November 2016 Market Report: Home Values Growing at Fastest Pace Since 2006
As 2016 comes to a close, annual growth in rents has stabilized, the number of homes listed for sale is at its lowest point on record and annual home value growth is accelerating. Looking ahead into 2017 and beyond, all three of these trends are likely to continue influencing each other and the market as a whole.
Will More Oil Prove a Boon or Burden to West Texas?
Last month, geologists announced the discovery of an oil field in West Texas that is likely the largest ever found in the United States – typically the kind of announcement that could be expected to reap big economic dividends for local communities, including a big boost to home values. But in today’s economic and geopolitical climate, the presence of the oil itself will likely matter less to the local economy than global markets’ reaction to it.
U.S. Conforming Loan Limits Upped for First Time Since 2006
A broader pool of U.S. mortgage borrowers will be able to access the more flexible terms of government-backed loans next year after the Federal Housing Finance Agency (FHFA) upped the national conforming loan limits for the first time in a decade, effective in 2017.
California’s Dry Spell Leads to Flood of Drought-Related Listing Terms
The past five years have been the driest in California’s history, leading to a statewide water emergency and the imposition of water-use reduction targets. Homeowners have responded both by cutting their per-capita water use, and by changing how they market their homes.
Getting a Mortgage Was Easier Overall in 2015, But Remains More Challenging for Minorities
Newly released mortgage application, approval and denial data from the Home Mortgage Disclosure Act show that getting a mortgage continued to get somewhat easier in recent years, a boon to buyers otherwise concerned with fast-moving inventory and intense competition. But despite improvement overall, there remain stark differences in mortgage denial rates and the ease of getting a mortgage between whites and minorities.
It’s True: The Country’s Most Expensive Housing Markets Are Creating the Most Jobs
However you look at it, the nation’s most expensive housing markets are home to a growing share of the nation’s jobs.
Value Add: How the Gap Between the Bottom and Top of the Housing Market is Widening
The gulf between the housing haves and have-nots has widened considerably over the past two decades, as top-tier homes gained more value than less valuable, more entry-level homes and bottom tier homes in general lost more of their value during the housing bubble bust.
Q3 2016 Homeownership Rate: Signs of a Turning Tide?
An encouraging quarterly uptick in the homeownership rate in Q3, and a close examination of its core driving factors, suggests the decade-long streak of annual homeownership declines may be on the cusp of reversing.
A lack of new home construction in the wake of the housing bust – especially in some of the nation’s hottest and most desirable housing markets – coupled with an aging housing stock is leading to a bump in the share of homes listed for sale in need of a little TLC.
Is Your City Building Enough Housing? Weighing Today’s Housing Promises Versus Past Housing Delivery
A lack of new housing supply has been blamed for a raft of housing issues plaguing many large U.S. housing markets, including rapid appreciation, deteriorating affordability (especially at the lower end of the market and for renters) and very limited inventory. In response, mayors’ offices nationwide have formulated plans focused on building new housing and rehabilitating and preserving what housing already exists. But are these plans enough, and are they feasible?
