KENNETH BARGERS BLOG

Realtor, Tennis Player, Titans & Vols Fan, Nashvillan

The Latest Housing Affordability Index Data

leave a comment »

The Latest Housing Affordability Index Data
National Association of REALTORS® – Economists’ Outlook Blog
Michael Hyman, Research Assistant | September 15, 2014

REALTORlogoAt the national level, housing affordability is down for the month of July and from a year ago, due to home prices that continue to rise faster than incomes. Despite those factors, slower-paced price growth and the second lowest mortgage rates of the year are good for a change in affordability.

  • Housing affordability is down for the month of July, as the median price for a single family home in the US may have met its seasonal peak.
  • The median single-family home price is $223,900, up 5.1 % from July 2013 as year-over-year price gains are currently slowing down. Mortgage rates are up 12 basis points (one percentage point equals 100 basis points) from last year. Nationally, affordability is down from 160.7 in July 2013 to 153.8 in July 2014.
  • Affordability is down slightly from one month ago in all regions except the Midwest. The Midwest was the only region to experience a slight gain in affordability due to lower home prices and qualifying incomes. From one year ago, affordability is down in all regions. The West saw the biggest decline in affordability at 4.6 %, with the other regions are not far behind.
  • The rise in mortgage rates was modest this month, so purchases at this time are still favorable when you compare the locked-in monthly payment of a mortgage to the rise in rents. New home construction and an increase in inventory during a time of low rates could lead to more manageable price growth and more sales.
  • The FHA has agreed to eliminate the pre-payment penalties, a positive change for borrowers that pay off their mortgage, starting in 2015.

What does housing affordability look like in your market? View the full data release here.

The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principle and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

Source: NAR, Economists’ Outlook Blog 091514

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
Subscribe NEWSLETTER: EMAIL ME your name/email address to receive In The News

let’s connect…

pinterest-logoyelp-logoabout-me-logogoogle-plus-logowordpress-logotwitter-logolinkedin-logofacebook-logo

 

 

Economist Calls for National Policy to Reinforce Home Ownership

leave a comment »

Economist Calls for National Policy to Reinforce Home Ownership
Daily Real Estate News | September 15, 2014

In a recent column for HousingWire, Jonathan Smoke, chief economist at realtor.com®, breaks down the good and the bad of the housing recovery. He notes certain areas are close to a complete recovery, such as employment, home prices, distressed existing home sales, multifamily new construction, and rents. On the other hand, Smoke says the recovery is far from normal levels in terms of single-family new-home construction, mortgage applications and originations, household formation, and home ownership.

“The most negative sales signal comes from the new-home market, where new-home sales came in at an estimated annualized rate of 412,000 in July, the second lowest rate in the last 10 months,” Smoke notes. New-home permits and starts have failed to reach a pace that economists consider healthy for the sector, which is generally above one million.

Smoke points to another troubling area: Mortgage applications, which fell to the lowest level in 14 years at the beginning of September. Mortgage applications remain low despite the fact that rates are hovering near yearly lows.

“Mortgage applications are considered a leading indicator for future home sales, but I believe the decline is not so much a signal of another downturn in demand but rather an indication of a seriously hobbled housing credit market,” Smoke writes. He says many buyers are being sidelined due to a very “small credit box,” where only consumers with easily documented incomes, strong credit scores, and large down payments are able to qualify for financing on a home.

Another housing hurdle Smoke notes is the abnormal levels of supply and demand. “Affordable homes aimed at the first-time buyer segment are not being built,” he says. “Hedge funds bought up most of the affordable distress inventory over the last three years and have turned them into rentals. Home values have recovered the least in affordable price points, resulting in higher numbers of existing owners with negative equity and therefore unable to sell.”

Smoke says that the continuing declines in areas of home ownership will portend to bigger problems ahead for the overall economy.

“Without a strong housing policy, the mortgage market is incapable of adequately addressing risk-appropriate access to credit that supports home ownership,” Smoke writes. “Fundamentally, we need new directions for national housing policy to address the broken credit market, find solutions for affordability housing across all income levels, reinforce home ownership as the cornerstone of financial security, and fulfill the housing needs of older households.”

Source: “Economist: Here’s Why Mortgage Supply and Demand Isn’t Normal,” HousingWire (Sept. 12, 2014); REALTOR® Magazine Online, Daily Real Estate Magazine 091514

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
Subscribe NEWSLETTER: EMAIL ME your name/email address to receive In The News

let’s connect…

pinterest-logoyelp-logoabout-me-logogoogle-plus-logowordpress-logotwitter-logolinkedin-logofacebook-logo

 

 

Greater Nashville Homes Sales Remain Active and Healthy

leave a comment »

Greater Nashville Homes Sales Remain Active and Healthy
Press Release by Greater Nashville Association of REALTORS®

GNAR-225x100NASHVILLE, Tenn. (Sept. 8, 2014) – There were 3,226 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 4.6 percent increase over the 3,084 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area have increased 3.4 percent. There were 21,820 closings, compared with 21,094 closings reported through August of last year.

“Home sales during August increased 4.6 percent over last year. And, the total number of closings during the month exceeded 3,000,” said GNAR President Hagan Stone. “These numbers are a strong indication that the Greater Nashville market continues to demonstrate an important characteristic – sustainability. With pending home sales up more than 3,000, we hope the market will remain active and healthy in the coming months.

“In addition, an important part of sales growth is job growth. Just last week, both AIG and Warby Parker made announcements that will add a total of 450 new jobs in the area. The continuation of excellent visibility and positive economic news for Greater Nashville will attract more people to the area and build confidence in the whole community.”

There were 3,062 sales pending at the end of August, compared with 2,888 pending sales at this time last year. The average number of days on the market for a single-family home was 65 days.

The median residential price for a single-family home during August was $219,000, and for a condominium it was $169,000. This compares with last year’s median residential and condominium prices of $194,000 and $167,834, respectively.

Inventory at the end of August was 15,477, down slightly from 16,250 in August 2013.

“Both condominium and single-family median prices continue to rise and days on market continue to drop,” added Stone. “Inventory is continuing to decrease, which is the case in all categories this month. Now is certainly a good time to consider selling your home. There is demand from buyers for well-prepared and properly priced properties.”

The Greater Nashville Association of REALTORS(R) is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR(R) is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors(R) and subscribe to its strict code of ethics.

Source: GNAR Press Release 090814

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
Subscribe NEWSLETTER: EMAIL ME your name/email address to receive In The News

let’s connect…

pinterest-logoyelp-logoabout-me-logogoogle-plus-logowordpress-logotwitter-logolinkedin-logofacebook-logo

 

 

Mortgage Rates Hold at Yearly Low This Week

leave a comment »

Mortgage Rates Hold at Yearly Low This Week

FreddieMac-LogoAugust 29, 2014… The 30-year fixed-rate mortgage is heading into the holiday weekend at its yearly low, giving home shoppers and home owners another opportunity to snag the lowest rate of the year, Freddie Mac reports in its weekly mortgage market survey.

“Mortgage rates were little changed following mixed housing news,” says Frank Nothaft, Freddie Mac’s chief economist. “Existing-home sales rose for the fourth consecutive month to an annualized pace of 5.15 million, the highest of the year. On the other hand, new-home sales fell for the third consecutive month to an annualized rate of 412,000 units.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 28:

  • 30-year fixed-rate mortgages: averaged 4.10 percent, with an average 0.5 point, holding the same as last week’s new low for 2014. A year ago at this time, 30-year rates averaged 4.51 percent.
  • 15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.6 point, rising from last week’s 3.23 percent average. Last year at this time, 15-year rates averaged 3.54 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.97 percent, with an average 0.5 point, rising from last week’s 2.95 percent average. Last year at this time, 5-year ARMs averaged 3.24 percent.
  • 1-year ARMs: averaged 2.39 percent, with an average 0.5 point, rising from last week’s 2.38 percent average. A year ago, 1-year ARMs averaged 2.64 percent.

Source: Freddie Mac; REALTOR Magazine Online, Daily Real Estate News 082914

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
Subscribe NEWSLETTER: EMAIL ME your name/email address to receive In The News

let’s connect…

pinterest-logoyelp-logoabout-me-logogoogle-plus-logowordpress-logotwitter-logolinkedin-logofacebook-logo

 

 

Pending Home Sales Up in Nearly All Regions

leave a comment »

Pending Home Sales Up in Nearly All Regions
Daily Real Estate News | August 28, 2014

REALTORlogoPending home sales mostly increased across the country during the month of July, with all regions except for the Midwest experiencing contract signing gains.

The National Association of REALTORS®’ Pending Home Sales Index, which is based on pending sales of existing homes, hit 105.9 in July, up from 102.5 in June. This marks the third consecutive month that the index is above 100, a score that is considered to be the average level of contract activity.

Regionally, the Northeast saw the biggest gains in pending home sales, with a 6.2 percent jump from 83 in June to 89.2 in July. The South experienced a 4.2 percent increase to an index of 119, while the West’s index rose 4 percent to 99.5 in July.

The Midwest – the only region that did not post gains in pending home sales last month – experienced a slight decline, falling 0.4 percent to 99.5.

The overall increase in pending home sales can be contributed to favorable housing conditions, according to NAR Chief Economist Lawrence Yun.

Yun cited lower interest rates, moderate price growth, and an increase in housing inventory as reasons for the PHSI’s climb.

“The increase in the number of new and existing homes for sale is creating less competition,” Yun said, “and is giving prospective buyers more time to review their options before submitting an offer.”

The improvement of the job market is also helping family finances and giving more people confidence to enter the housing market, Yun said.

Despite the increase in the PHSI, housing sales in 2014 are still below 2013 levels. Yun said he expects existing-home sales to be down 2.1 percent this year, falling from 5.09 million sales of existing homes in 2013 to approximately 4.98 million sales in 2014.

Source: NAR; REALTOR Magazine Online, Daily Real Estate News 082814

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
Subscribe NEWSLETTER: EMAIL ME your name/email address to receive In The News

let’s connect…

pinterest-logoyelp-logoabout-me-logogoogle-plus-logowordpress-logotwitter-logolinkedin-logofacebook-logo

 

 

MarketGraphics Releases July 2014 New Home Permit Reports for Greater Nashville

leave a comment »

The Greater Nashville Area (12-County) New Home Permit Reports for July 2014
Courtesy of MarketGraphics Research Group | August 21, 2014

MarketGraphics Research, located in Franklin, Tennessee, releases July’s New Home Permit Reports for the 12-county Greater Nashville area: County/Builder/Subdivision New Home Permit Report, Permits by County New Home Permit Report, Top 50 Builders New Home Permit Report

MarketGraphicsJuly2014

Source: Paula Charles | MarketGraphics Research Group, Inc.
(615) 371-2282 | paula@mgresearch.net | http://www.mgresearch.net

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
Subscribe NEWSLETTER: EMAIL ME your name/email address to receive In The News

let’s connect…

pinterest-logoyelp-logoabout-me-logogoogle-plus-logowordpress-logotwitter-logolinkedin-logofacebook-logo

 

 

Franklin Wine Festival’s Silent Auction Benefits Big Brothers Big Sisters

leave a comment »

NewsletterWebHeader

F R A N K L I N   W I N E   F E S T I V A L
OCTOBER 17, 2014 | THE FACTORY AT FRANKLIN

Please join me in supporting Big Brothers Big Sisters of Middle Tennessee!

I am proud to once again be a member of Franklin Wine Festival’s Silent and Live Auction Committee benefiting young Tennesseans of the Big Brothers Big Sisters of Middle Tennessee (BBBS). We are now in full swing for the upcoming event and need your support and donations as we collect items for this important fundraising auction.

2014-FWF-Committee-LogoDESCRIPTION  Middle Tennessee’s premier celebration of wine and food, the 10th annual Franklin Wine Festival, presented by Cool Springs Wines & Spirits and supported by Nissan. Extensive offerings by Middle Tennessee’s finest chefs from 35 area restaurants and caterers – 300 selected wines from around the world – live entertainment – silent auction – live auction.

PURPOSE  Funds raised by this event are used to conduct background checks on volunteers to ensure child safety; provide ongoing support for children, families and volunteers to build and sustain long-lasting relationships. BBBS programs introduce children to new opportunities for the future, positively impacting our children and the community. Last year’s event benefited 160 children.

LINKS

I truly appreciate your consideration in supporting the Big Brothers Big Sisters of Middle Tennessee. Please feel free to give me a call or drop me a line with any questions or concerns.  All the best – Kenneth

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
Subscribe NEWSLETTER: EMAIL ME your name/email address to receive In The News

let’s connect…

pinterest-logoyelp-logoabout-me-logogoogle-plus-logowordpress-logotwitter-logolinkedin-logofacebook-logo

 

 

The Travelling Pantry

Adventerous, Honest and Wholesome

The top 10 of Anything and Everything!!!

The top 10 of just about anything everything, from cakes to cats and dogs to caravans. Always a laugh, always worth seeing.

meganelizabethmorales

You're insane? We're all insane! Bwahahahaha!

William the butler

Serving drinks since 1985

lauraagudelo272

This WordPress.com site is the bee's knees

Plutonium™ Paint

Ultra Supreme Professional Grade Aerosol Paint

Levi's Daily Thoughts

For I know that my Redeemer lives Job 19:25

Covered in Beer

by Thomas Cochran. Just another idiot on the Internet...Great.

The Girl in the Little Black Dress

Natalie. 17. Fashion Blogger.

Post it Notes from my Idiot Boss

delivered directly to my computer monitor on an all too regular basis...

Late Blooming Entrepreneurs

Making it big in business after age 40

timscribbles.com

automotive culture

NFL.com Blogs

Official Blog of the National Football League

A Certain Slant of Light Photography

... the landscape listens, shadows hold their breath

Jim Caffrey Images Photo Blog

nature photography from the ground up

hocuspocus13

Magickal Arts

A Good Blog is Hard to Find

I will shatter a word and scatter the contents into the wind to share it with the world.

Grow up proper

A raw view on life

Latest Offerings

A fine WordPress.com site

Welcome to the world of NECCO!

News, crafts, recipes and more from the New England Confectionery Company (NECCO).

joeseeberblog

This WordPress.com site is the cat’s pajamas

adoptingjames

Read our Mission. Find out how you can help us adopt James.

topmortgagebanker

His mission is to serve his clients with honesty, integrity and competence.

Sykose Extreme Sports News

Sykose.Live.Extreme

jennifermblog

Sutton Group Professional Realty

SFoxWriting's Blog

Number 1 Blog From Top Poet

Ray Ferrer - Emotion on Canvas

** OFFICIAL Site of Artist Ray Ferrer **

Project Light to Life

A bucket list blog: exploring happiness, growth, and the world.

Wawang Lake Resort

Welcome to our fishing & outdoor BLOG

Don Charisma

because anything is possible with Charisma

Gabriel Lucatero Official Website

Stories of a hard-working waiter

Cheeni Thoughts

a lifestyle blog!

Kendall F. Person, thepublicblogger

where writing is a performance art and every post is a show

celticillumination

An evolving commentary on the double top secret world of candle making

juliansherman

Just another WordPress.com site

MommieDiaries

Enter at your own risk

Drew Iaconis

Everything on Mindset, Affiliate Marketing & Blogging

Technology, Marketing, Traffic, Humor and anything else I might find interesting!

My Amazing Self!

the power behind you

Discovering Ministry

A Ministry Journal

Follow

Get every new post delivered to your Inbox.

Join 1,359 other followers