http://www.livejacksonhole.com/ Jackson Hole, WY Blog en christinewitherspoon@jhrea.com Copyright 2013 2013-05-09T13:15:38+00:00 http://www.livejacksonhole.com/blog/post/foreclosure-activity-tumbles-to-6-year-low-in-april-inman-news-teke-wiggin-/ http://www.livejacksonhole.com/blog/post/foreclosure-activity-tumbles-to-6-year-low-in-april-inman-news-teke-wiggin-/#When:13:15:38Z Foreclosure activity hit a six-year low in April, according to the latest report from public records data aggregator RealtyTrac, although scheduled foreclosure auctions posted annual increases in 15 of 26 states where courts handle the foreclosure process — a development that could help alleviate inventory shortages in some markets.  The overall decline in foreclosure activity comes as other market bellwethers continue to point towards a recovery. Home prices in April reportedly posted their biggest annual gain in seven years, while new problem loans reportedly dropped to their lowest level in six years.  In April, foreclosure-related filings — default notices, scheduled auctions and bank repossessions — dropped to 144,790, falling by 5 percent from March and 23 percent from April 2012, according to RealtyTrac’s April 2013 U.S. Foreclosure Market Report. That’s the lowest level since February, 2007. “Many of the states hardest hit by the bursting housing bubble have worked through the bulk of the bad loans created during the housing bubble that triggered the foreclosure tsunami,” said Daren Blomquist, vice president at RealtyTrac. “Specifically those would be California, Arizona, Georgia and Michigan, where a more streamlined non-judicial foreclosure process has allowed for a more efficient disposition of the bad loans via foreclosure.” But even as overall foreclosure activity declined, the number of scheduled auctions in judicial foreclosure states climbed 22 percent from March to April and 31 percent from a year ago, reaching a 30-month high, RealtyTrac said.  Many judicial foreclosure states racked up backlogs of foreclosures during the housing meltdown, thanks in part to controversies over “robo-signing” of mortgage documents needed to move homes through the foreclosure process  The jump in scheduled auctions in judicial foreclosure states follows an uptick in foreclosure starts in recent months as loan servicers put the robo-servicing scandal behind them. “Many of these judicial foreclosure states experienced a foreclosure process logjam following the robo-signing controversy that came to light in October 2010,” Blomquist said. “That logjam prevented many new foreclosures from being added to the pipeline, but the logjam has slowly but surely broken up over the past year, allowing mortgage servicers to start pushing more seriously delinquent loans into the foreclosure pipeline.”  The increase in foreclosure auctions may help alleviate  inventory shortages in some markets.    “The jump in scheduled foreclosure auctions should bring some much needed relief to both the Oklahoma City and Tulsa areas, where inventory is extremely tight, as many of these properties will end up repossessed by lenders and then listed for sale,” said Sheldon Detrick, CEO of Prudential Alliance Realty in Oklahoma City and Prudential Detrick Realty in Tulsa, in a statement provided to the RealtyTrac Network. “Local buyers will snap these up quickly, whether at the foreclosure auction itself or once a foreclosed home is listed for sale. The economy here is strong and well-priced properties are selling above their asking prices — most with multiple offers.” But even as scheduled auctions in judicial states climbed higher, auctions scheduled in non-judicial states tumbled to an 88-month low, falling 7 percent from March to April and 43 percent year-over-year, RealtyTrac reported.  Whereas the robo-signing controversy virtually blocked the flow of foreclosures in the judicial states, foreclosures continued to flow basically uninterrupted in the non-judicial states – preventing a large backlog from building up in those states,” Blomquist said.  Foreclosure proceedings were initiated against 70,133 properties in April, down 4 percent from March, and 28 percent from a year before, according to the report. “Meanwhile, foreclosure starts are bouncing higher in a handful of non-judicial states where servicers are adjusting to legislation designed to prevent improper foreclosures,” Blomquist said. “This includes Nevada, Washington and Arkansas, where foreclosure starts have been increasing on an annual basis since late 2012, along with Oregon and California, where foreclosure starts are still down from a year ago but have been moving steadily higher in recent months.”  Amid this activity, bank repossessions neared a six-year low. Lenders seized 34,997 properties in April, down 20 percent from March and 32 percent from April 2012. Connect with people mentioned in this story: Daren Blomquist     - See more at: http://www.inman.com/2013/05/08/foreclosure-activity-tumbles-to-6-year-low-in-april/#sthash.Zbt6CpMc.dpuf  Teke Wiggin Staff Writer , May 8, 2013   Jackson Hole, WY 2013-05-09T13:15:38+00:00 http://www.livejacksonhole.com/blog/post/how-difficult-is-the-mortgage-process-for-buyers/ http://www.livejacksonhole.com/blog/post/how-difficult-is-the-mortgage-process-for-buyers/#When:16:19:37Z   by The KCM Crew on May 8, 2013   TD Bank recently announced the results of their inaugural Mortgage Service Index. The index was designed to identify best practices and trouble areas in home financing and act as a service indicator for lending institutions. Below are some of the key findings of the survey. Positive Experiences The index identified the percentage of respondents who had a positive (“excellent” or “very good”) experience in certain parts of the home buying experience: 64% had a positive experience during the home buying experience 55% finding a good Realtor 55% with the home appraisal/inspection process 53% finding the right lender 53% with the length of the entire home buying process What Creates an Overall Positive Experience? Certain key aspects of the relationship with the lender were important to those who said they had a very positive overall home buying experience. They rated their lender as “excellent” or “very good” in the following categories: Responsive 74% Accessible 76% Honest and transparent 76% Instilled confidence throughout the process 73% Helped buyers understand the process 73% Kept buyer informed during process 73% Explained the mortgage and available options 72% Other Key Findings: 1. On average, home buyers considered approximately two banks or lenders when applying for a mortgage 2. An equal number of those surveyed (43%) obtained information on the lending process from their bank and from their Realtor, demonstrating that Realtors are used as informative resources by consumers during the mortgage process 3. Only 34% of home buyers obtained a mortgage at their primary bank Michael Copley, Executive Vice President, Retail Lending at TD Bank concluded: “As the housing market continues to rebound, the growing number of buyers should be aware of what to look for in a mortgage partner and seek out a lender who will best guide them through the home financing process in order to create a positive home buying experience.”   To view the original Blog Post click here: http://www.kcmblog.com/2013/05/08/how-difficult-is-the-mortgage-process-for-buyers/ Jackson Hole, WY 2013-05-08T16:19:37+00:00 http://www.livejacksonhole.com/blog/post/first-quarter-jackson-hole-area-market-report/ http://www.livejacksonhole.com/blog/post/first-quarter-jackson-hole-area-market-report/#When:16:01:55Z http://www.livejacksonhole.com/files/2013_1st_Q_Market_Update.pdf Jackson Hole, WY 2013-05-08T16:01:55+00:00 http://www.livejacksonhole.com/blog/post/how-housing-is-leading-us-out-of-the-great-recession/ http://www.livejacksonhole.com/blog/post/how-housing-is-leading-us-out-of-the-great-recession/#When:16:52:45Z   by The KCM Crew on April 30, 2013 We are often asked if the housing market can truly rebound if the all-round economy remains sluggish. We answer by explaining the housing market is not dependent on the economy but rather the economy is reliant on the housing market. Mark Zandi, Chief Economist at Moodys.com, addressed this issue in a recent report. “Historically, housing has always led the U.S. out of recessions. It is the most interest rate-sensitive part of the economy, and as rates fall during recessions, housing rises first.” How does real estate impact the economy? Real estate impacts the economy in several ways. As Zandi explains: “Housing’s resurrection is crucial to the creation of more jobs. Every new single-family home creates and sustains almost five jobs for about a year. These include not only construction jobs, but manufacturing positions for producing lumber, paint, nails, plumbing fixtures, carpets, wall board and so on. Truckers are hired to move this material around, and retailers add workers as new homeowners shop at home-improvement and hardware stores. Realtors, mortgage bankers, landscapers and cable installers all increase staff.” Is the current market momentum sustainable? If the economy is dependent on a recovering housing market, we need to know whether the current good news being reported in the real estate industry will continue as we move forward. Again, Mr. Zandi: “The pace of construction has risen to 900,000 homes per year and is set to double to 1.8 million in the next few years. Even this will be only enough to meet demand; in an average year, 1.25 million households are formed, 350,000 houses are irreparably damaged or demolished, and an additional 200,000 are built for use as vacation or second homes. Given pent-up household formation—hundreds of thousands have put off their plans because of the tough job market—there could be a couple of years in which closer to 2 million homes will need to be built to meet demand.” Housing will remain strong for the next several years. That will enable the economy to continue to heal until it fully recovers.   To view the original article click here: http://www.kcmblog.com/2013/04/30/how-housing-is-leading-us-out-of-the-great-recession/ Jackson Hole, WY 2013-04-30T16:52:45+00:00 http://www.livejacksonhole.com/blog/post/mortgage-rates-move-lower-again-near-record-lows/ http://www.livejacksonhole.com/blog/post/mortgage-rates-move-lower-again-near-record-lows/#When:17:24:04Z   Mortgage Rates Move Lower Again, Near Record Lows Posted By susanne On April 20, 2013 @ 12:03 AM In Business Outlook,Real Estate Information,Real Estate News,Today's Top Story  [1]Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower this week amid data showing weaker consumer spending. This marks the third consecutive week fixed-rate mortgages have moved lower as the housing market continues to recover. The 30-year fixed-rate mortgage (FRM) averaged 3.41 percent with an average 0.7 point for the week ending April 18, 2013, down from last week when it averaged 3.43 percent. Last year at this time, the 30-year FRM averaged 3.90 percent. Additionally, the 15-year FRM this week averaged 2.64 percent with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.13 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.60 percent this week with an average 0.5 point, down from last week when it averaged 2.62 percent. A year ago, the 5-year ARM averaged 2.78 percent. Survey results show that the 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.4 point, up from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.81 percent. “Mortgage rates nudged lower this week as consumer spending showed signs of weakness,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Retail sales contracted for the second time in three months, falling 0.4 percent in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains.” For more information, visit www.FreddieMac.com [2]. Article printed from RISMedia: http://rismedia.com Jackson Hole, WY 2013-04-23T17:24:04+00:00 http://www.livejacksonhole.com/blog/post/inspiring-video-from-jh-land-trust/ http://www.livejacksonhole.com/blog/post/inspiring-video-from-jh-land-trust/#When:19:55:51Z http://vimeo.com/61814122 Jackson Hole, WY 2013-04-22T19:55:51+00:00 http://www.livejacksonhole.com/blog/post/vacation-home-sales-rise-in-2012/ http://www.livejacksonhole.com/blog/post/vacation-home-sales-rise-in-2012/#When:19:08:58Z by The KCM Crew on April 15, 2013    The American desire to own a second home as a vacation home is alive and well! The National Association of Realtors analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes in the U.S. Their 2013 Investment and Vacation Home Buyers Survey shows vacation home sales improved in 2012. NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales: “We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes. Attractively priced recreational property is also a big draw.” Here are the key findings from the report: Raw Numbers Vacation-Home sales rose 10.1 percent to 553,000 from 502,000 in 2011 Sales accounted for 11% of all transactions last year, unchanged from 2011 The median price was $150,000, compared with $121,300 in 2011, reflecting a greater number of more expensive recreational property sales in 2012 35% of vacation homes purchased in 2012 were distressed homes Buyer Profile The typical vacation-home buyer was 47 years old The median household income was $92,100 Buyers plan to own their recreational property for a median of 10 years 29% said they were likely to purchase another vacation home within two years 78% of all second-home buyers said it was a good time to buy (compared with 68% of primary residence buyers) Reasons for Purchasing Lifestyle factors remain the primary motivation for vacation-home buyers: 80% want to use the property for vacations or as a family retreat 27% plan to use it as a primary residence in the future 23% plan to rent to others 23% wanted to diversify their investments or saw a good investment opportunity Location 45% of vacation homes purchased last year were in the South 25% in the West 17% in the Northeast 12% in the Midwest The vacation home buyer purchased a property that was a median distance of 435 miles from their primary residence 34% were within 100 miles 46% were more than 500 miles Financing 46% of vacation-home buyers paid cash in 2012 The median down payment was 27%, the same as in 2011 Jackson Hole, WY 2013-04-15T19:08:58+00:00 http://www.livejacksonhole.com/blog/post/3-reasons-to-sell-your-house-today/ http://www.livejacksonhole.com/blog/post/3-reasons-to-sell-your-house-today/#When:18:46:02Z   by The KCM Crew on April 8, 2013 · in Share 258 This week, we are going to look at three reasons to sell your house now instead of waiting: demand is strong, supply is low and new construction will soon be your competition. – The KCM Crew   Part I – Demand for Real Estate is Much Stronger This Year When selling anything, owners can only hope there is a strong demand for that which they are selling. The great news for today’s home sellers is that the current housing market is experiencing a stronger demand than we have seen in some time. The spring housing market of 2013 is projected to be one of the best in years. Home Sales The National Association of Realtors (NAR) reports monthly on both pending sales (houses going into contract) and existing home sales (actual closed sales). In the first quarter of 2013, pending sales have consistently outperformed the numbers reported in 2012. Contract activity has been above year-ago levels for the past 22 months. Before this year, the last time the index showed a higher reading was in April 2010, shortly before the deadline for the home buyer tax credit. NAR also revealed that closed home sales have been above year-ago levels for 20 consecutive months and sales are at the highest level since the tax credit period of 2009-2010. Impact on Sellers This increase in demand has created bidding wars for properly priced homes across the country. This has resulted in two favorable changes for home sellers: They are receiving offers closer to (if not greater than) the list price. The average days it takes to sell a home has dropped by over 20% from last year. If you are thinking about selling your home, don’t miss out on the strong demand that exists in the current spring market.   Part II – Housing Supply is Low A seller’s ability to sell their home in today’s real estate market will be determined by both the supply of homes for sale and the demand for that housing. In real estate, supply is represented by the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month). While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline: 1-4 months’ supply creates a sellers’ market where there are not enough homes to satisfy buyer demand. Appreciation is guaranteed. 5-6 months’ supply creates a balanced market. Historically home values appreciate at a rate a little greater than inflation. 7-8 months’ supply creates a buyers’ market where the number of homes for sale exceeds the demand. Depreciation follows. What is happening across the country right now? In most parts of the country, supply is dropping like a rock. According to the National Association of Realtors, total housing inventory is below a five months’ supply. This is almost 20% below inventory numbers of just a year ago and at levels we haven’t seen since 2005. Based on the table above, we can see that the supply/demand ratio is showing a sellers’ market where prices appreciate. This has created positive movement in housing values in most parts of the country. Sellers have a great opportunity right now. Historically, inventory increases dramatically as we approach summer. Selling now while demand is high and supply is low may garner you your best price   Part III – New Construction Will Soon Be Your Competition Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. As an example, the National Association of Realtors revealed, relative to last year, year-to-date new home sales are up 19%. These ‘shiny’ new homes will again become competition as they can be an attractive alternative to many of today’s home purchasers. Here are the numbers regarding new construction about to come to market from the Census Bureau: BUILDING PERMITS Single-family authorizations in February were at a rate of 600,000. This is 25.5% above February 2012. HOUSING UNDER CONSTRUCTION Single-family housing starts in February were at a rate of 618,000. This is 18.5% above February 2012. HOUSING COMPLETIONS Single-family housing completions in February were at a rate of 574,000. This is 32.9% above February 2012. As we mentioned, new construction can be strong competition to a seller of an existing home. It may make sense to list your home before this new inventory makes its way to market.   For the original blog post from KCM click here: http://www.kcmblog.com/     Jackson Hole, WY 2013-04-10T18:46:02+00:00 http://www.livejacksonhole.com/blog/post/lower-operating-costs-mean-new-home-buyers-can-afford-more-house/ http://www.livejacksonhole.com/blog/post/lower-operating-costs-mean-new-home-buyers-can-afford-more-house/#When:15:48:57Z Posted By susanne On April 8, 2013 @ 4:44 PM RISMedia During New Homes Month in April, the National Association of Home Builders (NAHB) is showing home buyers why they can afford a higher-priced home—if it’s new construction. Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, NAHB found that buyers can purchase a more expensive newer home and achieve the same annual operating costs as an older, existing home.  “Home buyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home,” says NAHB Chairman Rick Judson, a home builder from Charlotte, N.C.   “They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget.” NAHB’s study first looked at how utility, maintenance, property tax and insurance costs vary depending on the age of the structure. It found that homes built before 1960 have average maintenance costs of $564 a year, while a home built after 2008 averages $241. Similarly, operating costs average nearly 5 percent of the home’s value for pre-1960 structures, while they average less than 3 percent when the home was built later than 2008.  The study then compared the first year after tax cost of owning a home by the year the house was built, taking into account the purchase price, mortgage payments, annual operating costs and income tax savings. This data showed that a buyer can afford to pay 23 percent more for a new house than for one built before 1960 and still maintain the same amount of first year annual costs.  While mortgage payments will be greater with the higher purchase price of a newly-built home, the lower operating costs mean the home buyer will have annual costs that are about the same as if they’d bought a lesser-priced, older home with a smaller mortgage payment and higher operating expenses. Other benefits of new homes include open space floorplans, creative storage options and entertainment resources that cater to modern lifestyles, as well as the safety consideration that the structure was built and wired to modern codes and standards. “For a family working with a fixed annual budget, new-construction homes offer outstanding comfort, convenience and overall cost savings,” says Judson. “Put that together with today’s near-record low interest rates and competitive prices, and the time has never been better to buy a new home.”   Home buyers can access home buying and home building information and resources on NAHB’s website at   www.nahb.org/forconsumers   [2].   Jackson Hole, WY 2013-04-09T15:48:57+00:00 http://www.livejacksonhole.com/blog/post/home-price-growth-at-6-year-high-according-to-the-sp-case-shiller-home-pric/ http://www.livejacksonhole.com/blog/post/home-price-growth-at-6-year-high-according-to-the-sp-case-shiller-home-pric/#When:16:49:50Z Posted By   susanne   On March 26, 2013 @ 4:52 PM In   Consumer News and Advice,Home Owner News,Real Estate Information,Real Estate News,Real Estate Trends,Today's Marketplace,Today's Top Story,Today's Top Story - Consumer   Data through January 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1Home Price Indices, a leading measure of U.S. home prices, showed average home prices increased 7.3% for the 10-City Composite and 8.1% for the 20-City Composite in the 12 months ending in January 2013.   All 20 cities posted year-over-year gains with Phoenix leading the way with a gain of 23.2%. Nineteen of the 20 cities showed acceleration in their year-over-year returns. Despite posting a positive double-digit annual return, Detroit was the only city to show a deceleration.   After 28 months of negative annual returns, New York came into positive territory in January.   The two headline composites posted their highest year-over-year increases since summer 2006,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “This marks the highest increase since the housing bubble burst.  “After more than two years of consecutive year-over-year declines, New York reversed trend and posted a positive return in January. The Southwest (Phoenix and Las Vegas) plus San Francisco posted the highest annual increases; they were also among the hardest hit by the housing bust. Atlanta and Dallas recorded their highest year-over-year gains. “Economic data continues to support the housing recovery. Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25% year-over-year. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels.”  As of January 2013, average home prices across the United States are back to their autumn 2003 levels for both the 10-City and 20-City Composites. Measured from their June/July 2006 peaks, the decline for both Composites is approximately 29-30% through January 2013. The January 2013 levels for both Composites are approximately 8-9% from their dip in early 2012.   In January 2013, nine cities — Atlanta, Charlotte, Las Vegas, Los Angeles, Miami, New York, Phoenix, San Francisco and Tampa — and both Composites posted positive monthly returns. Dallas was the only MSA where the level remained flat.   In terms of annual rates of change, all 20 cities as well as both Composites posted positive change. Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix and San Francisco were the eight MSAs to report double-digit annual returns.   Additional content on the housing market may also be found on S&P Dow Jones Indices’ housing blog:   www.housingviews.com   [2]. Article from RISMedia:   http://rismedia.com Jackson Hole, WY 2013-03-27T16:49:50+00:00