Home prices in some cities exceed their 'fundamental value,' Trulia says. Others may be undervalued.
Listen to the bubble watchers at real estate tracking company Trulia, and that is an easy challenge. Newport Beach — all of Orange County, in fact — is the one to avoid because, per Trulia, current home prices exceed what fundamental values say they should be by 17 percent.
That leads the nation in terms of real estate froth.
Sin City's market remains affordable, even as distressed properties comprise less of the housing stock.
While home prices are up nearly 19 percent from a year ago, they are still more than 40 percent off their peak, according to S&P/Case-Shiller's latest home-price report. Prices in "Sin City" bottomed in January 2012 at a median of $118,000 before rising at a record rate for 19 straight months until September 2013, when prices began to level off again, according to the Greater Las Vegas Association of Realtors.
Cash buyers made up 34.7 percent of sales in June, down from a peak of nearly 60 percent in February 2013.
Built in 1770 and updated in 2004, the farmhouse is listed for $1.6 million.
Actress Renee Zellweger's Connecticut country home, on the market for $1.6 million, is hardly roughing it.
The luxury farmhouse, built in 1770 and updated in 2004, is a stylish and luxurious country getaway. Set on 38 acres overlooking the Quinebaug River in rural Pomfret Center, the retreat at 96 Cotton Road is 3,463 square feet with a top-of-the-line kitchen, a bread oven in the family room and a swimming pool.
The average interest rate on a 30-year fixed mortgage is the same as last week, Freddie Mac says.
The average rate for a 30-year fixed mortgage held at 4.13 percent, Freddie Mac said in a statement on Thursday. The average 15-year rate rose to 3.26 percent from 3.23 percent, according to the McLean, Virginia-based mortgage-finance company.
Housing recovery failing to build momentum as sales of new single-family homes fell 8.1% from May.
Post begins below video.
If you're buying a home, you may face stiff competition. Here's how to beat out the other buyers.
With low real estate inventory in many parts of the country, properties in some markets are receiving multiple offers and sparking bidding wars among eager buyers. National real estate brokerage Redfin reports that in March, 63.4 percent of offers submitted by Redfin agents across 19 markets faced competition from other buyers, up from 58.7 percent in February. That's below last year's bidding peak of 73.4 percent last March. Still, Redfin real estate agent Mia Simon, who serves Silicon Valley buyers, says in this climate, "it's very rare to have [an offer] where we're the only one."
Here's a look at strategies for homebuyers competing in a bidding war.
Mortgage applications increased 2.4 percent this week, buoyed by more refi activity.
A weekly measure of loan volume by the Mortgage Bankers Association showed a 2.4 percent gain in total applications week-to-week, with a 4 percent jump in refinances leading the charge.
Refinancing has been languishing for more than a year, after rates jumped a full percentage point in the spring of 2013. Refinance application volume is still down over 40 percent from a year ago, despite slightly lower rates currently.
If homeowners aren't competing with banks when selling homes, the news may be good.
The National Association of Realtors reported on Tuesday that sales of previously owned homes rose 2.6 percent in June to a seasonally adjusted annual rate of 5.04 million units. That's the third straight monthly gain and the highest level since last October.