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Trump disbands business councils after CEOs quit in protest - Reuters

USA Real Estate News - Wed, 2017-08-16 19:59

Reuters

Trump disbands business councils after CEOs quit in protest
Reuters
Trump, a real estate magnate who had never before held public office, was elected president in November touting his experience in the business world and ability to strike deals. But some of the Republican president's actions and words have alienated ...

and more »

What do buyers want more — a bigger house or a bigger yard?

USA Real Estate News-Inman - Wed, 2017-08-16 17:05
Smaller homes with more outdoor space seem to be all the rage lately as homebuyers are abandoning the motto "bigger is better" when it comes to square footage. According to a consumer survey by Wakefield Research commissioned by residential construction company Taylor Morrison, 56 percent of buyers would be willing to sacrifice having a larger house for a larger yard. Why ...

Trump jettisons business councils after CEOs quit in protest - Reuters

USA Real Estate News - Wed, 2017-08-16 17:03

Reuters

Trump jettisons business councils after CEOs quit in protest
Reuters
Trump, a real estate magnate who had never before held public office, was elected president in November touting his experience in the business world and ability to strike deals. But some of the Republican president's actions and words have alienated ...

and more »

Exclusive: Apollo Raises $1.4B For European Opportunity Fund - Bisnow

Europe Real Estate News - Wed, 2017-08-16 16:54

Bisnow

Exclusive: Apollo Raises $1.4B For European Opportunity Fund
Bisnow
In spite of being smaller, Apollo's real estate business has made stellar returns — the predecessor European property fund is recording a gross internal rate of return of 19% according to the company's quarterly report. That fund made hay buying ...

Brad Pitt’s tiny home and other affordable space-saving miracles

USA Real Estate News-Inman - Wed, 2017-08-16 16:47
Homelessness, lack of affordable housing, natural disaster damage -- these are all global problems that can be alleviated through creative housing solutions ...

July housing starts take turn for the worse

USA Real Estate News-Inman - Wed, 2017-08-16 16:36
June's housing starts report was heralded as "welcome news" by National Association of Realtors (NAR) Chief Economist Lawrence Yun, who said increasing residential construction was the key to lowering home prices. This month, however, housing starts have taken a turn for the worse. ...

The fastest-growing real estate companies in the US

USA Real Estate News-Inman - Wed, 2017-08-16 15:28
Every year Inc. magazine ranks the 5,000 fastest-growing privately held companies in the U.S. This year, 17 real estate companies made the top 500 cut, while 196 made the 5,000 list ...

Home Prices Surge on Strong Buying Season

USA Real Estate News-RISMedia - Wed, 2017-08-16 14:54

Home prices continue on at a clip, surging 6.2 percent in the second quarter of 2017, according to the latest quarterly report by the National Association of REALTORS® (NAR). The pace outdoes the previous peak observed in the third quarter of 2016.

“The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season,” says Lawrence Yun, chief economist at NAR. “Listings typically flew off the market in under a month—and even quicker in the affordable price range—in several parts of the country. With new supply not even coming close to keeping pace, price appreciation remained swift in most markets.”

Single-family home prices went up in 87 percent of the markets assessed in the report, or 154 of 178 metropolitan statistical areas (MSAs). Thirteen percent of, or 23, metro areas saw prices up by double digits. At the national level, the median existing single-family home price was $255,600, and the median existing condominium price was $239,500.

Home prices in the West grew at the highest year-over-year rate, 7.5 percent to a median existing single-family value of $372,400, according to the report. Prices in the South followed at 6.7 percent to a median $229,400, while prices in the Midwest were up 6.6 percent to a median $204,000. Prices in the Northeast grew at the lowest year-over-year rate, 3.2 percent to a median $282,300.

Affordability, again, shrunk in the second quarter. A homebuyer with a 5 percent down payment would need an income of $56,169 to afford a single-family home priced at the national median. A homebuyer with a 10 percent down payment would need an income of $53,213, and a homebuyer with a 20 percent down payment would need an income of $47,300.

“The glaring need for more new-home construction is creating an affordability crisis that needs to be addressed by policy officials and local governments,” Yun says. “An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth-building benefits of homeownership.”

The most expensive metro areas by median existing single-family price in the second quarter were San Jose, Calif. ($1,183,400); San Francisco, Calif. ($950,000); Anaheim-Santa Ana, Calif. ($788,000); Honolulu, Hawaii ($760,600); and San Diego, Calif. ($605,000). The least expensive metro areas were Youngstown-Warren-Boardman, Ohio ($87,000); Cumberland, Md. ($98,200); Decatur, Ill. ($107,400); Binghamton, N.Y. ($109,000); and Elmira, N.Y. ($111,600).

Existing-home sales, including condos, fell 0.9 percent to 5.57 million in the second quarter, according to the report. Existing homes available for sale were down 7.1 percent year-over-year to 1.96 million at the end of the quarter, with an average supply of 4.6 months.

“Mortgage rates have subsided in recent months, which has only somewhat helped take away some of the sting prospective buyers are experiencing with the deteriorating affordability conditions in many areas,” says Yun. “Household incomes may be rising and giving consumers assurance that now is a good time to buy, but these severe inventory shortages will likely continue to be a drag on sales potential the second half of the year.”

For more information, please visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Home Prices Surge on Strong Buying Season appeared first on RISMedia.

Housing Starts Get Tripped Up in July

USA Real Estate News-RISMedia - Wed, 2017-08-16 14:48

Home-building activity unexpectedly tripped up in July, with housing starts down 4.8 percent to a rate of 1,155,000, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). Single-family housing starts decreased 0.5 percent to 856,000. Starts for units in buildings with five units or more came in at 287,000.

Permits also tumbled, down 4.1 percent from June to 1,223,000, according to the data. Single-family permits were the same as in June, at 811,000. Permits for units in buildings with five units or more came in at 377,000.

Completions totaled 1,175,000 in July, falling 6.2 percent. Single-family completions decreased 1.6 percent from June to 814,000. Completions for units in buildings with five units or more came in at 354,000.

“Despite a slip in new construction in July from June, construction continues to grow on a year-over-year basis, with construction of single-family homes taking a stronger lead,” says Danielle Hale, chief economist at realtor.com®. “This is good news for buyers, since most single-family construction is built for homeowners while in recent years the majority of multi-family construction has been built for renters. The outperformance in single-family construction is starting to get us closer to a historically normal balance between single-family and multi-family homes.”

“New-home production numbers are in line with our forecast for a slow and steady recovery of the housing market,” said Robert Dietz, chief economist of the National Association of Home Builders (NAHB), in a statement. “We saw multi-family production peak in 2015, and this sector should continue to level off as demand remains solid.”

Source: U.S. Census Bureau

For the latest real estate news and trends, bookmark RISMedia.com.

The post Housing Starts Get Tripped Up in July appeared first on RISMedia.

Century 21 Names Nick Bailey President and CEO

USA Real Estate News-RISMedia - Wed, 2017-08-16 14:45

Century 21 Real Estate has named Nick Bailey, former executive at Zillow Group, president and CEO, the company announced Wednesday. Bailey, a 20-year veteran of the real estate industry known as a leader in brokerage, franchising, management and technology, will be responsible for building on the brand’s foundation and positioning the brand in global markets.

“We are excited to welcome Nick Bailey to the Realogy family,” says John Peyton, president and CEO of Realogy Franchise Group, parent company of Century 21 Real Estate. “Nick brings a unique mix of leadership experience and industry insights to our company and we are eager to see him lead the CENTURY 21® brand into the future.”

“Nick’s appointment signals the beginning of a new era at CENTURY 21,” Peyton says. “We are an agent-centric company, and with Nick’s analytical understanding of the needs and wants of today’s digital consumers, he will immediately begin fostering a culture of developing and retaining high-performing talent within C21® that leverages the company’s branding and marketing, knowledge base and the Realogy Franchise Group’s ‘Centers of Excellence’ in delivering an unparalleled value proposition for personal and professional growth.”

“It’s an honor to be taking the reins at CENTURY 21 at a time when this iconic brand is experiencing tremendous growth around the world, and the foundation for its success is in its recognition as a global leader in real estate services,” says Bailey, also a licensed broker. “My challenge is to build this company to its greatest market potential by inspiring, interacting and working collaboratively with the people inside and outside this organization and translating this ongoing momentum into additional share for CENTURY 21 agents.”

Bailey began his career in real estate early at age 17, when he purchased commercial property. He became licensed at 21 and bought three houses by 23. Bailey spent 11 years at RE/MAX world headquarters, then joined Zillow in 2012, most recently serving as vice president, Broker Relations. In the role, Bailey provided innovative online technology and marketing solutions for real estate professionals and drove the expansion of products and services through partnerships, business development and broadening of brand awareness across the industry.

For more information, please visit www.century21.com.

For the latest real estate news and trends, bookmark RISMedia.com.

 

 

The post Century 21 Names Nick Bailey President and CEO appeared first on RISMedia.

Experts: Expect a Downturn, but Not Because of Housing

USA Real Estate News-RISMedia - Wed, 2017-08-16 14:43

Housing experts questioned in Zillow’s latest Home Price Expectations Survey are anticipating another downturn in the next three years, but one set off by a “geopolitical crisis,” not the real estate market. There is a 73 percent chance a recession will happen by 2020, according to the quarterly survey, and of the more than 100 respondents, the majority expect the slump to majorly affect housing in Miami and San Francisco—and Los Angeles and New York, to a lesser extent—but only moderately impact the market as a whole.

“That experts believe geopolitical crisis is the most likely next trigger for the next recession is a sign of the times we’re living in,” says Dr. Svenja Gudell, chief economist at Zillow. “Historically, geopolitical events rarely cause a sustained recession, and other contributing factors, such as oil price shocks, play a more predominant role. We’ve enjoyed eight years of sustained growth following the last recession, but the housing market is still recovering in many ways. The housing market is not expected to cause the next recession, but some major markets could see some collateral damage.”

The housing experts amended their home value forecast from previous surveys, projecting values to rise 5.1 percent in 2017. Still, homebuyers could see relief in the coming years, says Terry Loebs, founder of Pulsenomics, which conducted the survey with Zillow.

“Stronger short-term expectations for U.S. home prices are a sign of the persistent inventory challenges facing first-time and move-up homebuyers, but experts’ long-term predictions suggest that buyers will have more bargaining power in the years ahead,” Loebs says. “Incomes growing faster than home values is a promising sign for renters hoping to become homeowners—but they should still tread carefully in markets that have seen sharp price increases in recent years.”

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For more information, please visit www.zillow.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Experts: Expect a Downturn, but Not Because of Housing appeared first on RISMedia.

Home prices hit new peak in ‘extremely competitive buying season’

USA Real Estate News-Inman - Wed, 2017-08-16 14:03
The housing market saw a series of ups and downs in Q2 2017, the majority of which were largely driven by low inventory unable to meet the demand of would-be buyers. This imbalance drove home prices to rise 6.2 percent, easily eclipsing the previous Q3 2016 peak of $241,300. The Q2 median single-family home price was $255,600, a 6.2 percent year-over-year and 6.9 percent quarter-over-quarter increase ...

MID ‘a wasteful use of federal resources,’ says housing group

USA Real Estate News-Inman - Wed, 2017-08-16 13:53
How can the United States tackle the increasingly problematic issue of homelessness and housing poverty? The National Low Income Housing Coalition (NLIHC) thinks that reforming the mortgage interest deduction (MID) is the way to move forward. But it's going to have to lobby against the National Association of Realtors (NAR) ...

The Inman Files: Can NAR and C21 reckon with ghosts of the past?

USA Real Estate News-Inman - Wed, 2017-08-16 13:16
I had a “suite meet” with new NAR CEO Bob Goldberg when I attended the trade group’s fat cat (leadership) gathering in Chicago this week. The affable new chief executive manages thousands of volunteers, a $187 million operating budget and a sprawling team of lobbyists, educators, publicists and event planners ...

Renting across the USA: What $1500/month gets in 25 cities - Curbed

USA Real Estate News - Wed, 2017-08-16 12:28

Curbed

Renting across the USA: What $1500/month gets in 25 cities
Curbed
In our recurring exploration of what the real estate market looks like in various major U.S. cities, we've already looked at what kind of home you can get for $250,000, $500,000, and $1 million. Now it's time to turn our attention to rentals, starting ...

Zillow exec Nick Bailey to take over Century 21 as new CEO

USA Real Estate News-Inman - Wed, 2017-08-16 11:30
In the mid-1990s, Nick Bailey was a rookie agent at Century 21 Real Estate (C21). Little did he know that 21 years later, almost to the day, he would be named CEO and president of the company at the age of 42, his career coming full circle.  ...

Agents sell homes for more than FSBOs: study

USA Real Estate News-Inman - Wed, 2017-08-16 11:10
Academic research has often cast doubt on the value of real estate agents, but a new study will come as music to their ears. It suggests that homeowners will net roughly the same proceeds whether they sell through a real estate agent or take the FSBO (for-sale-by-owner) route ...

Blackstone starts raising capital for first core-plus European property fund - IP Real Estate

Europe Real Estate News - Wed, 2017-08-16 10:25

Blackstone starts raising capital for first core-plus European property fund
IP Real Estate
Blackstone has begun to raise capital for its first pan-European core-plus real estate fund. The US private equity firm, which declined to comment, is fundraising for the open-ended Blackstone Property Partners Europe, according to industry sources and ...

From our new editor-in-chief: The future is the intersection of people, property and tech

USA Real Estate News-Inman - Wed, 2017-08-16 10:24
When I started working in journalism, there was no such thing as Instagram, Airbnb, Uber, or many of the other useful apps and services we take for granted today. At that time, many media outlets were still trying to figure out how to use the internet ...

Kennedy Wilson Europe Real Estate PLC (KWE) Plans GBX 12 Dividend - The Cerbat Gem

Europe Real Estate News - Wed, 2017-08-16 09:27

Finance News Daily

Kennedy Wilson Europe Real Estate PLC (KWE) Plans GBX 12 Dividend
The Cerbat Gem
Kennedy Wilson Europe Real Estate PLC logo Kennedy Wilson Europe Real Estate PLC (LON:KWE) declared a dividend on Friday, August 4th, Upcoming.Co.Uk reports. Shareholders of record on Thursday, August 17th will be paid a dividend of GBX 12 ...
Kennedy Wilson Europe Real Estate PLC (LON:KWE) has analysts on the Bullish side this week.Finance News Daily

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  • Trump disbands business councils after CEOs quit in protest - Reuters 4 hours 58 min old

    ReutersTrump disbands business councils after CEOs quit in protestReutersTrump, a real estate magnate who had never before held public office, was elected president in November touting his experience ...in the business world and ability to strike deals. But some of the Republican president's actions and words have alienated ...and more »

  • Trump jettisons business councils after CEOs quit in protest - Reuters 7 hours 54 min old

    ReutersTrump jettisons business councils after CEOs quit in protestReutersTrump, a real estate magnate who had never before held public office, was elected president in November touting his experience... in the business world and ability to strike deals. But some of the Republican president's actions and words have alienated ...and more »

  • Renting across the USA: What $1500/month gets in 25 cities - Curbed 12 hours 30 min old

    CurbedRenting across the USA: What $1500/month gets in 25 citiesCurbedIn our recurring exploration of what the real estate market looks like in various major U.S. cities, we've already looked at w...hat kind of home you can get for $250,000, $500,000, and $1 million. Now it's time to turn our attention to rentals, starting ...

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