by Tracy Elsen
A $30 million mixed-use project near Ocean Beach that has been a decade in the making is finally ready to move ahead. A five-story building will rise along Sloat Boulevard between 46th and 47th avenues, replacing Aqua Surf Shop, John’s Ocean Beach Cafe, and the rather shabby Roberts at the Beach Motel, reports the Examiner.
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Continue reading Rare New Development Ready To Kick Off Near Ocean Beach
Corrections and clarifications: A previous version of this story incorrectly identified the types of financing charges APR applies to.
A low credit score thwarted Marie Kapelke and her husband Mike Biethan’s plans to try to buy a house early last year.
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Continue reading Experts Predict 2015 to Be the Year of Homeownership for Millions of Millennials
By Michael Neal
The recent release by the Federal Housing Finance Ag
ency (FHFA) shows that its measure of house prices, House Price Index – Purchase Only, rose by 5.3% on a 12-month seasonally adjusted basis in November 2014. This marks the 34th consecutive month of year-over-year growth. Over this period of more than two-and-a-half years, house prices have risen by 19.0% and have now surpassed their October 2005 level.
Similarly, the recent release from Standard and Poor’s (S&P) and Case-Shiller indicates that their measure of house prices, the House Price Index – 20 City Composite, rose by 4.3% on a year-over-year seasonally adjusted basis. This is the 30th consecutive month of year-over-year increases in the house price index. Over this period of two-and-a-half years, house prices have risen by 19.8%. This version of the S&P/Case-Shiller House Price Index is now just above its April 2005 level.
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Continue reading House Price Growth Shows Signs Of Normalizing:
By Laura Kusisto
Economists at the International Builders Show said that while 2014 proved disappointing they expect construction and home buying to accelerate in 2015, driven by strong job growth and improving consumer confidence.
Housing has been unusually slow to recover from the housing crash and recession. Economists typically expect the housing market to surge when the overall economy picks up strength. Housing did improve in 2012 and 2013, then largely flattened in 2014, said the economists, speaking at the National Association of Home Builders’ annual convention in Las Vegas on Tuesday.
“The leading reason behind a better year this year is that the overall economy is doing better,” said David Crowe of the Homebuilders Association.
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Continue reading Housing-Market Will Pick Up, Economists Say
By John Gittelsohn
U.S. renters paid $441 billion for apartments and houses this year, a $20.6 billion increase, as fewer Americans owned their homes and landlords with tight inventories raised leasing charges, Zillow Inc. (Z) said today.
The number of rental households grew by 2 percent, or 770,000, nationally during 2014, according to the Seattle-based real estate information service. In the New York metropolitan area, the largest U.S. housing market, the number of rental residences expanded by 63,000 to 3.4 million, with tenants spending a total of $50 billion for shelter.
Demand for rentals has grown after owners of more than 5 million U.S. homes went through foreclosure since 2007, mortgage lending tightened and younger families postponed buying because they can’t afford or prefer not to own property. That may change slowly as rents rise and the economy improves, said Skylar Olsen, senior economist at Zillow.
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Continue reading Housing Costs For Renters Rose By $20.6 Billion This Year
By Robert Denk
The Bureau of Economic Analysis (BEA) released its third estimate of real GDP growth for the third quarter. Growth in economic output was revised upward to a seasonally adjusted annual rate of 5.0% from 3.9% in the second and 3.5% in the advance estimate. The pace was 4.6% in the second quarter.
The revisions were largely concentrated in personal consumption expenditures (PCE) and fixed nonresidential investment, a very positive signal for momentum in final demand going forward. PCE growth accelerated to an annualized pace of 3.2% from 2.5% in the second quarter. Growth in fixed nonresidential investment accelerated to 8.9% from 7.1%.
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Continue reading Did You Know Growth In Economic Output Was Revised Upward To A Seasonally Adjusted Annual Rate Of 5.0% For The Third Quarter?
By Josh Miller
According to NAHB tabulations of the third quarter Federal Reserve Flow of Funds, the real estate equity position of U.S. households (the difference between assets and liabilities) increased nearly 1.6% for the quarter.
The market value of real estate held by U.S. households increased $180 billion dollars during the quarter, while liabilities (home mortgages) remained virtually unchanged. The value household-owned real estate, including owner-occupied and second homes, totaled $20.4 trillion for the quarter. Total home mortgage debt outstanding stands at $9.4 trillion.
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By David Crowe
Following a four-point uptick last month, builder confidence in the market for newly built single-family homes fell one point in December to a level of 57 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
After a sluggish start to 2014, the HMI has stabilized in the mid-to-high 50s index level trend for the past six months, which is consistent with our assessment that we are in a slow march back to normal. As we head into 2015, the housing market should continue to recover at a steady, gradual pace.
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By Josh Miller
As sure as foliage changes color in the fall and snow falls in the winter, economics statistics experience predictable changes during the year. To take these predictable changes into account, statistics are often seasonally adjusted. In seasonally adjusting economics statistics, analysts are better able to compare from one period to the next and better able to identify trends outside the norm.
Major economic indicators such as gross domestic product (GDP) are commonly reported as seasonally adjusted. Housing statistics commonly reported as seasonally adjusted to name a few, include housing starts, existing home sales, and residential construction employment.
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Continue reading Why Do We Seasonally Adjust Statistics?
Some data released late last month, during all the preparations for Thanksgiving, has some analysts wondering about the future direction of the U.S. housing market — and, by extension, the overall economy.
Just before the holiday, the U.S. Census Bureau announced that sales of new, single-family homes in October were at a seasonally-adjusted, annual rate of 458,000. That number was just a very slight uptick compared to the revised September estimate of 455,000.
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Continue reading Housing Activity Is Continuing To Improve