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Monday, January 9, 2012
Thursday, May 5, 2011
Big Jump Expected in New U.S. Households
Big Jump Expected in New U.S. Households
Millions of young adults are beginning to move out of their parents’ homes and create new households at the fastest rate since 2007. Some housing experts are predicting these young adults may provide a major jump to U.S. housing starts--possibly by more than 50 percent, even by next year--and increase housing consumption at a rate nearly double that of the past two years, Bloomberg News reports.
In 2011, between 750,000 and 1 million new households are expected to be created, says UBS Securities LLC’s Maury Harris and IHS Global Insight’s Patrick Newport. In the year ended March 2010, new households stood at 357,000--the lowest on record, according to U.S. Census data. The “depressed rate” in new household formation has continued to jeopardize the housing market’s recovery, experts say.
But as the employment picture continues to improve, more young adults are leaving Mom and Dad’s house and making a new home for themselves. The “moving-back-in-with-Mom-and-Dad phenomenon” had caused a backlog of pent-up households, Charles Lieberman, chief investment officer with Advisors Capital Management LLC in Hasbrouck Heights, N.J., told Bloomberg News. “Improved economic conditions” will “enable these households to split up and resume living in their own residences.”
Housing starts are expected to get a boost to about 648,000 this year and near 900,000 in 2012 (it stood at 586,800 last year), says Brad Hunter, chief economist and national director of consulting for Metrostudy. The increase in housing starts, he says, reflects a “shadow demand” for new homes among family members who have moved in together because of economic conditions.
“The demographic component of housing demand is strong," he says. "It’s just the economic and psychological components that are holding things back.”
Source: “New Households Form at Fastest Rate Since ’07 in Resurgent U.S.,” Bloomberg News (May 1, 2011)
Millions of young adults are beginning to move out of their parents’ homes and create new households at the fastest rate since 2007. Some housing experts are predicting these young adults may provide a major jump to U.S. housing starts--possibly by more than 50 percent, even by next year--and increase housing consumption at a rate nearly double that of the past two years, Bloomberg News reports.
In 2011, between 750,000 and 1 million new households are expected to be created, says UBS Securities LLC’s Maury Harris and IHS Global Insight’s Patrick Newport. In the year ended March 2010, new households stood at 357,000--the lowest on record, according to U.S. Census data. The “depressed rate” in new household formation has continued to jeopardize the housing market’s recovery, experts say.
But as the employment picture continues to improve, more young adults are leaving Mom and Dad’s house and making a new home for themselves. The “moving-back-in-with-Mom-and-Dad phenomenon” had caused a backlog of pent-up households, Charles Lieberman, chief investment officer with Advisors Capital Management LLC in Hasbrouck Heights, N.J., told Bloomberg News. “Improved economic conditions” will “enable these households to split up and resume living in their own residences.”
Housing starts are expected to get a boost to about 648,000 this year and near 900,000 in 2012 (it stood at 586,800 last year), says Brad Hunter, chief economist and national director of consulting for Metrostudy. The increase in housing starts, he says, reflects a “shadow demand” for new homes among family members who have moved in together because of economic conditions.
“The demographic component of housing demand is strong," he says. "It’s just the economic and psychological components that are holding things back.”
Source: “New Households Form at Fastest Rate Since ’07 in Resurgent U.S.,” Bloomberg News (May 1, 2011)
Tuesday, May 3, 2011
Wednesday, March 30, 2011
REALTOR® Magazine-Daily News-Mortgage Delinquencies Continue to Decline
REALTOR® Magazine-Daily News-Mortgage Delinquencies Continue to Decline
Mortgage Delinquencies Continue to Decline
Mortgages for single-family homes that are 90 days or more delinquent declined for the third consecutive month in February, Freddie Mac reports.
Delinquencies on single-family homes dropped to 3.78 percent in February from 3.82 percent in January. What’s more, delinquencies were lower than the 4.2% rate reported one year ago.
Freddie Mac also reported that it has completed 23,017 loan modifications for the first two months of the year. Loan modifications in February totaled 11,885 and totaled 11,153 in January.
Source: “Freddie Mac: February Mortgage Delinquencies Decline Again,” Dow Jones Business News (March 25, 2011) and “Freddie Mac Reports Drop in Single-Family Delinquencies in February,” LoanRateUpdate.com (March 28, 2011)
Mortgage Delinquencies Continue to Decline
Mortgages for single-family homes that are 90 days or more delinquent declined for the third consecutive month in February, Freddie Mac reports.
Delinquencies on single-family homes dropped to 3.78 percent in February from 3.82 percent in January. What’s more, delinquencies were lower than the 4.2% rate reported one year ago.
Freddie Mac also reported that it has completed 23,017 loan modifications for the first two months of the year. Loan modifications in February totaled 11,885 and totaled 11,153 in January.
Source: “Freddie Mac: February Mortgage Delinquencies Decline Again,” Dow Jones Business News (March 25, 2011) and “Freddie Mac Reports Drop in Single-Family Delinquencies in February,” LoanRateUpdate.com (March 28, 2011)
Wednesday, March 16, 2011
REALTOR® Magazine-Daily News-Tax Time Less Taxing for Home Owners
REALTOR® Magazine-Daily News-Tax Time Less Taxing for Home Owners
Tax Time Less Taxing for Home Owners
With a little more than one month before income taxes are due, many of the nation’s 75 million home owners may be appreciating the value of home ownership just a bit more as they take advantage of the tax benefits of owning a home.
“Owning a home offers myriad benefits throughout the year, but some of the financial advantages of home ownership are most apparent at tax time,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “As many of today’s hard-working American families are feeling a financial squeeze, the tax benefits that can come from owning a home can be a welcome relief.”
A number of tax deductions and credits are still available for home owners; these include deductions – with specific limits – for mortgage interest and capital gains on home sales, and credits for certain energy-efficient home improvements. Even with these benefits, home owners pay 80-90 percent of all U.S. federal income taxes.
“It’s been suggested that many of today’s tax incentives for home ownership primarily benefit wealthy individuals, but that’s simply not true,” said Phipps. “As today’s public debate continues about what home ownership means for families, communities, and the nation’s economy, there’s no question that for many, owning a home is still the best way to begin building wealth.”
Ninety-one percent of home owners who claim the mortgage interest deduction earn less than $200,000 a year, and the ability to deduct the interest paid on a mortgage can mean significant savings at tax time. For example, a family who bought a home in 2010 with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year.
“REALTORS® see the very real positive impact of home ownership every day with our clients,” said Phipps. “Recent proposals to reduce or eliminate the mortgage interest deduction and remove government support of the housing finance market could have disastrous consequences for the economy, not to mention making it harder or nearly impossible for millions of families to own their own homes. We believe America must continue to invest in home ownership, for the future of our families and our nation.”
For home owner tax season tips, visit www.HouseLogic.com. HouseLogic is a free source of information from NAR that helps home owners maintain and enhance the value of their homes and engage in issues that affect their local communities.
Source: NAR
Tax Time Less Taxing for Home Owners
With a little more than one month before income taxes are due, many of the nation’s 75 million home owners may be appreciating the value of home ownership just a bit more as they take advantage of the tax benefits of owning a home.
“Owning a home offers myriad benefits throughout the year, but some of the financial advantages of home ownership are most apparent at tax time,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “As many of today’s hard-working American families are feeling a financial squeeze, the tax benefits that can come from owning a home can be a welcome relief.”
A number of tax deductions and credits are still available for home owners; these include deductions – with specific limits – for mortgage interest and capital gains on home sales, and credits for certain energy-efficient home improvements. Even with these benefits, home owners pay 80-90 percent of all U.S. federal income taxes.
“It’s been suggested that many of today’s tax incentives for home ownership primarily benefit wealthy individuals, but that’s simply not true,” said Phipps. “As today’s public debate continues about what home ownership means for families, communities, and the nation’s economy, there’s no question that for many, owning a home is still the best way to begin building wealth.”
Ninety-one percent of home owners who claim the mortgage interest deduction earn less than $200,000 a year, and the ability to deduct the interest paid on a mortgage can mean significant savings at tax time. For example, a family who bought a home in 2010 with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year.
“REALTORS® see the very real positive impact of home ownership every day with our clients,” said Phipps. “Recent proposals to reduce or eliminate the mortgage interest deduction and remove government support of the housing finance market could have disastrous consequences for the economy, not to mention making it harder or nearly impossible for millions of families to own their own homes. We believe America must continue to invest in home ownership, for the future of our families and our nation.”
For home owner tax season tips, visit www.HouseLogic.com. HouseLogic is a free source of information from NAR that helps home owners maintain and enhance the value of their homes and engage in issues that affect their local communities.
Source: NAR
Tuesday, March 8, 2011
Popular Kitchen Remodeling Trends
Popular Kitchen Remodeling Trends
Remodeling kitchen trends are creating stylish kitchens with cleaner lines, built-in dining, and pops of color, according to a recent article in RISMedia.
Here are some recent trends in kitchens across the country.
1. Built-in dining areas. Eat-in kitchens are in high demand as more remodelers are opting for extensions in counters that resemble a table, either in lower or higher height to the countertop. The counter extension is different than bar seating because diners can sit around the edge and face one another, and not just sit in a row. The counter extension saves space, offers an extra buffet service, and more kitchen storage, says Deanna Carleton of Kitchen Design Group.
2. Dressing up the kitchen with lighting. An affordable way to upgrade a kitchen is just by switching out the lights, designers say. For example, hand-blown glass shades on pendant lights, contemporary drum shades, and chandeliers can quickly update a kitchen. Layers of light continue to be popular, such as with a ceiling lighting fixture combined with under-counter lighting as well as ambient lights behind a glass-front door, designers say. LED under-counter lighting and LED recessed ceiling lights are also popular.
3. Pops of color. Neutral colors in the kitchen is the safe preference, but more kitchens are adding bolder pops of color--such as in persimmon or pomegranate--to spice up the kitchen. Colored knobs, kitchen accessories, and even appliances are bringing in these pops of color. Designers say pops of color can also be brought in by the fabric choice in kitchen window seats, the upholstered seats, or window valances.
4. Striving for simplistic luxury. Clean lines and transitional designs are “in” while ornate Tuscan and French country kitchen styles are falling out of favor in the kitchen. Betty Nairn of Cabinet-S-Top in Granger Township, Ohio, says “simplistic luxury” is the kitchen trend nowadays.
Source: "8 Areas to Pay Attention to When Updating Your Kitchen," RISMedia (March 5, 2011)
Remodeling kitchen trends are creating stylish kitchens with cleaner lines, built-in dining, and pops of color, according to a recent article in RISMedia.
Here are some recent trends in kitchens across the country.
1. Built-in dining areas. Eat-in kitchens are in high demand as more remodelers are opting for extensions in counters that resemble a table, either in lower or higher height to the countertop. The counter extension is different than bar seating because diners can sit around the edge and face one another, and not just sit in a row. The counter extension saves space, offers an extra buffet service, and more kitchen storage, says Deanna Carleton of Kitchen Design Group.
2. Dressing up the kitchen with lighting. An affordable way to upgrade a kitchen is just by switching out the lights, designers say. For example, hand-blown glass shades on pendant lights, contemporary drum shades, and chandeliers can quickly update a kitchen. Layers of light continue to be popular, such as with a ceiling lighting fixture combined with under-counter lighting as well as ambient lights behind a glass-front door, designers say. LED under-counter lighting and LED recessed ceiling lights are also popular.
3. Pops of color. Neutral colors in the kitchen is the safe preference, but more kitchens are adding bolder pops of color--such as in persimmon or pomegranate--to spice up the kitchen. Colored knobs, kitchen accessories, and even appliances are bringing in these pops of color. Designers say pops of color can also be brought in by the fabric choice in kitchen window seats, the upholstered seats, or window valances.
4. Striving for simplistic luxury. Clean lines and transitional designs are “in” while ornate Tuscan and French country kitchen styles are falling out of favor in the kitchen. Betty Nairn of Cabinet-S-Top in Granger Township, Ohio, says “simplistic luxury” is the kitchen trend nowadays.
Source: "8 Areas to Pay Attention to When Updating Your Kitchen," RISMedia (March 5, 2011)
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