Are home prices on the rise? Yes, according to two recent reports. Altos Research concludes that list prices of homes rose in 24 of 26 cities studied in May, a move that is bringing optimism to some in the industry. Separately, CoreLogic found that prices rose in April compared to the previous month in 6,507 of the postal codes it examines — the first month-over-month increase since mid-2010.
Another positive report found that in the first quarter of the year, the number of borrowers underwater on their mortgages declined.
Talk about turning the tables…A Florida couple who was wrongfully foreclosed upon by Bank of America — they had actually paid cash for their home — made headlines this week when they threatened to foreclose on a local Bank of America branch after it failed to pay for the couple’s legal costs as ordered by a judge. The couple secured the judge’s blessing to seize assets from the branch to sell off at a local auction. Needless to say, before the movers could start taking furniture, the money was paid on the spot.
At a median age of 42.7, Maine has the oldest population in the United States, but Florida took the crown for the largest percentage of senior citizens (17.3% compared to the national average of 13%). Utah, Texas and Alaska are among the states with the youngest median age.
I have long held that ultimately the surrounding community will determine how happy you are with your home purchase. A writer with MainStreet outlined seven types of less-desirable neighbors that can substantially decrease property value, including closed schools and delinquent bill payers. (To be a desirable neighbor, spruce up your curb appeal. For inspiration check out this slideshow.)
In closing, spectators gathered this past week in England for the annual Shin Kicking competition. I am all for traditions- this one has been going on over 400 years old– but this just seems, well, painful!