My Real Estate Blog

The market is changing out there, and the latest reports are showing that when it comes to buyers, less is more in some cases.

A recent study from the National Association of Home Builders (NAHB) indicates that the recent housing slump has meant buyers are looking for smaller houses. The McMansions of the boom era are quickly losing their style.

Also a heavy influence on the housing front are green and eco-friendly features. The NAHB reports that "in addition to floor plan changes, 68% of builders surveyed say that homes in 2015 will also include more green features and technology, including low-E windows; engineered wood beams, joists or tresses; water-efficient features such as dual-flush toilets or low-flow faucets; and an Energy Star rating for the whole house."

The other great news last week was the Mortgage Bankers Association reporting that mortgage applications were at the highest level in months. They rose by 17.2%, that being the biggest increase since June 11th.  

The U.S. Department of Housing and Urban Development (HUD) had their own good news. Their latest February edition of the Obama Administration's Housing Scorecard revealed that existing home sales are on the rise thanks in part to high home affordability levels.

Since April of 2009, record low mortgage rates have helped more than 9.5 million homeowners to refinance, resulting in $18.1 billion in total borrower savings.

But not everyone is in agreement about what foreclosures mean for today's homeowner. According to the New York Times, "All 50 state attorneys general, as well as a host of federal agencies, are pushing for a settlement over investigations into foreclosure abuses by major mortgage servicers that could cost the industry $20 billion or more. Much of that money would be earmarked to reduce principal owed by homeowners facing foreclosure."

Many homeowners have weathered the storm, however, taking on heavy burdens in order to avoid foreclosure. Bank of America argues that by helping some and not helping others, we create an unfair system.