Home prices were up 12.0 percent in the U.S. in January 2014 compared to January 2013, and nearly every state in the U.S. showed year-to-year price appreciation according to CoreLogic, a data and analytics company. 
 
The big winners were:

Nevada:  Up 22.2 percent
California:  Up 20.3 percent
Oregon:  Up 14.3 percent

Despite recent gains, Nevada still leads the way in peak-to-present decline, with home prices 40.1 percent below their high point in 2006.


Housing inventory was up 7.3 percent nationwide year-to-year in January 2014, but supply is still tight.  Overall, most areas are still experiencing a housing shortage.

Pending home sales were down 9.0 percent year-to-year, with big regional variations:

Northeast:  Down 5.3 percent
Midwest:  Down 9.3 percent
South:  Down 5.5 percent
West:  Down 17.5 percent

Pending sales are one of the best indicators of recent housing market activity.  Decreases could be due in part to extreme weather, consumer caution resulting from significant changes seen in the 2013 housing market, and/or low availability of homes for sale.  Data from the next couple of months will give us a much better idea.


Northeast:  Up 6.6 percent
Midwest:  Up 7.6 percent
South:  Up 9.4 percent
West:  Up 14.6 percent




We usually see a surge in home buyer activity during the spring.  While more properties are expected to be listed this year compared to 2013, a backlog in new construction is contributing to a continued shortage of homes in many areas, and it remains to be seen whether the 2014 housing supply can keep pace with buyer demand.

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In the meantime, here are five easy home maintenance projects to help you start spring off on the right foot.

• Replace batteries in smoke and carbon monoxide alarms.
• Wipe off dusty houseplant leaves to improve photosynthesis.
• Clean out the dryer vent and hoses.
• Secure screens over attic and crawl space vents.
• Clean gutters and downspouts.

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Most mortgage lenders won't fund a home loan until they receive an official tax return transcript from the IRS.  Here's why this could scuttle transactions for some borrowers:

The IRS prioritizes returns for filers who are owed a refund, or who had a zero balance when they filed.  This means that if you owe a balance and want to use your 2013 tax return to qualify for a mortgage, it may be best to pay the balance due prior to filing in order to get your transcript on time.  Reports vary, but it appears that if you pay after filing, the transcript should become available two to three weeks after your payment is received.

Tip:  You can ask the IRS to assign you a tax advocate to try to speed things up if you stand to suffer substantial financial loss as a result of their delay.  (And remember to always e-file for the quickest results.)
 

 

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- U.S. home prices rose 11.3 percent year-to-year in December, according to a recent  S&P/Case-Shiller report.  They rose 12.0 percent year-to-year in January, according to CoreLogic, a data and analytics company. 

   

- The national average 30-year fixed mortgage rate is in the mid 4-percent range. Jumbo loan rates are slightly lower than conforming loan rates. 

 

Note:  Housing statistics based on closed sales typically reflect market conditions of two or three months ago.  To find out what's going on right now in our local market, please call us directly.

 

 

 

 

He's cute, he's inspirational, he's talented - and he's only two years old!  Titus the basketball superstar toddler is back with some really unbelievable trick shots.  (And, on top of everything else, he seems like a nice little guy.)