Home Sales Increased In August

According to data released by the Census Bureau, U.S. home sales jumped 8% from July to August, hitting an annual rate of 421,000. Sales are still low when compared to sales levels in the first half of the year. Experts have suggested that home sales may fall as the year comes to a close. Additionally, the housing market is still considered to be on the right track with slowdowns and accelerations both in equal measure. More here

Mortgage Delinquencies And Foreclosure Rates Fall

According to Lender Processing Service’s First Look mortgage report, which covers approximately 70% of the Unites States mortgage market, foreclosures and mortgage delinquencies have dropped considerably across the U.S. The loan delinquency rate averaged 6.20% last month, down 3.31% from July, and down 10% from August 2012. Foreclosure rates have also dropped 34% year-over year, dropping to the lowest point seen in 4 ½ years, averaging 2.66%. More here

Home Prices Increased 12.4% In July

Home prices have continued to jump, increasing 12.4% in July 2013 compared to one year earlier. According to the S&P/Case-Shiller home price index, in July, home prices showed the largest gain since early 2006. According to the index, 50% of all major housing markets posted double-digit annual gains. Experts have suggested that the annual increase in home sales is due to foreclosure rates dropping. Many Economists agree that the housing market has begun to stabilize, a good sign for both the housing market and the economy. More here

New Reverse Mortgage Rules Intended To Help Retirees

The new reverse mortgage rule changes may seem to complicate the process for many older Americans who are already struggling during their retirement years. But, The new changes, which will take place on October 1st are intended to help seniors be more cautious throughout retirement. Mike Anderson, Nerd Wallet Columnist said, “the changes are intended to make people more careful about how they fund their retirement. The FHA wants borrowers to take out only what they need and what they can afford. The program strives to be less a safety net for financial emergencies and more a longer-term financial planning tool.” More here

Existing Home Sales Improve

Existing home sales in the United States have jumped, reaching a 6 1/2 year high last month. Home Sales grew to an annual rate of 5.48 million units in August, a 1.7% increase according to the National Association of Realtors. Lawrence Yun, NAR chief economist said, “rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions.” Many home buyers are trying to avoid rising mortgage rates and lock-in current borrowing costs. More here

Single-Family Housing Starts And Permits Increase

Single-family housing construction picked up in August along with future construction permits. According to the Commerce Department, single-family housing starts jumped 7.0%, the highest level seen in 6 months, averaging an annual rate of 628,000 units. Construction permits for single-family housing also increased hitting a five-year high. Economist at RBS, Guy Berger said, “homebuilding seems to be holding up decently in the higher mortgage rate environment, probably due to the support of strong underlying fundamentals – thin inventories and steady household formation.” Additional starts and permits are expected over the coming months, according to experts. More here

Mortgage Applications Jump

New data shows that U.S. mortgage applications increased last week. Experts have suggested that seasonal factors may influence fluctuations in mortgage activity. Economists say that holidays, such as the most recent holiday, labor day, can play a role in decreased mortgage application rates. Mortgage applications grew 11.2%, and refinance activity increased 18% averaging approximately 61% of all applications. Additionally the purchase index jumped 3%. More here

Baby Boomers, Millennials, Expected to Aid Multi-Family Housing

New statistics state that multi-family housing has declined over recent years. According to Fannie Mae, multi-family housing has declined from 44.8% of occupied rental stock in 2005 to 41.3% in 2001. While experts acknowledge the decrease, construction companies are looking into the future. Experts say that, as job growth continues to increase in the U.S., more millennials will be looking to rent, and baby boomers going into retirement will be considering downsizing. Construction for multi-family housing units has increased over the last six years and is expected to continue to increase in hopes of accommodating both the younger and older generations. More here

Housing Market Growth Expected To Slow

According to many economists, the U.S. housing market has rebounded, with an impressive amount of progress shown over the past year. New statistics show that the market is beginning to slow down as prices continue to rise and interest rates increase, although rates have remained steady over the last few weeks. The consensus of economists has estimated that the sale pace in August will fall to a 5.24 million seasonally adjusted rate, a trend expected to continue throughout the remainder of the year. More here
#img1#