The property market is improving and foreclosures are falling — except in these 10 markets.Some 317,171 U.S. properties had foreclosure filings in the third quarter, down 16% on the same period last year, according to real-estate website RealtyTrac. However, default notices in the third quarter increased from a year ago in certain states, including Indiana up 59%, Oklahoma up 49%, Massachusetts up 38%, New Jersey up 19%, Iowa up 12% and New York up 2%.States with the five highest foreclosure rates in the third quarter were among those hit hardest by the 2008 property crash: Florida, Maryland, New Jersey, Nevada, and Illinois. Some 58,589 Florida properties had a foreclosure filing in the third quarter of 2014. That was down 4% from the previous quarter and down 17% from a year ago, but it still meant that in every 153 housing units had a foreclosure filing.RealtyTracOrlando, Fla., Atlantic City, N.J., and Macon, Ga., had the top metro foreclosure rates in the third quarter. With one in every 117 housing units with a foreclosure filing, Orlando had the highest foreclosure rate among metropolitan areas with a population of 200,000 or more. A total of 8,052 Orlando-area properties had a foreclosure filing, down 1% on the quarter but up 16% from a year ago.While the Ohio property markets have seen a decline in the number of available foreclosures on the market over the last year, “We have equally noticed an increase in activity of lender servicers acquiring properties at sheriff sales and deed-in-lieu workouts,” says Michael Mahon, who covers the Cincinnati, Columbus and Dayton markets as executive vice president at HER Realtors.One explanation: Many Americans are choosing foreclosure over short sales. A couple of years ago, 18 out of 20 clients underwater who couldn’t afford to keep their home chose a short sale, says Frank Duran, a broker in Denver, but now only 2 out of 20 opt for a short sale. One explanation: In a short sale, canceled debt — or the difference between the value and sale price of the house — is often treated as taxable income.
New Jersey’s population has started to contract back toward its urban core for the first time since the end of the second World War, new research shows, in what could mark a death knell for suburban sprawl and foretell significant changes to the fabric of the Garden State.
A new study published by the Bloustein School of Planning and Public Policy at Rutgers University reveals that between 2010 and 2013, population in 12 of the 27 counties that constitute the New York metropolitan area experienced population losses following more than a half-century of gains.
In New Jersey, Sussex, Warren, Hunterdon and Monmouth Counties all suffered losses during this period.
These counties all have one thing in common – they all exist on the far periphery of the metropolitan area – which researchers say is a signal that after decades of outward expansion, people are gravitating back toward cities.
“The era of moving ever outward is probably now in the past,” said James Hughes, dean of the Bloustein School, and a co-author of the study. “You always have to be cautious about forecasting, but it would appear we may be at the beginning of a major change, the crest of a wave.”
News Corp., the newspaper publisher controlled by Rupert Murdoch, agreed to buy the owner of Realtor.com for $950 million, expanding its digital-real estate listings to compete with sites such as Zillow.com.
Shareholders of the U.S. online real-estate business Move Inc. (MOVE) will get $21 a share in cash, New York-based News Corp. (NWSA) said today in a statement. That’s 37 percent more than Move’s closing price yesterday, and the total purchase price is net of the target’s cash, the company said.
Adding websites such as Realtor.com and Moving.com will allow News Corp. to expand in real-estate listings as advertising revenue sputters. The publisher, completing its first full year as a stand-alone company, last month reported quarterly earnings that missed analysts’ estimates as it struggled in its transition from print to digital.
The deal is News Corp.’s largest since it split from 21st Century Fox Inc. in June 2013. In May, News Corp. agreed to buy Harlequin Enterprises for $415 million, bolstering its book publishing business with the romance imprint.
Companies likes Zillow Inc., owner of the namesake listing site, have expanded as more people move their home searches online. The Seattle-based company in July said it would acquire rival Trulia in a transaction that would make the combined company the largest in online real estate advertising.
News Corp. plans to hold 80 percent of Move, with Australia’s REA Group Ltd. (REA), which is 61.6 percent owned by News Corp., owning the rest.
U.S. home prices in July increased at the slowest pace in 20 months, reflecting sluggish sales and a greater supply of houses for sale.The Standard & Poor’s/Case-Shiller 20-city home price index rose 6.7 percent in July from 12 months earlier. That’s down from an 8.1 percent gain in June and the smallest increase since November 2012.Nineteen of the 20 cities in the index reported lower annual gains than in June. And a new national index of home prices compiled by S&P rose just 5.6 percent.Lower price gains should make homes more affordable for would-be buyers. Sales of existing homes picked up over the summer but then dipped in August. Sales have fallen 5.3 percent in the past year.
WASHINGTON (MarketWatch) — A gauge of pending home sales fell 1% in August, pulling back from an 11-month high in July, the National Association of Realtors reported Monday. Signaling that upcoming closings of existing homes are likely to slow down, the index of pending home sales hit a seasonally adjusted 104.7 in August, compared with 105.8 in July. Last month’s drop is likely due to waning investor activity as the pool of cheap, distressed properties dries up. By region, August’s gauge of pending home sales fell 3% in the Northeast, 2.1% in the Midwest and 1.4% in the South. Meanwhile, the gauge rose 2.6% in the West. Rising mortgage rates and prices cut home sales this year, and August’s gauge of pending deals was down 2.2% from the year-earlier period. Existing-home sales for all of 2014 are expected to hit 4.94 million, below 2013’s final tally of 5.09 million, NAR forecast. Pending sales typically close within two months. An index reading of 100 equals 2001’s average contract activity level.
The pace of new home sales rose sharply in August.New home sales rose 18% to an annualized pace of 504,000 in August.Expectations were for new home sales to increase 4.4% to an annualized rate of 430,000 in August.On Twitter, Bespoke Investment Group said this is the largest beat for new home sales relative to expectations since May 2010. Broken down by region, new homes sold during August were up significantly in the western part of the country, with homes sold in that region increasing 50% month-over-month and 84.3% year-over-year.July’s rate, which was initially reported as a2.4% decline to an annualized pace of 412,000 in July, was revised upwards to 427,000.The latest new home sales report from the US Census indicated that the seasonally adjusted estimate for new home sales at the end of August was 203,000, representing 4.8 months of supply and the current sales rate.The median sales price of new homes in August was $275,600, and the average sales price was $347,900.In a note following the report, Ian Shepherdson at Pantheon Macro said, “In one line: Breakout from the range of the past 18 months, but mixed signals re sustainability.”
Some years ago the National Association of REALTORS® NAR engaged Tom Morris, Ph.D., to be a speaker at NAR’s national convention. His talks — tucked in among sessions dealing with marketing, sales techniques, and listing presentations — were out of the ordinary, to say the least. But they were relevant then and they are just as relevant today. Morris is, of all things, a philosopher, and a respected one at that. He taught fifteen years at Notre Dame, where he was widely-acknowledged to be the most popular teacher on campus. Now, as head of the Morris Institute for Human Values, he is a much sought-after speaker and consultant for businesses and corporations throughout the country. The title of his talk to the REALTORS®, reflecting his grounding in the classics, was "If Aristotle Sold Real Estate: The Four Foundations of Excellence."In a nutshell, Morris’ thesis is this: Human beings seek fulfillment, and an activity or relationship can contribute to one’s fulfillment if and only if it respects and nurtures the four fundamental dimensions of human experience. Those dimensions are the Intellectual, the Aesthetic, the Moral, and the Spiritual. A company or organization that ignores those aspects of its members’ experience does so at its peril. Conversely, companies that attend to those factors see payoffs in loyalty, retention, morale, and productivity."Well, OK," a sincere and attentive broker-owner might say, "but just what does all this stuff mean in the everyday world of my office? Exactly what might I do to apply these lessons from the ancients?" A fair enough question. In the space remaining, we’ll consider some concrete applications with respect to the first two dimensions. In the next column we’ll look at the remaining two.As Morris would put it, the intellectual dimension of human experience aims at the truth. People have a natural desire to know and to understand. To satisfy this desire, they need the truth. And, while no particular environment can supply them with all the truth there is, every environment can provide an atmosphere of respect for the truth. People — yes, even real estate agents — have a deep-seated need for this, and they will not be able to find real satisfaction in an enterprise where the truth is held in low regard.Real estate companies, as well as other organizations, can apply this in at least two ways. Internally, they must speak the truth to their employees and agents. At a minimum, this means no dishonesty. Taken more actively, it means openness. It means sharing with employees the truth about company plans and goals, and, especially, problems. It means not making secret deals with some agents, while deceiving the rest.Truth must also be spoken outwardly. A company that fudges, "puffs", and otherwise makes less than honest claims about itself to the public does no service to itself or its agents. How many Number Ones can there be? The effect of exaggeration and deception which doesn’t always require outright falsification is that, soon, no one listens. Worse, if an employee or agent perceives that his company does not treat the external public with a respect for truth, than he will certainly doubt that such respect would be shown to him.
Existing home sales fell 1.8 percent as investors and cash buyers pulled away from the housing market. But August’s existing home sales data had a silver lining: families are wading back into home ownership, albeit slowly.
By Schuyler Velasco, Staff writer SEPTEMBER 22, 2014
Larry Downing/Reuters/FileView Caption
The market for existing homes experienced its first dip in four months in August, and the data tells a tale of two different housing markets: wealthy speculators buying up properties with cash, and families slowly wading back into home ownership.
Existing home sales fell 1.8 percent last month, according to data released Monday by the National Association of Realtors (NAR), to an annualized pace of 5.05 million homes. Economists had expected sales to rise around 1 percent, to an annualized pace of about 5.2 million units. The months’ supply of single-family homes held steady at 5.5 months.
Sales have been slowly increasing over the last four months, but there were signs that a pullback was coming. “The August result was in line with the July pending existing home sales, which had suggested a small decline in actual sales relative to their July pace,” Joshua Shapiro, an economist with MFR, Inc., writes via e-mailed analysis. “Also, it is important to bear in mind that with mortgage applications for home purchase not showing any signs of recovery, it is apparent that much of the juice in the existing home sales market remains centered in all-cash purchases by speculative buyers.”
Nancy Von Spreckelsen grew up on Squire Street in East Brunswick.
Von Spreckelsen, 77, moved to New Brunswick for seven years after she married but when a property became available next to her childhood home in 1971 she returned to the street near the South River. As of November, she said, she would have lived on the block for 71 years.
But last week Von Spreckelsen packed up her belongings and moved to Monroe, after the state finalized the purchase of her home for $193,000 through a buyout program targeting flood-prone properties after Hurricane Sandy.
“It’s a bittersweet move but it’s a move that had to be done because at my age I could not go through another flood,” she said. “I just don’t want to deal with it anymore.”
Von Spreckelsen is one of seven homeowners on the block who plan to participate in the state-run program, which aims to purchase 1,300 homes that will be demolished and maintained as open space. New Jersey Department of Environmental Protection Commissioner Bob Martin visited the street this morning to announce the purchase of Von Spreckelsen’s home, the first in the township purchased through the buyout program.
Martin said Squire Street — which has experienced repetitive floods and borders a park — was a “prime candidate” for buyouts.
RE/MAX online lead generator LeadStreet® has surpassed 14 million leads supplied to RE/MAX brokers and agents since its launch in 2006. RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, does not collect fees for LeadStreet leads, which are equitably distributed to its U.S. agents.”In today’s marketplace, quality leads are extremely important to real estate professionals, so the RE/MAX LeadStreet platform is a tremendous resource,” said Margaret Kelly, RE/MAX, LLC CEO. “Reaching the milestone of 14 million leads is certainly a momentous achievement. No-cost leads are just one of the many resources RE/MAX is pleased to provide to our agents.”LeadStreet is a proprietary online lead generation and management platform that collects contact information from prospective homebuyers and sellers visiting the company’s many websites including: remax.com, theremaxcollection.com, remaxcommercial.com, global.remax.com. LeadStreet delivers thousands of leads daily, in near real-time, via email or text to agents’ computers, cell phones or tablets.”When I joined RE/MAX, LeadStreet quickly became a tool that I relied upon. In fact, my very first transaction resulted from LeadStreet,” said Michael Schopf of RE/MAX Associate Brokers in Stanwood, Wash.A redesigned remax.com launched in December 2012 and remains one of the most visited real estate franchise websites. The popular website offers a user friendly interface, along with an ability to create personal preferences. Homebuyers and sellers have easy access to what matters most: millions of home listings with numerous photos and valuable neighborhood information.RE/MAX provides a consistent web experience across desktops, tablets and smart phones. Users can tap and swipe through oversized listing photos with easy-to-use controls.