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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|

Market Update Week of March 30, 2020

Another report portrayed a solid housing market as we work with the coronavirus slowdown. New Home Sales, off 4.4% in February, were up a strong 14.3% versus a year ago, at a 765,000 annual rate. To help keep the home buying process moving, Fannie Mae and  Freddie Mac are easing standards for property appraisals and verification of employment on some loans. Please contact us for the specifics. As low mortgage rates keep motivating buyers, they're addressing health concerns by viewing virtual tours before visiting [...]

By |2020-03-30T09:27:35-05:00March 30th, 2020|Market Trends, Updates|

Market Update Week of March 23, 2020: Home Building Strong

Entering the economy's coronavirus contraction, February Housing Starts showed strength, off 1.5% after January's large upward revision, but up 39.2% from a year ago, at a 1.599 million annual rate. Single-family starts shot up 6.7% at the fastest pace since 2007, and single-family permits hit a post-recession high. Builder confidence was positive, but expect declines soon, followed by a big rebound after coronavirus issues get resolved.  Existing Home Sales grew 6.5% in February, to 5.770 million annually, the highest level in 13 years, but these contracts [...]

By |2020-03-24T16:10:40-05:00March 24th, 2020|Market Trends, Updates|

You May Be Entitled To Up To A Yearlong Break On Mortgage Payments

VIA NPR.ORG (https://www.npr.org/2020/03/19/818343720/homeowners-hurt-financially-by-the-coronavirus-may-get-a-mortgage-break Visit for updates) If you're a homeowner and have lost income or your job(s) due to the coronavirus outbreak, you are getting some relief. Depending on your situation, you should be eligible to have your payments reduced or suspended for up to 12 months. Through the mortgage giants Fannie Mae and Freddie Mac, Federal regulators are ordering lenders to offer flexibility. This covers all home loans in the U.S. guaranteed by Fannie and Freddie. But it is expected [...]

By |2020-03-20T13:33:56-05:00March 20th, 2020|Market Trends, Updates|

National Market Update Week of March 16, 2020: Fed Cuts Rate to Near Zero

Yesterday at 5 p.m. ET, the Federal Reserve cut its benchmark Funds Rate to a range of 0%-0.25%, and pledged to buy $700 billion in Treasuries and mortgage bonds, to bolster the economy against a coronavirus slowdown. This does not immediately cut fixed-rate mortgage rates, as they're keyed to bond prices. But the Fed's bond buying program may increase those prices, which would eventually lower mortgage rates. We'll see. In last week's National Association of  Realtors survey, 87% of respondents saw no change in [...]

By |2020-03-17T11:06:25-05:00March 17th, 2020|Market Trends, Updates|
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