Monthly Archives: August 2016

Costs in data reports

ATTOM Data Solutions teamed up with UtilityScore to add utility costs to ATTOM’s data platform.

Under the new data licensing agreement, ATTOM will have exclusive rights to the utility data. This data includes annual and monthly electric bills, natural gas bills, water/sewer bills and neighborhood-level utility costs, according to a report from ATTOm

“We’re pleased to add the innovative UtilityScore data element to the expanding ATTOM data warehouse,” ATTOM CEO Rob Barber said.

“Fused with our existing property data elements, utility costs will be immediately applicable for many bulk data customers, including lenders, online real estate portals, homebuilders, big box retailers, solar companies, cable companies, home appliance manufacturers, home security companies and government agencies,” Barber said.

UtilityScore calculates utility cost estimates using more than 7,000 local utility rates, property characteristics such as size and age and regional climate data, according to the report.

Each home is assigned a score between one and 100 to show how its utility costs stack up with others in the area. On the scale, 100 represents a very low utility bill and one represents a very high utility bill.

There’s one less-noticed factor that is impacting the current shortage of cheap service labor and shortage of affordable housing: the education level of immigrants has been rising. In fact, this study shows that new American immigrants are more likely to be buying suburban houses than building them.

This could be explained by the sudden shift in type of immigrants coming to the U.S. As it turns out, since 2008, the flow of undocumented immigrants into the country slowed dramatically, and at times even reversed as more were going back than coming in, data from Goldman Sachs shows.

Most important group for housing

The homeownership gap between immigrants and the native-born is closing as more foreign-born U.S. residents move towards buying homes, according to a new report fromTrulia.

Trulia used the U.S. Census Bureau’s Current Population Survey and American Community Survey data for this study. For calculations involving the American Community Survey data, the company used five-year 2014 data.

Not only are immigrants closing the gap, but states where immigrants resided in the U.S. for longer periods of time also have higher rates of immigrant homeownership, according to the report.

While those born outside the U.S. still lag behind those born in the U.S., the homeownership gap has been shrinking since 2000. The gap now rests at 15.4 percentage points, down from 20.7 percentage points in 2001.

The homeownership rate for those born in the U.S. remained roughly unchanged from 1994 to 2015, however the rate for immigrants increased 2.3 percentage points.

Americans are increasingly divided on the subject of immigration, but immigrants play a critical role in driving our housing economy, and, by extension, our long-term economic prosperity. This article explains why immigrants are crucial to economic growth.

While New York and California both hold the largest immigrant population, they differ drastically when it comes to the homeownership gap. In New York, immigrants lag behind by 20.1 percentage points, however in California, the gap is only 9.7 percentage points.

While the homeownership gap in California is decreasing, San Francisco’s competitive employment market is causing many construction companies to lose workers and driving a trend towards more expensive housing.

There’s one less-noticed factor that is impacting the current shortage of cheap service labor and shortage of affordable housing: the education level of immigrants has been rising. In fact, this study shows that new American immigrants are more likely to be buying suburban houses than building them.

This could be explained by the sudden shift in type of immigrants coming to the U.S. As it turns out, since 2008, the flow of undocumented immigrants into the country slowed dramatically, and at times even reversed as more were going back than coming in, data from Goldman Sachs shows.

National average for first time

download-21Phoenix’s homeownership rate increased to 63.4% in the second quarter, surpassing the national average from the first time since 2010, according to the Second Quarter 2016 Economic and Single-Family Housing Market Outlook Report for Phoenix released byTen-X, an online real estate transaction marketplace

“The city’s strong underlying economic fundamentals, high employment, growing wages and increasing population, bode well for continued growth in the housing market,” Sharga said.

Existing home sales in the city increased 12.5% from last year to 123,600 during the second quarter, according to the report. This is a new cyclical peak, and passed up the national average for the first time since early 2015.

While home sales are increasing, available inventory remains tight even after an increase of 7.2% from last year. New home construction remained weak, with both housing starts and permits down on a year-over-year basis, and lagging well below historical levels.

Home price appreciation slowed, but continues to increase in the metro. In the second quarter the median home price in Phoenix increased 8.4% from last year to $222,194.

“Compared to other major metropolitan areas, Phoenix real estate remains relatively affordable, even as prices continue to rise,” Sharga said.