Home sales are continuing on an upward trudge – but more inventory is needed to really jump-start the market
Jerry Giovaniello has been with the trade group for 37 years
Residential real estate has gone from dismal to a sellers' market in just over a year. Once home prices stopped finally declining in early 2012, investors picked up their pace of acquisition in regional markets that where particularly affected by the housing downturn: Phoenix, Las Vegas, South Florida, and various markets in California. Inventories in those markets quickly tumbled, but that same situation is spreading to other metropolitan areas.
The jumbo mortgage market in the United States was virtually non-existent from 2008 until late 2010, but this was not due to a complete lack of demand or drastic property price reduction.
I recently visited a friend who purchased a condo in a “new urbanism” development. As I drove into the parking structure I realized I was in the center of a newer shopping mall in Salt Lake City.
Mike Ferry is the founder of The Mike Ferry Organization, the leading Real Estate Coaching and Training Company.
(AEI - American Enterprise Institute) -- Today, the National Association of Realtors (NAR) will be running its third ad presenting what it calls “FHA Facts“. The NAR apparently supports the FHA’s decades-long loan insurance nightmare that has resulted in an estimated 3.2 million dashed homeowner dreams since 1975. This represents a failure rate over 37 years of 1 in 7 families who have gotten an FHA loan. This is nothing short of scandalous.
Could the CFPB be worried that its ability-to-repay/qualified mortgage rule is already contracting the availability of mortgage credit?