46 posts categorized "Homebuying"


Area home prices up 8 percent in May, says CoreLogic report

Fort Worth-Arlington home prices rose 9 percent in May compared to a year ago, said CoreLogic market data firm said Tuesday.

On a month-over-month basis, prices rose 1.3 percent in May from April.

Nationwide, home prices rose 8 percent in May. And on a month-over-month basis, prices increased 1.4 percent in May over April, CoreLogic said.

Texas was among 10 states to see new home price highs, CoreLogic said.

“Home prices are continuing to climb across most of the country which has both positive and negative implications for the housing market," said Anand Nallathambi, CoreLogic’s president and CEO.  "While the rapid rise in prices over the past two years has lifted many homeowners out of negative equity, it has also become a negative factor in buying decisions for prospective purchasers weighing affordability concerns. As we move ahead, a moderation in home price increases over the next twelve months should help cool things down a bit and keep the housing recovery going."

_ Sandra Baker


Fewer Fort Worth-Arlington mortgage holders underwater, CoreLogic says

The percentage of FortWorth-Arlington residential properties with a mortgage that is underwater in the first quarter dropped to  3.3 percent from 4.3 percent in the same time period a year ago, according to CoreLogic.

Locally, that means 13,028 residential properties with a mortgage were in negative equity by March 31. Last year, the number was 16,704 properties, said CoreLogic, a global property information, analytics and data-enabled services provider.

In addition, 1.7 percent, or 6,554 residential properties, was in near negative equity in the first quarter, compared to 2.4 percent, or 9,120 in the fourth quarter of 2013, CoreLogic said. 

Nationwide, CoreLogic found that about 6.3 million homes, or 12.7 percent of all residential properties with a mortgage, were still in negative equity as of March 31, compared to 9.8 million homes, or  20.2 percent, a year ago.

Negative equity occurs when borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.

"Despite the massive improvement in prices and reduction in negative equity over the last few years, many borrowers still lack sufficient equity to move and purchase a home," said Sam Khater, CoreLogic’s deputy chief economist, in a statement. "One in five borrowers have less than 10 percent equity in their property, which is not enough to cover the down payment and additional costs associated with a conventional mortgage."

_ Sandra Baker


Fort Worth-Arlington existing home prices up 8.7 percent in April

Fort Worth-Arlington existing home prices increased 8.7 percent in April compared to a year ago, according to the latest CoreLogic market report released today.

On a month-over-month basis, local home prices increased by 1.4 percent in April from March, CoreLogic said.

Nationwide, home prices increased 10.5 percent in April, representing 26 months of consecutive year-over-year increases, CoreLogic said.

“Home prices are continuing to rise as we head into the summer months,” said Anand Nallathambi, CoreLogic’s president and CEO. “The purchase market continues to suffer from a dearth of inventory which we expect will continue to drive prices up over the year.”

_ Sandra Baker


Fort Worth-Arlington home prices rise 9.4 percent in March

Fort Worth-Arlington home prices were up 9.4 percent in March from a year ago, slightly below the national home price increase of 11.1 percent, according to CoreLogic’s latest home price index released today.

Locally, on a month-over-month basis, home prices were up 1.9 percent in March, the index said.

CoreLogic, a real estate information and analytics provider, said the national increase in March represents 25 month of consecutive year-over-year increases.

Low inventory of new and used homes has caused home prices to rise. Housing economists now, however, fear rising mortgage rates will slow sales.

“Home prices continue to rise across the nation, but affordability, tight credit and supply concerns are becoming an increasing drag on purchase market activity," said Anand Nallathambi, president and CEO of CoreLogic in a statement.  "In many markets – especially major metro areas like Los Angeles, Atlanta and New York – home prices are being driven up at double-digit rates fueled by a lack of inventory and record levels of cash purchases."

_ Sandra Baker


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

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