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Zeller's Blog

By Doug & Bud Zeller | Agent in Placerville, CA
  • Mortgage Delinquencies Creep Up Again

    Posted Under: Market Conditions in Sacramento, Foreclosure in Sacramento  |  April 15, 2014 8:21 PM  |  33 views  |  No comments

    Reports are surfacing again of more home owners falling behind on their mortgage payments, a reversal from the dropping numbers seen over the last several quarters. Delinquency rates are also on the rise for credit card and auto loan borrowers, according to the Experian-Oliver Wyman Market Intelligence Reports.

    More mortgages were 30 to 59 days past due in the fourth quarter of 2013, rising to 2.13 percent from 2.05 percent at the end of 2012, according to the report.

    A new survey by FICO reports that nearly half of bank-risk professionals expect delinquency rates on all consumer loans to reach their highest levels this year since late 2011.

    "We've seen concerns about delinquencies creeping up for a few quarters," says Andrew Jennings, FICO's chief analytics officer. "These numbers mean more people are gaining access to credit, but we need to keep a close eye on the risk levels of these new loans. If delinquencies reach an uncomfortable level, we may see lenders pull back again."

    Source: “Missed Mortgage Payments Are Back on the Rise,” Credit.com (April 14, 2014)

  • 8 Countries Where There's a Rush for U.S. Real Estate

    Posted Under: Market Conditions in Placerville, Home Selling in Placerville, How To... in Placerville  |  April 15, 2014 8:17 PM  |  17 views  |  No comments

    Foreign buyers are being lured to U.S. real estate due to what they perceive as bargain prices, economic stability, and a “safe haven for investors,” 24/7 Wall St. reports. Interest in U.S. real estate from international buyers in 10 countries has soared since 2009 by 95 percent or more. In nine of those countries, the interest has at least doubled, according to data from RealtyTrac.

    “The U.S. real estate market is coming off of a rough patch and entering recovery mode,” says Daren Blomquist, RealtyTrac’s vice president. “International buyers see it as a great time to jump in and catch the U.S. market on the upswing.”

    24/7 Wall St. compiled data from RealtyTrac to find that the following countries are showing the highest increases in interest in purchasing American homes.

    1. United Arab Emirates
      Growth in prospective home buyers: 352.2%
      Share of international prospective buyers: 1.1% (12th highest)
    2. Switzerland
      Growth in prospective home buyers: 269.7%
      Share of international prospective buyers: 2.1% (8th highest)
    3. Hong Kong and China
      Growth in prospective home buyers: 254.2%
      Share of international prospective buyers: 4.1% (4th highest)
    4. France
      Growth in prospective home buyers: 190%
      Share of international prospective buyers: 2.8% (6th highest)
    5. Italy
      Growth in prospective home buyers: 178.4%
      Share of international prospective buyers: 1.9% (10th highest)
    6. United Kingdom
      Growth in prospective home buyers: 153.8%
      Share of international prospective buyers: 12.1% (2nd highest)
    7. Australia
      Growth in prospective home buyers: 121.9%
      Share of international prospective buyers: 11% (3rd highest)
    8. Canada
      Growth in prospective home buyers: 107.7%
      Share of international prospective buyers: 45% (the highest)

    Source: “10 Countries Racing to Buy American Homes,” 24/7 Wall Street (April 11, 2014)

  • Home Buyers May Face Sticker Shock This Spring

    Posted Under: Market Conditions, Home Buying, Home Selling  |  April 14, 2014 7:51 PM  |  33 views  |  No comments

    As the spring market heats up, more buyers are finding higher home prices than they may have expected, CNBC reports.

    “People quite frankly came out and got sticker shock … they picked up the price sheet and saw, ‘Wow, that’s way more than I thought’ because home prices had gone up so much in 2013,” Brad Hunter, chief economist at Metrostudy, told CNBC.

    Existing-home prices were up 9.1 percent in February above year ago levels, according to the National Association of REALTORS®. Meanwhile, incomes are up just 2.1 percent from a year ago, according to the Bureau of Labor Statistics.

    Home builders also have been raising their prices over the past year. For example, D.R. Horton, one of the nation’s largest builders, announced earlier this year that it planned to raise home prices in some of its markets this spring. In January, the builder said the average price of its homes under contract was up 10 percent in the past year. 

    Buyers also are facing rising mortgage rates and tighter credit conditions.

    Still, while prices have been on the rise, home prices are well off their peak from the housing boom in 2006, housing experts note. Inventories remain constrained in many markets as some home owners wait for higher home prices before they list.

    Source: “Homebuyers Face Spring Sticker Shock,” CNBC.com (April 4, 2014)

  • Top Relocation Cities

    Posted Under: Market Conditions in El Dorado County, Home Buying in El Dorado County, Moving in El Dorado County  |  April 14, 2014 3:06 PM  |  47 views  |  No comments

    For the fifth year in a row, Houston has been named the top U.S. destination city for movers, according to U-Haul’s newly released “2013 Top 50 U.S. Destination Cities Report.” The company’s rankings reflect destinations for movers renting a truck one way, and the list was compiled from more than 1.7 million one-way U-Haul truck transactions during a 12-month period.

    The following cities emerged on U-Haul’s list as top destination cities:

    1. Houston
    2. Orlando, Fla.
    3. Las Vegas
    4. Chicago
    5. San Antonio
    6. Austin
    7. Brooklyn, N.Y.
    8. Philadelphia
    9. Columbus, Ohio
    10. Kansas City, Mo.
    11. San Diego
    12. Dallas
    13. Sacramento, Calif.
    14. Charlotte, N.C.
    15. Phoenix

    Source: U-Haul
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  • Rising Home Prices Press Down Affordability

    Posted Under: Market Conditions in Folsom, Home Buying in Folsom, Home Ownership in Folsom  |  April 14, 2014 2:52 PM  |  28 views  |  No comments

    While housing affordability rose from January to February in some select markets, it's lower year-over-year as home prices continue to rise while wages stay mostly stagnant, according to the National Association of REALTORS®’ latest Housing Affordability Index. The index is based on median home prices, family incomes, and average mortgage interest rates.

    The median single-family home price is $189,200, up 9 percent from year-ago levels. Mortgage rates have also been on the rise, up a full percentage point from year-ago levels. Meanwhile, income levels have risen 1.9 percent in the past year.

    Affordability is up slightly from a month ago in the Northeast and Midwest, while the West and South saw a minor drop in February month-over-month, according to NAR’s index. However, affordability is down in all regions from year-ago levels. The West has seen the largest decline in affordability in the past year, due to a 17 percent price gain.

    Source: “Latest Housing Affordability Data,” National Association of REALTORS®’ Economists’ Outlook blog (April 11, 2014)

  • 2013 Home Seller Survey

    Posted Under: Market Conditions in California, Home Buying in California, Home Selling in California  |  April 12, 2014 10:04 AM  |  52 views  |  No comments
    How-Did-Home-Sellers-Handle-Multiple-Offers
  • Mortgage Interest Rates Reverse Course This Week

    Posted Under: Market Conditions in El Dorado County, Home Selling in El Dorado County, Financing in El Dorado County  |  April 11, 2014 7:55 PM  |  76 views  |  No comments

    Following two weeks of increases, average fixed-rate mortgages inched down this week, providing buyers some relief heading into the spring home-buying season, Freddie Mac reports in its weekly mortgage market survey.

    Freddie Mac recorded the following national averages for the week ending April 10:

    • 30-year fixed-rate mortgages: averaged 4.34 percent, with an average 0.7 point, dropping from last week’s 4.41 percent. Last year at this time, 30-year rates averaged 3.43 percent.
    • 15-year fixed-rate mortgages: averaged 3.38 percent, with an average 0.6 point, dropping from last week’s 3.47 percent average. A year ago, 15-year rates averaged 2.65 percent.
    • 5-year hybrid adjustable-rate mortgages: averaged 3.09 percent, with an average 0.5 point, dropping from last week’s 3.12 percent average. Last year at this time, 5-year ARMs averaged 2.62 percent.
    • 1-year ARMs: averaged 2.41 percent, with an average 0.5 point, falling form last week’s 2.45 percent average. A year ago, 1-year ARMs averaged 2.62 percent.

    “Mortgage rates eased a bit following the decline in 10-year Treasury yields,” says Frank E. Nothaft, Freddie Mac’s chief economist. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.”

    Source: Freddie Mac

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