First-Time Homebuyers
By Esther Cho | 02/28/2012
South Carolina Governor Nikki Haley signed a bill to ban Wall Street Resale Fees, which require a percentage of the sale of a home to go to a third party. Carolina is the 38th state to sign the bill banning these fees, also known as Private Transfer Fees. The fees are added to home sale contracts by private third parties and typically require that over the next 99 years, a percentage, usually 1 percent of the sale of a home, be paid to the third party.
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By Krista Franks | 01/20/2012
Americans have lost $7 trillion in home equity in the past five years, and nearly 12 million homeowners are currently underwater. The Progressive Policy Institute says these issues deserve just as much attention in the upcoming presidential election as the issue of unemployment, and in a January report, the institute offers a few suggestions to improve the housing market and ultimately, the economy at large, including shared appreciation mortgages and down payment savings accounts for first-time buyers.
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By Krista Franks | 12/23/2011
The year 2011 is ending on a high note as economists anticipate some positive movement in the housing market. Prices appear to be reaching their trough, visible supply is on the decline, and banks are beginning just slightly to loosen lending standards, according to a fourth-quarter report from Capital Economics. However, the research firm warns these positive signs do not point to an immediate recovery, particularly with housing undervalued by the most it's been since at least 1975.
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By Carrie Bay | 09/15/2011
Home price depreciation over the past few years has made housing more undervalued relative to incomes than ever before, yet home sales have continued to decline. Even more striking is that the dampened activity can be largely attributed to a weakening in demand from cash buyers and investors, according to the researchers at Capital Economics. The firm has found that since January, the number of homes purchased by cash buyers and investors has fallen by 26 percent.
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By Carrie Bay | 05/23/2011
First-time homebuyers - a segment that typically targets distressed homes - currently make up just one-third of the market, according to the research firm Campbell Surveys. While this is what would be considered their "normal" market share, the company says this is not enough demand to absorb the excess supply coming from defaulting homeowners and will likely make for a poor spring and summer buying season. Survey respondents in April reported that potential first-time buyers are having trouble finding foreclosed homes in move-in ready condition.
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By Carrie Bay | 02/22/2011
The percentage of distressed properties in home purchase transactions climbed to its highest level in nearly a year last month, according to an industry report released Tuesday. The distressed property index tracked as part of the report indicates that the share of sales transactions involving distressed homes climbed to 49.6 percent in January. Comments from real estate agents collected as part of the survey confirms the growing share of distressed properties, particularly in hard-hit markets.
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By Carrie Bay | 01/24/2011
Sales of distressed properties surged in December as many banks resumed foreclosures following the suspensions prompted by robo-signing issues last fall, according to an industry study conducted by Campbell Surveys.
The company's distressed property index jumped to 47.2 percent last month, reflecting the distressed share of home sales transactions. December's level was up from 44.5 percent in November and nearly matched the index's peak recorded in September, before the robo-signing controversy came to light.
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By Carrie Bay | 12/22/2010
Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, the National Association of Realtors (NAR) reported Wednesday.
Sales of previously owned homes rose 5.6 percent last month. Distressed homes accounted for 33 percent of the month's total sales volume. Housing inventory at the end of November fell 4 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace.
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By Carrie Bay | 12/20/2010
Rising mortgage rates pushed first-time homebuyers to buy properties in November, while investors lost their enthusiasm for distressed properties, according to a new report from Campbell Surveys.
The research firm found first-time buyers' share of home purchases jumped from 34.4 percent in October to 37.2 percent last month as long-term rates began to climb from record lows set in early November. Meanwhile, investor activity continued a two-month decline.
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By Carrie Bay | 11/15/2010
First-time homebuyers purchased half of all homes that were sold from July 2009 to June 2010, according to an annual survey of buyers and sellers conducted by the National Association of Realtors (NAR). It's the highest share of first-time homebuyers in the history of NAR's study, which dates back to 1981. The trade group attributed its findings to the success of the government's tax credits, but also voiced concern that today's credit policy restrictions are locking responsible borrowers out of homeownership.
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