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Cincinnati Home Loan

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Case-Shiller Reports Energetic Annual Home Price Gains Nationally

May 30, 2013 by Jeff Cost Leave a Comment

Case-Shiller Reports Energetic Annual Home Price Gains NationallyThe most recent S&P/Case-Shiller Index showed all three composites posting double-digit increases over the last four quarters.  The national composite, which is the broadest based index, showed an increase of 10.2% annually. The 20-City composite posted even stronger annual growth at 10.9%.

Click Here To Download The Full Report

The Case-Shiller Index measures changes in home prices by tracking same-home sales using 10-City, 20-City and national housing markets; and the change in sales price from sale-to-sale. Detached, single-family residences are used in the Case-Shiller Index methodology and data is for closed purchase transactions only.

12 Of 20 Metro Markets Notch Double-Digit Annual Growth

Between March 2012 and March 2013, home values rose in all 20 Case-Shiller Index markets. Phoenix, Arizona (+22.5%) once again was leading the national price recovery, quite possibly due to its precipitous fall during the onset of the housing crisis.

Another notable gainer was San Francisco (+22.2%), followed by Las Vegas, Nevada (+20.6%)  On the weaker end were Boston (+6.7%), Cleveland (+4.8%) and New York (+2.6%), but it is important to note that even these smaller numbers still represent significant gains across the board.

There were a total of 12 year-over-year double digit gainers in home value which included those mentioned above as well as Atlanta, Detroit, Los Angeles, Miami, Minneapolis, Portland, San Diego, Seattle and Tampa.

All 20 Metro Markets Show Positive Growth For 3 Consecutive Months

In another very strong supporting point for the housing recovery, all 20 metro markets measured showed positive home price growth for at least 3 consecutive months.  This consistency in growth contributes to an overall indication of strength in the housing sector rebound.

The only potential back-pedaling in the report came from noting that higher than normal multi-family housing numbers, large numbers of homes still in the foreclosure process, and significant investor activity may demonstrate that the housing recovery is not yet complete.

This latest S&P/Case-Shiller Home Price Indices report seems to indicate that the housing market continues to show positive growth.  

Now may very likely be the best time to move forward with your next Louisville real estate transaction.  A positive next step is to call your local, trusted mortgage professional for advice today. 

Filed Under: Housing Analysis Tagged With: Case Shiller,Home Prices,Home Appreciation

Simple Ideas To Create An Outdoor Living Space For Your Home

May 29, 2013 by Jeff Cost Leave a Comment

Create an Outdoor Living Space for Your HomeAs the weather gets warmer, the desire to get outside and enjoy the fresh air begins to take hold. Having a place to entertain or just unwind can add a new dimension and enjoyment to your home.

First, you have to decide what type of space you want to create. Whether you want to have an outdoor living room, a vacation-like spot or a place to meditate and enjoy nature, how you extend your living space is limited only by your imagination — and possibly your budget.

Start with your vision and make a list of the things you want to have there. Then go for it!

Choose a Theme

  • Vacation spot – Decorate with bright colors for a festive, tropical look.
  • Zen garden – Add a water feature, such as a fountain, for a calming effect.
  • Nature hideaway – Surround a patio or porch with plants and trees to bring nature closer to your home.

Find Elements to Enhance Your Space

  • Furniture – If your outdoor zone isn’t completely under cover, then make sure to choose all-weather furniture. Comfortable seating is key, so add pillows or cushions for extra luxury.
  • Lighting – String lighting throughout the trees, under umbrellas or around fencing to create atmosphere. It also helps to make sure you can see where you’re going once the sun goes down.
  • Outdoor kitchen – Bring the food with you! Keep it simple with a BBQ grill or add other elements like a refrigerator, sink and food prep area. And, don’t forget the beverages!
  • Fireplace – Extend your outdoor evenings into the fall by adding a fireplace for friends and family to gather around.
  • Borders – Define the borders of the area to increase privacy and separate the space from the rest of the yard or neighbors.

Your Columbus home is an extension of your personality. Creating an outdoor oasis can give you an opportunity to find your inner child, Zen master, or beach bum!

Make it as simple or elaborate as you desire, and open it up to friends, or keep it all to yourself. Follow these simple tips and create a wonderfully relaxing place right at your home for the summer.

Filed Under: Around The Home Tagged With: Outdoor Living,Patio,Home Improvement

Existing Home Sales Numbers Highest Since 2009

May 28, 2013 by Jeff Cost Leave a Comment

Existing Home Sales Numbers Highest Since 2009The National Association of REALTORS reported that sales of existing homes in April reached 4.97 million on a seasonally-adjusted annual basis.

Although this reading fell short of Wall Street’s expectations of 5.00 million existing homes sold, it surpassed the March 2013 upwardly revised reading of 4.94 million existing home sales. This represents a 0.60 percent increase from March to April, and a 9.70 increase year-over-year.

Low Mortgage Rates Contribute To High Sales Levels 

Low mortgage rates and pent-up demand for homes are driving sales of existing homes, which reached their highest level since November 2009. 

Lawrence Yun, chief economist for the National Association of REALTORS, indicated that housing market momentum is overcoming obstacles: “The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing home sales would be well above the five million unit pace.”

Inventories of homes for sale are gradually increasing; at the end of April, the total inventory of existing homes had increased by 11.9 percent to 2.16 million existing homes for sale. This represents a 5.20 month supply of available homes in April as compared to a 4.7 month supply of homes in March 2013. Listed inventory is 13.60 percent below April 2012, when there was a 6.60 month supply of homes available.

Average Home Sales Prices Up 14 Months In A Row

The national average price for all housing types was $192,800, and increase of 11.0 percent over April 2012. This represents the fourteenth consecutive month of rising average home prices; the last time this occurred was between April 2005 and May 2006.

Homes sold through foreclosure or short sales fell by three percent to 18 percent of existing homes sold in April.  Of these sales, 11.0 percent were foreclosure sales and 7.0 percent were short sales. Foreclosure sales averaged 16.0 percent below market value and short sales averaged 14.0 percent below market value.

The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, provided more positive news for U.S. housing markets as of March 2013. Average home prices for homes mortgaged by Fannie Mae and Freddie Mac increased by 7.20 percent year-over-year, and were up by 1.20 percent from February 2013. FHFA also reported that home prices had risen by 6.70 percent in the first quarter of 2013 as compared to the same period in 2012.

New Home Sales Show Rising Trend As Well

In related news, the Department of Commerce reports that New Home Sales are up by 2.30 percent from March to 454,000 units on a seasonally-adjusted annual basis.  This handily exceeds Wall Street’s consensus of 430,000 new homes sold in April, and is also higher than March’s reading of 444,000 new homes sold.

Buyers are turning to new homes due to pent-up demand in housing markets caused by low inventories of existing homes and low mortgage rates. It’s also likely that with home prices rising, would-be buyers are acting on indications that record low rates and home prices are expected to increase.

Rising home prices suggest that as demand increases, mortgage rates may not be far behind. Buyers in the Louisville  market today can still gain the advantage of historically low mortgage rates.

Filed Under: Housing Analysis Tagged With: Home Sales,Housing Reports,Sales Price

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Jeff Cost
Sr. Loan Officer

Cincinnati, OH Mortgage Lender
NMLS# 21688


jeffrey.cost@ccm.com

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Fax (941) 567-5222

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