Builder Confidence Rises as Buyers Gain Motivation

Builder Confidence Rises as Buyers Gain Motivation

For the third consecutive month, the National Association of Home Builders/Wells Fargo Housing Market Index experienced a monthly gain. In July, the index rose six points from June to 57, representing the strongest reading since January of 2006.?

“Today?s report is particularly encouraging in that it shows improvement in builder confidence across every region as well as solid gains in current sales conditions, traffic of prospective buyers and sales expectations for the next six months,” noted NAHB Chairman Rick Judson, a home builder from Charlotte, N.C.?

However, he cautioned that this positive momentum could be disrupted by threats on the policy side, particularly with regard to the mortgage interest deduction and federal support for the housing finance system.?

“Builders are seeing more motivated buyers coming through their doors as the inventory of existing homes for sale continues to tighten,”?noted NAHB Chief Economist David Crowe. “Meanwhile, as the infrastructure that supplies home building returns, some previously skyrocketing building material costs have begun to soften.”?Read More…

By Megan Hopkins

More Single Women Buying Homes Than Single Men

Driven by a confluence of factors, single women are making homeownership a high priority

A few decades ago, a single woman buying real estate on her own was a rarity. Before the Fair Housing Act of 1968, few women could get approved for a credit card, much less a mortgage, without a husband’s or father’s signature. Now that’s all changed. In fact, the National Association of Realtors reports that since the mid-1990s, single women have purchased homes at nearly twice the rate of single men. Last year, single female homeowners made up 18 percent of household composition in the association’s Profile of Home Buyers and Sellers, compared to 10 percent for single men.? Read More…

?By Susan Johnston

Hot Air Balloon Rodeo and Art in the Park

Hot Air Balloon Rodeo?and Art in the Park?

The Hot Air Balloon Rodeo and Art in the Park?offer artistry and color both on canvases and in the air. Get to the launch grounds early to see the balloons inflate. The rodeo portion consists of fun contests like dipping into Bald Eagle Lake.

Afterwards, head over to Art in the Park and visit with over one hundred-forty artist and culinary vendors showcasing a variety of work.

Balloon Rodeo

This year the fun doesn’t stop when the sun goes down. Come see the excitement as balloons glow throughout the Mountain Village. Spectators will have the opportunity to walk among the tethered balloons or take photos of this beautiful display from the numerous restaurant patios and hotel and condo balconies at the base of the mountain.

See the full weekend schedule.

 

Pending home sales reach highest level since 2006

Pending home sales soared in May, reaching their highest level in seven years, the National Association of Realtors reports.

NAR?s Pending Home Sales Index rose 6.7% to 112.3 in May, up from a downwardly revised 105.2 index score in April. From last year, the index is up 12.1%.

Contract activity came in at the strongest level since December 2006, when it reached 112.8. For the past 25 months, pending sales have been above year-ago levels.?

Lawrence Yun, NAR chief economist, believes there may be a fence-jumping effect.

“Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,” Yun said. “This implies a continuation of double-digit price increases from a year earlier, with a strong push from pent-up demand.”

With the national median existing-home price expected to increase more than 10% to nearly $195,000, Yun upgraded his price forecast for 2013. This would mark the strongest increase since 2005, when the median increased 12.4%.?

Existing home sales are expected to rise 8.5% to 9.0%, reaching 5.07 million sales in 2013 ? the highest level in seven years. In 2007, 5.03 million sales were recorded.?

The PHSI in the Northeast remained unchanged at 92.3 in May but is 14.3% above year ago levels.?

In the Midwest, the index jumped 10.2% to 115.5 in May and is 22.2% higher than May 2012.?

Pending home sales in the South rose 2.8% to an index score of 121.8 in May, up 12.3% from a year ago. Meanwhile, the index for the West jumped 16.0% to 109.7. With limited inventory, the region is only 1.1% above May 2012 levels.

By Megan Hopkins, June 27, 2013

HOUSING STARTS UP AFTER TEETERING FOR MONTHS

New home starts on private residences have been teetering over the past few months, but rose 6.8% from the revised April estimate of 856,000, reaching 914,000 in May.?

Housing starts year-over-year increased 28.6% from the May 2012 rate of 711,000, according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.?

“Housing appears to still be on a moderate uptrend-but the numbers have been volatile and monthly averaging seems like a good idea,” commented analysts at Econoday.

Building permits for privately-owned housing units were at a seasonally adjusted annual rate of 974,000 in May, a 3.1% drop from the revised April rate of 1.01 million. However, this is 20.8% higher than the May 2012 estimate of 806,000 permits.?

House completions in May were at a seasonally adjusted annual rate of 690,000 units, 0.9% below the revised April estimate of 696,000. May?s numbers were still 12.6% higher than the May 2012 rate of 613,000 completions.

Single-family authorizations rose 1.3% from April?s revised 614,000 to a rate of 622,000 in May.

“Overall, both single-family and multifamily components are adding-on average-to moderate growth in the housing sector,” Econoday analyst noted. “This is one sector of the economy where the Fed’s quantitative easing is showing a clear and positive impact and likely will be mentioned in tomorrow’s FOMC statement.”

The Standard & Poor?s baseline economic forecast expects an increase in total housing starts of about 28% this year, to one million units. In 2014, another 29% increase is anticipated, with starts reaching 1.3 million units.

By Megan Hopkins

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Builder confidence reaches positive territory for first time in 7 years

It?s been 7 years since the National Association of Home Builders/Wells Fargo Housing Market Index has hovered above an index score of 50.

But that feat was finally accomplished on Monday with NAHB noting a new builder confidence index score of 52 for single-family homes ? an eight point increase from the previous report.

A reading above 50 is considered a market where more builders view sales conditions as ?good? than ?poor.?

The last time builders reached an index score above 50 was April 2006 right before the housing bubble popped.

“With the low inventory of existing homes, an increasing number of buyers are gravitating toward new homes,” said NAHB Chairman Rick Judson, a home builder and developer.

“The eight-point jump in the index was the biggest one-month gain since August and September of 2002, when the HMI recorded a similar increase of eight points.”

NAHB?s Chief Economist David Crowe says the steep jump is in line with estimates that builders would experience a 29% jump in total housing starts this year, making it potentially the first time since 2007 that starts topped the one-million mark.

All components of the index ? the current sales conditions index, the measuring expectations for future sales index and the traffic of prospective buyers index rose.

The index gauging sales grew 8 points to an index score of 56, while the index for future sales

Rocky Mountain Mustang Roundup

Rocky Mountain Mustang Roundup ?

More than 400 Mustang owners from Rocky Mountain Mustang clubs will convene in Steamboat this Father’s Day Weekend.

mustangWhen: June 13th – 16th, various times
Where: Meadows parking lot and Lincoln Ave

Spectators are welcome at the Meadows parking lot for Friday’s Autocross. Over 180 Ford Mustangs compete in this timed event. Saturday’s Show n’ Shine is a car lover?s dream with over 450 Mustangs on display up and down Lincoln Ave. See schedule and more information.

 

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More Home Owners Regain Long-Lost Equity

DAILY REAL ESTATE NEWS | WEDNESDAY, JUNE 12, 2013

Rising home prices are helping to propel more home owners back into positive equity. About 850,000 residential properties returned to positive equity during the first quarter of 2013, according to new data released by CoreLogic. That brings the total to 1.7 million borrowers who have regained positive equity in the past year.?

In total, 39 million residential properties now have positive equity.?

“The negative equity burden continues to recede across the country thanks largely to rising home prices,” says Anand Nallathambi, president and CEO of CoreLogic.

By the end of the first quarter, 19.8 percent of all residential properties with a mortgage — or 19.7 million — still had negative equity. At the end of the fourth quarter of 2012, 10.5 million or 21.7 percent of residential properties were underwater.?

The states with the highest percentage of negative equity properties are:?

  • Nevada: 45.4% of the properties there are still underwater
  • Florida: 38.1% underwater
  • Michigan: 32% underwater

Source: ?CoreLogic: Nearly 1 million houses float back into positive equity,? HousingWire (June 12, 2013)

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Why Some Buyers Are Feeling Like They Missed Out

Mortgage rates and home prices are on the rise, and some home buyers who were waiting around for the housing market to reach bottom are realizing now they may have missed the boat.

Mortgage rates are inching up, with the 30-year fixed-rate mortgage averaging 3.91 percent last week — up from 3.3 percent in early May, according to mortgage giant Freddie Mac.

“It’s unlikely that rates will ever be that low again,” says Doug Duncan, Fannie Mae’s chief economist.

The Fed has been keeping interest rates at record lows by buying up to $85 billion a month in Treasury bonds and mortgage-backed securities, which has helped bolster the housing market.

“Up until recently, expectations were that the Fed would begin to taper purchases of mortgage-backed securities and Treasury bonds late in 2013, but that time frame appears to have moved to September, possibly sooner,” says Keith Gumbinger, vice president of HSH.com, a mortgage information company.

As the economy continues to gain traction, interest rates are expected to continue to increase, Gumbinger says, since low rates often are associated with a distressed economy.

But even if mortgage rates move up a percentage point or two, housing experts note that mortgage rates will still be low by historical standards.

“The 30-year [mortgage rate] hit a 37-year low in 2003 at 5.23 percent,” Gumbinger says. “That was the previous low-watermark prior to this financial crisis, and it’s likely we will move closer to that mark as we grind forward.”

Source: ?Why You Missed the Boat On Record-Low Mortgage Rates,? CNNMoney (June 6, 2013)

Slopeside Grill – Opening June 12th

Slopeside Logo 2The Slopeside Grill will be opening for Summer on June 12th, 7 days a week, 11am – Close.? 970-879-2916

The infamous Slopeside is a fun place to relax with the family, have a great meal, and play some cornhole while you watch the Alpen Glow.

Large menu with something for everyone:? from Prince Edward Island Mussels to the best Pizza and homemade Mozzarella Planks.? YUM!

Address:

1855 Ski Time Square Drive
Steamboat Springs, Colorado 80487

 

 

 

General Driving Directions

  1. Starting from Hwy 40 (Lincoln Ave)
  2. Take ramp toward Mt. Werner Rd ? go .3 mi
  3. Turn left on Mt Werner Rd ? go .7 mi
  4. Turn left on Mt Werner Circle ? go .3 mi
  5. Turn left on Ski Time Square Dr ? go .2 mi
  6. Turn right at the roundabout and proceed to the underground parking

Once in the parking garage proceed all the way to the end for the easiest stairway and elevator access to Slopeside Grill.

?email:? slopesidegrill@yahoo.com