Top 5 REALTOR® Updates | Week of August 31st
Check out these fives real estate updates to help you stay in-the-know with the latest happenings in our industry.
1. 10 Markets Hit New Home-Price Peaks in July (3 Colorado Cities on the List)
Ten out of 161 metros recently analyzed by RealtyTrac zoomed to new home-price peaks last month. What's more, 20 percent of the 161 metro areas reached new home-price peaks either last year or this year. Check out which 10 markets hit new home-price peaks in July, according to RealtyTrac. Read More...
2. Want in on the Luxury Market? Learn to Speak 'Opportunity Gateways'
Ultra-high net worth individuals are increasingly basing their buying decisions upon the opportunities they can gain from owning a luxury residential property, according to a newly released study by Wealth-X and Sotheby’s International Realty titled, “UHNW Luxury Real Estate Report: Homes as Opportunity Gateways.” UHNW – or ultra-high net worth individuals – are defined as those with at least $30 million in assets. Driving the “opportunity gateway” trend are international buyers seeking safe investment diversification. Read More...
3. Zillow Countersues Move Inc., NAR
After receiving permission from a Seattle judge, Zillow has countersued Move Inc. and the National Association of REALTORS® for defamation. The countersuit stems from an anonymous whistleblower letter Move and NAR received in April, which alleged that Zillow had stolen realtor.com® databases in its possession and was hiding stolen intellectual property in cloud storage accounts. The letter was later revealed to be authored by former Zillow Vice President Chris Crocker. Read More...
4. Over 10-Year View, Home Sales Are Strong
The National Association of REALTORS® finds that July 2015 existing-home sales are markedly higher than the 10-year July average. The 10-year average is an average of the data from the past 10 July months. Regionally, the Northeast was the only area of the country slightly below its 10-year average, while all other regions showed stronger sales. The Midwest and South were up above average by more than 15 percent and the West has risen 9 percent, according to NAR. The median home price is also higher than the 10-year average. In its 10-year review, NAR says home prices nationally began to drop in 2006 in some regions and 2007 nationally but did not see the biggest drop until around 2009. Read More...
5. More Consumers Have Higher Credit Scores
Nearly one in five consumers have a FICO credit score that is 800 or higher. The percentage has slightly risen from 19.9 percent currently from 19.6 percent six months earlier, according to the Fair Isaac Corp. As such, fewer consumers have credit scores below 550, a steady decline that has been appearing since late 2009. Since Fair Isaac Corp. started tracking in October 2005, the national FICO score is at an all-time high at 695. The improvement in credit scores does seem to be showing some signs of leveling off, however. Read More...
