Tag: Los Angeles

Housing Poised For Best Year In A Decade

Housing markets across the country are trending positive and it could lead to real estate’s best year in a decade, according to Freddie Mac’s chief economist, Len Kiefer. “The U.S. housing market is poised to have its best year in a decade,” Kiefer said upon release of this month’s Multi-Indicator Market Index. “The National MiMi currently stands at 83, the highest since September of 2008. And the trends are nearly all positive.” The index – which compares current market data to long-term norms – looks at things like demand for home purchase loans, proportion of on-time mortgage payments, and the job market in all 50 states and the top 100 metropolitan areas. Year-over-year, the index has improved by 7.46 percent and 35 states have returned to their long-term stable range. According to Kiefer, the improving national trend can be found in local markets as well. “We still see pockets of weakness in the Midwest and South, while the Northeast and West are generally doing better,” Kiefer said. “But most markets in the Midwest and South are improving according to MiMi.” In fact, the index found 59 percent of included metro areas are now within their stable range with Austin, Denver, Salt Lake City, Honolulu, and Los Angeles rounding out the top five. More  here.

House 22

True Value: How A Home’s Worth Is Determined

When a home is appraised, the appraiser sizes up the property’s features and, based on similar houses that have recently sold in the area, determines the current value of that particular property. Because they are professionals who are evaluating properties every day, appraisers are among the first to recognize price fluctuations in the local real-estate market. This may account for the gap commonly found between a home’s appraised value and the current homeowner’s expectation of what their home is worth. Naturally a homeowner who is looking to sell or refinance their home will hope their appraisal comes in as high as possible and, because of this, homeowners will often overestimate the value of their property. In fact, according to a recently released survey, homeowners overestimate their homes’ value by an average of 2 percent. It isn’t always bad news, however. According to the survey, homeowners in some cities actually underestimate the value of their home. Denver, San Francisco, Dallas, Portland, Boston, Los Angeles, Miami, and Las Vegas were among the cities where appraised values exceeded homeowner expectations. More here.

Dollar Signs


Thank you for your upload