Recovery Expected to Enter ‘Middle Innings’ in 2014

Author: Krista Franks-Brock January 24, 2014 0

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While the housing market is still far from “normal,” it is inching that way, according to a report released Thursday from Zillow. Last year’s skyrocketing home price appreciation, frenzied demand from investors, and high tide of negative equity are all expected to subside somewhat this year, according to the real estate company.

Nationally, home prices increased 6.4 percent year-over-year in the fourth quarter, but annual price gains are expected to fall to 4.8 percent by the end of this year.

On a quarterly basis, prices rose 1.4 percent in the fourth quarter, according to Zillow.

“Below the surface of last year’s market, a number of unsettling trends started to emerge as a result of rapid and ultimately unsustainable appreciation, setting up a bit of a mixed bag for 2014,” said Stan Humphries, chief economist at Zillow.

However, some of the markets that posted the highest price gains last year are already slowing, which according to Zillow, is “a welcome sign in markets that risk crossing over into bubble territory as rising mortgage interest rates create affordability issues for homebuyers.”

Markets such as those in California and the Southwest that experienced rapid appreciation this year may stall this year due to affordability issues, leading to “volatility that could potentially cause whiplash for homebuyers and sellers,” according to Zillow.

Nationally, price appreciation is already tapering off, according to Zillow. After reaching a high of a 7.1 percent annual price gain in August, price gains remained below 7 percent for the entire fourth quarter.

However, local markets will vary widely this year with a 16.1 percent anticipated gain in Riverside, California, and a 0.4 percent gain anticipated in Kansas City, according to Zillow.

All but three of the nation’s 35 largest metros experienced price growth in 2013, and all but one are expected to experience price gains again this year, according to Zillow.

After posting a 3.8 percent decline last year, St. Louis, Missouri, is the only metro expected to experience falling prices this year with an anticipated 3.1 percent decline.

In two of the 35 markets Zillow tracks—Denver and Pittsburgh—home prices surpassed the peaks they reached before the housing downturn.

While home prices rose 1.4 percent in the fourth quarter to $169,000, rents rose 0.7 percent to $1,302.

Housing Recovery Unmoved by Rising Interest Rates

Author: Krista Franks-Brock January 23, 2014

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Mortgage rates may be rising, but the housing market doesn’t seem to mind. In fact, several indicators have improved alongside rising rates, according to the HousingPulse Tracking Survey released by Campbell Surveys and Inside Mortgage Finance this week.

The lending atmosphere is becoming friendlier, especially to first-time buyers. Simultaneously, the average time on market for non-distressed properties and the average sales-to-list price ratio both improved year-over-year in December, according to the survey.

“Six months after the May-June 2013 rise in interest rates, the housing market is showing remarkable resilience,” said HousingPulse research director Thomas Popik.

“[U]nderwriting standards are getting a little looser” at Fannie Mae and Freddie Mac, as well, according to Campbell and Inside Mortgage Finance.

The average credit score for GSE loans in the fourth quarter was 743, down from 758 a year earlier. Loan-to-value ratios at the GSEs rose from 75 percent to 76 percent year-over-year in the fourth quarter.

Fannie Mae and Freddie Mac increased their share of the purchase market as well as their share of the first-time homebuyer sector. In fact, the GSEs posted survey highs in both categories, according to the four-year HousingPulse survey. The GSEs accounted to 19.2 percent of purchase loans originated over the last three months of 2013, up from 16.5 percent a year earlier. The GSEs’ share of the first-time buyer market reached 19.5 percent, up from 14.1 percent a year earlier.

Looking at the broader market, time on market over the last three months of the year averaged 9.7 weeks, a decline from 12.4 weeks recorded at the end of 2012. The average sales-to-list price ratio increased from 95.5 percent at the end of 2012 to 97.1 percent at the end of 2013.

“A year-over-year comparison of key metrics points to a housing market that was stronger at the end of 2013 than it was at the end of 2012,” Popik said.

The HousingPulse Tracking Survey relies on input from 2,000 real estate agents each month and calculates its metrics on a three-month moving average.

December Existing-Home Sales Up 1%

Author: Tory Barringer January 23, 2014

Existing-home sales finished 2013 with a slight increase, closing the book on the strongest year for sales since 2006, the National Association of Realtors (NAR) reported Thursday.

Total existing-home sales–including all completed transactions of single-family homes, townhomes, condominiums, and co-ops–increased 1.0 percent month-over-month to a seasonally adjusted annualized rate of 4.87 million last month. November’s sales rate was revised down to 4.82 million.

December’s sales were down year-over-year, coming up 0.6 percent short of December 2012’s pace of 4.90 million.

Removing all other types of sales, sales of existing single-family homes rose 1.9 percent from November to an adjusted annual rate of 4.30 million. Compared to the prior year, single-family sales were down 0.7 percent.

For all of last year, NAR estimates there were 5.09 million existing-home sales, a 9.1 percent improvement from 2012.

“Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market,” said NAR chief economist Lawrence Yun. “We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population.”

While sales were up from November, it wasn’t new homeowners driving the increase: First-time buyers accounted for 27 percent of purchases in December, down from 28 percent in November and 30 percent in December 2012. All-cash sales–often reflective of investor activity–made up 32 percent of December transactions, unchanged from November and up from the previous year.

Even with prices and mortgage rates slated to rise, NAR president Steve Brown says sales should hold strong in 2014 as job numbers improve. That doesn’t mean the year won’t be without challenges, though.

“The only factors holding us back from a stronger recovery are the ongoing issues of restrictive mortgage credit and constrained inventory,” Brown said. “With strict new mortgage rules in place, we will be monitoring the lending environment to ensure that financially qualified buyers can access the credit they need to purchase a home.”

The national median existing-home price for all housing types in December was $198,000, up 9.9 percent year-over-year. A comparatively smaller share of distressed sales (14 percent compared with December 2012’s 24 percent) accounted for some of the price growth, NAR reported.

The median existing single-family home price was $197,900, up 9.8 percent from the year prior.

Local Markets Return to ‘Normal’

BY: KRISTA FRANKS BROCK

More than 35 percent of the more than 350 metro markets tracked in the National Association of Home Builders’ and First American’s Leading Markets Index are performing at 90 percent or higher of their pre-housing crisis norms, according to the latest Leading Markets Index.

Previously, NAHB and First American tracked markets based on their rate of growth in the Improving Markets Index. Instead, the Leading Markets Index compares each market to its pre-crisis norms in terms of current permits, prices, and employment.

Currently, 56 markets have turned the corner and returned to normal, up from 54 last month.

“More markets are slowly returning to normal levels and we expect this upward trend to continue as an improving economy and pent-up demand brings more home buyers back into the marketplace,” said Rick Judson, chairman of the NAHB.

A majority of the markets that are back to normal levels are smaller markets with populations of less than 500,000. Forty-eight of the 56 markets that are back to normal fall into this category, with many benefitting from strong energy sectors, which lead to strong employment.

Overall, metro markets across the nation are performing at an average of 86 percent of normal levels in terms of permits, prices, and employment, according to NAHB. Forty-five percent of metros are exceeding this rate.

Among large metros, Baton Rouge, Louisiana, in performing best, 42 percent better than its pre-crisis level. Oklahoma City, Oklahoma, Austin Texas, and Houston, Texas, are also at the top of the list of major metros.

Among smaller metros, two are performing at twice their pre-crisis level—Odessa, Texas, and Midland, Texas.

As markets continue to work their way back to normal and/or surpass their previous norms, Judson says, “Policymakers must be careful to avoid actions that would harm consumer confidence and impede the ongoing recovery.”

 

Business of the Year Award to Be Presented at the 64th Annual Chamber Meeting

Submitted by Robins Regional Chamber of Commerce, Membership/Investment Organization

Thursday, January 9th, 2014, 11:23am

WARNER ROBINS, GA– The Business of the Year Award, along with several other prestigious awards will be presented at the Robins Regional Chamber of Commerce’s 64th Annual Meeting; to be held on Thursday, January 16, 2014 at the Courtyard by Marriott hotel in Warner Robins.  Doors will open at 6:00 p.m. for a social period with heavy hors d’oeuvres and the program will begin at 6:45 p.m.

Each year at the Annual Meeting, the Chamber presents several awards honoring those who demonstrated outstanding service to the Chamber.  The prestigious awards include:  The Charles K. Shaheen Small Business of the Year Award, presented to one of the 2013 Business of the Month recipients for outstanding business achievement and exemplary service to the community; The Edward Bayer Employee of the Year Award, presented to one of the 2013 Outstanding Employee of the Month recipients for outstanding achevement and quality service to the community; The Charlie L. Jones Memorial Award, presented to the community’s most outstanding citizen, for sustained and superior service to the community (recipient’s service activities usually span a number of years and may involve a number of businesses, civic, governmental, cultural and/or religious activities); The Sherrill Stafford Good Government Service Award, presented to the community’s most outstanding elected or appointed official or employee of any governmental agency (award is made for exceptional, outstanding service in the performance of duty); The A.C. “Dick” Walden III Chamber Person of the Year Award, presented to the Chamber member having made the most outstanding contribution to the success of the organization or any one or more of its programs during 2013; andthe Heide Hubbard Ambassador of the Year Award, presented to the Ambassador who has shown exemplary support of Chamber events throughout the year.  This award is based on a point system.

In addition, the Chamber will honor the graduating Leadership Robins Region Class of 2013.

Cost to attend the meeting is $40.00 per person for Chamber members and their guests.  The fee for all non-members is $55.00.  Please RSVP as soon as possible to the Chamber via telephone (478.922.8585), fax (478.328.7445) or e-mail (rsvp@robinsregion.com).  Also, please include the names of those attending so the Chamber can maintain accurate records.  This is a reception-style event.

For more information, please contact the Chamber at 478.922.8585.

NOTE TO MEDIA: Photos of all recipients will be taken on stage during the program.

Men’s Civilian Firearms Training Classes Offered

Submitted by Warner Robins Police Department

Thursday, January 9th, 2014, 9:50am

The Warner Robins Police Department is offering basic handgun classes for men later this month.  There are three sessions to each class.
Participants must attend all three classes.
Topics include Georgia law relating to private ownership and carry of handguns, handgun safety, handgun selection and maintenance, and the basics of shooting a handgun.
Class Dates:
January 28 & January 30 – 6:00 P.M – 8:30 P.MFebruary 1 – 8:00 A.M. – Noon

Each student must bring a handgun of good quality and proper caliber, 50 rounds of ammunition, and eye and ear protection.  This is a basic class designed for the individual with little to no experience with handguns.
The classes are free to participants.
Click here for a registration form.
For more information – contact Captain John Clay at 478.322.0260.

Continue reading this article on the Warner Robins Police Department’s site.

Houston County Middle School Idol

Submitted by HCBOE

Wednesday, January 8th, 2014, 12:48pm

HOUSTON COUNTY, GA – The Houston County Middle School Idol will be held Jan. 9, 2014, at 6:00 p.m. at Feagin Mill Middle School in the cafeteria.  Tickets will be $10 at the door.

The final performers, who were chosen after two auditions, are listed below by school.

·         Feagin Mill Middle:  Taylor Johnson, Adlih Leggette, Julian Santos, Grace Thomas and

Alex Williams.

·         Mossy Creek Middle:  Cacee Clowers and Mary Grace Moore.

·         Perry Middle:  Sherlon Farmer, Madeline Geiger and Emma O’Neal.

·         Thomson Middle:  Daisy Astudillo, Taylor Beasley, Aria Buzhardt, Kiri Connell, Holden Mathison, Curtis Noles and Mishael Smith.

·         Warner Robins Middle:  De’Andria Cray, Jessi Crutchfield and Nora Wilchinski.

Feagin Mill Middle School is located at 1200 Feagin Mill Road in Warner Robins.  Dr. Jesse Davis serves as principal.  For more information, please contact Michelle Leary, Feagin Mill teacher and event organizer, at 478-953-0430 or Michelle.Leary@hcbe.net.

WRRD Footballer to Participate in National PP&K Competition

Submitted by Warner Robins Recreation Department

Tuesday, January 7th, 2014, 4:24pm

The Warner Robins Recreation Department has a youth football player, Isabella Winston, competing in the NFL Punt, Pass and Kick National Championships.  The competition will be held in Denver, Colorado this weekend January 11th and 12th.

Isabella, or Bella, as everyone calls her began her journey by participating in the local NFL Punt, Pass and Kick Competition which was held in Warner Robins, Georgia on September 26, 2013 at Memorial Park.  She won her division and advanced to the NFL PP & K Sectional competition on November 17, 2013 at Memorial Park in Warner Robins, Georgia.  Isabella was then notified that she had qualified to compete in the NFL PP & K Falcons Team Championship which was held December 15, 2013 at the Georgia Dome.

Photo of the Day: Perry, GA

 

Submitted by Jacqueline Harnevious, 13WMAZ Community Web Producer

Tuesday, January 7th, 2014, 10:23am

Job openings in Central Georgia

Submitted by Jacqueline Harnevious, 13WMAZ Community Web Producer

Thursday, January 9th, 2014, 5:00pm

Each Thursday, a Georgia Department of Labor representative joins 13WMAZ toshare several open jobs in the Central Georgia area.

You can watch this on 13WMAZ-TV on Thursday mornings and again at 5 p.m.

The jobs are updated here weekly.

Call the Department of Labor Career Center at (478) 751-6164 and give them the job number of the position that interests you. You can also check out other jobs on the Georgia Department of Labor’s website.

VIEW: Questions to Ask Yourself Before Starting a Job Search

Job Title: Cleaner

Location: Macon GA

Pay: $8.00 per Hour

Education: 12 Years

Job Number: GA8148182

Job requires a high school diploma/GED; one (1) year experience as a commercial cleaner.

Job Title: Street Maintenance Crew Leader

Location: Milledgeville GA

Pay: $30,126.94 per Year

Education: 12 Years

Job Number: GA8144708

Three to Five years of progressively more responsible Public Works or General Contractor Experience. Georgia Driver’s License.

Job Title: Production Worker

Location: Dublin GA

Pay: $8.00 to $9.00 per Hour

Education: 12 Years

Job Number: GA8136726

Must have high school diploma or GED. Must have six months manufacturing experience. Must be able to read drawings/prints and tape measures.

Job Title: CNA

Location: Warner Robins GA

Pay: N/A

Education: 12 Years

Job Number: GA8147089

High school diploma/GED, Certified Nurse Assistance(CNA)certificate, 1 year documented experience working with Mental Health Development Disability (MHDD) Population. A valid class C Drivers License, CPR, First Aid, and current TB test.

Job Title: Store Manager

Location: Macon GA

Pay: Depends On Experience

Education: 12 Years

Job Number: GA8145836

Job requires a high school diploma/GED and one (1) year of experience in store management. Must also have the ability to read, interpret and explain to others operational directives (e.g., merchandise schematics, etc.)

Job Title: Communications Officer

Location: MILLEDGEVILLE GA

Pay: $25,978.37 per Year

Education: 12 Years

Job Number: GA8146942

High School Diploma or equivalent and previous experience in communications.

Job Title: Manufacturing Engineer

Location: DUBLIN GA

Pay: N/A

Education: Bachelor Degree

Job Number: GA8143012

Bachelors degree (BS) in Manufacturing Engineering or related engineering field and two (2) or more years of related experience.

Job Title: Childcare Teacher

Location: Perry GA

Pay: $7.25 to $8.00 per Hour

Education: 12 Years

Job Number: GA8148146

High school diploma/GED and 3 months of experience working with children.

Job Title: Desk Clerk

Location: MACON GA

Pay: $7.25 per Hour

Education: 12 Years

Job Number: GA8147558

Job requires HS diploma/GED. Employer will train.

Job Title: Material Handler

Location: Eatonton GA

Pay: $7.25 per Hour

Education: 12 Years

Job Number: GA8145153

High school diploma and 6 months warehouse/production experience.

Job Title: Auto Mechanic

Location: Dublin GA

Pay: N/A

Education: 12 Years

Job Number: GA8147046

Must be an Automotive Service Excellence (ASE) certified mechanic with a minimum of twelve (12) months experience.

Job Title: CDL Driver

Location: Perry GA

Pay: Depends On Experience

Education: 12 Years

Job Number: GA8147965

Must have valid Class A CDL with clean MVR and a minimum of 1 year driving experience (does not have to be over the road).