ru - Residential Update

March 2020

AI Supports GAO Study of Valuation Safety and Soundness

The Appraisal Institute on Feb. 14 submitted a letter to the chairs of the House Financial Services Committee and the Subcommittee on Housing, Community Development and Insurance, thanking them for requesting that the Government Accountability Office study the implementation of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 to protect homeowners from appraisal loopholes.

March 2020

Opportunity Zones Boost Median Home Prices, Data Shows

The median home price in almost half of all opportunity zones increased more than the national average between the fourth quarter 2018 and fourth quarter 2019, analytics firm ATTOM Data Solutions reported Feb. 20. Arizona, New Jersey, North Carolina, Ohio and Pennsylvania had the most zones with prices higher than the national average.

March 2020

Foreclosures on the Rise; California Sees Biggest Increase, Iowa Biggest Decrease: Data

Foreclosure filings jumped 13% between December and January, and are up 7% from the same point a year ago, analytics firm ATTOM Data Solutions reported Feb. 19. California saw the greatest jump in foreclosures, increasing 27% year over year. Iowa had the greatest decrease in foreclosure filings, down 44%.

March 2020

Southeast Has Nation’s Hottest Neighborhoods, Homes for Under $500,000: Redfin

More than half of the most popular neighborhoods in the U.S. had median sale prices under $500,000 and are concentrated in Florida, North Carolina, Tennessee and Virginia, online real estate marketplace Redfin reported Jan. 30. The hottest neighborhoods: Willowsford in Ashburn, Virginia; Bal Harbour in Fort Lauderdale, Florida; and Wildwood in Charlotte, North Carolina.

March 2020

63 Million Households Unable to Afford a $250,000 Home: NAHB

More than half of the nation's nearly 120 million households cannot afford a $250,000 home, according to the Priced-Out Estimates report released Feb. 6 by the National Association of Home Builders. The report also found that a mortgage rate increase as small as a quarter point would prevent 1.3 million households from purchasing a median-priced home of $344,652.

March 2020

Apartment Rents up Nationwide; San Francisco Units Top the List, Report Shows

San Francisco has the nation's highest residential rental rates, with a one-bedroom averaging $3,520 per month and a two-bedroom averaging $4,550 per month, an increase of 0.06% and 1.1%, respectively, from January, real estate rental site Zumper reported Feb. 5. The nation's median rent for a one-bedroom is $1,200, while a two-bedroom is $1,464.

March 2020

Housing in the West Recovered Most Since the Great Recession, East the Least: Data

Housing markets in the West have experienced the greatest recovery since the Great Recession, while markets in the East have recovered the least, and nearly a quarter of the nation's housing markets are not fully recovered, finance firm SmartAsset reported Jan. 27. Housing in Boise, Idaho, recovered the most, followed by the San Francisco Bay Area.

March 2020

Nation's Average Rent Continues to Rise, but Slowly: Report

Rents are steadily increasing, up 3% in January compared with the same point a year ago, although growth is at its slowest pace in 18 months, according to a report from online real estate marketplace RentCafe, HousingWire reported Feb. 19. The nation's average monthly rent is $1,463; Manhattan had the highest average at $4,210.

March 2020

Los Angeles Unseats San Francisco as Least Affordable US Housing Market: NAHB

Los Angeles topped the list of least affordable housing markets in the country, unseating San Francisco which held the title for two years, the National Association of Home Builders reported Feb. 13. Only 11.3% of homes sold in Los Angeles during the fourth quarter of 2019 were affordable for families making the city's median income of $73,100.

March 2020

Homebuyers Want to Move to Phoenix, Leave San Francisco, Redfin Data Reveals

More than a quarter of Redfin home searches during the fourth quarter were from people looking to relocate, and Phoenix attracted the greatest interest, Redfin reported Feb. 7. On the other hand, San Francisco had the highest share of residents looking to leave the city — and its $1.32 million median home price.