connie vallone

March Housing Madness: Leading Markets Index Shows 59 Metros at or above Normal

In Buying a new home, Home Buying, Home buying in West Houston, Home Values, Houston Real Estate, Relocate to Houston, Relocate to Texas on April 21, 2015 at 11:27 am

Markets in 59 out of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released recently.

This represents a net gain of one from the previous month.

The index’s nationwide score held steady at .87. This means that based on current permits, prices and employment data, the nationwide average is running at 87 percent of normal economic and housing activity. Meanwhile, 32 percent of metro areas saw their score rise this month and 84 percent have shown an improvement over the past year.

“Despite the cold weather that has constrained economic and housing activity across much of the nation this winter, markets are returning to normal levels,” says NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “As the job and housing markets continue to mend and the onset of spring releases the pent-up demand for new homes, this will bode well for the remainder of 2014.”

“The strong energy sector is at the forefront of the recovery and centered in many small and mid-sized markets in Texas, Louisiana, North Dakota and Wyoming,” says NAHB Chief Economist David Crowe. “In fact, these four states account for eight of the top 10 markets on the LMI and 45 percent of the markets that are at or above normal.”

“The number of markets on this month’s LMI at or above 90 percent of previous norms has climbed to 130 – a positive trend to watch as the year progresses,” says Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., which co-sponsors the LMI report. Baton Rouge, La., tops the list of major metros on the LMI, with a score of 1.41 – or 41 percent better than its last normal market level. Other major metros at the top of the list include Honolulu, Oklahoma City, Austin and Houston, Texas, as well as Harrisburg, Pa. and Pittsburgh – all of whose LMI scores indicate that their market activity now exceeds previous norms.

Looking at smaller metros, both Odessa and Midland, Texas, boast LMI scores of 2.0 or better, meaning that their markets are now at double their strength prior to the recession. Also at the top of the list of smaller metros are Casper, Wyo.; Bismarck, N.D.; and Grand Forks, N.D., respectively.

The LMI shifts the focus from identifying markets that have recently begun to recover, which was the aim of a previous gauge known as the Improving Markets Index, to identifying those areas that are now approaching and exceeding their previous normal levels of economic and housing activity. More than 350 metro areas are scored by taking their average permit, price and employment levels for the past 12 months and dividing each by their annual average over the last period of normal growth. For single-family permits and home prices, 2000-2003 is used as the last normal period, and for employment, 2007 is the base comparison. The three components are then averaged to provide an overall score for each market; a national score is calculated based on national measures of the three metrics. An index value above one indicates that a market has advanced beyond its previous normal level of economic activity.

For historical information and charts, visit nahb.org/lmi.
Reprinted with permission from RISMedia. ©2015. All rights reserved.

www.HoustonEnergyCorridorHomes.com or www.vallonehomes.com

 

NEW LISTING! 6109 Gehring, Houston, TX 77021 – MLS# 25423245

In Buying a new home, Home Buying, Home buying in West Houston, Houston Real Estate, Relocate to Houston, Relocate to Texas, Texas, West Houston Real Estate, West Houston REALTOR Connie Vallone on March 5, 2015 at 11:21 am

NEW LISTING! 6109 Gehring, Houston, TX 77021 – MLS# 25423245

6109 GehringBeautiful Contemporary Townhouse in a Fantastic Location near Medical Center and walking distance to Hermann Park Golf Course. Light and bright open living area and kitchen with wide planked wood floors, soaring ceilings, chef’s kitchen with upgraded maple cabinets, Stainless Steel appliances and 2nd floor balcony. 2 bedrooms or bedroom + study downstairs, full bath, laundry area and a nice shady patio to relax. Retreat to your huge master suite with fully remodeled bathroom with Japanese style shower/soaker tub. One more extra room perfect for study or nursery.

HAR Link:  http://search.har.com/engine/6109-Gehring-Houston-TX-77021_HAR25423245.htm

If you are interested in buying or selling real estate in West Houston, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com .

Good News for Housing: Consumers Show Positive Financial Attitude

In Home Buying, Home Loan Financing, Home Value Reports, Home Values on February 27, 2015 at 11:37 am

Good News for Housing: Consumers Show Positive Financial Attitude

 
Consumer optimism toward the housing market gained some momentum last month following a dip in December, likely getting a boost from their increasingly positive financial outlook, according to results from Fannie Mae’s January 2015 National Housing Survey™.

The share of respondents who says their household income is significantly higher than it was 12 months ago rose 4 percentage points to 29 percent, and the share expecting their personal financial situation to improve over the next year increased to 48 percent – both all-time survey highs.

After dropping in December, the share who says it is a good time to buy a home increased 3 percentage points to 67 percent, and the share saying they would buy rather than rent if they were to move jumped 5 percentage points to 66 percent, marking the first increase since September 2014.

“Consumers are as positive about their personal finances at the start of 2015 as they have been since we launched the National Housing Survey in 2010, and this optimism seems to be spilling over into housing market attitudes,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “Consumers are more optimistic about the environment both for buying and for selling a home today, and the share who plan to own on their next move has jumped back up, reversing a three-month trend toward renting. These results are in line with lender optimism about future growth in their mortgage origination business, as shown in our Mortgage Lender Sentiment Survey™. Overall, these are good signs to start off 2015 and are consistent with our expectation that strengthening employment and economic activity will boost the speed of the housing recovery.”

Homeownership and Renting

  • The average 12-month home price change expectation rose to 2.5 percent.
  • The share of respondents who say home prices will go up in the next 12 months rose to 49 percent. The share who say home prices will go down remained constant at 8 percent.
  • The share of respondents who say mortgage rates will go up in the next 12 months decreased by 3 percentage points to 45 percent.
  • Those who say it is a good time to buy a house increased to 67 percent. Those who say it is a good time to sell increased to 44 percent—tying an all-time survey high.
  • The average 12-month rental price change expectation decreased to 3.6 percent.
  • The percentage of respondents who expect home rental prices to go up in the next 12 months fell slightly to 52 percent.
  • The share of respondents who think it would be easy to get a home mortgage today fell to 50 percent, while the share saying it would be difficult to get a mortgage rose 3 percentage points to 47 percent.
  • The share who say they would buy if they were going to move rose to 66 percent, while the share who would rent decreased 5 percentage points to 29 percent.

The Economy and Household Finances

  • The share of respondents who say the economy is on the right track increased by 3 percentage points to 44 percent.
  • The percentage of respondents who expect their personal financial situation to get better over the next 12 months increased to 48 percent—an all-time survey high.
  • The share of respondents who say their household income is significantly higher than it was 12 months ago rose 4 percentage points to 29 percent—an all-time survey high.
  • The share of respondents who say their household expenses are significantly higher than they were 12 months increased to 35 percent.

 

For more information, visit http://www.fanniemae.com/progress.

By Katie Penote

Connie Vallone  First Market Realty in Houston Texas  713 249 4177 – www.houstonenergycorridorhomes.com

Reprinted with permission from RISMedia. ©2015. All rights reserved.

Follow

Get every new post delivered to your Inbox.

Join 559 other followers