Market Updates
Median Home Prices Rose in July According to the Housing Recovery Index put out by Realtor.com, listing price growth increased $27,000 (8.5%) Y-o-Y to $349,000 in July – a new high in median U.S. home prices. Danielle Hale, chief economist at Realtor.com notes that,...
Market Updates
Mortgage Rates Hover at Historic Lows Mortgage rates continue to hover at near historic lows according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). Interest rates on 30 year fixed-rate mortgages averaged 2.99% for the week ending July 30, 2020 - slightly...
Market Updates
Property Prices Determining the worth of various types of real estate has become more difficult due to limited transactions in the time of Coronavirus. Thankfully, REITs (Real Estate Investment Trusts) trade publicly daily, providing some insight into values....
Market Updates
Housing Market: Reopened Homes As parts of the U.S. economy reopened in June, housing market sales of previously owned homes went up 16.4%. A sales slump of 9.7% in May reflected weaker contract signings during multi-state shutdowns in March and April, according to...
Market Updates
Repeat Home Sales Up The CoreLogic National House Price Index, a repeat home sales measure, rose 0.7% in May (not seasonally adjusted). The index rose 4.8% from one year ago, the fastest annual pace of growth since November 2018.1Mortgage Applications UpMortgage...
Market Updates
FORECLOSURE THREAT GROWS AS COVID-19 SURGES The danger of mortgage forbearances turning into foreclosures is rising as COVID-19 infections surge in the U.S., according to the Federal Reserve Bank of Atlanta. COVID-19 cases in Texas, Arizona, Florida and other sunbelt...
Market Updates
Bidding War During the Pandemic A new study from Clever revealed that 42% of homebuyers who made a purchase during the January to May time period ended up in a bidding war, demonstrating the strong demand for homes amid low inventory. In addition, the study showed the...
Market Updates
Mortgage rates continue to hover at record lows, and the FHFA reports April home values up 5.5% over last year. Low rates and strong prices create opportunities for homebuyers and owners. The International Monetary Fund now expects the U.S. economy to contract by 8%...
Market Updates
Retail sales rose 17.7% in May, well above the 8% forecast. Although still below prior levels, it was the biggest one-month jump of all time. Fed Chair Jerome Powell warned of ‘significant uncertainty’ about the economic recovery in his semi-annual testimony before...
Market Updates
Consumer prices fell for the 3rd straight month in May. Underlying inflation was weak, as demand remained subdued. Low inflation typically helps keep rates low. At their June meeting, the Fed renewed their commitment to purchasing mortgage bonds. Their purchases...
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