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Market Update Week of June 15, 2020

The Mortgage Bankers Association pegged purchase applications up for the eighth straight week, coming in 13% higher than a year ago, noting “the recovery in the purchase market continues to gain steam.” On a deep dive since March, Fannie Mae’s Home Purchase Sentiment Index finally turned higher in May, indicating consumer views are improving as the economy begins to show signs of recovery from the coronavirus crisis. A Zillow statement said, “New for-sale listings are up 19.3% month over month” and “newly pending [...]

By |2020-06-15T16:12:18-05:00June 15th, 2020|Market Trends, Updates|

Market Update Week of June 8, 2020: Buyer Applications Up 18% Over Last Year

Freddie Mac’s chief economist notes, “...all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market.” In fact, the Mortgage Bankers Association reported purchase applications rose for the seventh week in a row, spiking 18% over last year, citing “pent-up demand from home buyers returning to the market.” Realtor.com’s chief economist chimes in: “We're seeing more home buyers in the market than we did this time last year."  She adds: "It's [...]

By |2020-06-08T08:30:10-05:00June 8th, 2020|Market Trends, Updates|

Market Update Week of May 26, 2020: Home Demand is Strong

In April, buyer demand was so strong that 56% of Existing Home Sales were on the market less than a month. But due to the current temporary economic contraction, sales posted the biggest monthly drop since 2010. Housing Starts also took a big dip in April, the first full month of restrictions. But Building Permits beat starts by one of the highest figures since the 2008-09 recession, indicating increased builder interest ahead. Freddie Mac notes that low mortgage rates are "giving potential buyers a good reason [...]

By |2020-05-26T20:17:59-05:00May 26th, 2020|Market Trends, Updates|

Market Report: Week of May 18, 2020

The housing market nationally is picking up. Zillow reports new listings grew 5.9% week-over-week, with the hard hit highest price tier up 8%. New listings are still down annually, but have gained now three weeks in a row. Also growing smaller are the year-over-year declines in purchase mortgage applications. Week-over-week, national purchase mortgage activity has shown gains of 12% and 6% the past two weeks. A new study reveals Google searches for "homes for sale" in 50 metros increased an average of 54% from 2020 lows. Freddie [...]

By |2020-05-18T08:30:28-05:00May 18th, 2020|Market Trends, Updates|

Market Report Week of May 11, 2020

Last week, purchase mortgage applications increased 6% nationally, up for the third week in a row. Versus a year ago, purchase applications are down 19%, but climbing back, demand now within 15% of pre-shutdown levels. Fannie Mae projects low mortgage rates will send refis through the roof, to $1.4 trillion in 2020, the most since 2012. The extra money lower monthly payments will put in homeowners' pockets should do a lot to restore economic growth. The chief economist for a national [...]

By |2020-05-11T09:25:51-05:00May 11th, 2020|Market Trends, Updates|

Market Update: Week of May 4, 2020

In March, the Pending Home Sales index of contracts signed on existing homes dove 20.8%. When those contracts are counted as closings in April, expect a similar drop in Existing Home Sales. Freddie Mac's chief economist observed, "rates at record lows...are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April." Even better, the Mortgage Bankers Association reported a 12% bump in purchase applications, "potentially a sign of the start of an upturn in the pandemic-delayed spring homebuying [...]

By |2020-05-04T08:49:24-05:00May 4th, 2020|Market Trends, Updates|

Market Update, Week of April 27, 2020: While You’ve Been Home

Existing Home Sales dipped 8.5% in March, but the 5.270 million annual rate was still 0.8% ahead of a year ago. Tight inventories kept demand high, as 52% of the homes sold were less than a month on the market. New Home Sales fared even worse, down 15.4% for the month, the 627,000 annual rate off 9.5% from a year ago. This largest monthly drop since 2013 was put to the effects of COVID-19 social distancing and business shutdowns. In a new [...]

By |2020-04-27T11:11:50-05:00April 27th, 2020|Market Trends, Updates|

Market Update, Week of April 20, 2020

March Housing Starts fell 22.3%, their biggest monthly drop since 1984, as builders cut activities, uncertain about buyer demand, supply chains, and social distancing with work crews. Here's more on COVID-19's effect on the report. Yet the year began so well, starts are still up versus a year ago! Nonetheless, the National Association of Home Builders confidence index fell from a very strong 72 to a weak 30 as a result of the coronavirus pandemic. However, Freddie Mac's chief economist noted: "daily economic activity metrics suggest the economy [...]

By |2020-04-20T13:33:46-05:00April 20th, 2020|Market Trends, Updates|

Market Update: Week of April 13, 2020

Mortgage rates are now near historical lows. Freddie Mac's latest Primary Mortgage Market Survey reports the national 30-year fixed mortgage rate is almost a full percentage point lower than a year ago. In spite of the slowdown, deals are getting done thanks to technology. 34% of National Association of Realtors members had no closing delays. 58% are using virtual tours and 84% e-signature tools. Meanwhile, real estate rebounded in China as CORVID-19 restrictions eased. Real estate sales in China's 30 largest cities hit [...]

By |2020-04-13T09:31:54-05:00April 13th, 2020|Market Trends, Updates|

Market Update Week of April 6, 2020: Real Estate Market

While we wait for our miracle, the index of contracts signed on existing homes, Pending Home Sales, rose 2.4% in February, up now two months in a row. This bodes well for existing home sales closing in March and April. In addition to Fannie Mae and Freddie Mac, the FHA and VA are now easing standards for property appraisals and verification of employment on some loans. Please contact us for specifics. Freddie Mac's chief economist noted, "homebuyer demand has declined in response to current [...]

By |2020-04-06T11:40:52-05:00April 6th, 2020|Market Trends, Updates|
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