Comments at Funmunch.com
Monday, November 21, 2011
Friday, November 4, 2011
Census: More young adults are living in their parents’ home!
WASHINGTON – Nov. 3, 2011 – Between 2005 and 2011, the proportion of young adults living in their parents’ home increased, according to the U.S. Census Bureau. The percentage of men age 25 to 34 living in the home of their parents rose from 14 percent in 2005 to 19 percent in 2011 and from 8 percent to 10 percent over the period for women.
These statistics come from America’s Families and Living Arrangements: 2011, a series of tables from the 2011 Current Population Survey, which provides a look at the socioeconomic characteristics of families and households at the national level.
“The increase in 25- to 34-year-olds living in their parents’ home began before the recent recession, and has continued beyond it,” said the author, Rose Kreider, a family demographer with the Fertility and Family Statistics Branch.
Similarly, 59 percent of men age 18 to 24 and 50 percent of women that age resided in their parents’ home in 2011, up from 53 percent and 46 percent, respectively, in 2005. It should be noted that college students living in a dormitory are counted in their parents’ home, so they are included in these percentages.
Other highlights:
In general, the percent of all households that contain just one person has increased over the last half of the 20th century and into the 21st century. The percentage of such households rose from 13 percent in 1960 to 28 percent in 2011. While the percentage may not differ significantly from one year to the next, the overall trend has been an upward one. The percentage did decline, however, from 2008 to 2010.
Of the 74.6 million children younger than 18 in 2011, most (69 percent) lived with two parents, while another 27 percent lived with one parent and 4 percent with no parents. Of those children who lived with two parents, 92 percent lived with two biological or two adoptive parents.
Among the children who lived with one parent, 87 percent lived with their mother.
Of the children living with no parents present, 57 percent lived with at least one grandparent.
In 2011, 10 percent of children under 18 lived with at least one grandparent. Seventy-eight percent of these children also lived with at least one parent.
Of the 67.8 million opposite sex couples who lived together, 89 percent were married couples, while the remaining 11 percent were unmarried.
In 2011, there were about 7.6 million unmarried couples living together.
In 2011, married couples with children made up 20 percent of all households, half what they were in 1970 (40 percent).
In 2011, 23 percent of married couple family groups with children younger than age 15 had a stay-at-home mother. This proportion decreased in the last few years during the recession. In 2007 — before the recession began — the corresponding figure was 24 percent.
The Annual Social and Economic Supplement to the Current Population Survey was conducted in February, March and April of 2011 for a nationwide sample of about 100,000 addresses.
© 2011 Florida Realtors®
These statistics come from America’s Families and Living Arrangements: 2011, a series of tables from the 2011 Current Population Survey, which provides a look at the socioeconomic characteristics of families and households at the national level.
“The increase in 25- to 34-year-olds living in their parents’ home began before the recent recession, and has continued beyond it,” said the author, Rose Kreider, a family demographer with the Fertility and Family Statistics Branch.
Similarly, 59 percent of men age 18 to 24 and 50 percent of women that age resided in their parents’ home in 2011, up from 53 percent and 46 percent, respectively, in 2005. It should be noted that college students living in a dormitory are counted in their parents’ home, so they are included in these percentages.
Other highlights:
In general, the percent of all households that contain just one person has increased over the last half of the 20th century and into the 21st century. The percentage of such households rose from 13 percent in 1960 to 28 percent in 2011. While the percentage may not differ significantly from one year to the next, the overall trend has been an upward one. The percentage did decline, however, from 2008 to 2010.
Of the 74.6 million children younger than 18 in 2011, most (69 percent) lived with two parents, while another 27 percent lived with one parent and 4 percent with no parents. Of those children who lived with two parents, 92 percent lived with two biological or two adoptive parents.
Among the children who lived with one parent, 87 percent lived with their mother.
Of the children living with no parents present, 57 percent lived with at least one grandparent.
In 2011, 10 percent of children under 18 lived with at least one grandparent. Seventy-eight percent of these children also lived with at least one parent.
Of the 67.8 million opposite sex couples who lived together, 89 percent were married couples, while the remaining 11 percent were unmarried.
In 2011, there were about 7.6 million unmarried couples living together.
In 2011, married couples with children made up 20 percent of all households, half what they were in 1970 (40 percent).
In 2011, 23 percent of married couple family groups with children younger than age 15 had a stay-at-home mother. This proportion decreased in the last few years during the recession. In 2007 — before the recession began — the corresponding figure was 24 percent.
The Annual Social and Economic Supplement to the Current Population Survey was conducted in February, March and April of 2011 for a nationwide sample of about 100,000 addresses.
© 2011 Florida Realtors®
Monday, October 24, 2011
Should you buy a home now or wait?
Here is our answer:
Whether you should be buying a home now, or whether you should be waiting is a very important question that most potential home owners ask themselves.
Whether you should be buying a home now, or whether you should be waiting is a very important question that most potential home owners ask themselves.
Unfortunately, there is no easy answer as to whether you should buy now, or wait in case home prices start falling. However, a recent Realty Times article discussed some of the reasons that makes home buying a great investment, regardless of the future market.
The bottom line:
If you are worried that a sellers market will turn into a buyers market, then you need to look at what is happening in that market. There are two key indicators to consider. First, look at job growth - if jobs are growing, and migration into the state is growing, then demand for houses will grow. This increased demand will lead to increased house prices. Second, look at the supply of homes. If there are more homes on the market than buyers, then there is a supply surplus, which will have the effect of bringing house prices down. One easy way to determine what the market might do is to look at the offers, rebates, upgrades, etc. that builders are offering. If the extras are more generous than normal, then there is a good chance a sellers market is turning into a buyers market.
Although it is important to consider what is going to happen in the marketplace - it would not be prudent to make such a large investment without at least considering it - there are a number of good reasons why home buying can make good economical sense regardless of the housing market:
If you are worried that a sellers market will turn into a buyers market, then you need to look at what is happening in that market. There are two key indicators to consider. First, look at job growth - if jobs are growing, and migration into the state is growing, then demand for houses will grow. This increased demand will lead to increased house prices. Second, look at the supply of homes. If there are more homes on the market than buyers, then there is a supply surplus, which will have the effect of bringing house prices down. One easy way to determine what the market might do is to look at the offers, rebates, upgrades, etc. that builders are offering. If the extras are more generous than normal, then there is a good chance a sellers market is turning into a buyers market.
Although it is important to consider what is going to happen in the marketplace - it would not be prudent to make such a large investment without at least considering it - there are a number of good reasons why home buying can make good economical sense regardless of the housing market:
- Homeowners build equity in their homes that can be used as collateral for a home equity loan, or as part of a retirement plan when you finally downgrade into a smaller home.
- Built up home equity can also be used for putting money down toward your next home.
- Prolonged home ownership's brings with it equity growth in the form of debt reduction and general inflation.
- Even if the market starts declining, history tells us that this will only be short-lived, and the market will start increasing again.
- By using your income to pay of your mortgage, your income is in effect working for you. The opposite is true with renting.
- One of the biggest benefits to having a mortgage is that, in most cases, the interest portion of your mortgage payment is tax deductible, which can save you a lot of money every year.
Making the decision to invest in such a way is never going to be easy, but by looking sensibly at the market, and by really considering whether the advantages espoused above apply to your specific situation, you are able to make a more informed and reasoned decision!
Thursday, October 20, 2011
When will REO sales finally reach the peak?
NEW YORK – Oct. 19, 2011 – Properties repossessed through foreclosure may not peak until 2013, HousingWire reports, quoting several analysts and recent reports.
Foreclosure sales are expected to reach 1.48 million properties in 2013, according to analysts from Bank of America Merrill Lynch.
However, with the surge, “we do not expect to see anywhere near the downward pressure on home prices that we had back in 2008, since the expected percent changes in liquidation volumes are so much smaller,” the analysts said.
The increase in foreclosures is expected to mostly change from private banks’ portfolios – which nearly half are from now – to the government’s backlog of properties, with an increase in foreclosures forecasted from Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development’s portfolios. Overall, they are expected to liquidate about 595,000 properties in 2013.
To handle the expected surge, the government continues to consider ideas, including proposals of turning some of the foreclosures into rentals, and a plan from the Federal Housing Finance Agency to refinance more underwater borrowers so they’ll be less likely to walk away from their property.
But some analysts are skeptical that a surge in foreclosures will come without an intervention from the government.
“Do they really think that the government under any administration would let 500,000 homes hit the mark and crash prices all over again, six years after the first crash?” Scott Sambucci, chief analyst at Altos Research, told HousingWire.
Source: “REO Sales May Not Peak Until 2013,” HousingWire (Oct. 17, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
Foreclosure sales are expected to reach 1.48 million properties in 2013, according to analysts from Bank of America Merrill Lynch.
However, with the surge, “we do not expect to see anywhere near the downward pressure on home prices that we had back in 2008, since the expected percent changes in liquidation volumes are so much smaller,” the analysts said.
The increase in foreclosures is expected to mostly change from private banks’ portfolios – which nearly half are from now – to the government’s backlog of properties, with an increase in foreclosures forecasted from Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development’s portfolios. Overall, they are expected to liquidate about 595,000 properties in 2013.
To handle the expected surge, the government continues to consider ideas, including proposals of turning some of the foreclosures into rentals, and a plan from the Federal Housing Finance Agency to refinance more underwater borrowers so they’ll be less likely to walk away from their property.
But some analysts are skeptical that a surge in foreclosures will come without an intervention from the government.
“Do they really think that the government under any administration would let 500,000 homes hit the mark and crash prices all over again, six years after the first crash?” Scott Sambucci, chief analyst at Altos Research, told HousingWire.
Source: “REO Sales May Not Peak Until 2013,” HousingWire (Oct. 17, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
Wednesday, October 19, 2011
What’s Lurking in the Shadows?
ORLANDO, Fla. – Oct. 18, 2011 – When you drive down the street, you can see a “for sale” sign on nearly every road. The supply of homes may seem overwhelming at times, and we are definitely in a buyers’ market. But in August, the National Association of Realtors (NAR) reported an 8.5-month inventory level, close to the six-month level that historically signals a balanced market. Even so, there’s a general feeling of uneasiness about the market.
The reason for this anxiety, notes Erica Cross, research analyst with the Florida Realtors, is likely due to “shadow inventory” – homes placed in foreclosure or owned by lenders, and loans overdue by at least one payment. We feel their looming presence, even though a “for sale” sign hasn’t appeared in the front yard.
But how much shadow inventory is out there? The amount depends on its definition. How delinquent must a property be to include it in shadow inventory – 1 day, 90 days? Is it assumed that any of the delinquencies will improve? Are foreclosure properties included?
With all of these different questions, estimates of shadow inventory in March 2010 ranged from 1.7 million to 7 million, according to NAR. The number of homes in shadow inventory is uncertain; more importantly, so is the timing of their exact release to the market.
Shadow inventory going to market
Let’s imagine two scenarios. First, think of a situation where banks slowly release shadow inventory to the market. Foreclosures are currently weighing down home prices, so this trend would continue. But if a balance between those foreclosures coming on the market and those being sold is maintained, market stability will continue. The supply of homes would be restricted.
Now picture a more drastic case. What if banks dumped all of the homes they own on the market all at once? The increase of supply would cause a decline in price, a drop most likely affecting home prices negatively across the board. Since demand cannot respond quickly, the price drop would have a tremendous impact on the market.
In turn, a drop in home prices would have a harmful impact on home equity and consumer confidence, leading to less consumer spending and more of the economic issues we are currently trying to resolve.
Can it be managed?
Banks aren’t the only players in the “disposing of homes” game. Homeowners also control the number of homes in shadow inventory. A homeowner in trouble can decide whether to pay the mortgage, seek mitigation or walk away. Think of it like a bathtub. Currently, the amount of bank-owned homes fills part of the tub. The disposing of homes into the market is like letting the drain open. Homeowners going into foreclosure can add more homes to the shadow inventory – like opening a faucet into the tub. If there is more water (homes) being added by the faucet than there is water (homes) being drained (or sold), the bathtub will fill and overflow. The flooding of the bathtub means that banks can only hold so many homes or they will need to dump homes on the market.
The government affects the supply of shadow inventory through the Home Affordable Modification Program (HAMP). HAMP allows homeowners to modify their mortgage payments to 31 percent of their pre-tax income to make them more affordable. If homeowners meet the HAMP criteria and can reduce the amount of their mortgage payments, they are less likely to default. Stricter eligibility or removal of HAMP would cause more delinquencies and foreclosures. Easier eligibility could prevent delinquencies and foreclosures and lower the shadow inventory count.
What to do
Banks, homeowners and the government can modify their actions to speed up or slow down the amount of inventory added to the current supply. With each player making different moves, the moral of the story is that the timing and number of distressed properties in the market can’t be predicted. We do know it will affect your business, so monitor your local market closely. Communicate with lenders so you know the business decisions they are making, and work with distressed homeowners to help mitigate their debt burdens.
Source: Erica Cross, research analyst, Florida Realtors
© 2011 Florida Realtors®
The reason for this anxiety, notes Erica Cross, research analyst with the Florida Realtors, is likely due to “shadow inventory” – homes placed in foreclosure or owned by lenders, and loans overdue by at least one payment. We feel their looming presence, even though a “for sale” sign hasn’t appeared in the front yard.
But how much shadow inventory is out there? The amount depends on its definition. How delinquent must a property be to include it in shadow inventory – 1 day, 90 days? Is it assumed that any of the delinquencies will improve? Are foreclosure properties included?
With all of these different questions, estimates of shadow inventory in March 2010 ranged from 1.7 million to 7 million, according to NAR. The number of homes in shadow inventory is uncertain; more importantly, so is the timing of their exact release to the market.
Shadow inventory going to market
Let’s imagine two scenarios. First, think of a situation where banks slowly release shadow inventory to the market. Foreclosures are currently weighing down home prices, so this trend would continue. But if a balance between those foreclosures coming on the market and those being sold is maintained, market stability will continue. The supply of homes would be restricted.
Now picture a more drastic case. What if banks dumped all of the homes they own on the market all at once? The increase of supply would cause a decline in price, a drop most likely affecting home prices negatively across the board. Since demand cannot respond quickly, the price drop would have a tremendous impact on the market.
In turn, a drop in home prices would have a harmful impact on home equity and consumer confidence, leading to less consumer spending and more of the economic issues we are currently trying to resolve.
Can it be managed?
Banks aren’t the only players in the “disposing of homes” game. Homeowners also control the number of homes in shadow inventory. A homeowner in trouble can decide whether to pay the mortgage, seek mitigation or walk away. Think of it like a bathtub. Currently, the amount of bank-owned homes fills part of the tub. The disposing of homes into the market is like letting the drain open. Homeowners going into foreclosure can add more homes to the shadow inventory – like opening a faucet into the tub. If there is more water (homes) being added by the faucet than there is water (homes) being drained (or sold), the bathtub will fill and overflow. The flooding of the bathtub means that banks can only hold so many homes or they will need to dump homes on the market.
The government affects the supply of shadow inventory through the Home Affordable Modification Program (HAMP). HAMP allows homeowners to modify their mortgage payments to 31 percent of their pre-tax income to make them more affordable. If homeowners meet the HAMP criteria and can reduce the amount of their mortgage payments, they are less likely to default. Stricter eligibility or removal of HAMP would cause more delinquencies and foreclosures. Easier eligibility could prevent delinquencies and foreclosures and lower the shadow inventory count.
What to do
Banks, homeowners and the government can modify their actions to speed up or slow down the amount of inventory added to the current supply. With each player making different moves, the moral of the story is that the timing and number of distressed properties in the market can’t be predicted. We do know it will affect your business, so monitor your local market closely. Communicate with lenders so you know the business decisions they are making, and work with distressed homeowners to help mitigate their debt burdens.
Source: Erica Cross, research analyst, Florida Realtors
© 2011 Florida Realtors®
Thursday, October 13, 2011
| RealtyTrac anticipates rise in foreclosures - housingwire.com Wednesday, October 12th, 2011, 11:00 pm Data firm RealtyTrac says foreclosure filings year-over-year plummeted 34% in the third quarter. However, the CEO said the market may be a bottom, with signs that activity will likely... |
Monday, October 10, 2011
Real Estate In Lake City
North Florida Real Estate:
Not a good day in North Florida for driving around and searching for your dream home. It hasn't stopped raining since early this morning! Please be careful out there on the wet and flooded roads! Many counties in North Florida as well as Georgia are under a Tornado Warning until 1:00 pm. Keep an eye on the sky! Have a great day and stay dry! =)
Please Contact Me for More Information on these properties and More!!
Not a good day in North Florida for driving around and searching for your dream home. It hasn't stopped raining since early this morning! Please be careful out there on the wet and flooded roads! Many counties in North Florida as well as Georgia are under a Tornado Warning until 1:00 pm. Keep an eye on the sky! Have a great day and stay dry! =)
| |||||||||||||||||
| |||||||||||||||||
Please Contact Me for More Information on these properties and More!!
Sunday, May 29, 2011
Aggravated to No End!!! Ugh!
Well my day did start off okay on Friday, I set up my Blog, finally, and did some editing on my website. The day seemed like it was going to be a good Friday after all, and then it happened. The day went from good to bad in a flat second. U see I had been waiting all day for my new cell phone, I should explain a little and back up. Last Thursday I went on a listing appointment and got the listing, which happens to be a $500,000 listing. I was so excited, tired and had to go to the bathroom so bad after the 3-hour meeting, so we (my broker and I) stopped to get gas and go to the bathroom. What do you think happened to me...well yes, I dropped by dang phone in the toilet. Yep, right to the bottom! Thank goodness I didn't start yet and grabbed it just in time. However not quick enough to damage it! I put it in rice just like everyone said and it was working but had some issues. I called my cell phone carrier and they said I could send it to them and I would get a replacement phone. I was so happy because I didn't have to buy a new phone, since water damage isn't usually covered! I was happy happy happy. It was all too good to be true, believe me way too good to be true! I had to wait until they sent me a air bill to send my phone to them, leaving me with no phone. Not a good thing when my business is wrapped around my cell phone and without it I don't make money! They told me it would be 3 to 5 days to receive replacement phone. Okay I said, after all it was a free replacement phone! When I finally received the replacement phone, 4 days later on Wednesday, I was just so happy to have my phone back but it would be short lived. The damn phone wouldn't activate and I spent all day Wednesday on the phone with people that didn't speak very good English and weren't even in the USA, they were in the Philippines! I spoke to about 5 different people and got more aggravated each time. Finally around 8:00 pm they told me that all the tests that needed to be done and all the troubleshooting that they could do had been done and "Now" they would be able to re-send me a "working" re-placement phone. Really, after 12 hours now I can get the phone you sent to me replaced since you sent me a phone that didn't work! Really?! I was so exhausted from explaining myself over and over again to so many different idiots that I was relieved when I finally was told they would overnight me another phone. Yes, I will be getting my phone on Thursday! Well, Thursday comes and no phone. I call again those people that read a script from their computer over and over again and have no customer service skills at all! The phone was never shipped, "WHAT", "REALLY", NOT SHIPPED, WHAT????? Oh, I was so hot at this time I was going to take that phone that didn't work and smash it into little tiny pieces and send it to them with a nasty note. But, no, I did not. I tried to speak to these so called "Customer Service" agents but had it by this time and found the number to their corporate office in Miami! Went from bad speaking English to bad speaking English! Not happy! This one so-called "Supervisor" said he would authorize the overnight shipment and I would have my phone by Friday @ 3:00pm. Yes, once again I was happy, getting my phone Friday! I know I messed up my phone and I know it shouldn't have been covered since it was water damage, but they said I was under warranty and all was good! NOT! Friday comes and NO phone! Ugh! That was it I got on the phone and just went nuts on those people! I threatened them I said mean things and they keep telling me that the phone will be sent out today and I won't get it until next Tuesday due to the holiday! WHAT? REALLY? I don't think so! I was about to cry! No way am I waiting another week for my phone! I drove to the store and spent money I don't have on a new phone and activated it on the spot! The lesson I learned from this nightmare experience is: Buy pre-paid phones with no service plan and not from a local store you are gunna get screwed and good! I suffered because I wanted a cheaper service, well I just am not going to drop the new phone in any toilets or damage it in any way because I will never, never go through that experience again! I am in customer service and would never treat my customers with anything but the utmost respect and I go out of my way to make sure my customers are nothing but "HAPPY"! Well, all is good now, I have my new phone and bought a holder for it to protect it and will never call those people again!
Friday, May 27, 2011
Just Beginning.....
Hello there! I am new to this and not experienced at all!
I am a Realtor and have been since 2006 but stepped out of the field due to the declining market back in 2008! I since just started back up because I missed it so much. I really like people and making my own life. Don't really like being told to be here at a certain time or when I am allowed to leave! Done with that!!!
The "New" of everything is just a wee bit scary to me but I will get over it. I have lost all of my old contacts in the Real Estate world and am starting fresh and its scary. In my business you don't make money until the deal is closed, so I am hoping it won't take too long to get it back up and running!
The "New" in doing a blog is kinda different too! I love to interact with people so I thought I would give it a try! I hope I get some readers and advice and maybe some new friends and clients! Here is to the "NEW" in my little world!
Lets see what happens and pray for the best!
"HELLO" to you all and here is to a "A New Beginning"! =)
Heather =)
My website: www.realestateinlakecity.com
I am a Realtor and have been since 2006 but stepped out of the field due to the declining market back in 2008! I since just started back up because I missed it so much. I really like people and making my own life. Don't really like being told to be here at a certain time or when I am allowed to leave! Done with that!!!
The "New" of everything is just a wee bit scary to me but I will get over it. I have lost all of my old contacts in the Real Estate world and am starting fresh and its scary. In my business you don't make money until the deal is closed, so I am hoping it won't take too long to get it back up and running!
The "New" in doing a blog is kinda different too! I love to interact with people so I thought I would give it a try! I hope I get some readers and advice and maybe some new friends and clients! Here is to the "NEW" in my little world!
Lets see what happens and pray for the best!
"HELLO" to you all and here is to a "A New Beginning"! =)
Heather =)
My website: www.realestateinlakecity.com
Subscribe to:
Posts (Atom)