The Multiple Listing Service of Long Island, Inc. released the 2015 year end housing figures for Long Island, which includes Nassau, Suffolk, and Queens Counties. MLSLI reported a $390,000 closed median home price for Long Island in 2015. The closed median home price represents a 5.1 percent increase over $370,900 reported for 2014. Suffolk County reported a year ending … [Read more...] about 2015 real estate market year end report
real estate
U.S. home values gained $1.1 trillion, renters paid record $535 billion in 2015
The value of all homes nationwide grew $1.1 trillion in 2015, and is expected to end the year at $28.5 trillion total. The value of the entire housing stock grew 4.1 percent over the past year, slower than the 6 percent growth in 2014. The total value of all homes has regained $5.3 trillion since hitting its lowest point during the housing bust in December 2011, but is still … [Read more...] about U.S. home values gained $1.1 trillion, renters paid record $535 billion in 2015
Desire to buy strong despite affordability, economic concerns
Although only half of surveyed households believe the economy is currently improving, nearly all young renters eventually want to buy a home, and a convincing majority still view homeownership as part of their American Dream, according to a new quarterly consumer survey released today by the National Association of Realtors. Additionally, a newly-introduced index tracking the … [Read more...] about Desire to buy strong despite affordability, economic concerns
Appraised values remain slightly lower than homeowner expectations
Quicken Loans, the nation's second largest retail mortgage lender, today announced the average appraisal in November was 1.87 percent lower than the value the homeowner expected, according to the company's national Home Price Perception Index (HPPI). The difference between the values was slightly higher in October, making November the third consecutive month the gap between … [Read more...] about Appraised values remain slightly lower than homeowner expectations
Down payments posing a roadblock for renters to become owners
Paying for a mortgage is still more affordable than renting in the U.S., but saving enough money for a down payment has become increasingly difficult for first-time buyers, especially in markets where home values are rising rapidly. With the majority of renters in the largest metros putting about 30 percent of their monthly income toward a rental payment, saving money for a … [Read more...] about Down payments posing a roadblock for renters to become owners