September 2015

Found 16 blog entries for September 2015.

Sales for new construction homes for sale and condominiums for sale were up 5.7 percent in August per newly released figures by the US Census Bureau and the Department of Housing and Urban Development (HUD). The positive growth marks the fastest pace for sale in 7 years and puts sales for new construction 21.6 percent last year’s figures.

The rebound is uplifting news considering sales were down in June. In the August report, estimates for sales in July were revised upward after initially being reported as a 5.4 percent increase, which surpassed economist’s predictions for the month.

Sales for new construction homes are an important signal indicating a healthy real estate market and the overall condition of the economy. Stronger sales signal a

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Equity in a home refers to the value of the property subtracting out the debt (mortgage amount). When the value of your home is worth more than what you paid for it, you have positive equity. CoreLogic’s Second quarter equity report shows positive and encouraging news for home-buyers looking to purchase as well as existing homeowners.

Per the equity report, 759,000 residential properties recovered equity in the 2nd quarter, increasing the number of home mortgages that are now less than their property’s value to almost 46 million, or 91 percent of properties with a mortgage. This is a huge correction since following the housing bubble, when millions of homeowners were suddenly faced with negative equity, when their homes lost significant value.

Anand

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The latest Mortgage Bankers Association’s Weekly Application Survey shows the average 30-year fixed rate mortgage and FHA loans for purchases of homes for sale and condos for sale remain unchanged last week as compared to the week before. Jumbo loans and 15-year fixed mortgages both dropped during a volatile week where the Federal Reserve decided against raising rates.

Mike Fratantoni, MBA’s chief economist said, “We saw significant rate volatility last week surrounding the FOMC meeting, and rate declines toward the end of the week likely drove applications from both prospective home buyers and borrowers looking to refinance.”

He went on to say, “The 30-year fixed-rate remained unchanged over the week even though there was substantial intra-week

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The National Association of Realtors® released a new report showing existing home sales have stalled in August as compared to the month before. Sales for single-family homes for sale, townhouses, condos for sale, and co-operatives (co-ops) dropped 4.8 percent from July. However, sales are still 6.2 percent higher than same period last year.

Lawrence Yun, NAR’s chief economist explained, “Sales activity was down in many parts of the country last month – especially the South and West – as the persistent summer theme of tight inventory levels likely deterred some buyers,” He continued, “The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year.”

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When looking forward into coming months forecasting the strength of the new housing real estate market, home builders and developers typically have a good pulse on that market and therefore, their insight is solicited monthly by the National Association Of Home Builders.

This study has been conducted for 30 years and surveys buildings and developers what they are seeing in the market place and asks their input on rating traffic from potential buyers looking at homes for sale and condos for sale, current sales conditions, and their expectations over the coming six months. The NAHB’s Housing Market Index rose another point in September and reached a pinnacle level not hit since October 2005.

The index which is measured on a scale where any result over

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The Mortgage Bankers Association Weekly Applications Survey indicates on average, rates for mortgage loans were pretty much flat last week. Rates for a 30-year fixed loans and 15-year fixed loans were down slightly. Jumbo Loans, however, were up a bit as compared to the previous week.

Even with favorable rates, mortgage application demand was down 9 percent, and application demand for houses for sale and condos for sale, which is a leading indicator of future home sales - dropped 4 percent. MBA’s chief economist, Michael Frantantoni explained to CNBC that a possibility for the drop in demand was in response to anticipated rate hikes by the Fed in September.

However, expectations now for a rate hike have been extended from September to later this

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A recent study conducted by Pollara, found that a plurality of Americans say they will most likely purchase a house for sale or condo for sale within the next 5 years. Fifty-two percent of those surveyed said they are thinking about purchasing in the near future. Almost all respondents plan to have their financing in place before looking, and they were ready to invest $296,000 for their desired home

This study falls in line with several other polls and housing forecasts showing increased consumer confidence in the real estate market and indicates interest among potential home buyers continues to rise and are incentivized into action by favorable affordability conditions.

The survey also found that a majority of current homeowners spent as much as

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Buying a home for most people, is the single largest purchase they will make in their lifetime. Therefore, it only makes sense that most folks will not just jump into the process without giving it serous thought and many hours of research.

So, what are the concerns and issues that most home buyers thinks about when considering a property purchase? A recent study concluded that buyers looking to purchase a home for sale or  condo for sale are most concerned with rising prices. The study found that 27 percent of those surveyed considered affordability as their largest concern - coupled with competition from multiple buyers coming in at number 2 with 17 percent. These results illustrate a change from last year’s results. 

Although prices, competition

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Fannie Mae’s Economic and Strategic Research Group released findings showing that during the Second Quarter of 2015, growth in the economy was weaker than expectations. However, even with this unfavorable finding, the research group hasn’t revised its forecast for the real estate housing market noting there are many positive signals if one looks.

Doug Duncan, a chief economist at Fannie Mae points out that job creation continues to be steady and employment for full-time workers is nearing pre-recession figures. In addition, net worth for many households continues to rise, however, income growth still needs improvement.

Duncan was quoted as saying, “We hold by our previous comments that income growth still needs to strengthen, particularly for

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Newly released estimates by the US Census Bureau and Department of Housing and Urban Development (HUD) show after the release of a 5.4 percent increase in July, New construction home sales in August were 25.8 percent higher than for the same period last year. These numbers reflect a significant rebound above what was forecasted in the estimate for June, when sales dropped to nearly 7 percent unexpectedly.

Nationwide, the Northeast lead in sales with a 23.1 percent boost. The West and South markets also showed significant gains.  The Midwest, however was not as fortunate, coming in with a 6.9 percent decrease.

The study also found that the total of new homes for sale jumped almost 2 percent the month before and has reached a top level not seen since

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