Wednesday, September 28, 2016

Market Matters

High Rents May Force Buyers into the MarketSource: DSNews.com
One in four home buyers reported that it was the high cost of rent that prompted them to go hunting for a house—a substantial increase from the share reported last summer, according to a survey by Redfin. First time buyers drove the increase, with more than 50 percent of them citing high rents as the reason they were looking to buy a home—more than double the 25 percent reported in August. Rents have been on the rise for several months now as demand for rental housing has increased due to a short supply of homes for sale. Redfin Chief Economist Nela Richardson commented, “Though enticed by high rents and low mortgage rates to begin a home search, first-time buyers [still] face a number of obstacles in today’s competitive market. In many cities, starter homes have seen the largest price increases because the supply of affordable homes on the market is so low and the demand for these homes is so high.”
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The Newlyweds’ Guide to Buying a Home
Source: realtor.com
 
Thirty-five percent of married Americans purchased their first home together within two years of tying the knot, according to a study by Coldwell Banker, but there are a lot of factors that come into play when a couple pursues their first home together. A couple will have to discuss the unpleasant topic of credit scores, because if one person’s credit score is substantially lower than the other person’s, that could hinder the couple’s ability to qualify for a loan, or at least get an attractive interest rate. Considering future goals will also affect which type of home—and loan—is right for a couple, such as whether they will stay in a home short-term or plan to have kids soon.
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U.S. consumer spending increase strongest in over six years
Source: Reuters
 
U.S. consumer spending recorded its biggest increase in more than six years in April, and spending is likely to remain supported by strong gains in house prices, as well as a strengthening labor market, which is steadily pushing up wages. The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 1.0 percent last month as households bought a range of goods and services. The strong consumer spending report joined data on goods exports, industrial production, housing starts, and home sales in suggesting the economy was regaining momentum after growing at a lackluster 0.8 percent annualized rate in the first quarter.
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US Home Prices Rise in March as Spring Buying Season Begins
Source: ABC
 
The Standard & Poor's/Case-Shiller 20-city home price index increased 5.4 percent in March compared with a year earlier, according to a report released this week. National home prices kept climbing in March as the spring home buying season began, but so far the higher costs haven't thwarted sales. Solid job growth, modest increases in wages and salaries, and low mortgage rates are fueling Americans' willingness to buy homes. Yet there is also a limited supply of homes on the market, which pushes up prices. Reportedly, the number of homes on the market is equal to less than 2 percent of U.S. households, the lowest percentage since the mid-1980s. Still, sales of existing homes rose 1.7 percent in April – the second straight increase – to an annual rate of 5.45 million.
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