The Hottest Housing Markets This Year

The Hottest Housing Markets This Year

RECBL - Real Estate News

The US housing market has regained its momentum.

About half of all homes in the country are worth as much or more than they were in April 2007, during America's most recent housing boom, according to data from Zillow.

But some real estate markets are really on fire, with quickly rising home values and rental prices, increasing populations, low unemployment rates, steady income growth, and strong job opportunities, according to Zillow's latest housing report.

Below, check out the top 10 hottest real estate markets in America for 2018, along with median home values and rent prices, median household income, and projected year-over-year growth.

1. San Jose, Calif.
2. Raleigh, N.C.
3. Seattle, Wash.
4. Charlotte, N.C.
5. San Francisco, Calif.
6. Austin, Texas
7. Denver, Colo.
8. Nashville, Tenn.
9. Portland, Ore.
10. Dallas, Texas

Analysts based the list off the Zillow Home Value and Rent Forecast, which is the change projected in the Zillow Home Value Index (ZHVI) and the Zillow Rent Index (ZRI) for the coming year, as well as employment, income and population statistics from Glassdoor.

"This list shows that just because a market is smaller or more affordable doesn’t mean it isn’t dynamic," says Aaron Terrazas, senior economist at Zillow. "Growing cities in the Sun Belt, places like Raleigh, Charlotte and Nashville, offer plenty of opportunities in healthcare and finance, while providing a less-expensive, but still-convenient alternative to the larger and pricier markets in the Northeast. The tech industry continues to roar, attracting thousands of new residents per year to tech-dominant markets like Seattle, Denver and the Bay Area. The higher cost of living in these areas is offset to a large degree by well-paying tech jobs."

Across the top 10, analysts anticipate home values will increase between 3 and 8.9 percent in the next year-8.9 percent in San Jose, and 3 percent in Denver. The complete forecast:


For more information, please visit www.zillow.com.



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NAR Calls for NFIP Extension Ahead of Expiration

NAR Calls for NFIP Extension Ahead of Expiration

RECBL - Real Estate News

The National Association of REALTORS(R) (NAR) is calling for a "short-term extension" of the National Flood Insurance Program (NFIP), which is set to expire September 30.

The extension will allow for continued work on the 21st Century Flood Reform Act.

"The country has been here before, and we know what happens if the National Flood Insurance Program expires," said NAR President Bill Brown in a statement.

"Home-buying activity grinds to a halt, to the tune of 40,000 lost or interrupted sales every month. Meanwhile, existing homeowners as well as commercial entities may find their largest asset unprotected if the Federal Emergency Management [Agency] can’t renew NFIP policies that expire.

"Consumers and homeowners alike deserve certainty," Brown said. "With Congress returning from August recess [this week], extending the NFIP to avoid a lapse should be a top priority. Doing so will afford Congress the time necessary to finish work reforming and reauthorizing the program.

The House Financial Services Committee has passed vital, long-term reauthorization legislation, which would strengthen the NFIP. These critical reforms are a long time coming, and we look forward to working with the House and Senate pass the 21st Century Flood Reform Act once the threat of a lapse has been addressed."

For more information, please visit www.nar.realtor.

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10 Cities With Climbing Costs of Living

10 Cities With Climbing Costs of Living

One major determining factor in deciding where to buy or rent a home is cost of living. A recently released study by GOBankingRates.com ranks the cities with costs of living that climbed the most in 2016-a sign of a housing market heating up.

Researchers based the ranking on the increase in the "cost of living index," which includes food, rent and transportation, and the increase in income needed to "live comfortably." The ranking includes cities where both the cost of living index increased and the income needed increased.

The top ten cities:

1. Nashville, Tennessee
 Cost of Living Index Increase: 8.61 points
 Income Needed Increase: $9,135

2. Seattle, Washington
 Cost of Living Index Increase: 7.32 points
 Income Needed Increase: $3,190

3. Louisville, Kentucky
 Cost of Living Index Increase: 4.49 points
 Income Needed Increase: $2,066

4. Austin, Texas
 Cost of Living Index Increase: 3.84 points
 Income Needed Increase: $1,407

5. Jacksonville, Florida
 Cost of Living Index Increase: 3.36 points
 Income Needed Increase: $2,095

6. Los Angeles, California

Cost of Living Index Increase: 2.89 points

Live Comfortably Amount Increase: $1,676

7. Philadelphia, Pennsylvania

Cost of Living Index Increase: 2.78 points

Live Comfortably Amount Increase: $2,590

8. Virginia Beach, Virginia

Cost of Living Index Increase: 2.65 points

Live Comfortably Amount Increase: $1,720

9. Indianapolis, Indiana

Cost of Living Index Increase: 2.58 points

Live Comfortably Amount Increase: $1,111

10. New Orleans, Louisiana

Cost of Living Index Increase: 2.15 points

Live Comfortably Amount Increase: $1,221

Source: GoBankingRates.com

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