We’ve been predicting a double-dip slump for housing ever since rosy reports about the economy began circulating through the media. Here are some of the indicators that I watch. Shadow inventory – This is housing inventory on the sidelines waiting for a good time to enter the market. As this inventory is put on the [...]
Read MoreThe National Association of Realtors conducted a survey last year to collect demographic profiles of Investment & Vacation home buyers. While Summit County medians are higher, the statistics do provide some insight into what the national picture looks like for this market segment. Vacation Home Buyers Median age: 46 Median income: $87,500 Median distance from [...]
Read More demographics, NARBuoyed by a generous tax credit, affordable homes, and low mortgage rates, the Pending Home Sales Index posted its seventh consecutive monthly gain in August. It’s the longest winning streak in the index’s history and the highest reading in 2-1/2 years. It’s also another signal that the housing market is in recovery. “Pending home sales” are [...]
Read More Pending Home SalesFor the second month in a row, 18 of the 20 Case-Shiller real estate markets posted higher home values. It’s the 6th consecutive strong showing for the benchmark private-sector housing index. Combined with falling home supplies and rising sales figures, this month’s Case-Shiller Index suggests that housing may have bottomed sometime earlier this year. It’s cause [...]
Read More Case-ShillerGetting approved for a mortgage is about to get harder. For the second time in less than 3 months, Fannie Mae announced changes to its mortgage guidelines. In its official announcement, Fannie Mae details the updates, meant to reduce the mortgage firm’s overall risk. The first major change is with respect to credit scoring. All Fannie Mae [...]
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