|By Marketwired .||
|July 30, 2014 06:02 AM EDT||
MINNEAPOLIS/ST. PAUL, MN -- (Marketwired) -- 07/30/14 --
- Six in 10 say the value has increased over the last 12 months
- Close to a third say market activity has delayed or ended their home purchase
- BMO Economics: Housing affordability remains historically very attractive
With home prices increasing steadily, a new study released today by BMO Harris Bank found that two-thirds (67 percent) of homeowners in Minnesota believe the value of their home will go up over the next 12 months. Looking back over the past year, 60 percent felt the value had increased and 26 percent thought it had gone down. One in 10 (11 percent) expect a decrease over the next year.
In the Twin Cities, three quarters (73 percent) of home owners believe their home's value will rise in the next year, compared with 59 percent nationally, and 62 percent said it had gone up over the last year, while 28 percent said they thought it had gone down.
"Our region has a lot going for it in the area of housing, and we've seen a lot of activity as the housing season is in full swing," said Chuck Meier, Minnesota Mortgage Market Manager, BMO Harris Bank. "Even though many people expect rates to go up in the next year, the fact that rates are still low while people are seeing their home values rise provides a win-win scenario for both buyers and seller."
When Minnesota residents with mortgages were asked about the forecast for interest rates:
- 65 percent said they expect rates to go up, with 50 percent expecting a small increase and 15 percent anticipating a large increase
- 8 percent believe that rates will decrease over the next five years
- A little over a quarter believe that rates will stay the same
"Housing affordability remains historically very attractive, despite rising home prices and borrowing costs coming off their lows. As a result, there continues to be decent demand for homes, assisted from firming household formation," said Michael Gregory, Head of U.S. Economics, BMO Capital Markets. "Although overall U.S. housing activity is experiencing slower momentum than we saw earlier in the recovery, positive developments such as the recent down-drift in mortgage rates and solid job numbers should give an added boost to housing."
At the national level, the survey found:
- Six in 10 (59 percent) Americans believe the value of their home will rise in the next 12 months, and the same proportion say it has risen over the last year
- 29 percent of those looking to buy say they have sped up their timeline to buy a home as a result of market activity, and the same proportion say it has caused them to delay or give up
- Six in 10 (59 percent) of those with a mortgage say they expect interest rates to rise over the next five years
Survey results cited in this report are from a Pollara survey commissioned by BMO Harris Bank using interviews with an online sample of 2,500 Americans, including 250 from the state of Minnesota, conducted between April 1st and 7th, 2014. The margin of error for a probability sample of 2,500 is +/- 1.96%, and 250 is +/- 6.2% 19 times out of 20.
For more trends, tips and tools to help you plan for your financial future, including buying a home, visit bmoharris.com/YourFinancialLife.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris ® and BMO Harris Bank® are trade names used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $582 billion in assets (as of April 30, 2014).
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2647609
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Aug. 4, 2015 06:45 PM EDT Reads: 240
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Aug. 4, 2015 06:45 PM EDT Reads: 220
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Aug. 4, 2015 05:30 PM EDT
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
Aug. 4, 2015 05:00 PM EDT Reads: 111
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Aug. 4, 2015 03:00 PM EDT Reads: 574
Scrum Alliance has announced the release of its 2015 State of Scrum Report. Almost 5,000 individuals and companies worldwide participated in this year's survey. Most organizations in the market today are still leading and managing under an Industrial Age model. Not only is the speed of change growing exponentially, Agile and Scrum frameworks are showing companies how to draw on the full talents and capabilities of those doing the work in order to continue innovating for success.
Aug. 4, 2015 02:45 PM EDT
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Aug. 4, 2015 02:00 PM EDT Reads: 392
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at @DevOpsSummit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, presented a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mocku...
Aug. 4, 2015 01:30 PM EDT Reads: 103
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Aug. 4, 2015 01:00 PM EDT Reads: 295
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Aug. 4, 2015 12:00 PM EDT Reads: 116
Graylog, Inc., has added the capability to collect, centralize and analyze application container logs from within Docker. The Graylog logging driver for Docker addresses the challenges of extracting intelligence from within Docker containers, where most workloads are dynamic and log data is not persisted or stored. Using Graylog, DevOps and IT Ops teams can pinpoint the root cause of problems to deliver new applications faster and minimize downtime.
Aug. 4, 2015 11:45 AM EDT
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Aug. 4, 2015 11:30 AM EDT Reads: 122
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Aug. 4, 2015 09:30 AM EDT Reads: 120
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Aug. 4, 2015 08:45 AM EDT Reads: 265
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Aug. 4, 2015 07:00 AM EDT Reads: 229