The Housing Market Is Now A Seller's Market

As home values grow and low interest rates begin to increase, the housing market is slowly changing from a buyer’s market to a seller’s market, which suggests great improvement overall. Construction companies are working hard to keep up with the housing demand and, in turn, creating a positive chain of events for the economy. Additionally, homes are not staying on the market very long. According to experts, the number of days houses stay on the market is about 50% less than last year. More here

Mortgage Application Activity Increases

The refinance index increased 5% last week, still 11% lower than 2 weeks prior, and 36% lower than the beginning of May 2013. The average contract interest rate for 30-year fixed-rate mortgage loans with a conforming loan balance jumped 4.15%, and the 30-year fixed-rate Mortgage increased 4.25%. According to the Industry Trade Group Report the seasonally adjusted purchase index rose 5% from the beginning of June. Additionally, the refinance share of mortgage activity grew 1%, averaging 69%. More here

Mortgage Rates Hit Highest Levels In A Year

According to Freddie Mac, 30-year loan rates jumped to 3.91%, a 0.10% increase from last week. The average 15-year rate mortgage in the United States averaged 3.03%, increasing to the highest average seen in a year. Affordable mortgages have helped the economy and housing market grow, boosting home prices and sales since the housing recovery began. Additionally, home prices jumped 12.1% from April 2012 to April 2013, the largest increase seen  since early 2012. More here

Housing Market Aids Economic Growth And Employment Rates

New research has found that the housing market is responsible for improving the economy and employment rates. New home building is responsible for 20% of GDP growth over the last six quarters and is expected to continue to grow as home sales increase and house-related spending takes off. According to the Labor Department, home building employment averaged approximately 2.1 million for the month of April, up almost 100,000 jobs. More here

Home Sales Increasing

According to JPMorgan Chase’s new report, home prices may rise to 7.2% this year. With the market rolling into the summer season, analysts claim that prices are posting significant gains. Lower-tiered units have proven to show more growth in metropolitan areas than higher-tiered units due to high investor demand. JPMorgan analysts stated “Despite the lack of data for investor demand, we saw all-cash sales remain higher than 30% of housing sales.” The Federal Housing Finance Agency also recently reported the extension of the Home Affordable Modification Program (HAMP) and the streamlined modification initiative through the end of 2015, helping the housing market. More here

Solar Powered Home Sales Jump

Sales of new production homes with solar power systems have increased significantly. According to SunPower Corp., solar home sales are expected to continue to increase with more than 20% of new homes being solar powered by the end of 2013. Sales of new homes with solar energy systems have almost doubled in the United States from 2011 to 2012. Solar powered houses provide a “green” solution to keep electricity costs down. More here

Job Creation Soars to Highest Level In Five Years

Job creation has jumped to a score of 22, the highest score since April 2008 according to Gallup’s U.S. Job Creation Index. American workers’ reports showed strong gains as well, showing the best average in 5 years. Spring season is normally a time when job creation speeds up. Experts suggest that if job creation continues after spring months it could be a strong indication of job market improvement for the United States. More here

Spring Housing Market Proves Consistently Successful

According to Clear Capital, the spring home buying season shaped up to be very successful. Home prices grew 1.3% last quarter increasing to 8.2% annually. New statistics have confirmed that the housing market has gained momentum, although price trends remain mixed according to geographical location. The vice president of research and analytics at Clear Capital, Alex Villacorta said, “May home price trends confirm the recovery continues to mature.” More here

Mortgage Rates Expected To Slowly Increase

Mortgage rates have increased 0.5% since last fall and are expected to continue to rise as a reaction to the improving economy. According to Freddie Mac, the average 30-year fixed-rate loan has increased slightly over the last couple of weeks and averaged 3.81% early last week. Experts are predicting that mortgage rates will grow approximately 1% higher by the end of 2014. Mortgage rates are still  extremely low according to experts. More here

Housing Market Index Continues To Grow

According to the Home Price Index, the United States housing market had a strong first quarter in 2013, showing signs of growth the last 21 consecutive months. Additionally, home values have also increased approximately 7% from last year nationwide due to buyer demand and low mortgage rates. Home values have grown around 2% between January 2013 and March 2013, and many experts expect the growth to continue over time. More here