October Surprise With Foreclosure Jump

According to ATTOM Data Solutions, foreclosures jumped 27% in October from September’s 129-month low. The increase in foreclosures was the largest monthly increase since August 2007.
The report indicates that there were a total of 105,481 foreclosure filings, default notices, scheduled auctions or bank repossessions during the month of October 2016. Notwithstanding, October still marked the 13th consecutive month of annual decreases.
Fast Facts
+Foreclosure increases occurring in Arizona, Colorado and Georgia are more heavily tied to loans originated since 2009
+Data shows FHA and VA loans combined represent 49% of all active foreclosure inventory for loans originated in the seven years ending in 2015
+FHA and VA loans only represent 12% of all active foreclosure inventory among loans originated in the previous seven-year period, from 2002 to 2008
+Delaware was the state with the highest foreclosure rate – one in every 355 housing units
+New Jersey was the state with the second highest foreclosure rate – one in every 564 housing units
+Maryland was the state with the third highest foreclosure rate – one in every 679 units
+Illinois was fourth – with one in every 704 units
+South Carolina was fifth – with one in every 801 units
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Central Jersey Looks Bright For Future Development

CBRE says in a report that “the future looks bright for industrial development in New Jersey, particularly in the central part of the state.”
CBRE’s 3rd Quarter New Jersey Industrial MarketView Report speculated “that the Trenton/Route 295 and Princeton markets will see a higher volume of activity as the year continues.”
This follows a strong third quarter, in which the Trenton/Route 295 submarket recorded the third-largest leasing velocity in Central Jersey.
Facts Driving the Market
+ Lack of development in the area
+ Lower lease rates
+ Convenient access to the New Jersey Turnpike
+ Continued demand from both tenants and developers
+ Activity in the eight New Jersey Turnpike core submarkets accounted for nearly 83 percent of the state’s leasing velocity in 2016
+ Asking lease rates in four of the eight submarkets have exceeded their pre-recession highs
+ Availability in the markets was only 6.4%
+ New industrial construction remained strong in the third quarter with 7 projects completed
+ 9 more developments are breaking ground, total of 2.1 million square feet planned
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

New Home Construction Breaks Out AGAIN

The October U.S. Census Bureau reported that new home construction significantly improved as multifamily units climbed back from a decline during September as well as single-family starts. The growth is attributed to new buyer demand and the entrance of Millennials into the market.
Privately-owned housing starts increased 25.5% in October to 1.32 million representing a 23.3% improvement over 2015’s 1.07 million.
Single-family housing starts increased 10.7% from September’s 785,000 to 869,000 in October.
FAST STATS
+ In addition, the number of building permits also increased in October.
+ Privately-owned housing units authorized by building permits increased 0.3% in October to 1.229 million, up 4.6% from 2015’s 1.18 million.
+ Single-family authorizations increase 2.7% from September’s 742,000 to 762,000 in October.
+ Builder confidence remained high in November, according to the National Association of Home Builders.
+ Privately-owned housing completions also increased in October by 5.5% from September’s 1 million to 1.05 million and up 7.2% from 2015’s 984,000.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

13 Million Homeowners Are Equity Rich

The Q3 2016 U.S. Home Equity and Underwater report from ATTOM Data Solutions reported that more homeowners have become equity rich because they’re staying in their homes longer. Equity rich is defined as when a homeowner has a loan-to-value ratio of at least 50%.
According to the report, 23.4% of all homeowners with a mortgage are now considered equity rich, an increase of 2.6 million from last year to 13 million in the third quarter.
Currently, in the third quarter of 2016, only 10.8% of all homeowners with a mortgage are seriously underwater.
This number of homeowners seriously underwater decreased from 2015 by 854,000 homeowners to about 6 million in 2016.
For the second-quarter 2016 report, just 6.6 million properties were seriously underwater, which represented just 11.9% of total properties.
The report estimates that close to one in every five U.S. homeowners with a mortgage is now equity rich.
FAST FACTS
+ Median home prices increased on a year-over-year basis for the 18th consecutive quarter in Q3 2016
+ Homeowners who sold in the third quarter had owned their home an average of 7.94 years
+ This is a new high and substantially higher than the average homeownership tenure of 4.26 years pre-recession
+ As homeowners stay in their homes longer before moving up, they are amassing more home equity wealth
Areas with the highest share of equity rich homeowners (with a population of 500,000 or more):
San Jose with 55.7%
Honolulu with 39.3%
Los Angeles with 38.2%
Pittsburgh with 34.5%
Areas with the lowest share of homeowners still seriously underwater (with a population of 500,000 or more):
Las Vegas with 25%
Akron, Ohio with 24.2%
Cleveland, Ohio with 22.8%
Toledo, Ohio with 21.7%
Dayton, Ohio with 20.2%
Detroit with 20%
Lakeland-Winter Haven, Florida with 20%
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

75 Million Homebuyers Poised To Enter Market

According to East Brunswick appraiser Jeffrey Otteau, there is a buying tsunami about to hit the shores of the U.S. housing market, all 75 million of them.
This represents primarily the Millennial generation — the most populous in U.S. history.
Their delayed entry into the market was caused by a number of factors:
+ The Great Recession
+ The collapse of many credit markets
+ The loss of millions of jobs
+ High student loan debt
+ A poor economic climate
+ A reticence to begin families
New Jersey’s share of the 75 million entering the market is put at 325,000 buyers over the next 10 years.
Many young households delayed buying homes after the 2007-09 recession, which sent unemployment skyrocketing to 10 percent. Moreover, the accompanying housing crash dragged down home values, making houses seem like a risky investment.
Statewide, the median age of first-time buyers surveyed this year by the National Association of Realtors rose to 32, up from 31 in the past five years.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

October Existing Home Sales Up

October existing home sales, according to the new report from the National Association of Realtors, increased 2% to a seasonally adjusted annual rate of 5.6 million which is up from 5.49 million, in September.
October’s sales are up 5.9% from 2015’s 5.29 million and passed June’s peak to hit the highest pace since February 2007.
Existing home sales market does not let up, and despite tight inventory and mortgage rates that are creeping up, continues to take new ground.
The demand for homes shows little signs of abating, and may extend this streak as the Millennials begin to dip their toes into this market.
Even Zillow points to the fact that existing home prices are now the highest on record.
According to National Association of Realtors’ Chief Economist Lawrence Yun, “The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion. These two factors and low mortgage rates have kept buyer interest at an elevated level so far this fall.”
Home prices increased 6% annually in October to $232,200, up from $219,100 last year, marking the 56th consecutive month of annual gains.
In addition, housing inventory declined 0.5% from last month to 2.02 million existing homes available for sale, which is 4.3% below 2015’s 2.11 million. This puts total inventory at a 4.3 month supply.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Happy Thanksgiving To Our Friends

From all of us at Counsellors Title Agency!!
All of us at Counsellors Title Agency want to wish you a very Happy Thanksgiving!

Remaining Fort Monmouth Property Sold

According to the website NJBiz.com, it was announced that the Fort Monmouth Economic Revitalization Authority [FMERA] announced that it has purchased the remaining 560 acres of Fort Monmouth tracts held by the U.S. Army.
The property was purchased for a single payment of $33 million.
FMERA’s redevelopment is already underway and is looking to attract investments and employment opportunities to the region, which was significantly impacted by the closure of the fort back in September 2011.
FMERA will be working with the county freeholders and the mayors of the three boroughs to foster the new development options that will bring employment and commerce back.
The funding for the second phase of this purchase came from two series of notes issued by the Monmouth County Improvement Authority.
The former post is surrounded by the communities of Eatontown, Tinton Falls and Oceanport, New Jersey and covers nearly 1,126 acres of land.
At this point, Commvault, a global cloud company, was the first company to locate itself on the property grounds and has invested over $100 million to complete Phase I of its world headquarters, where it currently employs more than 900 people.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

NJ Single Family Homes Up 8 Percent

NJ Realtor Stats October 2016
Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.
• Single Family Closed Sales were up 8.1 percent to 6,218 from October 2015.
• Townhouse-Condo Closed Sales were down 2.3 percent to 1,842 from October 2015.
• Adult Communities Closed Sales were down 1.7 percent to 676 from October 2015.
• Single Family Median Sales Price increased 1.5 percent to $299,000 from October 2015.
• Townhouse-Condo Median Sales Price increased 3.0 percent to $254,950 from October 2015.
• Adult Communities Median Sales Price increased 6.5 percent to $180,000 from October 2015.
Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.

October 2016 NJ Stats For Ocean And Monmouth

Ocean County
Single Family 2015 2016 Change
New Listings 990 920 -7.1%
Closed Sales 601 619 +3.0%
Days on Market 96 95 -1.0%
Median Sales Price $270K $287K +6.3%
% of Price Recvd 95.3% 96.2 +0.9%
Inventory 5,424 4,463 -17.7%
Months of Supply 11.0 7.3 -33%
Monmouth County
Single Family 2015 2016 Change
New Listings 855 829 -3.0%
Closed Sales 505 535 +5.9%
Days on Market 83 71 -14.5%
Median Sales Price $370K $400K +8.1%
% of Price Recvd 95.7% 96.2 +0.5%
Inventory 4,050 3,222 -20.4%
Months of Supply 8.6 6.0 -30.2%

Big Real Estate Trends For 2017

Home prices are projected to continue to rise nationally at the low-end of 3.5% in 2017 according to many of the industry analytic groups.
This compares with the 5.5% increase reported by the recent S&P CoreLogic Case-Shiller Index from what was reported in September of 2015.
+ The September S&P Case-Schiller CoreLogic report is up from the 5.1% annual gain in August.
+ The index has now surpassed its previous peak of July 2006.
+ The nation’s 20 largest cities reported an average 5.1% annual gain, unchanged from August.
+ The report notes that in the new post-recession peaks, those areas that experienced the biggest booms were: Miami, Tampa, Phoenix and Las Vegas – remained well below their all-time highs.
Seattle prices jumped 11.0% year-over-year, followed by Portland with 10.9%, and Denver with an 8.7% increase, and 12 cities reported greater price increases in the year ending September 2016 versus the year ending August 2016.
These positive trends are also confirmed by the Zillow Home Value Index, which shows home values nationally up over 6% year-over-year. The competition for homes is so strong that less than half of buyers get the first home they make an offer on, according to the Zillow report.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Inventory Location Inventory

The saying used to go, “Location. Location. Location.” Now with shrinking inventory continuing to play a significant role in these upward trends, it will probably be restated to be, “Inventory. Location. Inventory.”
According to the Zillow Report, “It’s common for sellers to receive multiple bids, and in the hottest markets, sell for over asking price, but these conditions will change in the future.”
According to Zillow, among the nation’s largest metropolitan housing markets, Boston, Indianapolis and Kansas City showed the biggest drop in inventory. In Boston there are 26% fewer homes for sale than there were a year ago, and 24% fewer in Indianapolis.
The average price per-square-foot in metro areas has risen 52% over the past five years but it has jumped 76% in the urban cores, according to Redfin.
Buyers Can Expect to Update
More than half of homeowners who bought in the past year got a place that needed at least some updates, according to a recent Zillow survey.
Slower Won’t Change the Trend
Along with the scarcity of inventory contributing to a temporary slowdown is the rise in mortgage rates.
This compounded with the traditionally slower winter season, sellers and buyers can expect to see less up-ticks in activity than have recently been the case. Redfin reported that the number of home tours fell 3.7% from September, and the number of customers writing offers on homes fell 5.9%.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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