Top News Of The Week | Real Estate Today Radio

- Foreclosures Rise
- Americans Still Want To Own Homes
- Signs Of Sustained Recovery
- Realogy To Go Public
- FHA Bulk Sales To Curb Foreclosure
- Home Building Picks Up In May
- Landlords See Higher Demand
- Buyers Finding It Tough
- Echo Boomers To Get In On Real Estate

Foreclosures Rise

Over the past few months, economists have been concerned that another wave of foreclosures might be on the horizon and we may be seeing signs of that wave making landfall.

RealtyTrac and CNN money report that Foreclosure filings, including default notices, scheduled auctions, and bank repossessions, climbed 9 percent in May from the previous month.

However, there is light at the end of the tunnel. Here?s what RealtyTrac Vice President Darren Blomquist had to say to ABC News.

Blomquist went on to say that the number of short sales continues to grow, which could help lessen the impact on overall home values that we saw previously. RealtryTrac CEO Brandon Moore says that the higher percentage of foreclosure starts in May will likely end up as short sales or auction sales rather than bank repossessions.

Americans Still Want To Own Homes

According to a new poll of non-home owners aged 22 to 50 conducted by Integra Realty Resources, 75 percent of Americans still aspire to own a home and consider home ownership a major life goal.

Businesswire and Marketwatch report that non-home owners under the age of 30 are even more positive about home ownership than older buyers with 47 percent of respondents under THIRTY saying that owning a home is very important to them.

Jeffrey Rogers, president of IRR said that the American dream of home ownership clearly lives on, however there are more hurdles to overcome now with many of those surveyed saying that say they face increased job insecurity and are struggling to come up with the financing needed to buy a home.

Signs Of Sustained Recovery

We?ve been reporting to you for a while about the continuing housing recovery, but now other related industries like home building are also feeling the benefit.

According to an article from the Associated Press on Buffalo News.com, home builders and real estate professionals were seeing a growing number of prospective buyers showing up at open houses and curious about current house listings during the Spring.

We?ve also seen inventory fall dramatically, clearing out the backlog of homes. Builder Jim Chapman told the AP that he has already signed sales contracts on 42 homes in the Atlanta area this year after signing just 25 for all of 2011, saying that people have waited long enough and are ready to buy.

Realogy To Go Public

An article at Inman News reports that Realogy Corp., which operates such real estate brands as Century 21 and Coldwell Banker, plans to go public soon.

The company is planning to raise up to one billion dollars in new stock shares, but according to the Associated Press, parent company Domus Holdings has not yet released the price or quantity of shares it plans to put up in its initial public offering.

But why now? The company points to the recovery taking hold in the housing market as a reason for optimism in the coming months stating in a regulatory finding that they believe their business is well positioned to benefit from a sustained recovery in the residential real estate market as a result of the substantial brand equity of their portfolio of brokerage brands.

FHA Bulk Sales To Curb Foreclosure

The New York Times reports that The Federal Housing Administration will begin selling off distressed mortgages in bulk, its plan being to help prevent foreclosures for thousands of home owners. Beginning in September, FHA says it hopes to sell five thousand mortgages each quarter.

This move, it is hoped, will also keep home families in their homes. Housing Secretary Shaun Donovan says there may be a greater opportunity for investors to buy troubled loans and either reduce the principal on the loans or offer rent-to-own plans, thereby keeping more owners in their homes.

Home Building Picks Up In May

Groundbreaking in May for single family homes reached its highest level since December, the Commerce Department and Bloomberg have reported.

Another example that the housing recovery is well underway, single-family construction is now up 26 percent from the levels of a year ago.

However, after a few months of sustained growth, the multi-family market slid back in May, which pulled overall construction down a touch from April.

But the fact that U.S. Homebuilders broke ground on more single family homes in May for the third straight month is very positive.

Still, builders are reportedly feeling increasingly confident as new housing permits, which are a good gauge of future construction, soared nearly 8 percent in May, reaching the highest monthly level since September 2008.

Landlords See Higher Demand

According to Yahoo, landlords are raising their rents and expect to continue to do so for the foreseeable future.

During the first quarter, property research firm Reis reported that monthly apartment asking rents increased 2.2 percent year-over-year, reaching an average of one thousand seventy dollars.

With vacancies at record lows, developers are trying to keep up with the demand for construction of multi-family housing, but constraints on lending are slowing them down.

Kevin Thorpe, chief economist at Cassidy Turley, a commercial property brokerage, told Investor?s Business Daily that they were optimistic about the multifamily sector, certainly for the next two years and that he thinks we?ve entered a period of sustained rent growth.

Buyers Finding It Tough

The LA Times reports that a shortage of inventory and the return of bidding wars over houses in good condition are leaving potential buyers jostling to find a home to buy.

According to the article, housing inventories have sunk nationwide, leaving buyers with fewer options. In some markets the shortage is prompting buyers to try to bid on homes even before they are listed.

LA-area home shopper, Eddie David told the LA Times that it seems like there are a lot of people who have been waiting in the wings to pounce, and because the rates are low, there is just a lot more competition. Mr. David said he and his wife have been outbid on three different properties recently.

Echo Boomers To Get In On Real Estate

A recent article from U.S. News & World Report states that a possible sixty two million ?echo boomers?, people between the ages of 17 and 31, are expected to be a driving force behind the housing market in the coming decades.

Charlie Young, CEO of ERA Real Estate told US News and World Report that with about five million people turning 21 every year, they?re going to be leading the first-time home buyer market for years to come.

But it won?t be easy for some in this age group to jump right into the benefits of home ownership, as they often face mounting debt from things like student loans and the looming specter of high unemployment.

But Young says those Echo Boomers are still determined because home ownership continues to be a key part of America?s social fabric.

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