Tag Archives: Zillow

Meg Burns, senior associate director for housing and regulatory policy for the Federal Housing Finance Agency, joined Zillow for a Google+ Hangout session to field questions from underwater homeowners and explain the Home Affordable Refinance Program's (HARP) finer points. Hosting the call was Erin Lantz, Zillow's director of mortgages. Thursday's question and answer session represented one way in which FHFA is working to spread knowledge of HARP and get more borrowers involved.

Mortech, a Zillow business providing mortgage technology software for bankers and secondary market teams, announced that Tom Erickson has been promoted to the position of mortgage industry and compliance specialist.

A study from Zillow finds three out of 10 Americans are still unable to get in on today's improving market as mortgage availability remains tight.

Zillow's Home Value Index climbed to $162,100 in August, up 0.4 percent month-over-month and 6.6 percent annually--the largest yearly gain since July 2006, when values rose 7.9 percent. "August marked the end of one of the hottest summer home shopping seasons in years, as home value appreciation rates continued their rocket ride upward--perhaps dangerously so in some metro areas," said Zillow chief economist Stan Humphries, noting that the monthly pace of appreciation has started to moderate.

Sen. Mark R. Warner (D-Virginia) is seeing tremendous momentum toward GSE reform in Congress, he said during a discussion with Zillow chief economist Stan Humphries this week. He also expressed his optimism that the Housing Reform and Taxpayer Protection Act of 2013--a bill he helped co-sponsor--"actually has a chance" of passing. Fellow co-sponsor Sen. Bob Corker (R-Tennessee), who was also part of the discussion with Humphries, expressed similar sentiment, saying the bill is "gaining momentum."

According to the Zillow Digs Fall Home Improvement Trend and Spending Survey, 52 percent of homeowners have some sort of home project in the works for the coming months. That number is down from 60 percent in summer, when people are more drawn to work outdoors. The survey's findings show homes with children are far more active in project planning, with 31 percent (versus 19 percent of those without children) planning three or more home improvements. Homes with children are also planning to spend a bit more.

Zillow's most recent Negative Equity Report shows approximately 12.2 million homeowners owed more on their mortgage than their home is worth last quarter, down from 13 million in the first quarter and 15.3 million the same time last year. Those 12.2 million underwater homeowners represent approximately 23.8 percent of all homeowners with a mortgage, Zillow said. For the second quarter of 2014, Zillow predicts the negative equity rate will fall to 20.9 percent, lifting an additional 1.9 million homeowners into positive equity.

The Zillow Home Value Index reached $161,600 in July, up 0.4 percent from June and an even 6.0 percent from July 2012. July marked the 14th straight month of annual home value gains. Of the 393 metros tracked in July, 289 (73.5 percent) reported month-over-month price appreciation, and 303 (77.1 percent) showed annual appreciation. In addition, all areas saw both monthly and yearly appreciation, and all "have hit their bottom and are expected to show appreciation in the next 12 months."

Home values are on track to reach more than $167,000 by the end of 2013, according to economists and real estate experts surveyed by Zillow and Pulsenomics. According to Zillow, respondents predicted median home values will rise to $167,490 by the end of this year, a gain of 6.7 percent over 2012. The forecast is a significant jump from the 5.4 percent annual increase expected in the last quarterly survey. Based on current expectations, panelists on average predicted home values could approach new record highs by 2017.

Following a speech Tuesday night in Phoenix, in which President Barack Obama discussed his ideas for housing finance reform, the president today took questions from American citizens during a live discussion hosted by Zillow CEO Spencer Rascoff. During the question and answer session Wednesday, Obama reiterated his stated goals to bring a gradual end to Fannie Mae and Freddie Mac, to bring private capital into the housing market, and to offer affordable housing options--both rental options and 30-year mortgages.