Wednesday, December 31, 2014
Tuesday, December 30, 2014
Housing Market Expectations for 2015( PR Web)
Housing Market Expectations For 2015
The Federal Savings bank shares housing market expectations for 2015.
slightly higher interest rates are a sign of a healthy economy, and they won't climb to intimidating percentages any time soon.
Chicago, Il (PRWEB) December 11, 2014
As 2014 comes to an end, The Federal Savings Bankknows that consumers are interested in knowing what to expect from the housing market next year. Will home prices rise? Will it be a good time to buy or sell?
According to a December 9th article by Fortune magazine, analysts are beginning to roll out their 2015 predictions, and many professionals think the same things: The number of first-time home buyers and millennials participating in the market will increase, mortgage rates will rise slightly and the foreclosure crisis will officially end, to name a few.
Realtor.com and Fortune are predicting the number of first-time home buyers will rise next year and move away from the low 33-percent participation rate uncovered by the National Association of Realtors for 2014. Historically, first-timers have accounted for 4 out of every 10 buyers, but that figure dropped following the housing crisis. High costs of living, unemployment, stagnant wages and educational debt all contributed to keeping first-time buyers out of the market.
However, many analysts believe first-time home buyers, particularly those in the millennial generation, will finally enter the market and start searching for homes. Realtor.com believes that millennials will make up two-thirds of new households in the next five years. Consumers in more affordable areas, such as in the Midwest and South, should expect to see the most first-time home buyer involvement.
Rates will rise but remain affordable
Current mortgage rates are at historic lows, and in 2015, they're likely to increase. The Federal Reserve had said it will begin to raise the federal funds rate in the future, which indirectly affects mortgage rates. The increase may come in 2015 or be put off until 2016, but when it happens, mortgage rates will follow.
Potential home buyers and those interested in refinancing shouldn't fear though. The Federal Savings bank reminds readers that slightly higher interest rates are a sign of a healthy economy, and they won't climb to intimidating percentages any time soon.
The end of massive foreclosure numbers
The number of foreclosure proceedings have fallen in the past couple of years, and Realtor.com thinks 2015 will be the year for the foreclosure crisis to officially end. Each region will be slightly different, but the nationwide trend will be back toward customary numbers.
"We are on pace for foreclosure inventories to end 2014 down more than 30 percent, and next year should see a slightly greater decrease as foreclosures fall to normal levels," said Realtor.com Chief Economist Jonathan Smoke.
Prospective buyers should contact the Federal Savings Bank, a veteran owned bank, to learn about low mortgage rates and the pre-approval process.
slightly higher interest rates are a sign of a healthy economy, and they won't climb to intimidating percentages any time soon.
Chicago, Il (PRWEB) December 11, 2014
As 2014 comes to an end, The Federal Savings Bankknows that consumers are interested in knowing what to expect from the housing market next year. Will home prices rise? Will it be a good time to buy or sell?
According to a December 9th article by Fortune magazine, analysts are beginning to roll out their 2015 predictions, and many professionals think the same things: The number of first-time home buyers and millennials participating in the market will increase, mortgage rates will rise slightly and the foreclosure crisis will officially end, to name a few.
Realtor.com and Fortune are predicting the number of first-time home buyers will rise next year and move away from the low 33-percent participation rate uncovered by the National Association of Realtors for 2014. Historically, first-timers have accounted for 4 out of every 10 buyers, but that figure dropped following the housing crisis. High costs of living, unemployment, stagnant wages and educational debt all contributed to keeping first-time buyers out of the market.
However, many analysts believe first-time home buyers, particularly those in the millennial generation, will finally enter the market and start searching for homes. Realtor.com believes that millennials will make up two-thirds of new households in the next five years. Consumers in more affordable areas, such as in the Midwest and South, should expect to see the most first-time home buyer involvement.
Rates will rise but remain affordable
Current mortgage rates are at historic lows, and in 2015, they're likely to increase. The Federal Reserve had said it will begin to raise the federal funds rate in the future, which indirectly affects mortgage rates. The increase may come in 2015 or be put off until 2016, but when it happens, mortgage rates will follow.
Potential home buyers and those interested in refinancing shouldn't fear though. The Federal Savings bank reminds readers that slightly higher interest rates are a sign of a healthy economy, and they won't climb to intimidating percentages any time soon.
The end of massive foreclosure numbers
The number of foreclosure proceedings have fallen in the past couple of years, and Realtor.com thinks 2015 will be the year for the foreclosure crisis to officially end. Each region will be slightly different, but the nationwide trend will be back toward customary numbers.
"We are on pace for foreclosure inventories to end 2014 down more than 30 percent, and next year should see a slightly greater decrease as foreclosures fall to normal levels," said Realtor.com Chief Economist Jonathan Smoke.
Prospective buyers should contact the Federal Savings Bank, a veteran owned bank, to learn about low mortgage rates and the pre-approval process.
Saturday, December 20, 2014
Pleased to Share This Information on Insurance Rates
A letter from Willo Kelly-
Insurance Rates Surprise
OBAR and OBHBA are pleased to report that NC Insurance Commissioner Wayne Goodwin Has Denied Insurance Companies' Request to Raise Homeowners Rates - Outer Banks' Territory Rates Going Down up to 9% Effective June 1, 2015!
RALEIGH -- Insurance Commissioner Wayne Goodwin has ordered a zero percent statewide overall average change in homeowners insurance rates, effective June 1, 2015. The ordered rates vary by geographic territory and type of insurance. On average, homeowners insurance rates are to decrease by 0.3 percent, renter's insurance rates are to increase by 11.2 percent, and condo owner's insurance rates are to increase by 8.1 percent.
The decision comes after Goodwin held a hearing to examine the insurance companies' request to raise overall average rates by 25.6 percent. During the hearing, experts from the N.C. Rate Bureau, on behalf of the insurance companies, and experts from the N.C. Department of Insurance, representing the interests of the public, presented their cases for and against the rate hikes. It was the first hearing on homeowners insurance rates since 1992.
"The rates I have ordered are the result of the most thorough inspection of North Carolina homeowners insurance rates in more than 20 years," said Goodwin. "After considering all of the evidence and data available, I have determined that no factors or events justified the excessive rates requested by the insurance companies."
Effective June 1, 2015, rates for the barrier island portions of Currituck, Dare and Hyde Counties will go down 9%, a savings of about $223 for $150,000 of coverage; rates for the mainland areas of Currituck, Dare, Hyde and Pamlico Counties will do down 8.9%, a savings of $189 for $150,000 of coverage. The NC Rate Bureau had requested a 35% increase for barrier island territories and a 10% increase for inland northeastern coastal territories.
For a full breakdown of statewide rate changes click on the links below.
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Happy Early Holidays!!
Willo
Happy Early Holidays!!
Willo
Willo Kelly
Government Affairs
Outer Banks Home Builders Association
Outer Banks Association of REALTORS®
willokelly@gmail.com
(252) 202-7927
Government Affairs
Outer Banks Home Builders Association
Outer Banks Association of REALTORS®
willokelly@gmail.com
(252) 202-7927
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