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December 6, 2010 • 2:00 pm 0
Foreclosure Sales Drop In Q3
According to RealtyTrac’s Q3 2010 U.S. Foreclosure Sales Report, foreclosure sales fell 25 percent from the previous quarter and the average sales price of properties in some stage of foreclosure was $169,523, down 2.46 percent from the second quarter. James J. Saccacio, chief executive officer of RealtyTrac, said the expiration of the homebuyer tax credit created a substantial dip in overall demand in the third quarter. The average sales price of non-foreclosure properties, however, rose 6.42 percent from the second quarter and 4.36 percent from the third quarter of 2009. More here and here.
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December 3, 2010 • 12:32 pm 0
The Housing Market, Consumer Confidence, And Job Growth
Gus Faucher, of Moody’s Analytics, says housing prices will experience some small declines but, with continued improvement in consumer confidence and job growth, the housing recovery will gradually get stronger.
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December 2, 2010 • 1:48 pm 0
Pending Home Sales Surge In October
The National Association of Realtors’ Pending Home Sales Index jumped 10.4 percent in October, continuing an upward trend since bottoming in June. The index, based on signed contracts during the month, is 20.5 percent below last year’s level, which was elevated due to the homebuyer tax credit. Lawrence Yun, NAR’s chief economist, said it was encouraging to see double-digit gains and feels the market, though uneven at times, is clearly in a recovery phase. More here and here.
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December 1, 2010 • 9:58 am 0
Purchase Demand, Mortgage Rates Rise
According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages increased last week to 4.56 percent from 4.50 percent the week before. The rise in rates caused a 21.6 percent drop in the Refinance Index, which reached its lowest level since June. The Purchase Index, however, was up 1.1 percent from a week earlier. The week’s results include an adjustment for the Thanksgiving holiday. More here.
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November 30, 2010 • 1:40 pm 0
Home Prices Slip In Third Quarter
The Federal Housing Finance Agency House Price Index was 1.6 percent lower in the third quarter than the second quarter of 2010. Monthly prices were down 0.7 percent in September, and 3.4 percent below the year before. The index, calculated from mortgages acquired by Fannie Mae and Freddie Mac, shows prices down a total of 8.4 percent over the past five years. The Standard & Poor’s Case-Shiller Home Price Index also shows prices falling in the third quarter, dropping 2.0 percent after increases in four of the previous five quarters. Still, the 20-city composite index was up 0.6 percent in September from a year earlier and the 10-city composite rose 1.6 percent. More here, here, here and here.
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November 29, 2010 • 11:42 am 0
Americans Cautiously Optimistic About Housing
According to The Third Quarter 2010 Fannie Mae National Housing Survey, 68 percent of Americans think now is a good time to buy a home. The survey, meant to assess Americans’ confidence in homeownership as an investment, the current state of their household finances, views on the U.S. housing finance system, and overall confidence in the economy, also found that 25 percent of respondents think home prices will rise in the next year and 66 percent think buying a home is a safe investment. Overall, respondents were cautiously optimistic about their personal finances with as many expecting them to improve as those that expect their finances to remain the same. More here and here.
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November 26, 2010 • 10:22 am 0
New Home Sales Drop in October
According to The U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes fell 8.1 percent in October. Though economists expected an increase, sales fell from September’s revised rate, putting them 28.5 percent below last year’s levels. The median sales price of new houses sold in October was $194,900; the average price was $248,200. There were an estimated 202,000 new homes listed for sale at the end of October. At the current sales pace, that represents a supply of 8.6 months. More here and here.
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November 24, 2010 • 12:01 pm 0
Loan Demand Highest in 6 Months
According to The Mortgage Bankers Association’s Weekly Applications Survey, demand for purchase applications surged 14.4 percent last week, the highest level since the week ending May 7. Michael Fratantoni, MBA’s vice president of research and economics, said the increase aligns with other data suggesting consumers are feeling more confident with their financial situation. The Refinance Index, though, was down 1.0 percent from the previous week. The Market Composite Index, which measures total loan application volume, was up 2.1 percent. More here and here.
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November 23, 2010 • 2:04 pm 0
Existing Home Sales Fall After Two Months of Gains
Sales of previously owned homes fell 2.2 percent in October, according to a report from The National Association of Realtors. Existing home sales, which include single-family, townhomes, condominiums, and co-ops, declined after two months of increases, putting them 25.9 percent below last year’s level when sales were elevated by the home buyer tax credit. Lawrence Yun, NAR’s chief economist, said sales activity, though affected by temporary foreclosure stoppage in some states, is clearly off the bottom and attempting to settle into sustainable levels. The national median existing-home price for all housing types was $170,500, down just 0.9 percent from October 2009. More here and here.
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James Harris 