Existing Home Sales: Owners Aren’t Budging

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Existing Home Sales: Owners Aren’t Budging Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Related Articles Previous: Counsel’s Corner: Facing Challenges in Financial Services Next: Senators Unveil Task Force to Combat Zombie Properties Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines Share Save Demand Propels Home Prices Upward 2 days ago October 26, 2017 1,461 Views The Best Markets For Residential Property Investors 2 days agocenter_img data HOUSING mortgage 2017-10-26 Dean Terrell Tagged with: data HOUSING mortgage Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Existing Home Sales: Owners Aren’t Budging About Author: Dean Terrell Governmental Measures Target Expanded Access to Affordable Housing 2 days ago According to Ten-X’s Residential Real Estate Nowcast, existing home sales have dropped in October. Based on the seasonally adjusted annual rate (SAAR), between 5.2 and 5.49 million sales are expected in October with the targeted number being 5.35 million. This is down 0.8 percent compared to the National Realtors Association (NAR) reported sales in September.”The lack of available inventory is having a major impact on existing home sales, and there’s not much hope for improvement in the foreseeable future,” said Ten-X Executive Vice President Rick Sharga. “New home construction is still lagging behind demand, about one third of current homeowners don’t have enough equity to put their homes on the market, and there appears to be a psychological barrier coming into play, where homeowners aren’t willing to sell their home because they’re afraid there’s nothing for them to buy. Over time these issues will be resolved, but in the meanwhile, it’s hard to see sales numbers improving significantly.”In September, Ten-X projected total-existing home sales to be around 5.39 million when seasonally adjusted. This was later confirmed by the NAR’s release on existing home sales. This is a 0.7 percent increase compared to August, but still 1.5 percent lower compared to September 2016. In August 2017, Ten-X also predicted a sturdy gain in existing home prices, later confirmed by the NAR. The median existing-home price in September increased 4.2 percent from to $245,100. This marks the 67th consecutive month of year-over-year price gains. Ten-X predicts annual strides will continue with median existing-home prices landing between $231,897 and $256,308 with a target price point of $244,103. This is down 0.4 percent from September but up 5.1 percent from last year.”Demand for homes remains solid due to a robust labor market and low mortgage rates,” according to Ten-X Chief Economist Peter Muoio. “However, extremely low inventory of homes for sale is a major factor constraining sales and driving up prices, diminishing affordability. High student debt, relatively tight underwriting conditions, and the potential for higher interest rates could further constrain a considerable segment of home buyers.”The full report can be viewed here.      Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Press release: £45 million funding boost to support councils unlock land for thousands of homes

first_img Office address and general enquiries Request an accessible format. We are investing £45 million to build roads and provide utilities, so councils can release the land to get up to 7,280 new homes built. It’s part of our strategy to build the homes Britain needs, and carry local communities with us. We’re determined to make buying or renting more affordable for young families and those on low or middle incomes. Media enquiries If you use assistive technology (such as a screen reader) and need aversion of this document in a more accessible format, please email [email protected] tell us what format you need. It will help us if you say what assistive technology you use. Brighton, Sussex, to divert a public sewer and make electricity substation and highways improvements. The £335,000 project will help unlock up to 30 homes. This file may not be suitable for users of assistive technology. Twitter – https://twitter.com/mhclgFlickr – http://www.flickr.com/photos/mhclgLinkedIn – http://www.linkedin.com/company/mhclg Worcester to demolish a leisure centre and undergo asbestos decontamination works near its city centre, helping to unlock up to 50 homes. The project will cost £750,000. Projects from Newcastle to Plymouth will receive funding from the Land Release Fund, which will enable: 2 Marsham StreetLondonSW1P 4DF General enquiries: please use this number if you are a member of the public 030 3444 0000 Paignton, Devon, to build a new 350m sewer, drainage upgrades and 2 new roads, which will help unlock up to 200 homes. The works will cost £1.9 million. Poulton-Le-Fylde, Lancashire, to build new roads, roundabouts, and utility services, which will unlock up to 330 homes potentially built with Japanese modular housing techniques. The works will cost £1.7 million. Successful Land Release Fund projects Please use this number if you are a journalist wishing to speak to Press Office 0303 444 1209 MS Excel Spreadsheet, 24.6KB Email [email protected] A £45 million cash injection into key community projects will help kick-start the building of thousands of new homes, Housing Minister Dominic Raab announced today (16 February 2018).As part of government’s drive to get Britain building homes again, a total of 79 projects from Newcastle to Plymouth will receive funding to support building up to 7,280 homes on council owned land.To support local councils to meet their ambition to unlock enough of land they own for at least 160,000 homes by 2020, they will be able to use the Land Release Fund money to combat barriers which would otherwise make land unusable for development.The projects – which aim to support building strong communities – include a range of necessary works such as asbestos removal and bat alleviation, as well as schemes that will significantly improve quality of life such as essential relocating of a pelican crossing.This move comes 2 weeks after the projects set to benefit from the first wave of funding from the £5 billion Housing Infrastructure Fund were announced, helping to get up to 200,000 homes off the ground through investment in local housing projects. This is part of the government’s comprehensive strategy of planning reform and targeted investment to build 300,000 homes a year.Housing and Planning Minister Dominic Raab said: The Land Release Fund is being administered through a partnership with the Local Government Association and Cabinet Office’s One Public Estate (OPE) programme, which provides councils with funding and access to practical support to deliver property-based projects with wider public sector partners.OPE already works with 90% of councils in England to transform local communities and services through large scale economic growth, delivering new jobs and new homes.Further informationThe Land Release Fund competitively assessed bids from local authorities on value for money, innovation, and the contribution to wider government housing objectives.A total of 79 bids were successful in the assessment process, which will see £45 million being awarded to 41 authorities.The fund was oversubscribed with more than £100 million received in funding requests for 143 projects.The successful bids will release land for homes by March 2020.In a funding announcement on 11 December 2017, One Public Estate gave councils – and their public sector partners – access to £8.7 million of funding, as well as practical support and expertise, to help them develop and deliver ambitious property programmes to benefit their communities.OPE provides councils with funding and access to practical support and expertise to deliver property-based projects with wider public sector partners, including central government departments.The joint initiative enables publicly-owned land and buildings to be used more efficiently and deliver real benefits to communities across the country, including new jobs and better services.See details on the bids: Contact form https://forms.communit… Social media – MHCLG If your enquiry is related to COVID-19 please check our guidance page first before you contact us – https://www.gov.uk/guidance/coronavirus-covid-19-guidance-for-local-government.If you still need to contact us please use the contact form above to get in touch, because of coronavirus (COVID-19). 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