June Issue
More Evidence That the Housing Market May Be Recovering
On May 3, PMI Mortgage Insurance Co., a provider of residential mortgage insurance, released its second quarter U.S. Market Risk Index.
The Index uses economic data — home price appreciation, employment, affordability, excess housing supply, interest rates and foreclosures — to determine the risk of price declines in the nation’s MSAs (metropolitan areas). These risk scores indicate the probability whether home prices in a given MSA will be lower at the end of the next two years.
According to PMI, the Index shows fresh evidence of a greater probability of a recovering national housing market – and the likely prospect of higher housing prices in many markets in two years.
Key findings include:
- Of the nation’s 384 MSAs, 356 had a declining Risk Score, meaning the projected risk of prices falling is reduced.
- The number of MSAs with a Risk Score of less than 50–suggesting better than even odds of higher housing prices in certain markets in two years–increased 26.5%.
- The 10 most improved MSAs (where the risk of price declines is now lower) are Columbus, Ohio; Pittsburgh, Pa.; Memphis, Tenn.; Charlotte, N.C.; St. Louis, Mo.; San Antonio, Texas; Kansas City, Mo.; Nashville, Tenn.; Chicago-Naperville, Ill.; and Indianapolis, Ind.
- The 10 least improved MSAs (where future price declines are expected) are Phoenix-Scottsdale, Ariz.; Santa Ana-Irvine, Calif.; Orlando-Kissimmee, Fla.; Jacksonville, Fla.; Los Angeles-Long Beach, Calif.; Tampa-St. Petersburg, Fla.; Riverside-San Bernardino, Calif.; Las Vegas, Nev.; Fort Lauderdale, Fla.; and Miami-Miami Beach, Fla.
If you’re considering buying a home in one of the most-improved MSAs, now is a good time to act, as prices may be on the upswing, according to the Index.
To learn more about the PMI Index and prices in your area, give our Nancy Orlando a call today.
Spring Remodelling Time
It’s that time of year again. Spring is a time for fresh ideas, new beginnings–and thoughts of home remodeling. If you’re thinking about remodeling your home this summer, now is a good time to start planning. Finding the right design, choosing a professional contractor and securing any necessary funding can often take months.
Here are some tips from the National Association of the Remodeling Industry for homeowners planning a remodel:
- Plan carefully. With the right remodeling project, you can not only update your home but also customize your living space for a lot less than the cost of a new home. Some remodeling projects also add value to your home-value that you may recapture when you sell.
- Inspect your property. Now that winter is over, are there any repairs that are needed? Determine what improvements you’d like to make – and don’t forget about planning for your future needs.
- Review your homeowner’s insurance policy. Contact your agent to make any necessary adjustments for the added value of the work completed.
- Although most homeowners can often handle routine maintenance and minor projects, consult a qualified licensed contractor for larger remodeling jobs or changes to the home’s structure.
Job Searches Showing Signs of Improvement in 2010, Survey Says
According to an April 2010 survey by CareerBuilder, 51% of workers who were laid off in the three months prior have found new full-time or part-time positions. This is up from 44% of workers who said the same in a November 2009 survey and is perceived as a positive indicator for the labor market.
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