1.International House Hunters Shifting from Vacation Areas to Urban Neighborhoods
“Nationally, 4.0% of the home searches on Trulia.com between January and May 2014 came from outside the U.S. That’s a slight decline from the same period last year, when foreign searches accounted for 4.2% of Trulia’s web search traffic. Canada, the United Kingdom, and Germany remain the top three countries outside the U.S. for home searches. “
2.U.S. Stocks Rise as Oil Advance Boosts Energy Shares
“U.S. stocks rose, with the Standard & Poor’s 500 Index extending a record, as deal activity spurred a rally in health-care shares and energy producers gained with oil prices. Gold extended a rally and emerging equities sank.”
3.Housing Market Falters Amid Rising Prices, Lower-Paying Jobs
“The Mortgage Bankers Association yesterday lowered its forecast for combined new and existing home sales in 2014 to 5.28 million — a decline of 4.1 percent that would be the first annual drop in four years. The group also cut its prediction on mortgage lending volume for purchases to $751 billion, an 8.7 percent decrease and the first retreat in three years.”
4.Mortgage rates down slightly
“From Freddie Mac’s weekly survey: The 30-year fixed rate improved 3 basis points, to 4.17 percent from last week’s to 4.20 percent. The 15-year fixed rate was a hair better, dropping to 3.30 from last week’s 3.31 percent.”
5.Average US 30-Year Mortgage Rate at 4.17 Percent
“Average U.S. rates on fixed mortgages eased slightly this week, remaining near historic lows.”
6.The turning of the worm in the housing market – Weakest May sales volume in California since the crash of the housing market. California home ownership rate continues to fall.
“If you want to play in the current housing market, you have to contend with the limited amount of inventory and the delusional salivating sellers going for peak prices. It is interesting to hear about recent home buyers e-mailing me about foundation issues, roofing problems, and generally crappy construction issues after they bought their homes.”
7.California’s unemployment rate drops to 7.6 percent
“California’s unemployment rate decreased to 7.6 percent in May, and nonfarm payroll jobs increased by 18,300 during the month for a total gain of 1,327,000 jobs since the recovery began in February 2010, according to data released Friday by the California Employment Development Department from two separate surveys.”
8.San Fernando Valley home prices flatline in May
“Home price appreciation in the San Fernando Valley has finally leveled off.”
9.How To Make Buyers Want Your Home
“Your home is listed on the Multiple Listing Service (MLS) and the sign goes up in your front yard. Now what? Sit back and let the offers roll in. Of course, that’s what every seller wants but that’s not always what happens.”