WASHINGTON, DC – The Fannie Mae Home Buy Sentiment Index (HPSI) decreased 1.5 percentage points in July to 86.8, after matching its all-time high in June. The decline can be attributed to decreases in three of the six HPSI components. The net share who reported that now is a excellent time to buy a home fell 7 percentage points, with the share who say it’s a terrible time to buy reaching a new survey high and the share who say it’s a excellent time to buy reaching a new survey low. The net share of those who say it is a excellent time to sell a home decreased by 11 percentage points, following June’s survey high.

Americans also expressed a greater sense of job security, with the net share who say they are not concerned about losing their job rising by 9 percentage points. Additionally, consumers continued to express that their current household income is not significantly higher than it was 12 months ago, with that component falling an additional percentage point in July. Finally, the net share of Americans who expect home prices to go up also increased by 1 percentage point this month, following last month’s upward trend.

The decline in selling sentiment was the largest drag on the index, followed by the drop in buying sentiment. Underlying data showed that economic conditions weighed on the former. Among consumers who believe now is a terrible time to sell, the share citing economic conditions as a primary reason posted a sharp rise. Nearly half of consumers who say now is a terrible time to buy cited rising prices as a primary concern—a survey high.

“It’s clear that high home prices are a growing challenge helping to send buying sentiment to a record low,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “But, we find the notable decline in selling sentiment surprising. If it persists, this month’s decrease in optimism regarding the direction of the economy, which appears to coincide with rising uncertainty regarding the outlook for pro-growth legislation this year, could weigh on overall housing sentiment in the second half of the year.”

HOME BUY SENTIMENT INDEX – COMPONENT HIGHLIGHTS

Fannie Mae’s 2017 Home Buy Sentiment Index (HPSI) decreased in July by 1.5 percentage points to 86.8. The HPSI is up 0.3 percentage points compared with the same time last year.

The net share of Americans who say it is a excellent time to buy a home fell 7 percentage points to 23%, reaching a new survey low, with the share who say it’s a terrible time to buy and the share who say it’s a excellent time to buy reaching a new survey high and low, respectively.

The net percentage of those who say it is a excellent time to sell decreased by 11 percentage points to 28% after reaching a survey high in June.

The net share of Americans who say that home prices will go up increased by 1 percentage point in July to 47%, following the upward trend from last month.

The net share of those who say mortgage rates will go down over the next twelve months remained the same at   -49%.

The net share of Americans who say they are not concerned about losing their job rose by 9 percentage points to 75%, reversing the decrease from last month.

The net share of Americans who say their household income is significantly higher than it was 12 months ago continued to decrease, falling 1 percentage point in July to 16%.

The Home Buy Sentiment Index (HPSI) distills information about consumers’ home buy sentiment from Fannie Mae’s National Housing Survey (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and choice making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home buy decisions. The questions question consumers whether they reckon that it is a excellent or terrible time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to go, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier.

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FORT MYERS, FL – Discovery Village at The Forum, one of the top senior living communities in Southwest Florida, hosted a formal ribbon cutting ceremony to celebrate the completion of the area’s newest, and most luxurious, independent living community.

Discovery Village at the Forum’s new independent living community is owned and operated by award-winning Discovery Senior Living. The independent living part of the community broke ground early last year and is adjacent to Discovery Village at the Forum’s helped living community.

“Our residents are always top of mind, and Discovery Senior Living pride ourselves on providing the best lifestyle possible to promote overall well-being and happiness,” says Richard J. Hutchinson, CEO of Discovery Senior Living. “This new community is unmatched in regards to the amenities, the living arrangements, and the lifestyle. Our team place so much heart and thought into the construction and overall design of this new community. We hope all residents at Discovery Village at the Forum feel at home, in addition to living their best life.”

The new community offers an array of luxurious exterior and interior amenities. There is a grand ballroom for community events, a deluxe movie theater for relaxation and entertainment, and a resort-style pool, complete with oversized cabanas and a covered, outdoor entertaining and dining area.

In addition to the amenities, residents will be able to delight in gourmet, freshly prepared meals through the community’s Sensations dining, and participate in a variety of events and activities through the Celebrations program. Promoting wellness and vitality is also crucial to the community, which is why the Dimensions program is available to all residents.

Senior Management from the Discovery Senior Living team was present at the ribbon cutting ceremony, in addition to community leaders and board members from the Greater Fort Myers Chamber of Commerce. Acting Lee County Commissioner, Cecil Pendergrass, was also among the distinguished list of attendees. 

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PORTLAND, OR – Granite Investment Group announced that it recently bought the Tabor Crest Memory Care Portfolio, consisting of two memory care facilities in Oregon. Both facilities are located in densely populated areas of Portland and will be managed by the seniors housing division of Avalon Health Care Group.

“This is a really exciting growth opportunity for Granite, and allows us to continue our strategy of acquiring quality properties in strong markets for our investors,” said Humair Sabir, vice president of acquisitions with Granite.  “We are thrilled to partner with an operator that enjoys an enviable track record of patient care and service. Avalon brings with them experience and resources that are essential for superior quality and care.”

The portfolio, consisting of a total of 60 beds, includes a new facility that was built in April 2016 and leased up within 6 months of its opening. The second facility was bought by the sellers in 2004, wherein they made significant improvements and built a stellar reputation in the community for quality of care. Both facilities provide high acuity services, focusing primarily on memory care, along with room, board, social activities, three daily meals, scheduled transportation, 24-hour supervision, and help with activities of daily living (ADLs).

“This portfolio offers strategic in-fill locations with high visibility and an brilliant reputation in the market place.  Granite Investment Group was fantastic to work with.  The due diligence and closing process went very smooth and I look forward to working with them again,” said Jason Punzel, senior vice president of Senior Living Investment Brokerage. Jason, along with Brad Goodsell, represented the sellers in both transactions.

The bridge loan was provided by Congressional Bank, and the HUD loan will be processed by Housing and Healthcare Finance (HHC).

Granite Investment Group currently manages a portfolio of commercial real estate assets valued in excess of $500 million, based on buy price, primarily comprised of senior housing facilities. 

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