home affordability: Pending Home Sales Rise For 3rd Straight Month - 07/31/11 05:19 AM
Buyers are writing contracts at a furious pace nationwide.
On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month to reach its highest level since March.
A “pending home sale” is a home under contract to sell, but not yet closed. 
The forward-looking Pending Home Sales Index is up 11 percent from its low of the year, according to the National Association of REALTORS®, and well ahead of its rolling 6-month average.
Unfortunately, national data isn’t always helpful for buyers and sellers in Cary and nationwide. To help make data more relevant, therefore, the official Pending Home Sales … (1 comments)

home affordability: New Home Supplies Keep Shrinking; Prices Pressured Higher - 07/27/11 03:10 AM
<!-- .entry-meta --> Home builders are slowly reducing inventory.
According to Census Bureau data, the number of new homes slid 1 percent from May. On a seasonally-adjusted, annualized basis, home buyers bought 312,000 newly-built homes last month.
It’s the third straight month of falling sales and the headline data casts the Cary housing market in a negative light.
Upon closer inspection, however, the numbers appear quite strong. 
First, sales are down marginally. Total units sold have dropped just 2 percent from the highs of the year. And, second, the number of newly-built homes for sale is down markedly from last year

home affordability: Housing Starts Surge 9 Percent; Signal A Strong Fall Season - 07/20/11 06:39 AM
Builders are busy once again.
According to the Census Bureau, Single-Family Housing Starts rose to 453,000 on a seasonally-adjusted, annualized basis in June - a 9 percent spike from the month prior and the highest reading in 3 seasons.
A "Housing Start" is defined as a home breaking ground on new construction.
June's reading is largest one-month jump since June 2009. The reading surprised Wall Street despite that the Homebuilder Confidence survey may have foreshadowed the results.
Monday, the National Association of Homebuilders reported that builders are more confident about the future of the new home sales market, and forecast a large increase … (0 comments)

home affordability: Homebuilder confidence is bouncing back. - 07/19/11 05:46 AM
One month after an unceremonious dip highlighted by poor sales figures and dim prospects for the future, the National Association of Homebuilder's Housing Market Index rebounded two points to 15 in July.
The monthly Housing Market Index is scored on a 1-100 scale. Readings above 50 indicate favorable conditions for homebuilders and the "new home" market. Readings below 50 indicate unfavorable conditions.
The Housing Market Index has not read higher than 50 in more than 5 years.
As a housing metric, the HMI is actually a composite of three separate surveys, self-reported by builders. The surveys ask about current single-family home … (0 comments)

home affordability: Economy Expected To Have Added 80,000 Jobs In June - 07/07/11 05:50 AM

Friday morning, at 8:30 AM ET, the Bureau of Labor Statistics releases its June Non-Farm Payrolls report. If you're currently shopping for a mortgage, or floating a mortgage rate, be prepared. Mortgage rates can change following the monthly report's release.
Often, by a lot.
More commonly called "the jobs report", Non-Farm Payrolls reports on the U.S. workforce by sector, summarizing its findings in terms of total workforce size, and as a national Unemployment Rate. Jobs are considered a keystone in the continuing U.S. economic recovery. 
More working Americans means:
More consumer spending, a boost to businesses More tax collection, a boost … (3 comments)

home affordability: What To Know Before You Move To A New Neighborhood - 07/06/11 07:41 AM
As home buyers in the Apex area , we tend to research homes a lot. We look at square footage; at upgrades; at landscaping; at community statistics; and, at every other "number" on which we can get our hands.
But those are just statistics. What about the home's "feel"? 
In this 5-minute piece from NBC's The Today Show, you'll learn a dozen complementary home-shopping techniques to help you review and evaluate a home for purchase. Each is focused on findings you won't see listed on a website.
For example, instead of scheduling your second showing for the same time of … (0 comments)

home affordability: Home Values Climb 0.8 Percent In April - 06/29/11 12:00 PM

Maybe homes in Raleigh are holding value better than we thought.
Between March and April of this year, home values rose 0.8 percent nationally, according to the Federal Housing Finance Agency's Home Price Index. It's the index's first month-to-month improvement since May of last year.
Values are down 19 percent since peaking 4 years ago.
Private-sector data affirms the government's report. 
Tuesday, the S&P's Case-Shiller Index also showed home values higher by 0.8 percent in April, on a monthly basis. Led by Washington, D.C. and San Francisco, 13 of the Case-Shiller's 20 tracked markets showed improvement in April. 
In March, just … (0 comments)

home affordability: New Home Supplies Drop, And So Does Homebuilder Confidence - 06/24/11 10:03 AM
On paper, the market for newly-built, single-family homes looks healthy.
Last month, the number of new homes sold on an annualized, seasonally-adjusted basis tallied 319,000. The May reading is the second-highest of the year, and 6 percent above the current 12-month average.
These are strong numbers in isolation. However, after accounting for the dwindling supply of new homes for sale as well, the figures look even stronger.
In May, at the current pace of sales, the complete, national inventory of new homes for sale would have been sold in just 6.2 months. 
That’s the quickest pace in a year and … (0 comments)

home affordability: Homebuilder Confidence Slips To 9-Month Low - 06/23/11 07:54 AM

Despite rising new home sales and an increase in building permits nationwide, home builder confidence slipped to a 9-month low in June. The monthly Housing Market Index from the National Association of Homebuilders registered 13 this month — three ticks lower than last month, and its lowest level since September 2010.
June’s 3-point drop from May is the biggest one-month move since May 2010, the month after the expiration of the federal home buyer tax credit. The retreat could signal favorable pricing for new home buyers in Raleigh in the months ahead.
When builders get less bullish on housing, … (2 comments)

home affordability: Existing Homes Sales Slip In May - 06/22/11 05:09 AM
Home resales slipped 4 percent in May, falling below the 5,000,000-unit mark on a seasonally-adjusted, annualized basis for the first time since February.
April’s resales were revised lower, too.
Analysts were surprised by the figures because it runs counter to the National Association of REALTORS® monthly Pending Home Sales reports.
The association’s Pending Home Sales Index is purported to be a forward-looking indicator for the housing market because 80% of homes under contract close within 60 days and recent Pending Home Sales readings show an increase in “pending” homes.
This month’s Existing Home Sales, however, fell flat.
May’s drop in home resales wasn’t … (2 comments)

home affordability: Monthly Foreclosure Count Drops For 16th Straight Month - 06/16/11 06:52 AM

Foreclosure rates are falling.
According to foreclosure-tracking firm RealtyTrac, monthly foreclosure filings fell 2 percent in May to just under 215,000 filings nationwide. A foreclosure filing is defined as any one of the following: a default notice, a scheduled auction, or a bank repossession.
On an annual basis, foreclosure counts have dropped over 16 consecutive months, dating back to January 2010.
Like all things in real estate, though, foreclosures are local. 6 states accounted for more than half of the country’s foreclosure filings in May. Those six states — California, Michigan, Arizona, Florida, Georgia and Texas — represent just 34% of the U.S. population.

home affordability: Mortgage Rates Surge On May Retail Sales Figures - 06/15/11 12:40 PM
The jobs market is recovering slower than expected, and so is housing. But neither condition has slowed U.S. consumers.
According to the Census Bureau, Retail Sales rose for the 11th straight month in May. Excluding cars and auto parts, sales receipts climbed to $322 billion last month. It’s an all-time high and another example of the U.S. economy’s resiliency.
Wall Street didn’t expect such results. As a result, mortgage rates worsened Tuesday.
By a lot.
The connection between Retail Sales and mortgage rates can be fairly tight in a recovering economy. Retail Sales accounts for almost half of all U.S. consumer … (0 comments)

Austin  Herbert (DNJ Gateway Mortgage)

Austin Herbert

Raleigh, NC

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Address: 2235 Gateway Access Point, Suite 300, Raleigh, NC, 27607

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