the Census Bureau indicate total housing starts—single-family and multifamily– rose by seven percent in March, propelled by a 31.1 percent increase in new multifamily construction. As we have reported several times earlier, the rental …
MoneyMorning tells MHProNews residential construction is currently 2.44% of the gross domestic product (GDP), half of its historical norm, even with last year’s increases in new home construction. According to a Bloomberg survey of economists, housing starts are expected to increase by roughly 20% this year, and over the next …
Economists Expect Home Construction to Rise nearly 20% Read More
