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Tag Archives: Home Values

Survey Shows High Hopes Among Appraisers

The vast majority--95 percent--of residential appraisers surveyed in May and June reported an increase in demand for their services compared to last year, according to a report from the Appraisal Institute. Although the outlook for services appears strong, the hiring of trainees is expected to remain weak, especially among residential appraisers. According to the institute, commercial appraisers account for less than one-third of practicing appraisers, yet they were much more active in hiring trainees.

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Home Price Growth Levels to Moderate Pace in May

FNC's Residential Price Index (RPI) continued to show gains in May, though the company noted the pace of growth has started to slow to a more sustainable level. According to FNC, the index climbed 0.5 percent in May, striking a balance between April's 0.7 percent growth and March's 0.3 percent improvement. From December through May, FNC reported an average monthly price growth of 0.4 percent, which annual appreciation rates (4.0 percent in May compared to May 2012) similarly leveling out.

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60% of Homeowners Planning for Home Improvements

A recent survey by Zillow Digs found 60 percent of respondents have some kind of plan in the works for a home improvement project this summer. The median budget for homeowners who are planning projects was $1,200, though owners with children and those 54 years of age and younger plan to spend a bit more, with a median of $1,500. To get ideas for projects, online sources were the most frequently utilized, with 37 percent turning to the web for inspiration.

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LPS Price Index Up 1.5% in April, 4.5% in 2013

Lender Processing Services' (LPS) Home Price Index (HPI) continued to climb in April, the company revealed. According to LPS' monthly report, the index rose 1.5 percent from March to a value of $217,000. Year-over-year, the index increased 8.1 percent from $201,000. Year-to-date, prices were up 4.5 percent as of April 30. The states reporting the biggest HPI increases were California (2.6 percent), Nevada (2.3 percent), Oregon (2.1 percent), Washington (2.0 percent), and Illinois (1.9 percent, the same as Michigan).

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Prices, Sales Remain Hot as Summer Starts

Prices shot up in May even as for-sale inventory showed signs of recovery, according to Redfin's Real-Time Price Tracker. According to the brokerage's findings, home prices came in 4.3 percent higher month-over-month and 17.4 percent higher year-over-year in May (to a median $208 per square foot). Eighteen of the 19 markets measured by Redfin saw monthly improvement in prices (Austin being the exception), and all 19 reported yearly increases. Once again, the West proved strongest.

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First Quarter Sees Significant Decline in Underwater Borrowers

Underwater

Significant improvements in home values helped lift 850,000 borrowers out of negative equity in the first quarter, CoreLogic reported. Overall, 9.7 million borrowers, or 19.8 percent of all residential mortgages, were underwater in the first quarter of 2013, down from 10.5 million, or 21.7 percent of all mortgages, according to the data provider's estimate.

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