US Existing Home Sales Hit 10 Year High

U.S. home resales rose more than expected in March to the highest level in more than a decade, The National Association of Realtors (NAR) announced on Friday. Existing home sales climbed 4.4 percent for the month, while economists were expecting a smaller increase of 2.5 percent, according to Thomson Reuters consensus estimates.

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Sales have now increased to a seasonally adjusted annual rate of 5.71 million units as of last month, the NAR said. This is the highest level the gauge has seen since February 2007.

While the number of homes on the market rose 5.8 percent to 1.83 million units last month, housing inventory was down 6.6 percent from one year ago, implying that demand is outweighing supply.

Properties typically remained on the market for 34 days in March, compared to 45 days in February, the NAR added.

shutterstock_71006383“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,” Lawrence Yun, a chief economist for the industry group, said in a statement. “Sales will go up as long as inventory does.”

U.S. home resales fell more than expected in February amid a shortage of houses on the market, which pushed prices up and sidelined potential buyers. The NAR reported February existing home sales declined 3.7 percent, missing analysts’ estimates, to a seasonally adjusted annual rate of 5.48 million units.

Prior to that data being released, January’s sales pace remained unchanged at 5.69 million units.

The NAR’s existing home sales data measures sales and prices of existing single-family homes for the nation overall, providing breakdowns for the West, Midwest, South and Northeast regions of the U.S. These figures also include condos and co-ops.

Originally published here:  CNBC

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Here is a collection of places you can buy bitcoin online right now.

5 Most Hyper-Competitive Property Markets In The US

Experts continue to predict spring will see the hottest housing market in recent memory, and housing data from March seems to further confirm that prediction. Redfin, a national real estate brokerage, recently reported a sharp increase in home prices and indicated that 2017 remains the fastest housing market on record.

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In fact, the market is so fast that the report showed homes were typically under contract within eight days in markets such as Denver and Seattle. Even in the next fastest markets, Oakland and San Jose, California, homes flew off the market in just 13 and 14 days respectively.

The report also outlined the most competitive markets in March by measuring the number of homes sold above asking price. So, without further ado, here are March’s most competitive housing markets:

5. Tacoma, Washington

Homes sold above asking price: 44.4%

Because who wouldn’t want to live in a city with the view Tacoma has? The name Tacoma stems from the Indian name for Mount Rainier, Tacobet, meaning “mother of the waters.”

Washington

4. Seattle, Washington

Homes sold above asking price: 56.6%

But that might be expected given the amount of time it’s had to establish itself. The city of Seattle has been inhabited for more than 4,000 years.

Washington

3. Oakland, California

Homes sold above asking price: 65.9%

It may not compare to other cities population-wise, but this city is well equipped to handle growth. Oakland is the seventh largest city in California at 54 square miles, compared to San Francisco’s seven square miles.

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2. San Francisco, California

Homes sold above asking price: 66.7%

But hey, if you’re looking for a sure return on investment — you may have found it. During the Great Depression, not a single San Francisco-based bank failed.

Bay area

1. San Jose, California

Homes sold above asking price: 69.6%

Of course the most competitive market is at the heart of Silicon Valley. And San Jose does have time on its side. San Jose is thought to be California’s oldest settlement, founded in 1777 as a farming community.

San Jose

Originally published here:  HousingWire

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Ben Carson Breaks Silence On $6.2B HUD Cut (What you need to know)

Ben Carson, secretary of the U.S. Department of Housing and Urban Development, recently made the third stop in his listening tour: Florida.Carson began his tour in his hometown of Detroit and then proceeded to visit the Dallas/Ft. Worth area. While in Dallas, Carson both spoke of his vision for HUD and listened to local community leaders about their programs.Screen Shot 2017-02-03 at 9.00.45 AM

After he arrived in Florida, Twitter blew up when the secretary found himself stuck in an elevator for 20 minutes while visiting public housing in the area.

However, Carson did, in fact, do more than sit in an elevator during his time in Florida. While in Miami, he toured an apartment complex that one of his hosts said would not exist without one of the programs that would be eliminated in President Donald Trump’s proposed budget cut: the HOME fund, according to an article by Douglas Hanks for the Miami Herald.

From the article:

“This building wouldn’t have come to fruition without the HOME fund,” Stephanie Berman, president of Carrfour Supportive Housing, said a few steps from Carson during his tour of one of the charity’s Miami properties, the Villa Aurora apartments.

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In Trump’s propsed budget, HUD’s funding would be slashed by 13%, or $6.2 billion, and would include the elimination of the $950 million HOME program.

While Carson previously sent out a statement supporting Trump’s proposed budget and its cut for the agency Carson heads, he cautioned in Miami against reading too much into the proposed budget cuts.

From the article:

“If you look at various budget stories, it says we’re going to eliminate HOME, we’re going to eliminate CDBG, this, that and the other,” Carson said, naming two HUD programs listed as being eliminated in Trump’s official budget proposal.

“What you need to concentrate on is: The parts of these programs that are functioning well — and that are maintaining people — are going to be preserved,” Carson said during a press conference at Hialeah’s Hoffman Gardens low-income townhouse development. “There may be a different nomenclature. We may not call it the same thing …We are clearly going to maintain these programs that are going very well.”

Originally published here:  HousingWire

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The Most Expensive Zip Code In Each State (See the Full List Here)

Peaceful neighborhoods, gated communities, top-notch schools and big, beautiful homes — living in one of the best zip codes in America obviously has its perks. Not to mention, the most desirable neighborhoods also tend to have some of the most valuable homes and properties in the nation. But, exactly how valuable are these homes?

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Investor Flips Trump’s Childhood Home For $750k Profit

Michael Davis made a 50% profit on the $2.14 million sale after buying the home in December. Read all the details below…

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A real estate investor has flipped President Donald Trump’s childhood home in Queens, New York, for a 50% profit, banking nearly $750,000 over what he paid for it. Five days before Inauguration Day, investor Michael Davis sold at auction the brick tudor home where Mr. Trump first lived. The sale officially closed just last week for $2.14 million, auctioneer Paramount Realty USA announced on Monday.

Davis snapped up the home in December for $1.39 million, following Trump’s surprising victory in the U.S. presidential election in hopes that he could flip it at auction for a profit. He succeeded and made 53% over what he paid—though less than what some real estate professionals had predicted in November, in the wake of Election Day. The most recent available property records for the home do not yet show who the buyer was.

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Trump’s father built the five-bedroom house on Wareham Place, in the upper-middle-class neighborhood of Jamaica Estates, Queens, in 1940. The home is listed as the president’s address on his birth certificate. The family lived there until Trump was 4-years-old, when they moved to a grander brick property on a nearby street also in Jamaica Estates. The value of the property has bounced around significantly in response to the U.S. presidential election.

Former owners Isaac and Claudia Kestenberg first listed the house in July, asking $1.65 million, but dropped the price when it didn’t sell and eventually decided to take the property to auction with an opening bid of just $849,000.

The most recent sale puts the current value at more than one-and-a-half times that opening bid, a stunning appreciation in less than a year. “This property is so much more than just real estate; it’s the childhood home of the 45th President of the United States, and it’s a part of history,” said Misha Haghani, principal of Paramount Realty USA, said in a statement Monday.

“That intangible value makes it a perfect example of why special properties are appropriately sold by auction, just like art is. As they say, beauty is truly in the eyes of the beholder.”

Originally published here:  Marketwatch

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