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market conditions: Despite Low Rates, Pending Home Sales Slip In August - 10/03/11 02:27 PM
Despite the lowest mortgage rates of all-time, home buyers are slowing the pace at which they're buying homes.
According to the National Association of REALTORS®, on a seasonally-adjusted basis, the Pending Home Sales Index fell 1 percent in August.
The Pending Home Sales Index measures homes under contract, but not yet sold, nationwide. In this respect, the Pending Home Sales Index is a forward-looking housing market indicator; a predictor of future home sales.
It's one of the few national indices that "looks ahead" to future market conditions. Most housing data, by contrast, describes past events.
On a regional basis, only the … (0 comments)
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market conditions: A Simple Explanation Of The Federal Reserve Statement (September 21, 2011 Edition) - 09/23/11 02:57 PM
Wednesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. The vote was 7-3 -- the second straight meeting at which the FOMC adjourned with as many 3 dissenters. Prior to that last meeting, there hadn't been 3 FOMC dissenters since 1992. In its press release, the Federal Reserve presented a dour outlook for the U.S. economy, noting that since its last meeting in August: Economic growth "remains slow" Unemployment rates "remain elevated" The housing sector "remains depressed" The Fed also said that there are "significant downside risks" to … (0 comments)
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market conditions: Homebuilder Confidence Stays Flat - 09/20/11 04:49 PM
Homebuilders are feeling worse about the market for new homes nationwide.
With construction credit tight and competition from foreclosures increasing, the National Association of Homebuilder's Housing Market Index slipped 1 point in September, falling to levels just below the index's 12-month average.
The HMI measures homebuilder confidence nationwide. It's the result of 3 separate homebuilder surveys, each designed to measure a specific facet of the homebuilder's business.
How are market conditions for the sale of new homes today? How are market conditions for the sale of new homes in 6 months? How is prospective buyer foot traffic? Each component survey showed … (0 comments)
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market conditions: What's Ahead For Mortgage Rates This Week : September 6, 2011 - 09/06/11 05:02 PM
Mortgage markets improved last week on a weak jobs report, expectation for new market stimulus, growing evidence of a global economic slowdown. Rates were especially volatile, too, with the long Labor Day Weekend looming.
Overall, conforming mortgage rates improved for the first time in 3 weeks. On a product-by-product basis, though, mortgage rates are faring differently.
According to the Freddie Mac weekly mortgage rate survey, last week, the 30-year fixed rate mortgage was unchanged but the 15-year fixed rate mortgage and the 5-year ARM fell.
The 5-year ARM is at a new all-time low for qualified borrowers.
A drop in 5-year ARM … (0 comments)
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market conditions: Fed Minutes : Fed Considered Additional Stimulus In August - 08/31/11 05:26 PM
The Fed publishes meeting minutes 8 times annually -- three weeks after each scheduled Federal Open Market Committee get-together. The Fed Minutes summarizes the FOMC meeting.
The Federal Reserve released the minutes from its August 9, 2011 Federal Open Market Committee meeting Tuesday.
The Fed Minutes contained no surprises and, as a result, mortgage rates nationwide have idled.
Although it gets less press attention, the Fed Minutes is every bit as important as the more highly-publicized, post-meeting statement from the FOMC. With its detailed record of conversation, the Fed Minutes highlights the discussions and debates that shape our nation's monetary policy.
For example, … (0 comments)
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market conditions: What's Ahead For Mortgage Rates This Week : August 29, 2011 - 08/29/11 05:11 PM
Last week was another volatile week for mortgage rates. Wall Street alternately sought risk and shunned it, causing mortgage-backed bonds to rise and fall rapidly.
There was a lot to move markets, too, including banking concerns across Europe, inflation figures within the U.S., and a public speech by Fed Chairman Ben Bernanke.
Conforming rates rose to their highest levels of the week Wednesday afternoon, then receded into the weekend. 3
0-year fixed rates remain above their all-time lows set 2 weeks ago. 5-year ARMs are at all-time lows.
This week, mortgage rates figure to be equally jumpy. As well as a full … (0 comments)
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market conditions: What's Ahead For Mortgage Rates This Week : August 22, 2011 - 08/22/11 03:12 PM
Mortgage markets improved again last week, pushing mortgage rates to an all-time low; lower than the lows set last November, even.
Last week's low mortgage rate drivers are primarily European. Joining the debt concerns that have dogged Europe since March, a fresh wave of doubt has surfaced about the health of some Eurozone banks. The fears sparked a new wave of safe haven buying.
Global equities were socked last week and the Dow Jones Industrial Average fell for the 4th straight week. For home buyers , though, the timing may be perfect. As stock markets lose, bond markets gain and when bond … (0 comments)
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market conditions: Mid-Year Review : Were The Experts Right About The Market? - 07/08/11 06:57 PM
The year is half-over. It's an opportune time to take stock of analyst predictions made at the start of the year, and to recognize that the "experts" can be wrong as often as they are right.
For as much experience and authority an expert brings to the conversation, though, nobody can accurately predict the future.
As such, there's often disagreement.
Looking back to December, some housing analysts called for a market rebound this year; while others called for a fall. With respect to mortgages, some said rates had nowhere to go but up; while others expected more dips.
As a layperson, how do you know who will be right?
In … (1 comments)
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market conditions: What's Ahead For Mortgage Rates This Week : June 6, 2011 - 06/06/11 12:17 PM
Mortgage markets improved last week, carried by the same stories that have led markets better since April. Worries of a Eurozone sovereign debt default mounted, and the U.S. economy's revival showed itself to be slower than originally anticipated.
In Greece, the nation readied itself for its second bailout in two years. The austerity measures of last year have not worked as planned. There are concerns that a default would lead to contagion, delivering the Euro region into an economic tailspin.
These fears spurred a flight-to-quality in bond circles to the benefit of U.S. mortgage rate shoppers.
In addition, last week's U.S. jobs … (0 comments)
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market conditions: What's Ahead For Mortgage Rates This Week : May 31, 2011 - 05/31/11 11:05 AM
Mortgage markets improved last week ahead of Memorial Day and a 3-day weekend. Bond pricing ending the week higher, pushing conforming mortgage rates down for the 5th week out of six.
Most economic news reported worse-than-expected. Initial Jobless Claims increased sharply, GDP was unchanged, and Durable Orders posted the largest one-month decline since October. Each of these stories reduced inflationary pressures on the economy, contributing to lower mortgage rates.
However, the main driver for U.S. mortgage rates last week was Europe.
One year ago, Greece pledged to lower its spending, cut its deficit, and reduce the number of public programs and … (0 comments)
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market conditions: Home Affordability Still Soaring; New Records Reached - 05/31/11 11:03 AM
Home affordability moved higher last quarter, buoyed by stable mortgage rates and falling home prices nationwide. The National Association of Home Builders reports that Q1 2011 Home Opportunity Index reached an all-time high for the second straight quarter last quarter.
Nearly 3 of 4 homes sold between January-March 2011 were affordable to households earning the national median income of $64,400. It's the 9th straight quarter in which home affordability surpassed 70 percent, and the highest reading in more than 20 years of record-keeping.
From metropolitan area-to-metropolitan area, though, affordability varied.
In the Midwest, for example, affordability was high. 7 of … (0 comments)
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market conditions: Home Price Index Shows Values Down 19 Percent From Peak - 05/26/11 04:33 PM
Home values dropped for the sixth straight month in March 2011, according to the Federal Home Finance Agency's Home Price Index. The Home Price Index is a government-sponsored home value tracker.
The HPI report is the latest in a string of "falling home values" stories -- a trend that's troubling home sellers nationwide.
However, although the Home Price Index says home values are falling, that doesn't necessarily mean that they are. Like most statistics in the housing sector, the Home Price Index is plagued by poor methodologies and a lack of timeliness.
In short, the Home Price Index is flawed. In … (0 comments)
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market conditions: A Simple Explanation Of The Federal Reserve Statement (April 27, 2011 Edition) - 04/27/11 04:22 PM
Earlier today, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
The vote was 10-0 -- the third straight meeting after which the FOMC vote was unanimous.
In its press release, the FOMC noted that since its March 2011 meeting, the economic recovery is proceeding "at a moderate pace" and that labor markets conditions are "improving gradually". Household spending and business investment "continue[s] to expand" but the housing sector remains "depressed".
Furthermore, the FOMC's statement discussed the Federal Reserve's dual mandate of (1) Managing inflation levels, and (2) Fostering maximum … (0 comments)
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market conditions: New Home Supply Falls To 16-Year Low - 04/27/11 04:21 PM
After posting an all-time low in February, New Home Sales rebounded strongly last month.
Based on joint research from the Census Bureau and HUD, 300,000 new, single-family homes were sold on a seasonally-adjusted, annualized basis in March. It's an 11 percent improvement from February, and right in-line with the 6-month average.
The supply of available new homes improved, too, in March, falling by close to a full month.
At the current pace of sales, the entire new home housing stock would be sold in 7.3 months. This is the second-best reading in a year, a statistic partially-supported by the relatively small … (1 comments)
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market conditions: Get Your Applications In : FHA Mortgage Insurance Premiums Rising 0.25 Percent April 18, 2011 - 04/14/11 10:16 PM
After this week ends, the FHA is raising mortgage insurance premiums on its new borrowers. It's the FHA's third such increase in the last 12 months.
Beginning with FHA Case Numbers assigned April 18, 2011, mortgage insurance premiums will be higher by 25 basis points per year, or 0.25%.
Against a $200,000 loan size, the MIP increase adds $500 to an FHA-insured borrower's annual cost of homeownership. All new FHA loans are subject to the increase -- purchases and refinances.
Existing FHA-insured homeowners are unaffected. Premiums do not rise for loans already made.
The FHA is increasing its mortgage insurance … (0 comments)
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market conditions: How Does Your Real Estate Tax Bill Compare To Other Parts Of The Country? - 04/08/11 12:47 PM
Mortgage rates may be a function of free markets, but real estate taxes are a function of government. And, depending on where you live, your annual real estate tax bill could be high, low, or practically non-existent.
Compiling data from the 2009 American Community Survey, the Tax Foundation, a non-partisan educational organization in Washington D.C., published property taxes paid by owner-occupied households, county-by-county.
The report shows huge disparity in annual property taxes by region, and by state.
As a percentage of home valuation, Southeast homeowners tend to pay the fewest property taxes overall, while Northeast homeowners tend to pay the most. … (0 comments)
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market conditions: What's Ahead For Mortgage Rates This Week : March 21, 2011 - 03/21/11 11:35 PM
Mortgage markets improved again last week despite an inflation-acknowledging statement from the FOMC and stronger-than-expected jobless data.
Usually, events like this would lead mortgage rates higher, but violence in the Middle East and worsening fear for public safety in Japan took center stage instead, spurring a massive, global flight-to-quality instead.
Rate shoppers benefited.
As safe haven buying increased last week, conforming mortgage rates dropped, falling to their lowest levels since January. It marked the 5th straight week through which mortgage rates improved and is the longest such streak since August 2010.
This week, rates may run lower again. You may not want to gamble on … (0 comments)
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market conditions: Loan Fees Set To Rise For Conforming Mortgage Applicants - 03/10/11 05:30 PM
Beginning April 1, 2011, Fannie Mae is increasing its loan-level pricing adjustments. Conforming mortgage applicants should plan for higher loan costs in the months ahead.
If you've never heard of loan-level pricing adjustments, you're not alone; they're an obscure mortgage pricing metric and, thus, are rarely covered by the media. That doesn't make them any less relevant, however.
LLPAs are mandatory closing costs assessed by Fannie Mae and Freddie Mac, designed to offset a given loan's risk of default. LLPAs were first introduced in April 2009.
This April's amendment is the 6th increase in 2 years. LLPAs can be costly.
In addition to … (0 comments)
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market conditions: Foreclosure Activity Drops Throughout The Most Foreclosure-Heavy States - 02/10/11 08:28 PM
Foreclosure activity is slowing. According to foreclosure-tracker RealtyTrac, the number of foreclosure filings dropped 17 percent on an annual basis last month. Monthly filings ticked higher 1 percent after a combined 23 percent decrease through November and December 2010.
The phrase "foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.
January marked the third straight month of sub-300,000 filings after 20 straight months above it.
As compared to January 2010, six of the nation's 10 most foreclosure-heavy states posted an annual foreclosure filing reduction. The remaining four showed modest worsening.
It's noteworthy that states like California … (0 comments)
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market conditions: Practical Advice : How To Help Your Home Sell Faster - 02/02/11 11:30 PM
In December, home sales reached an 8-month high, recovering from the losses of last summer. Market momentum is positive , but that doesn't mean every home is selling quickly -- only some of them are.
So, if you're a home seller and want (or need) to get your home sold quickly, take a listen to this 3-minute interview from NBC's The Today Show. It's loaded with practical sales advice for sellers.
As examples:
How to price your home relative to comparable homes for sale Using home inspections to keep your contract on-track for closing How much should be spent on your … (3 comments)
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Michael Haigh
Burlingame,
CA
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W J Bradley / The Michael Haigh Team
Address: 1860 El Camino Real , Suite 306, Burlingame, Ca, 94010
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