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Multifamily Construction Drags Down Housing Starts Data

BY JANN SWANSON

Building permits for the construction of new privately owned residential units fell 3.8 percent in August to a seasonally adjusted annual rate of 918,000 the Census Bureau and the Department of Housing and Urban Development said today.  The July estimate of permits issued was adjusted upward from 943,000 to 954,000.  August permits were issued at a rate that was 11.0 percent higher than the 827,000 permits issued in August 2012.

Permits for single-family residences were issued at a rate of 627,000, up 3.0 percent from the revised July number of 609,000.  That number was a revision of the earlier estimate of 613,000.  There were an estimated 520,000 single family permits issued in August 2012.  Construction authorizations for units in buildings with five or more totaled 268,000 compared to 318,000 in July.

August housing starts were at a seasonally adjusted rate of 891,000, an increase of 0.9 percent from July and 19.0 percent from one year earlier.  The July estimate of housing starts was revised from 896,000 to 883,000.

Construction was begun on single family units at an annual rate of 628,000, 7.0 percent higher than in July.  The July number was revised from 591,000 to 587,000.  The year-over-year increase from the 520,000 single family permits issued in August 2012 was 20.6 percent.  Multi-family permits were issued at a rate of 252,000 units compared to 278,000 units in July and 205,000 units in August 2012.

Privately owned houses were completed at a rate of 769,000, up 0.3 percent from 767,000 in July and 12.1 percent from 686,000 one year earlier.  The Census Bureau originally estimated completions in July at 774,000.  Single family completions rose 0.5 percent to 573,000 and multi-family units rose 1.1 percent to 252,000.

There were 101.600 outstanding permits at the end of the reporting period, virtually unchanged from a month earlier.  About 54,000 were permits for single-family construction and 45,600 were for units in buildings with five or more.  There were a total of 654,000 units under construction at the end of the period, almost equally divided between single family and multi-family units.

Permits were issued in the Northeast at a rate 10.6 percent above July and 52.4 percent higher than one year earlier.  Housing starts fell 8.2 percent from the previous month but were up 34.7 percent on an annual basis

Permitting rose in the Midwest by 4.5 percent month-over-month and 25.8 percent year-over-year.   Starts fell 3.3 percent from July but remained 14.8 percent higher than a year earlier.

In the South permits fell 10.0 percent from July and 4.0 percent from August 2012.  Housing starts were up 12.0 percent and 16.8 percent respectively.

In the West permits were issued at a rate 3.9 percent below the previous month and 17.1 percent above a year earlier.  Housing starts were down 10.9 percent for the month but were 20.0 percent above last August.

Freddie Mac Extends Disaster Assistance to Colorado Flood Victims

BY JANN SWANSON

As it did following the devastation of Hurricane Sandy, Freddie Mac has made the full menu of its mortgage relief policies available to borrowers in the Colorado area.  The state has been hit by days of flooding that, according to the latest news reports, are likely to have destroyed 11,000 homes.
Freddie Mac's disaster relief policies enable servicers to help borrowers with homes in presidentially declaredMajor Disaster Areas where federal Individual Assistance programs are being made available.  Under the directive issued by Freddie Mac today servicers can place borrowers with properties affected by the flooding on forbearance and suspend foreclosures for up to 12 months.  This forbearance need not be reported to the nation's credit bureaus.  Servicers can waive late fees assessed against borrowers whose homes were damaged by the disaster.  Evictions and lock-outs can also be suspended for up to 90 days.
When forbearance ends, a new Freddie Mac option allows servicers to add missed mortgage payments to the outstanding loan balance and extend the term of the loan in order to keep the monthly mortgage payment essentially unchanged.
Freddie Mac is also reminding servicers to consider Freddie Mac's standard relief policies, including forbearance or mortgage modifications, for borrowers who work in eligible disaster areas but live in unaffected areas.
Tracy Mooney, Senior Vice President of Single-Family Servicing and REO at Freddie Mac said, "Freddie Mac isurgently reminding the nation's mortgage servicers about the full range of mortgage relief options they can provide to affected borrowers with mortgages we own or guarantee, including forbearance on mortgage payments for up to one year. We strongly encourage borrowers to contact their servicers, who are fully authorized to work with them on a case-by-case basis."
Fannie Mae is expected to issue a similar emergency declaration.

Declutter Your Home Before Selling

You’ve made the decision to sell your home and now what? Whether it’s financial, divorce, becoming empty nesters, being transferred, needing more space, or just wanting a change, it’s a big, emotional decision and now you have to get your house “sell ready.”

It’s important to know that there is “living” and there is “selling.” In other words, you live in a house totally different than you live in a house that you’re trying to sell. The two should never be confused and you shouldn’t get offended when your Realtor suggests you de-clutter your prize possession…your home! Clean lines are what most buyers are looking for in today’s market so make that your goal.

I’m amazed at how many homes I show that are full of “stuff.” Starting in the kids’ rooms, there are usually shelves of soccer trophies, doll collections, posters hanging on walls….get rid of all of it. The kitchen is also a big offender….wicker baskets, pot racks full of odd shaped pots, photos and magnets on refrigerators, toasters, coffee pots, counters full of clutter. As difficult as it is, you MUST remove most of the appliances that sit on your counter, take down all the baskets that you have sitting above your cabinets, take all the pots off your rack and basically create “clean lines” in your kitchen. The buyer cannot feel claustrophobic when they enter your home. The family room is another key room to de-clutter. Take down 90% of your family photos, remove any extra furniture, remove oversized fake plants and fake flower arrangements that sit on your mantle or on your coffee table , put up all knick-knacks and magazines, put away extra blankets that you have scattered around and if you have rugs at every turn, put a few away. Too many throw rugs make an area look busy. Bookshelves can also be a huge distracter. If your shelves are loaded with books, trinkets, collections, etc. remove most of them. Balance book shelves so they are symmetrical. You don’t want the eye to go immediately to the book shelves when a buyer walks into the room. Now for the room that will probably be the hardest… the master bedroom. Ladies, if you have all your makeup, brushes, blow dryers, rollers, perfumes, toothbrushes and toothpaste, etc. sitting out PLEASE put them under the counters or in cabinets. Put out fresh towels and leave your counters looking like a 4-Seasons Hotel room.

Are you offended yet? Is this your house? It’s mine, but I’m not selling my home. The main objective is to let each room breathe. The best compliment I had recently after a seller properly de-cluttered her house, was from agents, who were touring her home, ask if the house was staged. My seller was so proud of herself…job accomplished! The house sold in one week.

Remember less is more and the objective is to get the highest dollar that the market can bear in the shortest amount of time. A good Realtor will walk you through each room and tell you lovingly what you need to get rid of or put up temporarily. Don’t be offended! Listen carefully and do exactly as she/he says. They are out there in the field, know exactly what buyers are looking for and they have your best interest at heart!

To view the original article, click here: http://noralane.realtytimes.com/advicefromagents1/item/26154-de-cluttering-your-home-is-a-must-before-selling

5 Reasons to Sell Your Home Now - OceanBlueRealEstate.com

Many now realize that it is a great time to buy a home. Today, we want to look at why it might also be an opportune time to sell your house. Here are the Top 5 Reasons we believe now may be a perfect time to put your house on the market.

1.) Demand Is High

The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed a 17.2 percent increase in sales over July 2012; sales have remained above year-ago levels for 25 months. There are buyers out there right now and they are serious about purchasing.

2.) Supply Is Beginning to Increase

Total housing inventory last month rose 5.6% to 2.28 million homes for sale. This represents a 5.1-month supply at the current sales pace, compared with 4.3 months in January. Many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months. Selling now while demand is high and before supply increases may garner you your best price.

3.) New Construction Is Coming Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.

4.) Interest Rates Are Rising

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year mortgage have shot up to 4.57% which represents a jump of more than a full point since the beginning of the year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will continue to climb.

Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) It’s Time to Move On with Your Life

Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of your situation by putting the house on the market today. The time may have come for you and your family to move on and start living the life you desire. That is what is truly important.

To view the original article, click here: http://www.kcmblog.com/2013/09/10/thinking-of-selling-your-house-5-reasons-to-do-it-now/

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