housing analysis: Market Report - Mortgage Rates & The Housing Market - 12/01/13 10:23 PM
Market Report - Mortgage Rates & The Housing Market
 
The short holiday week brought a flurry of economic reports last week. Highlights included pending home sales, the S&P Case-Shiller Housing Market Indices and the FHFA home price index. No reports were released on Thursday and Friday in observance of the Thanksgiving holiday.
The NAR released its Pending Home Sales report for October. Although pending home sales dropped by -0.60 percent, the decline was less than September’s reading of -4.60 percent.
NAR cited higher home prices and mortgage rates along with concerns over the then-pending government shutdown as factors that contributed … (0 comments)

housing analysis: Highest Existing Home Sales Since February 2007 - 09/23/13 11:07 PM
Highest Existing Home Sales Since February 2007  
Sales of existing homes reached their highest volume in almost six years in August. The National Association of REALTORS reported Thursday that sales of existing homes rose 1.70 percent in August to a seasonally-adjusted annual rate of 5.48 million existing homes sold.
This was the highest number of existing home sales since February of 2007.
August’s results exceeded estimates of 5.20 existing homes sold, which was based on July’s unrevised reading of 5.39 million existing homes sold.
The NAR also reported that the national median home price increased to $212,100 in August. This … (2 comments)

housing analysis: Home Builder Confidence Has Far Outpaced Actual Home Construction - 09/17/13 11:57 PM
Home Builder Confidence Has Far Outpaced Actual Home Construction  
Home builder confidence was unchanged for September according to the National Association of Home Builders/Wells Fargo Housing Market Index HMI released Tuesday. After four months of rising confidence, September’s HMI reading came in at 58, which was not far from expectations of a reading of 59.
August’s reading of 58 was revised from 59. Readings over 50 indicate that more builders view housing market conditions as being positive than negative.
Housing Market Index Readings Rise
Components of September’s HMI include readings for home builder views of current market conditions, which maintained … (0 comments)

housing analysis: What’s Ahead For Mortgage Rates This Week – August 12, 2013 - 08/11/13 11:34 PM
What’s Ahead For Mortgage Rates This Week – August 12, 2013  
Highlights of economic news from last week, include a survey of senior loan officers from U.S. and foreign banks doing business in the U.S.
They indicated that banks were gradually easing lending standards for business and consumer loans, but viewed lending criteria for home loans as more restrictive than other types of loans.
According to CoreLogic, U.S. home prices increased at their fastest pace since February 2006. Mortgage rates rose incrementally, and the Weekly Jobless Claims report came in lower than the expected 339,000 at 333,000 new jobless claims.
(0 comments)

housing analysis: What's Ahead For Mortgage Rates This Week- August 5, 2013 - 08/05/13 12:10 AM
What's Ahead For Mortgage Rates This Week- August 5, 2013
The past week brought encouraging economic news from several sources.
The FOMC statement indicated that the Federal Reserve has not set a date for rolling back its quantitative easing program and ADP reported more private sector jobs added than expected.
While weekly jobless claims were fewer than expected, the national unemployment rate remained elevated:
Monday: Pending Home Sales: The National Association of REALTORS reported that sales contracts fell in June due to rising mortgage rates and a tight inventory of available homes.
Tuesday: The S&P Case-Shiller Home Price Indices showed that national home … (1 comments)

housing analysis: Case Shiller Home Price Index Shows Rising Prices For May 2013 - 07/31/13 12:29 AM
Case Shiller Home Price Index Shows Rising Prices For May 2013
 
The S&P/Case-Shiller Home Price Index (HPI) released Tuesday presented solid evidence that the housing recovery continued during the month of May.
 
The Case-Shiller 20-City Index showed increasing home prices for all 20 cities.
 
Highest Year-Over-Year Gains Included Theses Cities:
 
San Francisco, CA 24.50 percent
Las Vegas, NV 23.30 percent
Phoenix, AZ 20.60 percent
Atlanta, GA 20.10 percent
Los Angeles, CA 19.20 percent
In surprising news, Dallas, TX and Denver, CO posted record year-over-year price gains that surpassed their pre-crisis peaks.
 
Year-over-year home prices in Dallas … (1 comments)

housing analysis: What's Ahead For Mortgage Rates This Week -- July 29, 2013 - 07/29/13 12:07 AM
What's Ahead For Mortgage Rates This Week -- July 29, 2013
 
Last week brought a mixed bag of economic news, but most notably, average mortgage rates fell.
New home sales surpassed expectations and consumer sentiment rose for July; these readings among others suggest that the economy continued to improve and that consumer confidence in the economy improved as well.
Monday: Existing home sales in June were reported at 5.08 million on a seasonally-adjusted annual basis. While this fell short of expectations of 5.25 million existing homes sold, the expectation was based on the original reading of 5.18 million existing homes sold … (0 comments)

housing analysis: What's Ahead For Mortgage Rates This Week - July 22, 2013 - 07/22/13 12:13 AM
What's Ahead For Mortgage Rates This Week - July 22, 2013
 
Last week's economic news was a mixed bag with retail sales and housing starts coming in lower than expected, but home builder confidence in housing markets increased.
Weekly jobless claims fell, and Fed Chair Ben Bernanke testified before the Senate, saying that falling gold prices were an indication of increasing confidence in the economy, but that it was "way too soon" to say when the Fed's quantitative easing program would be reduced.
Monday: Retail sales for June came in lower than expected at 0.4 percent. Economists estimated a reading of … (0 comments)

housing analysis: Home Builder Confidence Rises To Highest Level Since January 2006 - 07/18/13 12:13 AM
Home Builder Confidence Rises To Highest Level Since January 2006
 
The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) rose in July.
Home builder confidence in the market for newly constructed single-family homes rose six points to a reading of 57. NAHB reports that this was the third consecutive rise in the HMI and its highest reading since January 2006.
Three components used in compiling the HMI reading include current sales, which gained five points for a reading of 60.  Confidence in prospective buyer traffic rose from 40 to 45, and sales expectations for the … (0 comments)

housing analysis: What's Ahead For Mortgage Rates This Week - July 15, 2013 - 07/15/13 01:32 AM
What's Ahead For Mortgage Rates This Week - July 15, 2013
 
The Fed's release of the minutes for the June FOMC meeting was the most noteworthy economic event last week; the minutes repeated the Fed's recent statement concerning the wind-down of its current monetary easing policy.
The minutes indicated that about half of meeting participants wanted to end the quantitative easing (QE) policy by year end, while "many others" preferred to end the program in 2014.
This split suggests that days are numbered for the Fed's monthly purchase of $85 billion in Treasury securities and mortgage-backed securities (MBS). The minutes … (0 comments)

housing analysis: What's Ahead For Mortgage Rates This Week - July 8, 2013 - 07/07/13 11:51 PM
What's Ahead For Mortgage Rates This Week - July 8, 2013
 
Last week saw a relatively quiet week due to the 4th of July holiday, but there were some housing-related developments:
Monday: The Department of Commerce reported that overall construction spending increased by 0.50 percent in May to a seasonally adjusted annual rate of $874.9 billion. Residential construction grew by 1.20 percent, and May 2012 construction spending was 5.40 percent higher than in May 2012.
More spending in residential construction can indicate builder confidence in housing markets; added construction could help ease low inventories of available homes.
Tuesday: CoreLogic reported that May … (0 comments)

housing analysis: What's Ahead For Mortgage Rates This Week - July 1, 2013 - 06/30/13 11:28 PM
What's Ahead For Mortgage Rates This Week - July 1, 2013
 
The past week was active for economic news and mortgage rates. The aftermath of the Fed's indication that it may start dialing back its multi-billion dollar monthly purchases of Treasury and mortgage backed securities has sent mortgage rates to record highs.
If you're thinking of buying a home, this may be one last chance for finding the best deal on mortgage rates; meanwhile, home prices continue trending up as well.
Here's the scoop on last week's activity affecting real estate markets:
Tuesday's Case-Shiller Composite Indices for April demonstrate the … (0 comments)

housing analysis: What's Ahead For Mortgage Rates This Week - June 17, 2013 - 06/16/13 11:36 PM
What's Ahead For Mortgage Rates This Week - June 17, 2013
 
Last week's news was relatively quiet with no data significant to the mortgage lending released until Wednesday, when the federal government announced a $138 billion budget deficit for May.
According to the U.S. Treasury this figure is 11 percent higher than for May of 2012, but the federal budget is expected to come in with less than a -$1 trillion deficit for the 2013 fiscal year, which runs from October to September.
The Treasury estimates that the 2013 budget deficit will come in at approximately -$642 billion, well below … (1 comments)

housing analysis: What's Ahead For Mortgage Rates This Week -- June 10, 2013 - 06/09/13 11:57 PM
What's Ahead For Mortgage Rates This Week -- June 10, 2013
 
Last week's economic reports provided a mixed bag of results. On Monday, the Department of Commerce reported that construction spending increased by 0.40 percent in April and fell shy of the expected reading of 1.0 percent, but exceeded the March reading of -0.80 percent.
Home Prices Increase Fastest Since 2006
On Tuesday, CoreLogic released its Home Prices reported that the national average home price had increased by 12.10 percent year-over-year in April. The comparable year-over-year reading for April 2012 was 11.00 percent. This represents the fastest pace of home … (0 comments)

 
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Joe Gonzalez

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King of Prussia, PA

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