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Homes Reach Boom Prices Nearly a Decade Later

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Regulatory Relief Bill Created to Spur Economic Growth Next: Four Pools of Loans, One Winning Bid Servicers Navigate the Post-Pandemic World 2 days ago November 13, 2017 1,653 Views Home prices have returned to boom levels similar to 10-years ago when the housing bubble burst and catapulted the Great Recession. Despite similarities between then vs. now, the current market is experiencing material differences, according to data released Monday from Realtor.com. Historically low inventory levels, tighter lending standards, significant job and household growth, and a strong housing market backed by economic fundamentals are allegedly keeping the U.S. from another bubble burst.The biggest difference between the past and present are updated lending standards. With reforms like Dodd-Frank and the Consumer Protection Act requiring loan originators to show verified documentation that a borrower is able to repay a loan, lending standards are the tightest they have been in 20 years, the report noted.”Lending standards are critical to the health of the market,” said Danielle Hale, Chief Economist for Realtor.com. “Unlike today, the boom’s under-regulated lending environment allowed borrowing beyond repayable amounts and atypical mortgage products, which pushed up home prices without the backing of income and equity.”With the revised lending standards, the median 2017 home loan FICO score was 734, an increase from 700 in 2006, on a scale of 330 to 830.2.Additionally, tight lending standards have kept home flipping and over-building in check by limiting borrowing power. However, this has contributed to constrained construction levels.In 2006, there were 1.4 single-family housing starts for every household formed, which doesn’t represent a healthy market. Currently, the market is below normal construction levels at 0.7 single-family household starts per household formation, according to the data.However, economic fundamentals, such as strong employment and demand paired with low inventory is driving prices higher in the current market. However according to Hale, it is important to remember rising home prices didn’t cause the housing crash.”It was rising prices stoked by subprime and low documentation mortgages, as well as people looking for short-term gains—versus today’s truer market vitality—that created the environment for the crash,” said Hale.In the present market, Hale added, “The healthy economy is creating more jobs and households, but not giving these people enough places to live. Rapid price increases will not last forever. We expect a gradual tapering as buyers are priced out of the market—not a market correction, but an easing of demand and price growth as renting or adding roommates becomes a more affordable alternative.”When it comes to job growth, in October 2017, the unemployment rate was at 4.1 percent—representing a 17-year low, with more than 150,000 jobs created on average each month.Millennial job growth has also added to the rising demand, the report noted, as 52 percent of reported home shoppers were millennials. And while this generation continues to age, the demand for homes is expected to increase.In addition to the growing demand, low inventory is causing an impact. The market is currently averaging 4.2 months supply. Vacancies are very tight with for-sale vacancies dropping to 1.3 million in 2016, compared to 1.9 million in 2006. About Author: Nicole Casperson Subscribe in Daily Dose, Featured, Headlines, Journal, Market Studies, News The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected]  Print This Post Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Tagged with: Danielle Hale HOUSING Housing Bubble mortgage Realtor.com Danielle Hale HOUSING Housing Bubble mortgage Realtor.com 2017-11-13 Nicole Casperson Home / Daily Dose / Homes Reach Boom Prices Nearly a Decade Later Share Save Related Articles Homes Reach Boom Prices Nearly a Decade Later Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Harris fellows named by Rotary

first_img Tatom thanked the Rotarians for the recognition.“I really appreciate this award,” he said. “It means so much to me. I love this town and I’ve served it the best I could.”Steed was being recognized as a Paul Harris Fellow for a second time and received a medallion in appreciation for his service. Troy falls to No. 13 Clemson Harris fellows named by Rotary Latest Stories Skip Steed, too, is a Pike County native. He has lived and worked in the Brundidge area all of his life. He owns and operates Steed Tire Company and has dedicated 57 years to the business. Steed has served as an officer on the Brundidge and Pike County chambers of commerce and as a member of the Brundidge Industrial Development Board and the Pike County Cattlemen’s Association. He was inducted into the Tire Dealers Hall of Fame.Steed said that it is an honor to be involved in the city and with so many Rotarians who are committed to community service.Jennifer Garrett was honored as the Rotarian of the Year. Garrett has served as a club officer and has dedicated herself to service above self.Also recognized for exemplary service were Rotarians Homer Homann, Steve Thrash, Harry Sanders, Sandy Boutwell, Larry Shiver and Ben Busbee.Rotarians recognized for perfect attendance during the 2012-13 year were Sandy Boutwell, Moses Davenport, Don Dickert, Jennifer Garrett, Cookie Graham, Homer Homann, Michael Lawler, Jimmy Ramage, Lamar Steed, Chip Wallace, Cot Wallace and Jamie Whitworth.Recipients of the 2013 Brundidge Rotary Club scholarships in attendance were Carlton Bean, Tyiyah Hooks, Kaleb Smith and Kanonta Hayes. Brandon Till and Jamilya Coleman also received scholarships but did not attend.Henry Moore, club president, passed the gavel to Jamie Whitworth and expressed appreciation to the club for embracing him.“I was surrounded with such good folks,” Moore said. “I look forward to our club continuing to do good work in Brundidge.” Remember America’s heroes on Memorial Day The Penny Hoarder Issues “Urgent” Alert: 6 Companies… “The Paul Harris Fellowships are named for Paul Harris, the founder of Rotary,” Lawler said. “The fellowships were established in 1957 to honor those who meet the high professional and personal standards set forth by Paul Harris. The recognition is not limited to Rotarians.”Tatom is a lifelong resident of Pike County and served his country during World War II. He retired from Brundidge Banking Company, where he served in every capacity including president.“Sherroll served several terms on the Brundidge City Council and, through his position, worked tirelessly to make Brundidge and Pike County a better place to live and work. He is a charter member of the We Piddle Around Theater and popular stage character. He has been a devoted member of Brundidge United Methodist Church and served the church in many capacities.” Published 11:00 pm Friday, June 28, 2013 By Jaine Treadwell Book Nook to reopen Sponsored Content Email the author Around the WebMd: Do This Immediately if You Have Diabetes (Watch)Blood Sugar BlasterIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingHave an Enlarged Prostate? Urologist Reveals: Do This Immediately (Watch)Healthier LivingWomen Only: Stretch This Muscle to Stop Bladder Leakage (Watch)Healthier LivingRemoving Moles & Skin Tags Has Never Been This EasyEssential HealthBet You’re Pretty Curious About Jaden’s Net Worth Right About Now, HuhBradofoThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancel By The Penny Hoarder Print Article Pike County Sheriff’s Office offering community child ID kits You Might Like Fourth of July parade Thursday For 12 years and counting, Pike County has boasted an old-fashioned, hometown parade on the Fourth of July. The tradition… read more Plans underway for historic Pike County celebration The Brundidge Rotary Club honored two public servants for their commitment to their community and their fellow men at the club’s annual recognition banquet Thursday night.Sherroll Tatom and Lamar Steed were named Paul Harris Fellows and were presented the prestigious Fellowships by Michael Lawler, assistant governor Rotary Zone 4.last_img read more