Market Matters

House hunting in the Southern California summer real-estate doldrums
Source: LA Daily News

Home shoppers in Southern California this summer are confronted with a market trying to shake the lingering effects of the Great Recession. From the South Bay through the valleys and into the Inland Empire, there are fewer homes on the market, and appreciation of home prices has moderated —thereby prompting sellers to hold onto their homes longer — and as a result, homes sales are weak.
Read the full story

 

Realtor.com®’s First Economist: I’m Anything But Typical

Source: N.A.R.

 

Realtor.com® has hired Jonathan Smoke as its first economist in its 18-year history to compete with rivals Zillow and Trulia, both of which have long had their own economists to provide insights on the market. Smoke previously served as chief economist, senior vice president, and other executive roles at real estate marketing firm Hanley Wood. Smoke stated, “I’m just getting started surveying what we can produce, and I need to hear from consumers and REALTORS® first-hand about what is missing and needed that no company is producing today.”
Read the full story

Black Homeowners Are Worse Off Today Than They Were 40 Years Ago
Source: The Atlantic

A new study shows that changes in the market that led to the foreclosure crisis have essentially wiped out the gains in racial–residential equality made by black homeowners since the 1970s, and they have been dramatically more likely to transition back to renter status than whites following the recession. Overall, black homeowners in high-income neighborhoods were twice as likely to have subprime mortgages as white homeowners in low-income neighborhoods.
Read the full story  

The future of affordable housing is Lego houses?
Source: HousingWire

 

Is a real-life Lego house the answer to creating more affordable housing? A Danish company is showcasing a prototype for a 3D printed Lego-style home idea. The company stated, “If our Lego-constructed houses are good enough to be the home of tiny Lego figures, then why shouldn't they be good enough on a much bigger scale, to house real people?”
Read the full story

 

Julián Castro sworn in, spends first day as HUD Secretary
Source: HousingWire

Julián Castro is now officially the head of the Department of Housing and Urban Development after being sworn into office earlier this week in Washington, D.C. In taking the reins, the 39-year-old is now the highest ranking Hispanic in the federal bureaucracy and the youngest member of the Obama cabinet. President Obama stated, “Julián has lived the American Dream in his own life, and I’m confident he will help Americans across our country seize their own piece of that dream for themselves and their children."
Read the full story

Some Home Builders Say First-Time Buyers Returning, Others Not Sure
Source: Wall Street Journal

Many major builders across the nation say they’re getting mixed signals about whether first-time buyers are truly returning to the housing market. PulteGroup Inc. stirred optimism after announcing that sales for its entry-level brand leapt by 26 percent in the second quarter, while D.R. Horton, the largest U.S. builder by closings, has seen a low percentage of mortgage originations going to first-timers. Conflicting signals were also seen when KB Homes stated it saw a revival in these buyers while Lennar Corp did not. Many analysts expect these buyers to return in full force in the second half of this year.
Read the full story