Top 5 REALTOR® Updates | Week of September 7th
Check out these five real estate updates to help you stay in-the-know with the latest happenings in our industry.
1. Fannie, Freddie Extend Foreclosure Timelines
Mortgage financing giants Fannie Mae and Freddie Mac are increasing the maximum number of days for a foreclosure sale in the majority of the country. Fannie Mae and Freddie Mac announced that 33 states would see an increase in the maximum number of allowable days for "routine" foreclosure proceedings. The new foreclosure timelines will apply to all foreclosure sales completed on or after Aug. 1.The new timelines represents the maximum allowable period between the due date of the last paid installment and the completion of the foreclosure sale. Read More...
2. Sellers Remain Hesitant to List Homes
Consumers remain optimistic about the long-term prospects of the housing market, but home owners say they're hesitant to list their home for-sale, according to Berkshire Hathaway HomeServices' Homeowner Sentiment Survey.The most common obstacles cited by home owners for not yet listing their home are due to inventory concerns, including "waiting for the right opportunity" and "haven't found my ideal home yet." Read More...
3. 43% of Homes at High Natural Disaster Risk
About 35.8 million U.S. single-family homes and condos are located in counties with "high" or "very high" risk of a natural hazard, such as from hurricanes, wildfires, tornados, earthquakes, or floods, according to RealtyTrac's 2015 U.S. Natural Disaster Housing Risk Report. That equates to an estimated market value of $6.6 trillion of the housing stock at risk, according to the analysis, which measured the risk level of 83.4 million single-family homes and condos nationwide. Read More...
4. 10 Places Where Foreclosures Are Problematic
Distressed properties – including both foreclosures and short sales – are in free-fall nationwide, declining to 7 percent of all homes in July, according to the National Association of REALTORS®. About 5 percent of sales in July were foreclosures while 2 percent were short sales. Some markets are continuing to see an elevated number of foreclosures. In 61 of the 172 markets RealtyTrac recently analyzed for in-foreclosure sales, the share of those sales saw an uptick from a year ago, which runs counter to the national trend. Read More...
5. Top Metros for Millennial Workers
Despite the rising rents in some of the most popular cities for young people, a recent study by PayScale, a data-driven benefits and compensation firm, shows that many of those places are ultimately the most rewarding for millennials just starting out in the workforce. To find out which cities were the best options for young workers, PayScale analyzed data from 650,000 surveys filled out over the last two years by millennials, and weighed factors like compensation, benefits, length of commute, overall job satisfaction, job stress, and opportunities to grow with the company. Read More...
