Archive for Uncategorized

Builders Confident In Market For New Homes

September 18, 2013 Uncategorized Comments Off on Builders Confident In Market For New Homes

When it comes to gauging the health of the market for newly built homes, professional builders offer an unique perspective. Because of this, the National Association of Home Builders conducts a monthly survey to determine the level of confidence home builders have in the market. The survey, conducted for the past 25 years, scores builders’ confidence so that any number above 50 indicates more builders view conditions as good than poor. In September, the Index was unchanged from the previous month at 58. September’s reading follows four consecutive months of gains. Rick Judson, NAHB’s chairman, said confidence is holding at the highest level in nearly eight years but buyers are beginning to express more hesitancy due to recent increases in mortgage rates. Despite the increases, however, interest rates are still quite low based on historical norms, Judson said. More here.

Foreclosure Starts Fall To Lowest Level Since 2005

September 17, 2013 Uncategorized Comments Off on Foreclosure Starts Fall To Lowest Level Since 2005

In yet another sign of recovery in the housing market, August foreclosure starts were 44 percent lower than one year ago and are now at their lowest level since December 2005. A total of 55,775 properties began the foreclosure process during the month, according to RealtyTrac’s most recent U.S. Foreclosure Market Report. The drop drove total foreclosure activity down 2 percent from the month before and 34 percent below August 2012. Despite the improvement, some areas of the country saw increases. Daren Blomquist, vice president of RealtyTrac, said foreclosure flash floods will continue to hit some markets over the next few months as delayed foreclosure starts are quickly pushed into the pipeline. More here.

Majority of Americans Say Now Is A Good Time To Buy

September 16, 2013 Uncategorized Comments Off on Majority of Americans Say Now Is A Good Time To Buy

Fannie Mae’s National Housing Survey polls Americans each month to assess their perception of the housing market, including attitudes toward owning or renting a home, price and rate changes, consumer confidence, household finances, and the overall economy. According to the results of the most recent survey, Americans’ optimism about housing growth has begun to plateau after trending upward since the beginning of the year. Still, a majority of respondents say now is a good time to buy a home and the number who said they’d prefer to buy if they had to move increased from last month. The percentage of people who believe it’d be easy for them to get a home mortgage also increased from the previous month’s survey. Overall, participants said they think home prices and rent will rise over the next year, while the number of people who said mortgage rates would increase over the same time period fell slightly from the month before. More here.

Rising Home Prices Help Underwater Homeowners

September 14, 2013 Uncategorized Comments Off on Rising Home Prices Help Underwater Homeowners

The number of homeowners who owe more on their mortgages than their home is worth has fallen by 42 percent since the beginning of 2012. The positive trend has resulted in 5 million fewer underwater homeowners across the nation, according to the latest housing scorecard from the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury. The monthly scorecard collects key housing data and the results of the administration’s foreclosure prevention programs. Kurt Usowski, HUD’s deputy assistant secretary for economic affairs, said the more than 40 percent drop in underwater homeowners indicates that we are moving in the right direction. The improvement is largely due to continuing gains in home prices. Recent price reports have values up more than 12 percent over the past 12 months. More here.

Number of Improving Housing Markets Hits Record High

September 14, 2013 Uncategorized Comments Off on Number of Improving Housing Markets Hits Record High

The number of improving housing markets across the country has reached a record high, according to the National Association of Home Builders’ Improving Markets Index. The index determines improvement based on each metropolitan areas’ low point in housing permits, employment, and house prices. They are added to the index after showing six consecutive months of improvement in all three categories. September’s results found 291 metro areas that qualified as improving housing markets, up 44 from August. Rick Judson, NAHB’s chairman, said over 80 percent of the 361 metros tracked by the index are showing consistent growth, which is an excellent indicator of how the housing recovery has begun to take hold across the country. More here.

Average Mortgage Rate Holds Steady From Week Before

September 14, 2013 Uncategorized Comments Off on Average Mortgage Rate Holds Steady From Week Before

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the average interest rate for 30-year fixed-rate mortgages remained unchanged from the previous week, but up from one year ago. Frank Nothaft, vice president and chief economist at Freddie Mac, said rates held steady due to a mixed employment report. In August, the economy added fewer jobs than analysts forecast but, at the same time, the unemployment rate fell to 7.3 percent, which was the lowest its been since December 2008. Though unchanged from the week before, mortgage rates remain near their highs for the year. More here.

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