CoreLogic 2017 Outlook for U.S. Housing and Mortgage Markets
Economic growth will be a primary factor affecting the housing market in 2017. The latest projections show a consensus that the economy will grow between 2 and 2¼ percent next year. With this as a backdrop, here are five features to look for in next year’s housing market.
First, mortgage rates will be higher, with fixed-rates averaging just over 4 percent for 2017, about one-half percentage point higher than in 2016 for both single-family and multifamily loans.
Second, vacancy rates will likely remain relatively low in the rental market and decline in the homeowner market. The low level of single-family building means that for-sale inventories will remain lean in many markets.
Third, home appreciation in most markets with rent growth also continuing but at a slower pace. In the coming year, we expect the CoreLogic Home Price Index for the U.S. to rise about 5 percent, although some neighborhoods will have double-digit growth and some will experience declines.
Fourth, expect is a drop in refinance originations in 2017.
Fifth, we expect the new loans made to continue to have relatively low credit risk.
Fortune Magazine 5 Non-Traditional Ways to Network Around the Holidays
It’s the most wonderful time of the year to make business connections.
The holiday season may not be the best time to go on a diet or launch a major company-wide project, but it’s a surprisingly great time to network.
The season tends to get people socializing and spreading good cheer, making it the perfect opportunity for making new connections and deepening business relationships.
Here are five ways you can make the most of the holiday season.
1. Take it out of the office…
Link to article: http://fortune.com/2016/12/19/5-non-traditional-ways-to-network-around-t…
According to Forbes, these are the best times for social media posting:.
# Avoid times before 8 a.m. and after 8 p.m.
# The best times are 1–3 p.m. when activity, engagement, and happiness tend to be highest – particularly on Thursday and Fridays. Engagement and activity tends to peak on Friday afternoon. (For brands, Fridays generate 17 percent of all likes and 15 percent of all comments, and 15 percent of shares, according to TruConversion’s research.)
# Avoid times after 8 p.m. on any day.
# The best time for retweets is after 3 p.m., and the best overall time is 5 p.m.
# For businesses posting to consumers, the best times to tweet are on the weekends and on Wednesdays.
# Avoid new posts from 5–6 p.m.
# The best times are noon to 3 p.m. Activity and viewer engagement is shown to rise Thursday and continue through Sunday.
# The best times for activity and engagement are from 8 a.m. to 5 p.m. Monday through Friday, demonstrating that LinkedIn is more of a workday activity.
We will be closed today, Monday, December 26th and will reopen Tuesday, December 27th, at 8:30am.
It is a fact, according to Trulia: more young adults are still living with their parents.
The information provided points out nearly 40% of the 18-to-34-year-old demographic lived with a parent or other family member in 2015. This represents the highest percentage since 1940, as the Great Depression ended.
Facts Affecting The Millennials
+ Unemployment rates are improving, but not at levels prior to the Great Recession.
+ Wages are still significantly lower than they were a decade ago.
+ Debt accumulated from student loans is still high.
+ Many Millennials will be buying homes later than prior geneation.
CoreLogic reported that October 2016 U.S. home prices hit a new high. The S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was also up 5.6% in October from 2015.
The 20-City Composite Home Price Index S&P CoreLogic Case-Shiller also climbed higher by 5.1% in October from 2015. The 20-City Composite Home Price Index is still 7.1% below the July 2006 peak price.
Prices rose the most in Seattle by 10.7%, in Portland by 10.3% but in New York City, prices rose by only 1.7% from 2015 levels.
Home affordability has fallen by 20%-30% since 2012.
The affordability index is based on median incomes, housing prices and mortgage rates.
By most measures, home prices have reached levels only seen during the time preceding the crash back in 2008.
Home sales and prices have benefited from strong demand, which is further supported by very tight supply and still very affordable mortgage rates.
Another reason for the continuing trend in real estate is consumer confidence. The U.S. Consumer Confidence Index surged to 113.7, which is its highest level in 15 years according to the Conference Board.
November Closed Sales Up 26.3%
New Jersey Closed Sales November 2016
It was an incredible 2016. Sales have remained strong in year-over-year comparisons, despite the fact that there are fewer homes on the market. Not only are homes selling, but they are selling faster and receiving a higher percentage of the actual list price.
* Single Family Closed Sales were up 29.7% to 6,050.
* Townhouse-Condo Closed Sales were up 18.4% to 1,721.
* Adult Communities Closed Sales were up 20.7% to 588.
* Single Family Median Sales Price remained flat at $295,000.
* Townhouse-Condo Median Sales Price fell 2.0% to $240,000.
* Adult Communities Median Sales Price were up 3.4% to $180,963.
Single Family 2015 2016 Change
New Listings 829 829 0.0%
Closed Sales 473 637 +34.7%
Days on Market 101 94 -6.9%
Median Sales Px $273K $295K +8.0%
% of Price Recvd 95.8% 96.6% +0.8%
Inventory 5,177 4,164 -19.6%
Months Supply 10.3 6.8 -34%
Single Family 2015 2016 Change
New Listings 678 677 -0.1%
Closed Sales 412 518 +25.7%
Days on Market 81 76 -6.2%
Median Sales Px $375K $401K +6.9%
% of Price Recvd 95.5% 96.7 +1.3%
Inventory 3,815 2,883 -24.4%
Months of Supply 8.6 5.2 -35.8%