REAL ESTATE NEWS...Homeowners caught in affordability squeeze.

LOS ANGELES (August 26) – Even with rising home prices over the past few years, many homeowners who have considered selling are deciding not to because they are caught in an affordability squeeze that is compounded by a lack of inventory, according to findings from the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2015 Survey of California Homeowners.”
More than one-third (35 percent) of homeowners have considered selling their home in the past year, and of that share, about two-thirds (64 percent) are reluctant to sell because they are finding they can’t afford the home they really want, the survey found.

C.A.R.’s inaugural Survey of California Homeowners also found that more than half (59 percent) of homeowners have not seriously considered selling their home in the past year, with more than half (60 percent) saying their current home will be their retirement residence. For those who have been in their home 15 years or more, that figure rises to 70 percent who indicated they have not considered selling because their current residence will be their retirement home.

But for others (44 percent), the affordability crunch, higher property taxes, and home prices are keeping them in their current home.

In first-quarter 2012, when housing in California was at its most affordable, a median income of $56,324 was needed to purchase a median-priced home. In second-quarter 2015, that figure jumped to $96,160, with 99 percent of that required income increase attributable to home price increases.

Sixty-one percent of all homeowners could be prompted to sell if they got the price they want for their home; 56 percent would sell if they had a gain in their home value; and 53 percent would sell if a better or equivalent house was available.

Fifty-six percent of homeowners who have considered selling said they desire a larger home; and 48 percent would sell because they desire a smaller home. Those who have owned their home less than 15 years were nearly twice as likely (66 percent) to consider selling due to their desire for a larger home than those who have owned their home over 15 years (34 percent).

Additional findings from C.A.R.’s “2015 Survey of California Homeowners” include:

• Forty-five percent of homeowners have considered moving out of state, with Texas (15 percent), Oregon (11 percent), New York (9 percent), and Arizona and Nevada tied (8 percent) as the top five states where homeowners have considered moving.

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• Sixty percent of homeowners bought their home within the past 15 years.

• The median purchase price for all homeowners was $265,000, with the purchase price being more than twice as high for those who bought less than 15 years ago ($350,000) than those who purchased their home 15 or more years ago ($162,000).

• All homeowners surveyed have a median home equity amount of $200,000, and those who have owned their home more than 15 years have 60 percent more equity ($300,000) than those who bought within the past 15 years ($179,000).

• Twenty-four percent of homeowners don’t have a mortgage, and those who bought their home 15 or more years ago were more than twice as likely not to have a mortgage as those who bought within the past 15 years. The majority of homeowners with a mortgage (77 percent) have an interest rate below 5 percent.

• Twenty-seven percent of homeowners have tapped into their equity. Those who bought 15 or more years ago or were more likely to have tapped into their equity (32 percent) than those who bought within the past 15 years (24 percent), indicating a healthy market where homeowners are not overleveraged on their home.

• Nearly one-third of homeowners (32 percent) indicated a Craftsman-styled bungalow is their dream home, beating those preferring mansions by more than double (14 percent) and Neo-Colonial (19 percent). California is considered the center of the architectural arts and crafts movement and is home to the majority of Craftsman-styled housing.

• Nearly half of homeowners (45 percent) have children residing with them, with 83 percent of children being minors.

REAL ESTATE NEWS...July pending sales and Market Pulse Survey

August 24, 2015

California pending home sales climb in July to post eight straight months of annual gains

LOS ANGELES (Aug. 24) – California pending home sales soared from the previous year in July, posting the strongest year-over-year increase in more than six years, CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

In a separate report, California REALTORS® responding to C.A.R.’s July Market Pulse Survey saw a reduction in floor calls, listing appointments, and open house traffic, compared with June. The Market Pulse Survey is a monthly online survey of more than 300 California REALTORS®, which measures data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.

Pending home sales data:

• The Pending Home Sales Index (PHSI)* climbed 17 percent on an annual basis to 122.3 in July, based on signed contracts. The July 2015 index was up from the 104.5 index recorded a year ago and marked the eighth straight month of year-to-year gains and the sixth straight month of double-digit advances.

• Statewide pending home sales in July also reversed a three-month decline, rising 1.6 percent on a month-to-month basis. The PHSI was up from the 120.4 index in June. The month-to-month increase was higher than the average June-July loss of 2 percent observed in the last seven years.

• At the regional level, pending sales rose in the San Francisco Bay Area to an index of 129.6, up 1.3 percent from June and up 9.2 percent from July 2015.

• Pending home sales in Southern California were essentially flat, dipping 0.3 percent from June to reach an index of 109.3 in July but up 16.8 percent from a year ago.

• Central Valley pending sales rose in July, increasing 3.1 percent from June to reach an index of 102.6 in July and up 20.7 percent from July 2015.

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Equity and distressed housing market data:

• The share of equity sales – or non-distressed property sales – increased in July to post its highest level since late 2007. Equity sales made up 93 percent of all home sales in July, up from 92.4 percent in June and 90.2 percent in July 2014.

• Conversely, the combined share of all distressed property sales (REOs and short sales) fell in July to 7 percent of total sales, down from 7.6 percent in June and 9.8 percent a year ago.

• Twenty-two of the 43 counties that C.A.R. reports showed month-to-month decreases in their share of distressed sales, with San Francisco having the smallest share of distressed sales at 1 percent, followed by San Mateo (1.6 percent), and Alameda (2.1 percent). Solano County had the highest share of distressed sales at 24 percent, followed by Mendocino (18 percent) and Siskiyou (17 percent).

July REALTOR® Market Pulse Survey**:

• The share of sales closing below asking price was unchanged in July, remaining at 43 percent. More than a third of homes (34 percent) closed above asking price, and 24 percent closed at asking price.

• For the one in three homes that sold above asking price, the premium paid over asking price remained at an average of 11 percent, unchanged from June but up from 11 percent in July 2014.

• The 43 percent of homes that sold below asking price sold for an average of 9.6 percent below asking price in July, down from 11 percent in May.

• The share of properties receiving multiple offers rose in July to 67 percent, up from 65 percent in June and 66 percent in July 2014.

• The average number of offers per property increased slightly to 3.0 from 2.9 in June and 2.7 in July 2014.

• REALTOR® respondents reported that floor calls, listing appointments, and open house traffic all declined in July for the third straight month.

• When asked what REALTORS®’ biggest concerns are, more than one in four (26 percent) indicated the lack of inventory, 16 percent said rising interest rates, and 12 percent are concerned with home prices.

REAL ESTATE TIPS...5 Strategies for a Safe and Easy Move

By Shelley Little

There’s no doubt about it—moving is stressful! Amid all of the deal negotiations, packing and trying to turn your new place into your perfect home, there are almost too many things to think about. But while you’re focused on your to-do list, others may be taking an interest in your new home—not because of its beautiful exterior and excellent floor plan, but because moving can make you an easier target for crime.

In fact, both your new and old homes and belongings could be at risk. According to theFBI, moving can open you up to a lot of criminal activities, from burglars who spy an empty house to fraudulent movers looking for a quick buck.

So what can you do to increase your odds of staying safe during this stressful, transitional time? From smart preparation to taking advantage of new wireless security cameras, you have plenty of options for keeping your belongings safe.

Here are five tips that will help you protect your property and let you focus on settling into your new home.

 

1. Spread the Word

The simplest method to protect your former and future homes is to recruit other people to help you watch them. Your realtor, for example, should be aware of your timeline so they know when your property will be vacant.

The neighbors that you hate to leave (and even that nosy one a few houses down) can become extra eyes to watch your property. Advising the neighborhood watch and the local police department of your move is another wise precaution.

2. Mind Your Paper Trail

It’s already on your to-do list: “Complete a change of address with the Post Office.” That simple form is an important part of making your move as safe as possible. Your items should now be headed to your new address and not piling up at your old home. Don’t forget about your newspaper subscriptions, as well.

Those neighbors you asked to help earlier? Request that they also pick up any phone books, pizza flyers or informational brochures left on your doorstep. Nothing gives away a vacant property like paper piling up outside.

3. Look Like You Live There

Along with a pile of newspapers and mail, other signs of a vacant location are fairly easy to prevent. Make sure the lawn continues to get mowed, even after you have moved on. If it’s a winter move and your area gets snow, have the driveway and sidewalks cleared.

Leaving curtains closed will offer some protection against prying eyes. Keeping a few inexpensive lamps on timers in different rooms on varied schedules will give the illusion that someone is home. You might even ask a neighbor to park in your driveway.

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4. Go With the Best

When selecting movers, make sure to do your homework. There are certainly many reputable and conscientious moving companies available that you can verify by checking reviews and asking questions. This is probably not the time to go with the lowest bid without doing your homework—it may end up costing you in the long run.

Sensitive documents, irreplaceable heirlooms and valuable items should go with the very best mover—you! There is nothing wrong with protecting those items by packing and transporting them yourself. In fact, it makes for a very smart move.

5. DIY Security

You can’t be in two places at once. Even if you have done all of the things on this list to help stay safe, there is one more thing you can add to your security protocol—a wireless home security system at each property.

You may think that leaving a property is not the time to add a new system, but in reality, it can save you from a lot of potential trouble and can even be a selling point for your old home if you choose to leave it there. It can be a benefit to new buyers while simultaneously allowing you to keep an eye on your vacant property. Another option is to install a security system at the old location and then take the system with you to your new home when the property sells.

Thanks to developments in the industry, keeping your transitional home safe is now a task that you can easily handle yourself. Technology has made reliable and cost-effective security cameras and systems available for the DIY-er. Many of these security systems can be controlled with a smartphone, making them even easier for you to start using immediately—and from anywhere. Best of all, the set up can often be done very quickly—literally within minutes, you can have a stream of the camera’s view to your phone.

Finally, don’t forget to change the locks on your new home—you never know who may have a key!

REAL ESTATE TIPS...Home Warranties Offer Great Benefits to Agents, Buyers & Sellers

By David Glenn

If there was a magic formula for selling real estate quickly and easily, you can bet every real estate agent would be signing up. Real estate sales affect agents, buyers and sellers one way or another. Although homes need to be in good condition and offer what buyers are currently seeking, the real estate agent ultimately drives the sales. To stay on top of their game and work a little magic, smart agents have learned that a home warranty, also called a home protection plan, can work miracles for increasing sales and quick turnarounds. Learn how agents, sellers and buyers benefit from home warranties and all come out as winners.

Home Warranties

Home warranty programs are available for purchase by consumers who want protection for home appliances and major home systems in the event they fail or break down. If any of the items under warranty in the program should fail, the consumer simply contacts the home warranty company and they see to it that the item is inspected, repaired or replaced by a qualified contractor.

Agents Start the Process

Once a real estate agent learns about the advantages of home warranty programs, work takes on new meaning and they see the possibilities for success. Skeptical buyers are no longer afraid to consider older homes when sellers pay for a home warranty. After an agent explains that the warranty covers appliances and major heating, electrical and cooling systems, clients become eager to see a home that was once not considered. The agent just got a shot at another sale!

Real estate agents have more time to devote to selling homes because they are not continually working out last minute problems and negotiations with sellers and buyers over failing appliances and air conditioners. REALTORS® can sell any home that comes with a home warranty faster. Home warranties are almost like having insurance. Customers like the idea of buying a home and not worrying about troubleshooting repairs, hiring contractors and forking over more money. Home warranty programs provide the magical solution for problem homes that aren’t turning over. Some homes may have the most wonderful qualities, but it’s often the bonus of a warranty program that seals the deal.

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Warranties help agents to get satisfied sellers and buyers, which in turn, leads to more referrals and increased future business. Real estate agents stand to make more money when they sell more homes. There is no doubt about it; REALTORS® are in business for the money. Selling homes with warranties provided by the seller goes a long way to increasing REALTORS’® incomes!

Sellers Take the Lead from Agents

Sellers are overjoyed at the prospect of a home warranty that gives their home an edge when selling in a competitive housing market. Homes with a warranty typically sell for more money than those with no warranty. Any seller would be pleased to get top dollar for their home. Faster sales are appealing to sellers. Constant cleaning and showing the house weakly is tiring on sellers. The faster the home sells the better!

Buyers Dive at the Opportunity to Purchase Homes with a Warranty

Homes that come with a home warranty help to assure buyers that repairs for warrantied items are covered by the seller through warranty coverage. Interested home buyers don’t have to speculate on mechanical problems down the road and how much it’s going to cost them after they move in.

If we all had our way, homes would sell instantly and would always be a snap. However, life is full of surprises. Sometimes you’ve got to work a little magic with home warranty plans so REALTORS®, sellers and buyers all win.

REAL ESTATE TOPICS...10 Best States for First-Time Home Buyers

Buying a home is a financial goal that has been delayed for many Americans, thanks to the recession. With the economy continuing to strengthen in 2015, however, many wannabe homeowners have decided it’s time to buy their first homes.

One-third (32 percent) of home purchases made in May 2015 were by first-time home buyers, according to the National Association of REALTORS®. Lawrence Yun, chief economist for NAR, called this “an encouraging sign” stemming from “strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs.” According to Yun, first-time buyers entering the market will continue to increase.

To see which states offer the best conditions for new homeowners, GOBankingRates ranked the 10 states with the most growth in the number of first-time homebuyers, while maintaining lower levels of foreclosure rates, over the past 10 years.

1. West Virginia

West Virginia saw some of the biggest growth in first-time home buyers in the past 10 years. From 2003 to 2013, the share of new first-time home buyers increased 57.6 percent while foreclosures in 2015 have remained low in the state at 0.01 percent.

The low costs of buying a home in this state also make this housing market accessible for first-time buyers. The median sale price in West Virginia is $115,850, with a monthly payment on a 30-year mortgage costing around $550 a month — more than 40 percent less than the $950 median rent price.

West Virginia also offers some public programs to help its residents buy their first homes. The Homeownership Program offered through the West Virginia Housing Development Fund can provide up to 100 percent financing for first-time home buyers who meet income requirements. Home buyers can also take advantage of the Down-Payment/Closing Cost Assistance program to secure a low rate on a loan of up to $15,000 to help cover down payments and closing costs.

2. New Hampshire

New Hampshire saw an even greater increase in the number of first-time home buyers than West Virginia. The portion of homebuyers in the state looking to purchase a house for the first time increased by 89.3 percent from 2003 to 2013. The state’s foreclosure rate is not quite as low, however, at 0.05 percent, which put it at No. 2 on this list.

The median sales price in New Hampshire, $224,700, is also nearly double that of West Virginia. But buying at that price is still cheaper than renting; a monthly mortgage payment is around $1,060 on a 30-year loan compared with the median rent price of $1,250 in New Hampshire.

New Hampshire state programs can be a big help to first-time homeowners, such as the Home Preferred loans that let borrowers get a mortgage with a down payment as small as 3 percent and provide low mortgage insurance coverage for smaller monthly payments. New Hampshire also offers a tax credit of up to $2,000 each year for first-time home buyers.

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3. Rhode Island

Rhode Island had the largest amount of growth in first-time homebuyers; its rate of this type of borrower nearly doubled — up by 97.1 percent — from 2003 to 2013. Foreclosures are also fairly low at 0.06 percent, only slightly higher than New Hampshire’s 0.05 percent.

Rhode Island also has a wider gap between typical mortgage payments and rent prices. The median rent is reported at $1,400 while the monthly 30-year mortgage payment is just around $1,030, based on a median sale price of $217,625.

The state’s FirstHome lending program makes borrowing more accessible for first-time buyers. It offers no-money-down options and assistance with closing costs. Rhode Island’s FirstHome loans also qualify the homebuyers for a FirstHome tax credit of up to $2,000 throughout the life of the loan.

4. Vermont

Vermont is yet another Northeast state that has seen strong growth among first-time homebuyers, with a 48.2 percent rise from 2003 to 2013. The state also has one of the lowest foreclosure rates at 0.02 percent.

The MOVE mortgage credit certificates offered through the Vermont Housing Finance Agency offer low-interest mortgages, lowered monthly mortgage insurance payments and savings on the Vermont Property Transfer Tax. The agency also offers down payment grants that can cover as much as 2.5 percent of the purchase price or loan amount, whichever is lower.

Lastly, there is the local housing market. Vermont’s median home sale price is $224,900, which is slightly above the national median of $215,177. This difference doesn’t push homeownership too far out of reach, but it could mean that hopeful homeowners might need to save a little longer to afford a house.

5. Massachusetts

The ratio of first-time homebuyers in Massachusetts saw a big jump from 2003 to 2013 — 74.3 percent — showing more residents in the state are ready to take the leap. The state also has a foreclosure rate on the lower end, showing that its residents have a good chance at retaining homeownership once they’ve made the commitment.

The median home value in Massachusetts is $323,800 and the median sale price is $309,500, indicating that Massachusetts residents shopping for a home can currently get a deal and pay below market value. Monthly 30-year mortgage payments based on the median price would also be significantly cheaper than the median rent in the state, at $1,460 versus $2,300, respectively.

First-time buyers in this state can also take advantage of mortgage insurance programs like MassHousing, which offers mortgage payment protection that covers up to $2,000 a month in mortgage and interest payments for up to six months should the borrower suffer a job loss. Another option is the ONE Mortgage Program, which is offered through the Massachusetts Housing Partnership Fund and allows for down payments as low as 3 percent and publicly subsidized loans for up to 20 percent of the home’s value.

6. Hawaii

Hawaii had a 52.8 percent increase in first-time homebuyers from 2003 to 2013 and has a lower foreclosure rate at 0.03 percent. In terms of state programs to get help buying a first home, Hawaiians have limited options. But, the state does offer a mortgage credit certificate that can reduce the federal income tax homeowners owe.

Like in Massachusetts, listing prices in Hawaii fall below home values, making it more likely that a home purchase will be a good deal. But the $84,200 difference between the median sale price ($453,100) and median home value ($537,300) is more pronounced in Hawaii. On the other hand, this median sale price is still high and would result in payments around $2,140 a month with a 30-year mortgage, which is on par with the $2,300 median rent price.

7. Washington, D.C.

When it comes to housing, Washington, D.C., has the highest prices of all the places on this list, with a median sale price of more than half a million dollars — $511,885. The lower $487,600 median home value also doesn’t bode well for homebuyers, indicating they’ll be trying to purchase in a market that favors sellers. Plus, the median rent price of $2,285 actually beats mortgage payments of $2,420 based on the median sale price. Of course, D.C. is a smaller area than the states surveyed and is a major metropolitan area, so buyers should expect a competitive housing market.

In terms of first-time homebuyers, D.C. saw fair growth of 41.7 percent from 2003 to 2013. It has also maintained one of the lowest foreclosure rates at 0.01 percent. D.C. offers several local programs that can help first-time homebuyers, such as the Home Purchase Assistance Program. The program provides up to $50,000 in gap financing and up to $4,000 in assistance with closing costs.

8. Wyoming

With plenty of wide-open spaces to offer its residents, Wyoming’s real estate comes cheaper than real estate in many other states. Its median home value is estimated to be $179,000 as of May 2015, which is right on par with the national median of $179,200. Wyoming’s growth in the portion of first-time home buyers was fairly average at 48.5 percent, but the state has a lower foreclosure rate of 0.03 percent.

Wyoming also provides state-level assistance through the Home Again Program, which offers reduced mortgage rates for first-time homebuyers. The state’s Down Payment Loan Program can also be a big help to new homeowners; it provides loans up to $10,000 to help cover home down payments.

9. Maine

The median value of homes in Maine. which was estimated to be $118,000, is relatively low — not only when compared with the national median but especially next to the median home values of other Northeast states, such as Massachusetts ($323,800) and New Jersey ($273,700). Even with a reasonable median rent at $1,225, homeownership is still attractive. A 30-year mortgage for a property equal to the state’s median home value would cost around $560 a month.

The portion of first-time homebuyers in Maine has increased significantly, climbing 51.6 percent from 2003 to 2013. The state’s 0.04 percent foreclosure rate is also less than most states. Maine provides a few programs to help homebuyers, including the First Home Program. The program offers low-rate home lending, which requires little or no down payment.

10. Arizona

Arizona saw above-average growth in first-time homebuyers (63.6 percent), but this increase is also paired with a middling 0.06 percent foreclosure rate that pushed the state down to No. 10 on this list. First-time homebuyers in the state also lack many public assistance options; however, the Home Plus Home Loan Program can help first-time buyers secure down payment assistance up to 4 percent of the home loan amount.

Arizona is another state that has low home values compared with slightly inflated sale prices. The median home value is $191,300, and the median sale price is $204,500. The good news is that mortgage payments are still cheaper than renting; a 30-year mortgage on the median sale price would cost around $970 a month, whereas the state’s median rent is more than $200 higher each month at $1,195.

REAL ESTATE TRENDS...5 Patterns That Will Make Your Home POP!

No matter where you turn, pattern inspiration is all around you, from modern architecture and traditional flooring to animal furs, floral arrangements and fashion runways. As homeowners and designers look to personalize spaces and create impactful interiors, patterns are being replicated with paint on walls, floors, furniture and more.

“Pattern always catches my eye and is my go-to element for adding something special to a space,” says Design*Sponge Founder Grace Bonney, author of the best-selling book “Design*Sponge at Home.”

Here, design experts share five new pattern trends for the home.

1. Striking Linework

The once simple stripe has found new life with a bold, modern twist. Sharp angles and a fractured, abstract look bring dimension to the standard stripe, and add strong visual impact to even the most awkward spaces around the home. Consider using neutral paint colors for more traditional and elegant looks or brighter colors to infuse energy into the space.

2. Mod Optic

Bold geometric designs are making their way into home decor with subtle shifts in scale and color. These strong three-dimensional patterns create a clean, modern style that communicates sophistication and audacity. Infuse contrast and depth to create a clean, modern backdrop for existing decor. The pattern allows you to play with a combination of light and dark colors as a way to add different levels of drama based on the space.

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3. Geo Elemental

From north and south to east and west, global influences can be seen in architecture, interior design and on the fashion runways. Merging traditional shapes such as zigzags and diamonds with various color treatments adds a modern feel to deep-rooted tradition, creating a meeting point for contemporary and universal. The lively repetition of eye-catching, sharp lines is ideal for spaces that draw attention in one direction and evoke a strong sense of place. Using earth tones and natural colors add to the global feel of the pattern, while cool neutral colors provide a calming aura.

4. ’70s Revival

With retro trends making a comeback in both fashion and design, modernizing retro-themed patterns energizes the home and carries a whimsical accent throughout the space. Give a nod to the stylish looks of the ’70s by building on lavish shapes with modern styling and fresh forms. The combination of high-contrast colors and the big impact of the pattern help make the space feel dynamic and lively.

5. Found Fragments

Layering pattern on pattern gives you the creative license to have fun experimenting and showcasing your personal style. With clean lines or shapes juxtaposed against existing prints and designs, this pattern keeps your space down-to-earth while still being on trend. Diversify existing decor elements by layering multiple patterns and mediums to adapt any space to match your changing styles.

REAL ESTATE NEWS...US home prices rise steadily in June as sales pick up

WASHINGTON (AP) — U.S. home prices rose solidly in June, another sign of health in the housing market.

The Standard & Poor's/Case-Shiller 20-city home price index rose 5 percent from a year earlier, a slight improvement on May's 4.9 percent increase, according to S&P Dow Jones Indices.

Prices rose 10.2 percent in Denver, 9.5 percent in San Francisco and 8.2 percent in Dallas. Chicago posted the smallest gain, just 1.4 percent.

Strong sales have been lifting prices. The National Association of Realtors said last week that sales of existing homes rose 2 percent in July to a seasonally adjusted annual rate of 5.59 million, the fastest pace since February 2007. The Commerce Department reported last week that U.S. builders started work on single family homes in July at the fastest pace since late December 2007, the month the Great Recession began.

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"The missing piece in the housing picture has been housing starts and sales," said David Blitzer, chairman of the S&P Down Jones index committee. "These have changed for the better in the last few months."

Still, some uncertainties weigh on the housing market. The Federal Reserve is considering whether to raise short-term interest rates, a move that might send mortgage rates higher. For now, the average rate on 30-year fixed-rate mortgages remains below 4 percent. Blitzer says a modest Fed rate increase "won't derail housing."

Housing is also drawing strength from a healthy labor market. U.S. unemployment is at 5.3 percent, a seven-year low.

The Case-Shiller index covers roughly half of U.S. homes. The index measures prices compared with those in January 2000 and creates a three-month moving average. The June figures are the latest available.

REAL ESTATE TOPICS...One Cool Thing!

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REAL ESTATE TOPICS...Why more single women are now first-time home buyers

Single women now make up 23 percent of first-time home buyers, according to the National Association of Realtors.

In today's recovering real estate environment, an emerging group of home buyers is carving out a prominent place in the market.

According to the National Association of Realtors (NAR) 2014 Profile of Home Buyers and Sellers, single women are buying homes at nearly twice the frequency as single men.

The report says that single women now constitute 23 percent of first-time buyers and 16 percent of repeat buyers. Single men, on the other hand, comprise 15 percent of first-timers and 8 percent of repeat customers. That's virtually unchanged from last year.

The trend – which the association says originated in the late 1990s – was urged along by legislation like the Fair Housing Act of 1968 and the Equal Credit Opportunity Act of 1974, which made the lending and buying process legally equitable across gender and race.

Prior to the legislation’s passage, few women could be approved for a mortgage or bank loan without being co-signed by a husband or other male family member.

"Once upon a time, you’d market a home only to a family," Steve Melman, director of economic services for the National Association of Home Builders told Dame Magazine. "Only the husband’s income even counted."

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Now, about one in five homeowners are single females, which makes them the second-largest home buying demographic after married couples.

While there is little consensus about why single men haven’t caught up in home-buying rates, there are a variety of statistical factors behind the number of single women entering the real estate market.

Demographic changes are driving a large part of the trend, with an increasing number of women acting as the primary breadwinners for unmarried households, according to a 2013 Pew Research Center study. In most metro areas, single women with no children in their 20s outearned their male peers.

Additionally, women home buyers may simply be a more secure investment for lenders.

Experian, a business services company, found that men have a 7 percent higher incidence of late mortgage payments and 4.3 percent more debt than women.

Jessica Lautz, director of survey research for the NAR, pointed to surveys that demonstrate that women place a higher priority on home ownership and have a willingness to give up more in order to attain that goal.

"We asked did they make any sacrifices like cutting spending on entertainment, on luxury items they don't necessarily need, on clothing, even getting a second job," she told NPR. "And consistently, single female buyers are making those sacrifices more than other buyers."

Karen Krupsaw, vice president of real estate operations at Redfin, a real estate company, said women home buyers take into account more than location when looking at a possible purchase.

"[Single women] are a very discriminating buyer," Ms. Krupsaw told the New York Daily News. "I don't think they're unrealistic. They can see beyond the way [a property] may show as well as how they can fix it up and how it can be a dream home."

Increasingly, single women are also turning to property ownership as a secondary income source.

Julia Kushnir said she bought a multifamily house in Yonkers, N.Y. because she said wanted an income-producing investment. While she now lives with her husband and daughter in a different home, she pointed to her original purchase as a part of the reason she was able buy her current home.  

“I would definitely encourage everyone to consider multifamily homes as a way to afford a home,” she told The Journal News.

The larger picture of the real estate market continues somewhat bleak as the economy continues to shake off the lingering effects of the recession.

For first-time home buyers especially, difficulties receiving favorable loans remain a barrier to entering the market, Schuyler Velasco reported in The Christian Science Monitor.

Erika Klein told The Journal News the biggest challenge of solo home ownership was making the initial down payment. She added that she's happy she persevered and rolled the dice on the market.

"I figured I'd do the work myself and eventually sell it – or keep it, whatever I wanted to do – but I never felt that any of that depended on a man," she said.

REAL ESTATE NEWS...Home sales near eight-and-a-half-year high

U.S. home resales rose to a near 8-1/2-year high in July and factory activity in the mid-Atlantic region picked up this month, fresh signs of steady economic growth that likely keeps the Federal Reserve on track to raise interest rates this year.

While other data on Thursday showed a slight increase in the number of Americans filing new applications for unemployment benefits last week, the trend remained consistent with strong labor market momentum.

"We continue to expect both economic growth and labor market activity to continue shifting higher, providing the justification for the Fed to begin the normalization in monetary policy in September," said Millan Mulraine, deputy chief economist at TD Securities in New York.

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The National Association of Realtors said existing home sales increased 2 percent to an annual rate of 5.59 million units last month, the highest pace since February 2007.

Demand for housing is being boosted by a strengthening labor market. But supply remains tight, pushing up home prices and sidelining first-time buyers, who are a key part of a strong housing market. The share of first-time buyers fell to a six-month low of 28 percent last month.

There were 2.24 million unsold previously owned homes on the market in July, down 4.7 percent from a year ago. That pushed the median home price to $234,000, up 5.6 percent from the year-ago period. Although higher prices could curb sales, they are raising equity for many owners and boosting household wealth.

They also may encourage builders to ramp up construction, further boosting the economy. Housing starts rose to a near eight-year high in July.

"The market needs more new homes to be built to continue the momentum, so the trade-up buyers can find their next home and provide inventory for those looking to enter the home buying market," said Bill Banfield, vice president at Quicken Loans in Detroit.

In a separate report, the Philadelphia Federal Reserve said its business activity index increased to 8.3 this month from a reading of 5.7 in July. A reading above zero indicates expansion in the region's manufacturing. While demand for manufactured goods remained weak, shipments rebounded strongly and employment in the region's factories improved.

National manufacturing activity has been stymied by a strong dollar, weak global demand and the impact of lower oil prices on the energy sector.

STRONG DATA STREAK

The data added to solid June employment, retail sales and industrial production reports that have suggested the economy got off to a strong start in the third quarter.

Gross domestic product expanded at a 2.3 percent annual pace in the second quarter. A strengthening economy could encourage Fed officials, who are worried about persistently low inflation, to tighten monetary policy this year.

Minutes from the Fed's July 28-29 policy meeting published on Wednesday underscored policymakers' concerns about tame price pressures, and economists believe that has raised the bar for a September "lift-off" in the central bank's short-term lending rate.

Futures markets on Wednesday trimmed bets for a rate hike next month.

U.S. stocks fell again on Thursday on worries about global growth, with the housing index .HGX dropping 1.49 percent. Prices for longer-dated U.S. Treasuries rallied, while the dollar slipped against a basket of currencies.

In a third report, the Labor Department said initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 277,000 for the week ended Aug. 15.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 5,500 to 271,500 last week.

It was the 21st straight week that the four-week average remained below the 300,000 threshold, which is usually associated with a strengthening labor market.

The claims data covered the week the government surveyed employers for the non-farm payrolls portion of August's employment report. The four-week average of claims fell 7,000 between the July and August survey periods, suggesting another month of healthy job gains.

"These data show that companies are, for the most part, holding onto labor and reluctant to lay off workers," said John Ryding, chief economist at RDQ Economics in New York. "The data are for the August payroll survey week and suggest that the trend of solid job creation remains intact."

Payrolls increased by 215,000 in July.