It’s not your imagination. Rent really is too high. The cost of renting a home in the U.S. has risen to its least affordable levels ever, taking up a record proportion of income in most major cities, according to a study from property website Zillow.
“Rents are crazy right now,” Dr. Svenja Gudell, chief economist at Zillow, said in a statement. … Renters in the U.S. can now expect to pay around 30.2 percent of their monthly income for rent, the highest percentage ever, up from pre-housing boom levels of around 24.4 percent, according to the analysis of second-quarter data on rental and mortgage affordability, which was released Thursday. The historical comparison period covered 1985-2000. Continued at CNBC.com.
A promising climb in home sales throughout the country amidst insufficient supply caused home prices to steadily rise in most metro areas during the second quarter, according to the latest quarterly report by the National Association of Realtors®.
The median existing single-family home price increased in 93 percent of measured markets1, with 163 out of 176 metropolitan statistical areas2 (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2014. Thirteen areas (7 percent) recorded lower median prices from a year earlier.
The number of rising markets in the second quarter increased compared to the first quarter, when price gains were recorded in 85 percent of metro areas. Thirty-four metro areas in the second quarter (19 percent) experienced double-digit increases, a decline from the 51 metro areas in the first quarter. Nineteen metro areas (11 percent) experienced double-digit increases in the second quarter of 2014. For the full story, click here.
Dear Millennial Future Home Buyer:
This is shaping up as your year! Congratulations. You and your older siblings are jumping into the housing market en masse. And it’s happening for all sorts of reasons, including the fact that you’re getting older and wiser.
Approximately 43 million of you are 25 to 34 now…That’s the age when Americans typically buy their first homes, and we expect nothing less of you. You and your cohorts outnumbered all other age groups of home buyers last year—even though not as many of you were buying as usual in a healthy economy. Read more by clicking here.
Are you up for some summer fun? Please help support our fundraising efforts for the American Cancer Society’s Relay for Life by joining us at the Ice House for a special comedy show on Saturday, July 18, 2015 at 6 p.m. Tickets $15. Please contact Leslie at 626/975-4010 if you are interested in attending.
Also, please consider joining us at the Arcadia Association of Realtors’ (AAR) and West San Gabriel Valley Association of Realtors’ YPN Bowling Tournament on Tuesday July 21, 2015 at 7 p.m. at Action Lanes Bowling Center in El Monte. Tickets are $15 for bowlers (shoes included) and $5 for non-bowlers. All tickets include food and refreshment. Tickets can be purchased online at www.The AAR.com.
Funds raised at both events will go to support the AAR’s Relay for Life Team.
From Realtor.com — As we approach the midpoint of 2015, the residential real estate market is on track for its best year since 2006, the peak of the housing bubble. (This time, though, it’s no bubble.) See full article by clicking here.
This year I have the honor again of being a c0-captain for the Arcadia Association of Realtors’ Team for the American Cancer Society’s Relay for Life event on August 1 and 2 . I invite you to please join our team at my Relay for Life page and help us fight cancer! Thank you for your support.
Date: Saturday – February 28, 2015
Time: 9:30 a.m. to 11:00 a.m.
Location: Roycroft Realty Office at 2566 Mission St., San Marino, CA
Seating is limited. Please reserve your space by emailing us at firstname.lastname@example.org or calling us at 626/975-4010. Sponsored jointly by Roycroft Realty and Silva+Villa Home Loans. COMPLIMENTARY CONITENTIAL BREAKFAST WILL BE PROVIDED.
Upcoming E-Waste-Document Shredding Event E-waste/Document Shredding event is scheduled for May 30, 2015 from 9 a.m. to 3 p.m. – Rose Bowl Stadium – Parking Lot I E-waste items include computers, keyboards, printers, monitors, laptops, docking stations, scanners, shredders, fax machines, computer mice, telephones, televisions, flat screens, VCRs, DVD players, PDAs, cassette players, tape drives, stereos and household batteries. Many of these products have parts that can be recycled. The public can bring a maximum of five legal-size boxes of documents for shredding. For more information please visit the City of Pasadena’s website by clicking here.
From the L.A. Times.com — Starting Jan. 26, Fannie Mae plans to offer mortgage lenders access to proprietary home valuation databases that they can use to assess the accuracy of and risks posed by the reports submitted by appraisers. The Fannie data will flag possible errors in the appraiser’s work before the lender commits to fund the loan, score the appraisal for overall risk of inaccuracy and may provide as many as 20 alternative “comps” — properties in the area that have sold recently and are roughly comparable to the house the lender is considering approving for financing but were not used by the appraiser.
Lenders can then forward Fannie’s alternative comps and risk scores to the appraiser or the management company that hired the appraiser requesting explanations and changes to the appraisal.
Could [this] controversial new program set for launch nationwide this month by giant mortgage investor Fannie Mae lead to slower and costlier home sale closings and more disputes over prices between sellers and buyers — busting deals when the appraised value comes in below what the parties agreed to in the contract?
For the full story please click here.
From the NYTimes.com — The bond market is a complicated thing, and it is understandable if most people don’t spend a lot of time thinking about it. But even for Americans who don’t want to spend any mental energy on yield curves, convexity and term premia, there is one simple thing to know about the current tumult in the multitrillion dollar market: It’s time to think about refinancing your mortgage.
The average rate on a 30-year fixed-rate mortgage was 3.8 percent at the end of last week. That is down from 4.5 percent as recently as last spring, the lowest since May 2013 and far below the 5 percent-plus rates that prevailed as recently as early 2011.
Please feel free to contact the Silva+Villa Team, Wendy at 818/522-6644 or Leslie at 626/975-4010 to review your refinance options and the potential savings available to you. We look forward to helping you.