Related Articles Share Save Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago While home sales prices posted moderate gains in September, the housing market recovery as a whole is moving slowly, according to the Wells Fargo Economics Group Housing Wrap Up for October 2014.New home sales increased by only 0.2 percent month-over-month in September after shooting up by more than 15 percent in August. And while new home sales have increased by 22.6 percent since September last year, that percentage is perhaps more a reflection on the exceptionally weak sales numbers posted in September 2013, according to Wells Fargo. Existing home sales climbed by 2.4 percent from August to September, the highest percentage in 11 months. Year-over-year, existing home sales were 1.9 percent higher in September.The median price of new homes dropped sharply in September, according to Wells Fargo, declining by 9.7 percent month-over-month and 4.0 percent year-over-year, indicating that more discounts are being offered by builders to move inventory. September declines in the median and average sales prices for existing homes were reported by the National Association of Realtors, indicating that more sellers are offering homes at a discount.Homeownership rates tumbled to 64.4 percent in Q3, hitting their lowest point since 1995, according to Wells Fargo. The report attributes the low homeownership rate to a decline in market discipline that was a longtime hallmark of the housing industry – first-time homebuyers made sacrifices to save for a down payment and therefore had a greater stake in home buying. The market shifted and disciple relaxed, resulting in the sales of many homes with little or no down payment, which resulted in poor outcomes for buyers who purchased a home without consider factors such as builders, neighborhoods, or school districts. The report said that many would-be buyers “now remain chagrined to the point that they are unlikely to buy a home anytime soon.”Among individuals under age 35, homeownership rates stood at just 36 percent in Q3, down 7.6 percentage points since peaking 10 years ago. But While many point to the low homeownership rates among millennials as the reason for slow housing recovery, Wells Fargo does not believe the younger generation is completely to blame.”We believe the missing link in the housing recovery is the lack of strong job growth,” the report said. “While overall employment has surpassed its pre-recession level, much of the rebound in employment has been in part-time jobs.”Wells Fargo found in the report that there are 1.1 million more people working in the U.S. than there were prior to the recession, but the gains have come strictly in part-time jobs, where 3.7 million more people are working. The report said there were actually 2.6 million fewer people working in full-time jobs than prior to the recession, and “the 2.6 million worker gap from pre-recession employment levels likely explains a great deal of the slow motion recovery in the housing market” since people working full-time are more likely to buy a house than those working part-time. November 6, 2014 1,165 Views Tagged with: Home Ownership Rate Home Prices Home Sales Housing Market Recovery Wells Fargo Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Home Ownership Rate Home Prices Home Sales Housing Market Recovery Wells Fargo 2014-11-06 Brian Honea Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Housing Recovery Moving Slowly Despite Moderate Gains in Sales The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Housing Recovery Moving Slowly Despite Moderate Gains in Sales Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: With Recent Republican Victories, Is GSE Reform Possible? Next: Progress Made on Ending Veteran Homelessness, More to be Done Print This Post Subscribe
“I had one meeting with her as a fresher, which started as a somewhat daunting meeting with the principal, but quickly became a pleasant chat with a very amiable woman. Whoever succeeds her will have big shoes to fill.”The college has begun recruitment for her successor, who is expected to be announced in early 2017. It did not specify whether it would seek an internal or external applicant for the role, but those considering it are encouraged to contact Dr Curly Maloney.After leaving Somerville, Dr Prochaska hopes to continue with her historical work on heritage collections and their link to national identity. Dr Alice Prochaska, the principal of Somerville College, will step down at the end of the academic year, as a result of a college statute which prevents people over the age of seventy from holding the position.Dr Prochaska, known by Somerville students as ‘Ali P’, has served a seven-year term in which the college’s endowment has almost doubled, the college revealed in an online statement.The latest project announced under her watch is the Margaret Thatcher Scholarship Trust, which awards a tuition fee grant and free accommodation to two students with exceptional prelims results.But due to college rules, which limit tenure to those younger than 65 with a maximum extension of five years, Dr Prochaska’s seventieth birthday will end her contract.“According to our statues, the Principal cannot continue to serve beyond the age of 70”, a Somerville spokesperson told Cherwell.“In fact, Alice Prochaska signed a contract for seven years, which takes her up to the prescribed retirement age.”Finn Strivens, a Somerville third year, said, “I’m shocked and appalled. She is the loveliest person alive, and makes a huge effort with every individual student”. Alex Crichton-Miller, JCR President, said, “We in the JCR are certainly sad that such a wonderful Principal has decided to move on. We can only hope that the college will find a replacement as considerate towards the JCR and as ambitious for the college as a whole.”Dr Prochaska began her career at Somerville, where she read for a BA and DPhil in Modern History, and went on to publish a number of books on British trade unions, reform movements and the city of London, before working as a museum curator and an archivist.During the 1990s, Dr Prochaska was a convener of a research seminar on Contemporary British History, served as a Vice President of the Royal His- torical Society, a governor of London Guildhall University and Chair of the National Council on Archives.Before becoming principal of Somerville in September 2010, she then worked on the government committee that designed the first National Curriculum for History, and as Yale’s University Librarian.In 2015, she led an exposé of sexual harassment, groping and rape jokes in Oxford, prompting an unopposed JCR motion that donated £200 to Oxford Sexual Abuse and Rape Crisis Centre. She made a variety of public appearances highlighting rape culture and the prominence of homophobia amongst university students. Somerville’s website describes Dr Prochaska as “well known for her open informal approach and concern for the welfare of students and staff.”Other major achievements of her time at Somerville include a doubling of the number of graduate students to more than 150, and the opening of student accommodation at the Radcliffe Observatory Quarter, called “one of the most significant development projects…in more than a century”. In her time as principal, Somerville has increased its accommodation to house all undergraduates and first-year graduate students.“She’s always super lovely and she’ll be greatly missed as a friendly face around college”, Robin Leach told Cherwell.