New Home Price Report Shows Prices Up 6.2 Percent

Home prices are up both year over year and month over month, according to the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for August 2016.

Home prices nationwide, including distressed sales, increased year over year by 6.2 percent in August 2016 compared with August 2015 and increased month over month by 1.1 percent in August 2016 compared with July 2016, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from August 2016 to August 2017, and on a month-over-month basis home prices are expected to increase by 0.4 percent from August 2016 to September 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Home prices are now just 6 percent below the nominal peak reached in April 2006,” says Dr. Frank Nothaft, chief economist for CoreLogic. “With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017.”

“Housing values continue to rise briskly on stronger fundamental and investor-fueled demand, as well as lack of adequate supply,” says Anand Nallathambi, president and CEO of CoreLogic. “This continued price appreciation is contributing to a growing affordability crisis in many markets around the country.”

For more information, visit www.corelogic.com.

For more real estate information, including a FREE Home Market Analysis and Market Area Statistics, please contact us at 866-977-7623.

Reprinted with permission from RISMedia. ©2016. All rights reserved.


7 Brilliant Bathroom Design Ideas

By Craig Middleton

The bathroom, along with the kitchen, is the most frequently used room in many homes and the basic necessities – bathtub, toilet, sink, medicine cabinet and shower – determine how most of the space will be used. Bathrooms also require room for stashing towels, paper products, grooming appliances, soaps and shampoos, so maximizing storage is crucial in a well-appointed and well-planned bathroom. Much activity goes on in this small space and the design and decoration should emphasize function, comfort and style equally.

Utilize Extra Space
Use the space between wall studs to make shallow storage for small items such as bars of soap and nail polish bottles. Cut away the dry wall between two studs and install narrow shelves that are just the depth of the stud, usually about four inches. Possible finishes for the opening include paint, tile board, mirror tiles or wallpaper designed for bathrooms. Leave the space open or hang a door; indoor shutters work well in this application.
 
Bathroom Color
Buying and installing bathroom fixtures represents major commitments of money, time and labor. Keep permanent features such as the tub, sink and tile neutral in tone. Classic white is always popular, easy to find, and provides a versatile background for any decorating scheme. Inject color and style into the room with paint or wallpaper, linens and accessories that are easy and inexpensive to redo when a change is desired.
 
Drying Accessories
If you have swimmers or beach-goers in the family, a place to hang wet bathing suits and towels is a must. Look for hooks or retractable clotheslines that can be installed in a shower or tub enclosure to keep water and sand off floors and furniture.
 
Lighting Fixtures
Adequate light is needed in a bathroom where grooming tasks such as shaving, hair styling or applying makeup take place. Many bathrooms do not have windows, which means artificial lighting is even more crucial. One fixture over the vanity is not sufficient. Install decorative sconces on both sides of each mirror and add recessed or surface-mounted lighting fixtures in the ceiling, being sure to follow building code regulations.
 
Shower Designs
Shower designs should meet the needs of all family members. A built-in bench in a shower is a good choice for small children, the elderly or anyone with limited mobility. A detachable shower head brings the water to the bather. It has the further advantage of making the shower stall much easier to clean, as the water can be directed into corners to rinse away grime, soap residue and cleaning products.
 
Heated Towel Racks
For a real touch of luxury, especially in colder climates, install heated towel racks. They are available in many sizes and styles and not only supply toasty towels but will also help to warm the air in the bathroom. Towel warmers can be plugged into a nearby outlet or hardwired into the bathroom’s existing electrical system.
 
Pocket Door
For a very small bathroom with limited wall space for swinging doors, consider a pocket door that slides neatly between walls. They are available in styles and finishes that will complement any décor and are easy to install. It is even possible to mount a full-length mirror panel on the pocket door, solving two problems at once.
 
Because the bathroom is a relatively small and mostly utilitarian space, it can be overlooked when remodeling, redecorating or in a new build. However, this is not the place to pinch pennies. A comfortable, functional and attractive bath makes a home more livable and increases resale value if the home is placed on the market. Plan carefully and shop wisely to create an appealing, usable space for your family and guests without going over budget.
 
This post was originally published on RISMedia's blog, Housecall. Check the blog daily for top real estate tips and trends.

For more real estate information, including a FREE Home Market Analysis and Market Area Statistics, please contact us at 866-977-7623.

Reprinted with permission from RISMedia. ©2016. All rights reserved.


Mortgage Rates Hover in Place

Average fixed mortgage rates remain largely unchanged ahead of this week's employment report, according to Freddie Mac's recently released Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending October 6, 2016, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.76 percent.

"The 10-year Treasury yield leaped to a two-week high following reports of the European Central Bank retreating from its bond-buying program ahead of its initial March deadline,” says Sean Becketti, chief economist, Freddie Mac. “In contrast, the 30-year fixed-rate mortgage remained unchanged. Over the past two weeks, mortgage rates have remained fairly flat while Treasury yields have fallen and risen."

The 15-year FRM this week averaged 2.72 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.99 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.4 point, down from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.88 percent.

For more information, visit www.FreddieMac.com.

For more real estate information, including a FREE Home Market Analysis and Market Area Statistics, please contact us at 866-977-7623.

Reprinted with permission from RISMedia. ©2016. All rights reserved.