42 posts categorized "Homebuying"


Fort Worth-Arlington home prices rise 10 percent in February

Fort Worth-Arlington home prices rose 9 percent in February from a year ago, according to the latest CoreLogic Home Price Index.

On a month-over-month basis, home prices, including distressed sales, rose 0.7 percent in February from January.

Excluding distressed sales, Fort Worth-Arlington home prices rose 7.5 percent in February from a year ago, and decreased by 0.1 percent from January.

Nationwide, home prices, including distressed sales rose 12.2 percent in February, representing 24 months of consecutive year-over-year increases. Texas was among 14 states with double digit year-over-year growth, rising 10.2 percent, a new home price high, CoreLogic said.

“February marks two straight years of year-over-year gains in national prices across the United States," said Anand Nallathambi, president and CEO of CoreLogic, in a statement. "The consistent upward movement in home prices should ultimately prove to be an important stimulant for higher levels of sustained market activity and growth in the housing economy."

_ Sandra Baker


Fort Worth-Arlington home prices rise nearly 9 percent in January, says CoreLogic

Fort Worth-Arlington home prices rose 8.6 percent in January from a year ago, according to the latest CoreLogic Home Price Index released Tuesday.

Home prices nationwide increased 12 percent in January in the index, which shows 23 months of consecutive year-over-year increases, CoreLogic said.

Texas, Louisiana and Nebraska set new record high home prices peaks in January, the report said.

 "Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January," said Mark Fleming, CoreLogic’s chief economist. "The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006."

Anand Nallathambi, CoreLogic’s CEO, said home prices should continue to increase, particularly in the spring selling season.

“Excluding distressed sales, all 50 states and the District of   Columbia showed year-over-year home price appreciation for January. "

_ Sandra Baker


New home supplies may be constrained in 2014, says Metrostudy report

Dallas-Fort Worth new home construction last year reached its highest level in six years, causing supply constraints that will spill over into this year, according to a Metrostudy market report Monday.

Builders ended 2013 with 2,622 finished homes in inventory, a 1.6-month supply, down 8 percent from 2,862 homes, or a 2.1-month supply, at the end of 2012, the housing report said. 

Moreover, the inventory of available lots to build stood at 46,029, or enough supply for 26.1 months, at the end of December. At the end of 2012, the number of lots was at 51,658, or a 34.8-months supply, the report said.

“The market will not have the ability to grow at the same rate in 2014 as it did in 2013 because of the supply constraints,” said David Brown, Metrostudy’s regional director in Dallas-Fort Worth. “With the increased construction activity in 2013, the months of supply of lot inventory in many submarkets, such as Frisco and McKinney, has dropped more than 30 percent during the last year, driving up lot prices significantly over the last year in these high demand locations.”

In 2013, new home builders started construction on 21,197 homes, up 19 percent from 17,799 starts in 2012, the report said. Builders also closed the sale of 19,945 homes in 2013, up nearly 23 percent from 16,250 home closings in 2012. 

Despite strong demand because of job growth, higher home prices and rising interest rates will likely have some impact on market growth this year, Brown said.

 _Sandra Baker


Fort Worth-Arlington home prices up in November, says CoreLogic report

Fort Worth-Arlington home prices increased 5.9 percent in November from a year ago,  according to a home price index report from CoreLogic.

Nationally, home prices were up 11.8 percent in November compared to November 2012, CoreLogic said.

Home prices have been increasing monthly, on a year-over-year basis, for nearly two years, CoreLogic said. 

“Year-over-year home prices are up an impressive 11.8 percent," said Mark Fleming, CoreLogic’s chief economist "Our pending HPI projects that home prices will grow by 11.5 percent for the full year 2013. That will make 2013 the best year for home-price appreciation since 2005."

Said Anand Nallathambi, president and CEO of CoreLogic, "The outlook for 2014 looks a bit less robust as regulatory complexities and tight credit can be expected to cool the housing market."

States with the highest home appreciation in November were  Nevada (+25.3 percent), California (+21.3 percent), Michigan (+14.4 percent), Arizona (+13.5 percent) and Georgia (+13.3 percent).

Texas saw an 8.7 percent increase in prices in November.  Arkansas was the only state to show depreciation, down 1.1 percent.

_ Sandra Baker


Dallas-Fort Worth home prices up 9.7 percent in October in latest Case Shiller report

Dallas-Fort Worth home prices rose 9.7 percent in October from a year ago, according to the latest S&P/Case Shiller Home Price Indices report released today.

Nationwide, home prices were up 13.6 percent, the highest year-over-year gain since February 2006, the report said.

“Home prices increased again in October,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement. “However, monthly numbers show we are living on borrowed time wand the boom is fading.”

Dallas-Fort Worth home price increase in October was the highest since 2000, the report said.

However, home prices fell 0.1 percent in October from September in Dallas-Fort Worth, the report said. The area was among 10 cities that saw slight declines, while 10 other cities in the index posted positive monthly gains.

“The key economic question facing housing is the Fed’s future course to scale back quantitative easing and how this will affect mortgage rates,” Blitzer said. “Other housing data paint a mixed picture suggesting that we may be close to the peak gain in prices. However, other economic data point to somewhat faster growth in the new year. Many forecasts for home prices point to single digit growth in 2014.”

­_ Sandra Baker


Chase cutting 450 Fort Worth mortgage jobs

JPMorgan Chase will cut 450 mortgage servicing jobs at its CentrePortv facility in northeast Fort Worth as the need for personnel to handle foreclosures decreases, the bank said Wednesday. Chase spokesman Greg Hassell said another 25 jobs in other North Texas locations also will go. The cuts are a small percentage of the bank’s approximately 14,500 employees in North Texas, and Chase hopes to place some of the affected workers in the 340 current job openings in its North Texas operations, Hassell said.

Chase in February announced that it planned to cut 19,000 jobs companywide by the end of 2014, including 13,000 to 15,000 in mortgage-related positions. The local cuts are part of that, Hassell said Wednesday. He said affected workers will receive at least 90 days’ notice.

According to data from RealtyTrac, a real estate information service, U.S. foreclosures are at their lowest level since 2007, just before the financial crisis took hold. Also, mortgage refinancings have waned with the recent rise in interest rates, although mortgage rates remain historically low. Chase is the largest bank in Tarrant County and second-largest in the Metroplex by deposits. The bank and its predecessors have long operated a large operations facility at CentrePort, just south of Dallas/Fort Worth Airport that handles a variety of functions.

-- Jim Fuquay

Dallas-Fort Worth-Arlington home prices up 11.5 percent in second quarter

Median existing single-family  home prices in Dallas-Fort Worth-Arlington were up 11.5 percent in the second quarter compared to the same quarter a year ago, according to the latest quarterly report from the National Association of Realtors.

The organization said the national year-over-year price increase was the strongest gain in 7 1/2 years.

“There continues to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country” said Lawrence Yun, the NAR’s chief economist in a release.

“Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country.  Areas with tighter supplies generally are seeing the strongest price growth, including markets such as Sacramento, Atlanta, Las Vegas, Naples, San Francisco and Los Angeles.”

Locally, the median home price in the second quarter was $181,800, compared to last year at $163,000. In the first quarter of 2013, the median price was $160,400.

The median existing single-family home price increased in 142 of 163 metropolitan statistical areas surveyed.

The national median existing single-family home price was $203,500 in the second quarter, up 12.2 percent from $181,300 in the second quarter of 2012.

The median price is where half of the homes sold for more and half sold for less.

More than 2.1 million homes were for sale nationally at the end of the second quarter, the trade organization said.

_ Sandra Baker



Fort Worth-Arlington home prices rise in June

Fort Worth-Arlington home prices, including sales of distressed properties, rose 4.6 percent in June compared to home prices in June 2012, according to CoreLogic.

On a month-over-month basis, home prices, including distressed sales, increased by 1.4 percent in June over May.

When distressed sales are excluded, Fort Worth-Arlington home prices increased 8.4 percent in June from June 2012, CoreLogic said.

And on a month-over-month basis, excluding distressed sales, area home prices increased 1.8 percent in June.

Home prices nationwide, including distressed sales, increased 11.9 percent on a year-over-year basis in June. It is the 16th consecutive monthly increase in home prices nationally.

On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in June compared to May.

Excluding distressed sales, home prices increased on a year-over-year basis by 11 percent in June from June 2012.

On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in June from May.

Distressed sales include short sales and real estate owned  transactions.

"In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent," said Mark Fleming, CoreLogic’s chief economist. "This trend in home price gains is moving at the fastest pace since 1977."

_ Sandra Baker


Fort Worth-Arlington home prices rise in May

 Fort Worth-Arlington area home prices rose 9.1 percent in May compared to a year ago, according to CoreLogic’s latest home price index.

When sales of distressed properties are included, sales prices locally still rose 4.7 percent in May.

On a month-over-month basis, May prices excluding distressed sales increased 1.6 percent from April, CoreLogic said.

And, prices in May increased 1.1 percent in May over April when distressed sales are included.

Statewide, home prices rose 10.1 percent when excluding distressed sales, and were up 8.5 percent when including distressed sales.

Nationwide, excluding distressed sales, home prices increased 11.6 percent in May on a year-over-year basis.

And, including distressed sales, prices rose 12.2 percent in May, the biggest year-over-year increase since February 2006, CoreLogic said.

“Home price appreciation, particularly in much of the western half of the U.S., is increasing at a torrid pace,” said Anand Nallathambi, CoreLogic CEO. “Across the country, pent up demand and continued low interest rates are fueling strong demand fro a limited inventory of properties.”

Distressed sales include short sales and real estate owned transactions.

_ Sandra Baker


No reason state's housing recovery won't continue says Dallas Fed

Strong regional economic growth helped the Texas housing market rebound faster than other areas of the country, and there’s no reason it won’t continue, the Federal Reserve Bank of Dallas said in a report Thursday.

 Job growth, particularly in the energy sector, and the overall expansion of Texas’ economy has boosted home sales that are now reaching pre-housing-boom levels. As a result, home prices and apartment rents have risen faster than usual, the report said.

 Through April, the state’s home sales rose at an annualized 23 percent, a rate of increase seen just before the housing collapse, the report said.

 “Further improvement is anticipated in the housing sector,” the report said. “Anecdotal reports from Dallas Fed industry contacts suggest a very competitive marketplace for buyers, with multiple offers on homes driving up prices.”

 Exiting-home sales have risen statewide and in the major metro areas by 33 percent since the start of the housing recovery in 2011, the report said.

 And through the first quarter, Texas home prices exceeded by 7 percent the prerecession peak recorded in the fourth quarter of 2007, said report authors D’Ann Petersen, a business economist, and Christina Daly, research analyst, with the Dallas Fed.

 Home prices nationally are 13.8 percent below their peak six years ago, the report said.

 “Texas prices have especially improved since single-family demand began turning the corner in late 2011,” the report said. “Prices rose 6.2 percent in the 12 months ended March 31.”

Single-family home sales in Texas in the first quarter reached 53,937 homes, a 17.5 percent increase from the same quarter of 2012, the  Texas Association of Realtors reported in May.

_ Sandra Baker


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