Existing-Home Sales
By Krista Franks Brock | 05/07/2012
The U.S. housing market continues to trudge down the slow, bumpy road to recovery with a few positive indicators lighting the way. However, a full recovery continues to linger listlessly on the horizon. Obama's Housing Scorecard for April, released jointly by HUD and the Treasury Department, reveals some positive movement in home sales, though prices continue to languish in many markets. Another piece of good news for the market: Housing inventory is now at a sustainable level. The market currently holds a 5.3-month supply of new homes.
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By Mark Lieberman, Five Star Institute Economist | 04/26/2012
The Pending Home Sales Index rose sharply in March to 101.4 from February's revised 97.4, the National Association of Realtors said Thursday. Economists had expected the Index to increase 1.0 percent from February. The index is now at the highest level since April 2010 when it reached 111.3. The index improved for the third straight month and fifth time in the last six month. The March reading is up 12.8 percent from March 2011, the strongest year-over-year gain since last July. The PHSI has been drifting upward, albeit modestly for most of the past two years.
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By Ryan Schuette | 03/29/2012
Higher gasoline prices and concerns about Chinese growth fed bond investments, driving down mortgage rates once again amid worrying signs about the economy. Mortgage giant Freddie Mac found rates for the 30-year fixed-rate mortgage falling from 4.08 percent last week to 3.99 percent this week. The company said the 15-year loan fell from 3.30 percent last week to 3.23 percent this week, a change of pace from 4.09 percent seen year-over-year. Five-year and 1-year adjustable-rate mortgages meanwhile slid from 2.96 percent and 2.84 percent to 2.90 percent and 2.78 percent, respectively.
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By Mark Lieberman, Five Star Institute Economist | 03/21/2012
Existing-home sales fell in February from an upwardly revised January sales pace, the National Association of Realtors reported Wednesday. February sales – completed transactions – were down 0.9 percent from January to a seasonally adjusted annual rate of 4.59 million. January's total was revised up to 4.63 million from 4.57 million. The February 2012 sales pace was up 8.8 percent from February 2011. The month-month price increase was the first since last June. After appearing to stabilize at low levels in the first half of 2011, prices are dipping again.
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By Ryan Schuette | 03/06/2012
A steady pace for home prices and sales signals housing recovery, but a disorderly default by any of the euro zone states overseas could choke affordability according to Capital Economics analysts.
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By Ryan Schuette | 03/02/2012
A troubled year for housing surfaced in a February housing scorecard from the Obama administration Friday, underscoring a still-unsteady pace for home prices, mortgage origination volume, and housing supply. Jointly released by HUD and the Treasury Department, the scorecard reflects an industry still in transition from crisis to recovery. The scorecard cited a National Association of Realtors Home Affordability Index, showing that it moved from 179.1 February last year to 194.9 this year, not far from the level seen in January.
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By Ryan Schuette | 03/01/2012
This week mortgage rates played by the same script seen for the last few months, furthering a season for all-time high affordability while fears for Europe drove investors across the Atlantic. Finance Web site Bankrate.com, mortgage giant Freddie Mac, and real estate Web site Zillow.com delivered a dearth for rates across the board. Bankrate.com likewise offered declines for loans across the board. For its part, Greece remains in the clutch of a debt crisis that drew $172 billion in bailout funds from eurozone finance ministers last week.
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By Ryan Schuette | 02/27/2012
More homebuyers are scooping up properties with cash only, even in an environment for record-low mortgage rates, according to a recent survey. Campbell Surveys and Inside Mortgage Finance jointly released the HousingPulse Tracking Survey, collecting responses from about 2,500 real estate agents around the industry. The survey said that cash buyers will account for roughly half of all homebuyers in 2012 if current trends continue. The survey also attributed the rise in all-cash transactions to hefty discounts and late appraisals.
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By Ryan Schuette | 02/24/2012
New home sales fell 0.9 percent in January, declining from 324,000 in December to a seasonally adjusted annual rate of 321,000. The Commerce Department found that the new home sales from January reflected a 3.5-percent increase year-over-year, up from a seasonally adjusted annual rate of 310,000. Sales in the Northeast accordingly leapt forward by 11.1 percent from December but fell 39.4 percent from January last year. The South boasted still-strong numbers on either basis, up 9.3 percent month-over-month and 15.3 percent year-over-year.
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By Ryan Schuette | 02/23/2012
Interest rates for mortgage loans climbed close to 4 percent this week as a second Greek bailout sowed more confidence in the investor crowd and signs emerged that housing may see an upswing. Finance Web site Bankrate.com and mortgage company Freddie Mac each released separate surveys, with analysts attributing the rise to different causes. The GSE found the 30-year fixed-rate mortgage lifting to 3.95 percent, up from 3.87 percent. Bankrate.com saw rates for the loan hit 4.16 percent, up from 4.10 percent last week.
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