Fremont Real Estate and Beyond

FEMA announced late Friday that it will once again renew flood insurance policies, which were halted during the partial federal government shutdown.  This has affected ~40,000 home sale transactions nationwide.  More info here-- https://rismedia.com/2018/12/31/nar-helps-secure-fema-reversal-shutdown/

Federal Housing Finance Agency (FHFA) announced the development and implementation of Fannie Mae and Freddie Mac’s new Flex Modification program which will replace the Enterprises’ current Home Affordable Modification Program (HAMP®) which expires at the end of the year.  The program incorporates elements of a joint white paper developed by the U.S. Department of the Treasury in conjunction with the U.S. Department of Housing and Urban Development (HUD) and FHFA titled Guiding Principles for the Future of Loss Mitigation. Terms of the program included a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations. More info here-- https://www.nar.realtor/articles/gse-announce-new-modification-program

http://realtormag.realtor.org/daily-news/2016/06/23/here-they-are-top-20-markets-for-june

The very low inventory we have seen in the Bay Area has spread to the rest of the country and decreased sales of existing homes nationally.  

NAR just released an interactive existing home sales graph to analyze home sales over the past year.

The House of Representatives have passed legislation that eliminates barriers to financing condo purchases. According to the National Association of REALTORS® (NAR), HR3700 the "Housing Opportunity Through Modernization Act" will reduce the owner occupancy ratio to 35% and streamline the FHA certification process. Another provision could have a direct impact on financing for much of the new high-density residential development underway in our local communities because this law would offer greater flexibility for financing condos in mixed-use developments. The Senate is scheduled to consider the legislation soon. More info here-- http://www.realtor.org/articles/house-unanimously-passes-condo-bill

The Foreign Investment in Real Property Tax Act of 1980 (aka: FIRPTA) withholding rate has been increased from 10% to 15% effective February 17, 2016. However, if the property acquired is to be used as the buyer’s residence and the property price is $1,000,000 or less, then the 10% withholding rate would still apply.

NAR just released a map with the vacancy rates in every zip code.  Looks like the bay is (unsurprisingly) low compared to the rest of the state and country.

The National Association of Realtors' chief economist just posted this video about his outlook and how the increase in mortgage rates will affect the market.

NAR released some interesting statistics about the 2015 home buying trend--the need to purchase larger homes. http://economistsoutlook.blogs.realtor.org/2015/11/16/2015-home-buying-trend-purchasing-larger-homes/ One of the most fascinating is that in almost every region of the United States, we saw buyers trading up and buying bigger homes than last year. According to the new report, 42 percent of all buyers traded up in the size of their home, up from 40 percent in 2014. In the 2014 report, buyers reported that they were looking for homes similar in size at 31 percent compared to 29 percent in 2015. Regionally, the percentage of buyers looking for larger homes increased across the board.

NAR just released their profile of buyers in sellers in each subregion of the US. 2015 Profile of Home Buyers and Sellers in Subregions