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Tag Archives: NAR

Return Buyers Are Expected to Give Housing Market a Boost

Approximately 350,000 borrowers eligible for re-purchase are currently unable to do so due to tight financial markets, and as many as 260,000 borrowers may never return to homeownership at all, the report says, because their former loans were backed by loose lenders.

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HUD Secretary: FHA is Exploring Alternative Credit Scoring for Mortgage Borrowers

Co-hosted by the National Association of Realtors (NAR), The Asian Real Estate Association of America, and the National Association of Hispanic Real Estate Professionals, the event included two roundtable discussions and a keynote address from Castro. Realtors within these organizations believe in safe access to mortgage credit for borrower who can show they are able to own a home and keep up with payments. However, due to restrictive lending many of the qualified borrowers are not able to enter the housing market, according to NAR President Chris Polychron.

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Auction.com Revises March Real Estate Nowcast

Based on the latest Google Trends data and updated housing market data tracked by Auction.com – which together indicate a shift in March home sales – the adjusted Auction.com Nowcast projections are slightly higher than those released on March 24. The original nowcast called for a range between 4.83 and 5.12 million, with a targeted number of 4.97 million.

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Pending Home Sales Rise to Highest Level Since June 2013

The Pending Home Sales Index rose 3.1 percent to 106.9 in February from a slight downward revision of 103.7 in January and is 12 percent about the February 2014 number of 95.4. The index is at its highest level since June 2013 and has increased year-over-year for six consecutive months and is above 100, considered an average level of activity, for the tenth consecutive month.

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Median Home Price Rises 7.5 Percent in February

Sales are 4.7 percent higher than a year ago and above year-over-year totals for the fifth consecutive month. The median existing home price for all housing types in February was $202, 600. That is 7.5 percent above the February 2014 price. This marks the 36th consecutive month of year-over-year price gains since last year.

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Millennials Largest Group of Recent Home Buyers for Second Year

The median age of millennial homebuyers was 29, their median income was $76,900 and they typically bought a 1,720-square foot home costing $189,900. The typical Gen X buyer was 41 years old, had a median income of $104,600 and purchased a 1,890-square foot home costing $250,000. When asked about the primary reason for purchasing a home, a desire to own a home of their own was highest among Millennials at 39 percent. Younger boomers were the most likely to buy because of a job-related relocation or move, and a change in a family situation, most likely the birth of a child, was the highest among Gen X buyers.

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Existing-Home Sales Ahead of Last Year’s Pace, But Still Down In All Major Regions

There’s good news and bad news for January’s existing-home sales, according to the National Association of Realtors. On the one hand, sales in January, for the fourth straight month, were ahead of the pace of sales a year ago. On the other hand, existing-home sales in all major regions declined last month to their lowest rate in nine months, with the West and Northeast getting the worst of it.

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