Report: Weak Inventory, Lower Affordability, Tight Credit Hindering Housing Recovery

first_img The recovery of the housing market continues at a slower-than-expected pace due to weak inventory, slowing demand, and rising prices, according to Auction.com’s Real Estate Nowcast for March 2015 released on Tuesday.March’s Real Estate Nowcast predicted that existing home sales for March would fall between 4.83 and 5.12 million on a seasonally adjusted annualized basis. The target number for existing home sales of 4.97 million is an increase of 1.9 percent month-over-month and 5.8 percent from March 2014.”The housing market is continuing to recover, but at a slower, more incremental pace than what most people had hoped for in 2015,” Auction.com EVP Rick Sharga said. “Three main problems continue to prevent more robust growth: extraordinarily limited inventory, especially at the entry level of the market; lower affordability, as home price increases have significantly outpaced wage growth; and tight credit for all but the most highly-qualified borrowers. This adds up to an especially difficult ecosystem for first-time homebuyers to navigate, and we continue to see less home sales to that segment of the market than what we’ve seen historically.”The report found that the target sales price for existing homes was $204,165 in March, a year-over-year increase of 3.8 percent. While home prices are increasing, their growth is decelerating, likely due to a realization of the recent weakness in sales, according to Auction.com.According to Auction.com’s chief economist, Peter Muoio, the deceleration of price growth could slow affordability deterioration, thus boosting home sales – especially if the predicted wage growth comes to pass.”Despite some recent softness in several economic indicators, the US economy – especially the labor market – appears to be on solid footing,” Muoio said. “Unemployment is descending, voluntary quits are increasing, and consumer confidence has breached the 100 index level mark, bringing it firmly back into ‘normal’ territory. These are all positives for future housing demand and we continue to expect the housing recovery, now in a winter-like dormancy, to show signs of growth as the year progresses.”Auction.com’s Real Estate Nowcast included findings similar to those in Fannie Mae’s March 2015 Economic and Housing Outlook released on Monday, which reported slower GDP growth in the first quarter due to “temporary factors,” among those being a weak inventory. Fannie Mae forecasted that wage growth would catch up to employment gains before the end of the year and that the economy would “drag housing upward.”Recent reports by the National Association of Realtors (NAR) also fall in line with the forecasts of Auction.com’s Real Estate Nowcast. February existing home sales were at 4.88 million, according to NAR, which falls in the rate of Auction.com’s revised range of 4.87 to 5.19 million for the month. NAR’s reported existing sales home price of $202,600 for February was close to Auction.com’s forecasted price of $201,077 for the month – a year-over-year increase of 7.5 percent.Click here to see a video of Auction.com EVP Rick Sharga discussing the latest Nowcast. Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Home / Daily Dose / Report: Weak Inventory, Lower Affordability, Tight Credit Hindering Housing Recovery Report: Weak Inventory, Lower Affordability, Tight Credit Hindering Housing Recovery Auction.com Existing Home Prices Existing Home Sales Housing Market 2015-03-24 Brian Honea March 24, 2015 1,219 Views Share Save Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Previous: Ocwen Announces $25 Billion MSR Sale to Nationstar Next: SecureView’s Distribution Network Expands to Nationwide Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Auction.com Existing Home Prices Existing Home Sales Housing Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Jamestown Man Charged After Allegedly Urinating In Street, Then Fleeing Police

first_imgMGN Stock Image.LAKEWOOD – A City of Jamestown man is facing charges after police said he was observed urinating in the middle of Sunset Drive in the Village of Lakewood this week.Lakewood-Bust Police report the incident happened Wednesday afternoon.Officers say when Howard McAvoy, no age given, was confronted by patrol officers, he allegedly became uncooperative and then drove away in his vehicle.After a short pursuit, officers were able to get McAvoy to stop his vehicle. Police said he continued to be uncooperative, at times acting hostile to police and resisting arrest.Once in custody, officers alleged McAvoy tried to break the window of the patrol vehicle by slamming his forehead into the glass repeatedly.McAvoy was eventually arrested and charged with disorderly conduct, unlawful fleeing a police officer, resisting arrest and various vehicle and traffic law offenses.Officers said McAvoy was taken to the Chautauqua County Jail for central arraignment processing. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more

It’s the size of a garage, but first-home buyers are loving it

first_imgMulti-rooms are the way of the future for affordable housing. Picture: Nigel Hallett. Very carefully planned spaces in the home Picture: Nigel Hallett.The most micro home at ENVI, known as the ‘Pico Pod’, measures 61sq m of internal space on a 38sq m lot — about the size of a standard double garage. The home features one bedroom and two bathrooms, sold as a house-and-land package for just over $300,000 to a first homebuyer.Ms Degenhart is also the visionary behind a similar urban micro-lot development next door, known as the Garden Terraces, which is being constructed by Greenstreet Homes and features lots ranging from 42sq m. Pimp my garden shed Darius Boyd lists first ever home The micro home is the size of a double garage. Picture: Nigel Hallett.After looking at 50 properties to purchase, Ms Ramirez Vidal, a Gold Coast Griffith University lecturer, decided on a micro home due to her work commitments.With the ability to alter the design aspect of the property, she said her micro home was the perfect investment for a first homebuyer.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago“It’s two-bedrooms, two-bathrooms and I’ve added a mezzanine to it,” she said.“In everyone’s mind it’s small, but there’s so much storage in here.”She said her house was also close to public transport and shops. Gold Coast’s new micro homes are aimed at first homebuyers for around $300K. Pictured is Alejandra Ramirez Vidal at her new home in Southport. Picture: NIGEL HALLETTTHEY are known as “micro homes” — the size of a garage, with an affordable price tag.New to the Gold Coast, first homebuyers are increasingly taking advantage of ‘micro homes’ on small size lots, priced from $300,000.Located at Southport, ENVI Micro Urban Village features nine homes on 10 of the smallest freehold lots in the country.Homeowner Alejandra Ramirez Vidal, 28, said her low maintenance property was the size of a garage. MORE: Loft living on the coast. Picture: Nigel Hallett.ENVI Micro Urban Village is positioned to be a catalyst for other micro-lot developments insoutheast Queensland with the brainchild of architect Amy Degenhart, of degenhart SHEDD, and her original business partner planner Planning Institute of Australia Nicole Bennetts.The homes have been developed on a site totalling 673sq m, on the corner of Meron and Lenneberg streets, which formerly housed a single home. Take a look at the Gold Coast’s new micro homes, aimed at first homebuyers for around $300K. Picture: NIGEL HALLETT Crunch time for election promises Looks surprisingly spacious inside. Picture: Nigel Hallett. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 Ms Degenhart said: “There is a strong, and growing, appetite for this type of urban living, but there are few projects in Australia that deliver it and it is particularly rare on the Gold Coast”.“We want to showcase the fact that projects which are architecturally curated can offer more for less — you just need the right vision, community engagement, collaboration, clever design and passion to make it happen,” she said. FOLLOW US ON FACEBOOKlast_img read more