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What’s Up With Housing This Week?

 

Millennials May End Up Competing with Baby Boomers in Housing Market.
These two groups make up different segments of the home buyer market but they are searching for similar things.
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Kitchen Remodeling TrendsThinking About Remodeling Your Kitchen?
Homeowners generally wanted new flooring, countertops, cabinets, sinks, and faucets when they had their kitchens remodeled, says a new report.

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Flood InsuranceShould Congress raise the cost of flood insurance? How much?
The National Flood Insurance Program expires Sept. 30 and is $25 billion in debt. NAR has made flood insurance renewal a top priority, and lawmakers are now considering some dramatic program changes to keep it solvent and operational.

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Low Mortgage Rates30-year mortgage rate falls below 4%.
Long-term U.S. mortgage rates fell this week to their lowest levels of the year: 3.95%.
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Housing’s Clean Bill of Health…
All things considered, the state of the housing industry right now is pretty good.

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http://www.TitleSecurityFL.com

 


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What’s Up With Housing This Week?

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Dodd-FrankDodd-Frank Law Is Falling Short…
New evidence shows that on a few key measures, the Dodd-Frank law hasn’t put new market pressure on large banks, and that it’s also failed to protect consumers.
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Mortgage MathMortgage math doesn’t have to be intimidating!
Here are the numbers you need to know, broken down into simple terms:
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Ex Fed Chairman GreenspanGreenspan: Axe Dodd-Frank and Watch Economy Soar
“If you get rid of Dodd-Frank, it’s going to have a very significant positive impact on the economy,” ~Greenspan
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Lower Mortgage RatesCheaper Mortgages Could Spur Housing Market.
Will the drop to 3.97% for a 30-year fixed-rate mortgage encourage home buyers?
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Seller's MarketHomes are flying off fast this spring in the ‘strongest seller’s market ever’
Spring homebuyers are pounding the pavement at a furious pace, but the pickings are getting ever slimmer.

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Could Rising Mortgage Rates Be Good For Housing?

Federal ReserveRick Sharga | HousingWire:  Much of the commentary surrounding the Federal Reserve’s decision Wednesday to raise the Fed Funds rate by 25 basis points has been about how this is likely to increase mortgage rates, have a negative effect on home affordability, and potentially derail the still-wobbly recovery of the US housing market.

Respectfully, I disagree, and think the Fed’s actions might actually be good for the housing market for several reasons.

First, there will be an effect on consumer psychology: having now seen the Fed raise rates in 2017, and with two more rate increases considered very likely, potential homebuyers will get off the fence and into the market, in order to buy a house before rates go any higher.

Best case, this will increase the number of homes purchased in 2017; but in any case, it will almost certainly pull home sales that might have occurred later in the year into the spring and summer, which will have a stimulative effect on the economy.

Second, lenders will very likely loosen some of the ridiculously tight lending standards that have prevented millions of credit-worthy borrowers from getting mortgages.

This will happen partly just due to higher mortgage interest rates, which will provide a bit of a cushion for lenders to take on a little more risk. And higher rates will also drastically reduce the number of refinance loans being issued, which lenders will try to offset by doing more purchase loans.

Finally, the 25 basis point hike was well within the range that most industry analysts had expected, which means it’s possible that today’s hike won’t cause mortgage rates to rise significantly from current levels, which are already the highest they’ve been in several years.

In this scenario – motivated buyers, relaxed lending standards, and marginal mortgage rate increases, coupled with what appears to be strong wage and job growth – the spring-selling season could be the strongest one we’ve seen in many years.


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What’s Up With Housing This Week?

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Skinny HomesSt. Petersburg’s middle-class housing dilemma may have an answer: Skinny Homes
It’s a new name for an old concept found in many other cities like Chicago, Charleston, New Orleans and Nashville. Think of a two-story gussied-up shotgun house.

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Suburbia's FutureThe American Dream of suburbia is evolving — here’s what it’ll be like to live in the suburb of the future.
Since the 50s, the American Dream of suburbia included a huge home, white picket fence, and shiny car. How will that dream change over the next decade?

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Mortgage RatesEven with Mortgage Rates Inching up, Now is Still the Time to Buy.
Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

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National Association of Home BuildersBuilder Confidence Hits 12-Year High…
“Builders continue to face a number of challenges, including rising material prices, higher mortgage rates, and shortages of lots and labor.”

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MortgagesWhy are there so few mortgages in Tampa Bay these days?
Along with the dramatic drop in Tampa Bay foreclosure filings has been this equally striking if less-noticed trend — a huge decline in new mortgages.

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Spring Buying SeasonWhat Can Buyers Expect in the Spring Housing Market?
Higher mortgage rates and low inventory among the things the potential buyers can expect to see.
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What’s Up With Housing This Week

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Pinellas Realtor OrganizationPinellas County Closed Sales for Single Family & Townhome/Condo Combined were up year-over-year:
There were 1,543 closings in January 2017 vs. 1,314 in January 2016… UP 17.4%

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Jim CramerHousing Industry Sees a ‘Cumulative Wealth Effect’.
Jim Cramer says the best investment may be close to home. The increased home equity isn’t being spent on a new car or a new iPhone, it’s going into the home.  i.e. Home Depot
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Closing CostsOver Half of All Buyers Are Surprised by Closing Costs.
Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

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Florida Association of RealtorsDon’t Do These 4 Risky Mortgage Moves.
Buyers excited about purchasing a new home sometimes sabotage their final loan approval by changing jobs, applying for credit or moving money around.

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Ben Carson HUDBen Carson confirmed as U.S. Department of Housing and Urban Development Secretary.
The Senate voted 58-41 to confirm Carson Thursday morning.

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Mortgage RatesMortgage Rates Impact on 2017 Home Values.
Most experts believe that rates would need to hit 5% or above to have an impact on home prices.
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What’s Up With Housing This Week?

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Tampa Bay Home PricesTampa Bay home prices shoot up 11%, kicking off another strong year.
Prices for single-family homes in the Tampa Bay area jumped 11.4% in January from a year ago, far higher than the statewide average and the highest of any major Florida metro area.
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CFPBDallas Lawmaker Accuses Democrats of Pushing ‘Tyranny’ in Fight Over CFPB.
Rep. Jeb Hensarling would like to see major changes at the CFPB.
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Micro-MansionsWhat do you do when you’ve maxed out mega?
You go micro—as in micro mansion. The idea is to create a home that’s small on space and low on maintenance but big on luxury.
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Drones and Construction SafetyA New Use for Drones: On-Site Safety.
A Florida construction firm is utilizing the technology to resolve issues before workers set foot in the field.
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Florida Association of RealtorsMortgage rates edge up – but not much
Rates rose negligibly from last week’s 4.15% to 4.16% this week, and half the experts polled this week predict relative stability over the short term.

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Recent Housing News

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Skilled Construction Labor Shortage in FloridaFlorida construction companies struggle to find skilled workers.
Demand for residential construction workers in Florida is projected to jump 40 percent — or 66,000 employees — from 2014 through the end of this year.

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Interest RatesMillennials Fear 5% Mortgage Rates…
47% of all buyers said they’d look for a less expensive house if rates rose by a point or more.  Rates have been below 4% since December, but the thought of rising rates is enough to convince millennials to look for a cheaper house or not buy one entirely.
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Florida's GDPFlorida GDP Outpacing U.S. Thanks to Strong Real Estate, Construction.
Florida’s GDP growth of 2.1% in the 1Q of 2016 not only outpaced the country as a whole, but all of the other top population states and every state in the Southeast but one.

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Money LaunderingFeds expand crackdown on secret real estate deals (money laundering) beyond Miami and Manhattan.
In Florida, if an all-cash real estate deal in Miami-Dade, Broward and Palm Beach counties exceeds $1 million, then buyers’ identities will have to be reported.
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Florida Association of RealtorsHave interest rates hit bottom? Hard to tell.
It seems like the Fed is “as befuddled as the rest of us” and the timeframe for when rates will return to “normal” could be longer than anyone can predict.
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http://www.TitleSecurityFL.com