Delinquent Borrowers More Optimistic on Housing

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

Homeownership is a value that seems to be under constant assault in the media. Between the recent Nobel Prize winner who claims that owning a home is a bad investment to the frequent reports that our younger generations aren't equipped to buy homes, you'd think the real estate market was tanking.

That's why a recent survey of the ownership attitudes of delinquent borrowers caught my eye.

Fannie Mae's national survey finds that delinquent mortgage borrowers' views toward the housing market have become more favorable in 2013 compared to 2012, and the majority believes in the personal and financial benefits of homeownership.

This is significant news because this is a group of owners whose views on housing we would assume would be negative because of the bad feelings associated with falling behind on house payments.

But in 2013, delinquent borrowers' attitudes were positive overall and moved closer to that of the general population. The survey found that this group expects home prices will go up; they believe buying a home is a safe investment and say that it's highly likely they'll buy a home on their next move.

8.3 Million Homeowners Will Soon See the Light

 

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

Here's a bit of fantastic news in the housing market: 8.3 million homeowners are about to resurface from the doldrums of negative equity.

Given the abysmal situation with lack of homes for sale in many markets nationwide, the takeaway from this news is that we could be looking at a lot more inventory becoming available by the beginning of 2015.

We hope.

According to RealtyTrac, 8.3 million homeowners, or about 18% of homeowners with mortgages, will gain enough equity to sell their homes in the next 15 months without resorting to short sales.

Real Estate Prices Going Up - Infographic

It’s all about recovery, and it appears our area is well on the way. If you’re buying in one of these areas there are challenges. If your selling in one of these areas there are different challenges. We can guide you through your challenging real estate transaction.

 

 

Housing Recovery Confusion – The 3 Things We Know

A lot of news is happening in the world of mortgage finance and the housing economy. The government is trying to figure out how to fix and/or prevent another bubble and collapse in housing finance, while also trying to help boost the housing market – an impossible feat when you think about it. Kind of like running in two opposing directions at once. Read the full story...

Gas Prices Throw a Wrench in Housing Rebound

By Gino Blefari

President & CEO

Intero Real Estate Services, Inc.

It's looking more and more like the rebound in housing markets across the country won't rear its head until 2012. At the end of last year, many folks expected more slow and steady recovery in 2011, but even that seems optimistic.

Why? A few reasons, of course. But the biggest and easiest scapegoat right now is gas.

Have you visited the pump lately? Each week, the cost of filling up is rising so fast you think your final price must be a mistake. That's not for my car, you think. But it is.

Historically, the price of gas is a serious enough issue for many Americans to cause a chain reaction of paralysis on consumer spending. It starts with the trade-offs like less eating out and shopping, then seeps into small changes like fewer car trips and different commuting habits, then onto downsizing – smaller, more fuel-efficient cars. Then finally, it gets into our heads.

And when it gets into our heads, we start to feel uncertain about the economic future (as if we weren't there already). This very psychology is enough to derail major purchasing decisions like buying a house or car, or making risky but beneficial moves with your business or career.

The other thing to think about with gas prices and the effect on housing is location. In many parts of the country, your car is your only means of travel. If we continue to see climbs in gas prices and sustained high prices like some are anticipating, then eventually this will start to impact how we think about where to live.

Suddenly, the "Can I live here?" question includes a lot more considerations.

As we move through the market this year, we had expected some obstacles thrown in from a new lending atmosphere and congressional attempts to regulate. We expected slow growth due to a slow job market. But did we stop to think about something as seemingly unrelated as the price of gasoline? Maybe not. But now it's time to realize how these things affect everything around us – big and small. And housing is definitely one of them.

The Recovery Continues

In this week's Intero Insider column, Gino gives us his ideas on what is needed to continue to recover from our current economic woes. He says Jobs are the answer. Read on.

This Week's Realty Times Report

We get a lot of good, quick real estate information from this site. The report this week is that the "Recovery" has started, but is being held back by continuing high unemployment.

What's it like for you? Has your recovery started?

More to be Thakful For...

Thanksgiving Week brings news about the continuing recovery of the real estate market, which Team Patereau is thankful for. How about you? Read on.

Recovery Signs

Gino Blefari, CEO of Intero Real Estate, says not to start cheering yet, but there are signs of recovery in the California real estate market. Read on...