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RENTAL MARKET CONTINUES TO BOOM

Moody’s sees home rentals of single family homes to continue to improve. The Moody’s findings forecast that single family rent growth will accelerate in 2015 and average about 3% per annum through the end of the decade.

The single-family rental share of the en¬tire housing stock has increased by 44% from just over 9% a decade ago to more than 13% today.

The contributing factors to this trend are:
+ Weak recovery
+ Large number of individuals with poor credit
+ Large number of people who have lost homes and have little or not enough assets for a down payment

U.S. Job Report Disappoints

The Department of Labor reported that job growth for June slowed, 432,000 people dropped out of the labor force and 60,000 fewer jobs were created in April and May than previously reported.

The report posted that nonfarm payrolls increased by just 223,000.

The 432,000 people who dropped out of the labor force pushed the unemployment rate two-tenths of a percentage point lower to 5.3 percent, the lowest since April 2008.

The weak employment report suggests to experts that the economy might have lost some of its recently found mojo.

Understanding Buyer Psychology

Most people believe that they would prefer to own rather than rent, but they do not believe they can afford to do so.

According to the Federal Reserve, 81% of renters say they would prefer to own but can't afford it.

Some of the reasons that people buy properties are:
• It provides them a sense of true ownership
• Typically, the property appreciates
• Any improvements to the property translate into a higher value for the property
• In the case of a mortgage, you can deduct a portion of the interest on your taxes
• In many cases, you can deduct your property taxes as well

Northeast Leads with Pending Home Sales

Pending home sales crested at their highest level since 2006, a seasonally-adjusted 112.6, in May as reported by the National Association of Realtors. The index tracks contracts that have been signed but not closed.

The Northeast led the way with an increase of 6.3% to 93.9 in May 2015, up from April 2015.

Jobs appear to be the fuel for this forward thrust in the market.

The numbers are still pointing higher, as closed home sales were up in May compared to April by 5.1%.

The Pending Home Sale Index Stats:

What 6 types of Transactions are Exempt from the CFPB rules?

+ Home Equity lines of credit (HELOC)
+ Reverse Mortgages
+ Mortgage on a Mobile home
+ Loans by a Lender who makes less than 5 mortgages per annum
+ Cash Transactions
+ Commercial Transactions

If you have any questions about this post or title insurance, please contact Ralph Aponte at 732.914.1400

Ralph Aponte
President & Founder

New Jersey Avon By the Sea Owner Discovers a Title Problem

The New Jersey Property owner didn't know that for nearly 80 years, the house her family built was located on land that they didn't own.

Gulp.

The owner only discovered the issue when they were about to sell the property and the title search discovered the 'defect' in the title.

New TRID Effective Date: October 3, 2015

The CFPB proposed to move the “Know Before You Owe” mortgage disclosure rule’s effective date to October 3, 2015, from October 1, 2015.

The original effective date was set for this August 1, 2015, but many of the industry associations and professionals put pressure on the agency to put back the start date due to the myriad of changes in the technical and protocols which would take place in the thick of the real estates’ busiest seasons.

Part of the change involves loan documentation which consists of two new forms: the Loan Estimate and the Closing Disclosure to ensure compliance.

New Listings for Ocean County Surges 24%

New listings for Ocean County surges 23.7% and Monmouth County's median sales price skyrockets 12% in May

OCEAN COUNTY May 2015 Market Update
Key Metrics 2014 2015 Percent Change
New Listings 1,106 1,368 + 23.7%
Closed Sales 455 395 – 13.2%
Days on Market 106 100 - 5.7%
Median Sales Px $266K $289 + 8.6%
% of List Price 95.3% 95.5% + 0.2%
Homes for Sale 5,437 5,288 - 2.7%
Months of Inventory 12.7 11.4 - 10.2%

MONMOUTH COUNTRY May 2015 Market Update
Key Metrics 2014 2015 Percent Change
New Listings 1,202 1,202 NC
Closed Sales 462 444 - 3.9%
Days on Market 90 85 - 5.6%

Youth Bring New Surge to Existing Home Sales

The young brought a new vitality to the existing home buyers’ market, which surged in May by 5.1% from April to a seasonally adjusted rate of 5.35 million units, according to the National Association of Realtors.

More good news was tagged on this report by the upward revision of April sales to 5.09 million units from an initially reported 5.04 million.

According to the Wall Street Journal, economists expected May sales would increase 4.2% to a pace of 5.25 million.

This May sales report represents the strongest pace since November 2009.

Counsellors Reports That Servers are Back Online

Counsellors Technical Team has corrected the glitch in its servers and they are up and running.