August 2014 – Flat Fee Legal Protection

KC Area sees home sales decline slightly, but prices rise

Sales of new and existing homes was down 1% from July 2013.? Existing home sales fell 1% but new home sales were up 2% from 1 year ago.? The average …

Foreclosure activity in Kansas and Missouri dropped sharply in July 2014 compared to a year ago. 507 properties in Kansas were facing default notices, scheduled auction and bank repossessions last month. That was down 30.2 % from July 2013. However, compared to June 2013 foreclosure actions were up 24% statewide. In Missouri 736 properties were scheduled for foreclosure down 48% on an annual basis from July 2013 and down 22% from June 2013. Nationwide 109,434 properties were in some stage of the foreclosure process in July 2014, and 2% increase from July 2014. Depspite the rise, foreclosure activity was 16 % below a year ago. It was the 46th consecutive month in which activity declined on an annual basis.

The non-traded REIT sector has experienced a flurry of liquidity events of late and that activity shows no signs of slowing. There seems to be a ?perfect storm? going on in the non-traded REIT industry that is driving the trend, says Kevin Hogan, CEO of the Investment Program Association (IPA), an investor advocacy group. Many non-traded REITs are maturing at a time when property fundamentals are improving and there is an abundance of capital in the market.

Mortgage refinancing is slowing – The mortgage Bankers Association’s index decreased 2.7% in the period ending August 8th, 2014.

June job postings highest in 13 years. According to today’s KC Star, more job openings were posted in June 2014 than any month since February 2001.

Housing momentum slows in second quarter of 2014- according to todays KC Star home price gains moderated in most of the second quarter of 2014 with appreciation reaching its slowest pace since 2012 as more houses came to market. The median price of an existing house rose 71 percent of the 173 major markets, down from 74 percent in the first quarter.

According to today’s KC Star Average long-term mortgage rates rose slightly this week but remained near their lows for the year. Mortgage company Freddie Mac said the nationwide average for a 30 year loan increase to 4.14% from 4.12 last week. The average for the 15 year mortgage rose to 3.27 from 3.23 last week. Mortgage rates are below levels of a year ago. They have fallen in recent weeks after climbing last summer when the Federal Reserve began talking about about reducing the monthly bond purchases it was making to keep long-term borrowing rates low.

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According to KC Star 8/6/2014 U.S. home prices rose in June 2014 by the smallest year over year amount in 20 months, slowed by modest sales and more properties coming on the market. Data provider Core-Logic said prices rose 7.5% in June compared with 12 months earlier. That’s a solid gain but less than 8.3% year over year increase in May and a recent year to year peak of 11.9% in February. Month to month, June prices rose just 1.4% in May. But CoreLogic’s monthly figures are not adjusted for seasonal patterns, such as warmer spring weather. The slowing price gains should make buying a house more affordable. Prices had risen sharply last year, along with mortgage rates.

Month: August 2014