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Market Studies

Has Consumer Outlook for the Housing Market Changed?

Real Estate Market

Consumer expectations for the housing market remain about the same, according to the latest poll from the Federal Reserve Bank of New York. In the New York Fed's most recent Survey of Consumer Expectations (SCE), consumers last month indicated a median home price change expectation of 4.0 percent, reversing an increase to 4.6 percent in January.

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Millennials Grab Greatest Market Share of Home Purchases

According to the National Association of Realtor's Home Buyer and Seller Generational Trends study for 2014, Millennials—aka “Generation Y” or “Generation Next”—comprised 31 percent of recent purchases, leading all other age groups. Following that were Generation X (defined as those born between 1965 and 1979), which made up 30 percent.

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California Loses Jobs in January

A report issued by the Wells Fargo Economics Group noted that California lost 31,600 jobs in January—the largest single-month decline in over four years. Non-farm payrolls declined .2 percent during the month of January. The decline from December, 2013 to January, 2014 was the largest one month drop since September, 2009.

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Consumers Show Renewed Confidence in Housing Recovery

Asked about home price trends over the next year, 50 percent of respondents in Fannie Mae’s February National Housing Survey said they expect improvements, a recovery from a slide to 43 percent in January. A slightly larger number of consumers anticipate price declines—7 percent, up from 6 percent—while the share of those forecasting no significant movement was down to 38 percent.

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Declining Refinances Drive Increased Lending

Compared to the prior period, the nation’s average Borrower Health Score was up 2.8 percent to 82.2, rebounding from the third quarter’s 1.6 point drop, according to LendingTree. The Borrower Health Score is calculated using the weighted average of credit score, loan-to-value ratio (LTV), and overall “lendability” of loan seekers in each state throughout the quarter.

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Rising Home Prices Shrink California Distressed Sales

The California Association of Realtors (CAR) released a new report, revealing sales of distressed homes have plummeted in the past five years. In January, 2009, 69.5 percent of all homes sold in California were distressed, which included short sales and real estate-owned properties (REO). The report issued Monday noted that five years later, distressed home sales made up only 15.6 percent of sold homes.

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Obama Administration Releases February Housing Scorecard

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the February edition of the Obama Administration's Housing Scorecard on Friday. The report found that new home sales rose, foreclosure completion were down, and home prices remained stable.

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‘Significant Progress’ Made for Negative Equity Homes

2015 HUD

As of the end of 2013, CoreLogic estimates the number of mortgaged residential properties with equity totaled about 42.7 million, representing a share of about 86.7 percent. Due to a slowdown in the quarterly growth rate of the company's Home Price Index, the share of homes with equity versus underwater homes was mostly unchanged from Q3 to Q4.

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Economy Functioning at 87% of Pre-Crisis Levels

A report released this week by the National Association of Home Builders (NAHB) and First American’s Leading Markets Index showed that the economy and housing market are functioning at a level about 87 percent of their pre-crisis normal levels. The report measures metro markets based on housing permits, home prices, and employment.

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Should States Fast-Track Foreclosures?

A new study released by the Federal Reserve Bank of Cleveland suggests that fast-tracking foreclosures on vacant properties could provide states with substantial savings. Researchers Kyle Fee and Thomas J. Fitzpatrick used two judicial states, Ohio and Pennsylvania, to show that savings from fast-tracking could save at least $24 million annually.

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